: Nio’s stock suffering worst day in 11 months after convertible debt offering

Shares of Nio Inc. NIO tumbled 15.1% toward a three-month low in afternoon trading Tuesday, after the electric vehicle maker announced plans for a $1 billion debt offering that can be converted into shares. The selloff was on track for the biggest one-day percentage decline since it sank 15.7% on Oct. 24, 2022. The stock has shed 14.8% so far in September, after tumbling 32.9% in August. The stock has now lost 10.2% year to date, while the S&P 500 SPX has gained 15.8%. Among other China-based EV makers, shares of Xpeng Inc. XPEV dropped 5.2% on Tuesday and of Li Auto Inc. LI shed 3.3%. Meanwhile, shares of Tesla Inc. TSLA, which generated 23% of its total second-quarter revenue in China, rose 0.8%.

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