REUTERS: U.S.-listed shares of Tesla Inc rival NIO Inc tumbled more than 18per cent on Tuesday after the Chinese electric carmaker posted a drop in quarterly vehicle sales, blaming a cut in subsidies and weak demand.
"The China subsidy cut has been well understood by investors, so all China EV producers are looking at a weak 2H19," Roth Capital analyst Craig Irwin said. The company reported an adjusted loss of 3.11 yuan per American Depository Share, bigger than analysts' expectations of a loss of 1.29 yuan per American Depository Share, according to Refinitiv data.Nio, which counts Chinese internet giant Tencent Holdings and Hillhouse Capital Management as its shareholders, had raised US$1 billion in September last year in an initial public offering, valuing the company at US$6.4 billion. As of Monday's close, Nio was valued at US$2.9 billion.
Nio also plans to reduce its global headcount to 7,800 by the end of the third quarter from nearly 10,000 employees in January.
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