Nio (NIO), the Chinese electric vehicle (EV) automaker, has seen its share price slide on Tuesday due to weak services data out of the mainland. Nio
NASDAQ Composite caves 0.5% at start of week.Services PMIs in UK, Germany and China lead to risk-off mode., the Chinese electric vehicle automaker, has seen its share price slide on Tuesday due to weak services data out of the mainland. Niois down 1.3% to $10.86 at the time of writing on Tuesday morning – the first day of the trading week due to Monday’s Labor Day holiday.
The NASDAQ Composite lost 0.5% at the start of Tuesday’s session, with the S&P 500 and Dow Jones indices losing slightly less. China’s Caixin Services Purchasing Managers Index for August declined from 54.1 in July to 51.8. This reading still shows an expanding services sector, albeit in a much-diminished state.
Nio then returned on Friday with 19,329 in deliveries, a major uptick in demand from the second quarter. What’s more, management is guiding for deliveries between 55,000 and 57,000 in Q3. That target should be fairly easy to achieve since July saw 20,462 deliveries.
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