Chinese Tesla rival scraps factory plans
Hong Kong (CNN Business)The company billed as China’s answer to Tesla has freaked out investors by warning that demand for its electric vehicles has failed to live up to expectations.
Shanghai-based Nio’s (NIO) stock plummeted 18% in after-hours trading in New York after it reported late Tuesday that sales have been sluggish so far this year. It also scrapped plans to build a factory in China.
Before the alarming earnings report, Nio’s shares had gained more than 50% following its IPO in September as investors bet that its flashy SUVs would win lots of customers in the world’s largest electric vehicle market.
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