The Latest Breaking News from NIO

Norges Bank, the central bank of Norway and the sponsor of the world's biggest sovereign wealth fund (the Norwegian Oil Fund), has substantially changed its allocation toward electric vehicle stocks in the first quarter.

Reuters

Shares of Tesla Inc. (NASDAQ: TSLA) rivals and U.S.-listed Chinese firms Xpeng Inc (NYSE: NIO),  Li Auto (NASDAQ: LI), a

Key takeaways:

NIO Inc (NYSE: NIO) shares are trading lower Monday after the Chinese government warned of a complicated job situation amid COVID-19 restrictions.

Electric vehicle and allied sector stocks extended their losses in the week ending May 6, caught in the vortex of the broader market sell-off seen in the final two sessions of the week. Chinese EV stocks led the week's retreat amid fears that they could be potentially delisted from U.S. exchanges.

Shares of Chinese companies, including Nio Inc - ADR (NYSE: NIO), are trading lower. Concerns over COVID-19 cases in China, as well as U.S. market weakness, have pressured Chinese stocks today.

Nio, Inc (NYSE: NIO) fell 6% to the $14.46 level on Friday before bouncing up to trade flat to Thursday’s closing price. Nio’s relative strength index (RSI) is measuring in at about 35%, which puts the stock near oversold territory.

U.S. regulatory officials arrived in Beijing seeking to settle a long-running dispute over the auditing compliance of U.S.-listed Chinese firms, Reuters reported, citing sources. The stand-off, if not resolved, could see Chinese firms kicked off New York bourses. This week the SEC added over 80 firms to the list of companies…