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Benzinga
Benzinga
Business
Henry Khederian

Why NIO Shares Are Getting Hammered Today

NIO Joe Biden Nio Inc China United States

Nio Inc - ADR (NYSE:NIO) shares are trading lower by 7.56% at $14.79. Shares of Chinese companies are trading lower in possible reaction to US President Biden's recent unveiling of the Indo-Pacific Economic Framework to counter China's influence in the region. 

Several Chinese stocks have also seen marked weakness in 2022 and are trading lower amid a COVID-19 outbreak in the country which has caused some business operations to cease. The IMF in April downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.

See Also: Why Pinterest Shares Are Sliding Today

NIO operates in China's premium electric vehicle market.

According to data from Benzinga Pro, NIO has a 52-week high of $55.13 and a 52-week low of $11.67.

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