MarketWatch
Nio stock drops after EV maker cut delivery guidance
Shares of Nio Inc. took a dive Tuesday, after the China-based electric vehicle maker said it was “prudently” cutting its fourth-quarter deliveries estimate, citing COVID-related production challenges and continued supply chain constraints. “In December 2022, the company has been facing challenges in deliveries and productions, together with certain supply chain constraints, caused by the outbreak of the omicron coronavirus variant in major cities in China,” Nio said in a statement. Nio’s stock slumped 6.0% in morning trading Tuesday, putting it on track for the lowest close since Nov. 28.