image credit: Pixabay

Tesla rival Nio tumbles after deliveries disappoint

September 24, 2019

Via: Reuters

(Reuters) – U.S.-listed shares of Tesla Inc (TSLA.O) rival NIO Inc (NIO.N) tumbled more than 18% on Tuesday after the Chinese electric carmaker posted a drop in quarterly vehicle sales, blaming a cut in subsidies and weak demand.

China has been steadily rolling back subsidies provided to new energy vehicles, with plans to phase it out after 2020 amid criticism that some firms have become overly reliant on the funds.

Nio had said subsidies for its ES8 car were cut to 11,520 yuan ($1,620.87) beginning June 26 from 67,500 yuan last year.

Read More on Reuters