NIO Inc (NYSE:NIO) shares are trading lower Monday morning following reports indicating total vehicle sales in China were significantly lower month-over-month.
According to a Reuters report, total vehicle sales in China fell 11.7% in March after increasing 18.7% in February as lockdown measures in response to a COVID-19 surge prevented people from shopping for cars at a normal rate.
Nio operates in China’s premium electric vehicle market. The company designs, jointly manufactures and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
See Also: Nio to Hike Vehicle Prices Beginning May 10: Here Are The Details
NIO Price Action: Nio has traded between $13.01 and $55.13 over a 52-week period.
According to data from Benzinga Pro, the stock was down 9.7% at $18.06 at time of publication.
Photo: courtesy of Nio.
