Shares of Nio Inc. NIO tumbled 15.1% toward a three-month low in afternoon trading Tuesday, after the electric vehicle maker announced plans for a $1 billion debt offering that can be converted into shares. The selloff was on track for the biggest one-day percentage decline since it sank 15.7% on Oct. 24, 2022. The stock has shed 14.8% so far in September, after tumbling 32.9% in August. The stock has now lost 10.2% year to date, while the S&P 500 SPX has gained 15.8%. Among other China-based EV makers, shares of Xpeng Inc. XPEV dropped 5.2% on Tuesday and of Li Auto Inc. LI shed 3.3%. Meanwhile, shares of Tesla Inc. TSLA, which generated 23% of its total second-quarter revenue in China, rose 0.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Read Full Story
- It’s the ‘weakest 10-day period of the year’ for the S&P 500 - September 19, 2023
- : Elon Musk’s perks at Tesla under Justice Department scrutiny: report - September 19, 2023
- : U.S. oil futures end lower for the first time in four sessions - September 19, 2023