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China’s Tesla Rival NIO Plunges 26% on Escalating Losses

  • Carmaker plans to cut more than 2,000 jobs by end of September
  • China automakers drop after NIO’s worse-than-expected results
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China's EV Maker NIO Posts Worse-Than-Expected Loss
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Shares of Chinese electric-vehicle makers and suppliers fell after a worse-than-expected quarterly loss for NIO Inc., the country’s answer to Tesla Inc., exacerbated concerns that a bubble in the world’s largest EV market may be bursting.

BAIC Motor Corp., which BloombergNEF says brought in more than $4 billion in EV revenue last year, dropped 1% in Hong Kong, while BYD Co. closed down 4.1%, its biggest loss in over a month. Wuxi Lead Intelligent Equipment Co. retreated 4.5% in Shenzhen. NIO plunged 20% to a record low of $2.17 in New York on Tuesday after announcing its results and thousands of job cuts.