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Chinese EV maker Nio shares tumble after deliveries disappoint

Published 09/24/2019, 08:28 AM
Updated 09/24/2019, 08:31 AM
© Reuters.  Chinese EV maker Nio shares tumble after deliveries disappoint
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(Reuters) - U.S.-listed shares of Chinese electric carmaker NIO Inc (N:NIO), a rival to Tesla Inc (O:TSLA), tumbled more than 18% 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 83% in the second quarter from a year-ago and reported a nearly 8% drop in vehicle sales from the preceeding quarter.

The company also said it will cut jobs to 7,800 from nearly 10,000 in January and canceled its second-quarter post-earnings call.

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