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Why Nio Stock Is Down Today
Shares of Chinese electric vehicle maker Nio (NYSE: NIO) were trading lower on Thursday, under pressure amid a sell-off of luxury goods makers on concerns that China may take new actions to limit personal income and redistribute wealth. As of 10:45 a.m. EDT, Nio’s American depositary shares were down about 4.2% from Wednesday’s closing price. Hermès International, LVMH Moët Hennessy, Gucci owner Kering, and Ferrari were among the big luxury names trading sharply lower on Thursday, after China’s government signaled that a crackdown on income inequality is coming.
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