: Nio stock reverses lower toward a 4th-straight loss, in face of upbeat China auto sales data
The U.S.-listed shares of Nio Inc. NIO slumped 0.8% toward a fourth-straight loss Friday, to reverse an earlier gain of as much as 0.7%, even after upbeat vehicle sales data out of China. The Shanghai-based electric vehicle maker’s stock has shed 9.9% amid its four-day losing streak, and was on track to close at the lowest price since July 7. The weakness comes as the Invesco Golden Dragon China ETF PGJ, which tracks U.S.-exchange listed companies based in China, fell 0.8% on Friday and has dropped 7.1% amid its own four-day losing streak, while the S&P 500 SPX gained 0.3% to snap a three-day losing streak. The China Passenger Car Association reported overnight that China’s vehicles sales in August rose 2.5% to 1.92 million vehicles, while retail sales of new-energy cars jumped 25.6%. Among Nio’s peers, shares of XPeng Inc. XPEV eased 0.3% and of Li Auto Inc. LI slipped 0.3%. Shares of EV giant Tesla Inc. TSLA, which derived 23% of its second-quarter revenue from China, dropped 1.1%. The CPCA data showed that Tesla delivered 84,159 cars made at its Shanghai plant in August.
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