NIO Inc NIO shares are trading lower Tuesday amid weakness in Chineese EV names.
Li Auto Inc LI was trading lower by more than 5% at press time, while XPeng Inc XPEV was down about 3.60%.
Chinese EV stocks are falling after a spike in COVID-19 cases sparked additional fears of a continued economic slowdown.
According to a Reuters report citing Nomura, approximately 41 cities in China are currently implementing lockdowns or some kind of response to the surge in COVID-19 cases. The COVID-19 response is reportedly affecting 22.8% of China's gross domestic product.
A separate report from CNBC notes that truckers transporting raw materials are under new strict mobility testing requirements after several Chinese cities reported new COVID-19 infections, including the new, highly contagious BA.5 strain.
Nio operates in China's premium electric vehicle market. The company designs, jointly manufactures and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
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NIO Price Action: Nio has a 52-week high of $47.38 and a 52-week low of $11.67.
The stock was down 3.29% at $20.16 at press time, according to data from Benzinga Pro.
Photo: courtesy of Nio.
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