US Markets

Chinese EV maker Nio shares tumble after deliveries disappoint

Credit: REUTERS/BRENDAN MCDERMID

U.S.-listed shares of Chinese electric carmaker NIO Inc, a rival to Tesla Inc, 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.

Sept 24 (Reuters) - U.S.-listed shares of Chinese electric carmaker NIO Inc NIO.N, a rival to Tesla Inc TSLA.O, 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 cancelled its second-quarter post-earnings call.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Shailesh Kuber)

((vibhuti.sharma@thomsonreuters.com; within U.S. +1-646-223-8780; outside U.S. +91 702 213 2017; Twitter- @VibhutiSharmas;))

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