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Barchart
Barchart
Mohit Oberoi

Nio Brushes Aside Fraud Allegations: How Should You Play the Chinese EV Stock Now?

NIO GIC United States Lawsuit Singapore

Nio (NIO) shares whipsawed Thursday, Oct. 16 on reports that Singapore’s sovereign wealth fund GIC filed a U.S. securities lawsuit against the Chinese electric vehicle (EV) company, accusing it of inflating revenues to the tune of $600 million by pulling forward sales through related party transactions with Wuhan Weineng.

Nio stock was trading sharply lower in intraday trading yesterday, but it managed to shrug off the pessimism and closed in the green. While Nio is in the red today, it is in reaction to the selloff in Chinese markets today amid trade war fears, rather than concerns over the GIC lawsuit. In this article, we’ll look at GIC’s allegations against NIO and analyze how to play the stock now.

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