What's Going On With Nio Shares Getting Hammered Today?

Nio Inc - ADR NIO shares are trading lower by 10.69% to $16.20. Shares of companies across sectors are trading lower amid overall market weakness following worse-than-expected May U.S. CPI data.

The downward price action may also be due to China re-imposing COVID-19 restrictions just weeks after the nation lifted a strict lockdown in the financial capital.

According to Bloomberg, Beijing's local government said an outbreak linked to a popular bar is proving more difficult to control than previous clusters... Read More

See Also: Why Electric Last Mile Solutions Stock Is Plunging

Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles.

According to data from Benzinga Pro, Nio has a 52-week high of $55.13 and a 52-week low of $11.67.

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