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Why Nio Stock Opened Lower Today

·2 min read
Why Nio Stock Opened Lower Today
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Shares of Chinese electric-vehicle maker Nio (NYSE: NIO) opened modestly lower on Monday, after a senior official said that China's government will encourage consolidation in the country's EV industry. As of 10:30 a.m. EDT today, Nio's American depositary shares were down about 2.5% from Friday's closing price. China has "too many" EV makers, China's minister of industry and information technology said on Monday, and the government will encourage the more successful companies to merge with or acquire smaller rivals.