Tesla rival Nio tumbles to record low after deliveries disappoint

REUTERS: U.S.-listed shares of Tesla rival Nio Inc tumbled 25per cent on Tuesday after the Chinese electric carmaker posted a drop in quarterly vehicle sales, blaming a cut in subsidies and weak demand.

The company counts Chinese internet giant Tencent Holdings and Hillhouse Capital Management as its shareholders, had raised US$1 billion last year in an initial public offering, valuing it at US$6.4 billion. In May, Nio signed a pact with a government-backed fund for an investment of about US$1.5 billion.

Irwin said he continues to see China as one of the most important global EV markets and expects sales there to rebound in November and December.

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