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Why Nio Stock Just Dropped
Shares of Chinese electric car company Nio (NYSE: NIO) dropped 2.5% as of 12:15 p.m. ET today on some rather curious news. As DigiTimes Asia reports, the Chinese electric car powerhouse is now looking into making … cellphones. If true, that sounds like a strange move for Nio, but as DigiTimes explains, it kind of makes sense in an odd way, because Nio “reportedly plans to make its own phones designed specifically to interact with its cars.”
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