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Barchart
Barchart
Wajeeh Khan

NIO Stock Falls as Blackrock Slashes Stake in EV Maker

NIO BlackRock

Nio (NIO) shares closed meaningfully lower on Tuesday after BlackRock confirmed that it has trimmed its stake in the Chinese electric vehicle (EV) manufacturer. According to the regulatory filing, the world’s largest asset manager unloaded a total of 1.2 million NIO shares, lowering its exposure to the EV firm by about 12%.

BlackRock’s disclosure arrives at a time when NIO has already fallen out of favor with investors. As of this writing, it’s down more than 30% versus its year-to-date high.

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