Why NIO Shares Are Falling

Shares of Chinese companies, including NIO Inc. NIO are trading lower amid continued Evergrande uncertainty, which has weighed on the broader Chinese market. Evergrande shares were halted pending a 'major transaction.'

Chinese media reported Evergrande will sell a majority stake in its property management business.

NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. The company offers five, six, and seven-seater electric SUVs, as well as smart electric sedans.

NIO's stock was trading about 5% lower at $33.59 per share on Monday at the time of publication. The stock has a 52-week high of $66.99 and a 52-week low of $20.60.