Shares of Nio Inc. (NIO) dropped 6.5% in premarket trading, to extend the pullback a day before the China-based electric vehicle maker reports third-quarter results. The stock had dropped 7.7% on Tuesday, after soaring 12.1% on Thursday to close at a record $48.30. Nio is scheduled to reveal results after Tuesday's close, with analysts surveyed by FactSet earnings per share of RMB1.18 on revenue of RMB4.37 billion ($662.6 million). Among other China-based EV makers, shares of Li Auto Inc. (LI) gained 0.6% ahead of the open and XPeng Inc. (XPEV) fell 2.4%. Nio's stock has rocketed 1,008.5% year to date through Friday, while the iShares MSCI China ETF (MCHI) has rallied 25.5% and the S&P 500 has gained 11.0%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 17, 2020 07:45 ET (12:45 GMT)
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