REUTERS: U.S.-listed shares of Chinese electric carmaker NIO Inc, a rival to Tesla Inc, tumbled more than 18per cent on Tuesday, after the company posted a drop in quarterly vehicle sales, citing slowing growth due to U.S.-China trade war.
The company's net loss widened 83per cent in the second quarter from a year-ago and reported a nearly 8per cent drop in vehicle sales from the preceding quarter.The company also said it will cut jobs to 7,800 from nearly 10,000 in January and cancelled its second-quarter post-earnings call.
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