European Union imposes hefty tariffs on Chinese EVs, Nio stock falls

From InvestorPlace: 2024-06-12 10:41:21

Nio stock falls as European Union imposes up to 38% tariffs on Chinese EVs. This comes after Nio reported a $676 million loss for the quarter, with Barclays maintaining an “underweight” rating. Nio responds by shifting sales team focus to Middle East. Nio stock opened at $4.40 per share.

Other Chinese EV stocks like XPeng and BYD also drop on European tariff news. Investigation alleges unfair subsidies in China’s EV supply chain. China accuses Europe of “weaponizing economic and trade issues.” Potential retaliation could see China raising duties on gas-powered imports from Europe. Volkswagen could be heavily impacted as well.

Nio reaffirms commitment to Europe despite increased tariffs. InvestorPlace contributor cautions that Nio stock may be a “ticking time bomb.” Dana Blankenhorn does not hold any positions in the mentioned securities.



Read more at InvestorPlace: Nio Stock Stumbles as European Union Levies New Chinese EV Tariffs