Shares of several automotive companies, including Nio Inc - ADR (NYSE:NIO), are trading lower amid continued COVID-19 omicron variant concerns. Investors could be fearing uncertainty as the sector is currently facing supply chain issues stemming from previous COVID-19 restrictions.
Shares of several Chinese stocks, including Nio, were also trading lower last week as investors weigh Chinese economic data along with continued omicron variant concerns.
See Also: Why Block Shares Are Sliding
Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
Nio has a 52-week high of $66.99 and a 52-week low of $27.84.
