$NIO Inc.(NIO)$ dropped 7.6% early Monday morning. As of 10:25 a.m. ET, Nio's American depositary shares were still down 5.3%.
Nio provided encouraging estimates for its fourth-quarter vehicle deliveries but China now increase the risk due to the new surge in COVID-19 cases which has already resulted in a five-day lockdown of a large port city.
Nio will again be impacted by the strict policies used to contain those cases.
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NIO’s fell 17% on plans to raise $1 billion via convertible bonds.
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