Troubles Mount for China’s NIO as Analysts Flag Weak Sales, Dwindling Cash
A NIO Inc. EP9 sports ca
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
A nightmarish week for NIO Inc. investors got worse on Thursday, as at least two more analysts downgraded the Chinese electric-car maker, citing a weak sales outlook, high cash burn and a lack of clarity around financing.
U.S.-listed shares of NIO have now fallen for five straight days, down 37% since their Sept. 19 close. The stock dropped as much as 7.3% on Thursday, touching a new all-time low of $1.90.