Shares of Nio, Inc. (NIO) dropped more than 5.5% after Volkswagen Group said it is targeting sales of more than 400,000 new energy vehicles (NEV) in China.
The company said in a presentation Monday it sees more than 30 NEVs of all its brands and expects 50% to be locally produced. In 2025, the company is prepared to deliver 1.5 million NEVs.
In addition, the company noted its plan to launch five battery operated vehicles (BEVs) produced locally in 2019.
Shares of battery-car maker Tesla (TSLA), however, traded 3% higher intraday.