Chinese electric car maker NIO slumps in U.S. debut


(Reuters) - Shares of Chinese electric carmaker NIO Inc fell as much as 15 percent in their market debut, a day after its IPO was priced at the lower end of its expected range.Shares opened at $6 and fell to a low of $5.35, giving the company a market capitalization of $5.52 billion.

The company priced 160 million shares at $6.26 on Tuesday, just above the low end of its $6.25 to $8.25 target price range, raising $1 billion, dragged down by investor concerns about the prospects of chief competitor Tesla Inc.The company, backed by Chinese tech.....

This article is no longer available in our repository.

There could be multiple reasons for this.