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Why are Nio Shares Falling

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Shares of many Chinese companies, including electric vehicle maker Nio ($NIO@China), are trading lower following worse-than-expected second-quarter results from Alibaba ($BABA@China) yesterday. Alibaba reported quarterly earnings of $1.74 per share, which missed the analyst consensus estimate of $1.93. Alibaba also reported quarterly sales of $31.15 billion, ducking under the estimate of $32.05 billion by 2.8%. This is a 36% increase over sales of $22.84 billion in the same period last year. Nio operates in China’s premium electric vehicle market. The company designs jointly manufacture and sells smart and connected premium electric vehicles. Nio aims to drive innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence. Nio has a 52-week high of $66.99 and a 52-week low of $30.71.

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