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Nio’s stock drops toward 3-year low ahead of EV sales update

by Hataf Finance
1 minutes read

Shares of Nio Inc. NIO took a 3.2% hit in afternoon trading Tuesday, to put it on track for the lowest close since June 29, 2020. The selloff comes the day before the China-based electric vehicle maker reports vehicle sales for the month of October. The stock has plunged 52.4% amid a three month losing streak, which is the longest such streak since the 6-month losing streak that ended April 2022. The stock was also headed for the worst three-month performance since it plummeted 58.2% over the three months ended October 2019. Data out of China overnight showed that manufacturing activity unexpectedly contracted in October….

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