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Why Nio Stock Dropped Today

Why Nio Stock Dropped Today

The president of Chinese electric vehicle (EV) maker Nio (NYSE: NIO) spoke at a media event this week, giving investors some news about the company's growth plans. As of 2:12 p.m. ET, Nio's American depositary shares were trading down 2.6%. Yesterday, Barron's shared that analyst Soobin Park with Asian investment group CLSA cut her price target on the stock from $60 to $35 but left her rating as a buy.