Nio Stock Slumps Pre-Market, Draws Significant Jump In Retail Investor Chatter
Synopsis
According to Stocktwits data, retail chatter around Nio rose 39% over the past 24 hours.
NYSE-listed shares of Chinese EV maker Nio (NIO) slumped 7% in the pre-market session on Thursday following reports of Singapore’s sovereign wealth fund, GIC Private, filing a report against it over alleged irregularities in its revenue recognition practices.
The latest slump in the stock price comes after the shares touched a 1.5-year high in late September. According to Stocktwits data, retail chatter around Nio jumped 39% over the past 24 hours. At the same time, retail sentiment around the stock remains in the ‘bearish’ territory.
The lawsuit, filed in August, centers on Nio’s relationship with its battery asset operator Mirattery, established with partners including CATL, Guotai Junan, and Hubei Science Technology Investment. GIC alleged Nio misled investors by inflating revenue through Mirattery, resulting in investment losses.
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