Why Tesla, Nio, and Nikola Stocks Dropped Today
Chinese electric-vehicle (EV) maker Nio (NYSE: NIO) is trying to do in its home country what market-leader Tesla (NASDAQ: TSLA) did in the U.S. Nio reports its second-quarter financial update tomorrow just two days after the China Passenger Car Association (CPCA) revealed what Tesla produced from its Shanghai plant in July.
The EV stocks are both lower in today's market session as investors look toward Nio's report tomorrow. As of 11:45 a.m. EDT, Tesla and Nio shares were both down less than 2%. At the same time, shares of Nikola (NASDAQ: NKLA) were down about 2% after earlier jumping 5.4% on a fresh news release.
Nikola announced some news that likely caused the early bump, but the move didn't hold. The company said it added a new partner to its planned sales and service dealer network in the Northeastern U.S. But the more interesting news among these names was what Tesla produced out of its Shanghai facility in July and how it compared to Nio.
Source Fool.com
