: Nio’s stock bounces nearly 3%, a day after suffering its worst day in 4 years

Shares of Nio Inc. NIO bounced 2.8% in premarket trading Wednesday, a day after they suffered their worst day in four years, and their third-worst day since going public in September 2018, in the wake of the China-based electric vehicle maker’s announcement of a $1 billion convertible bond offering. On Thursday, the stock had tumbled 17.1% to $8.55, the lowest close since June 26, and has plunged 44.7% since it closed at a 10-month high of $15.46 on Aug. 3. That was the biggest one-day percentage drop since they fell 20.2% on Sept. 24, 2019, while the record decline was 21.2% on March 6, 2019. Among other China-based EV makers, shares of Li Auto Inc. LI gained 0.9% and of XPeng Inc. XPEV slipped 0.7%. Year to date, Nio shares have dropped 12.3%, while Li Auto’s stock has run up 88.2% and Xpeng shares have run up 76.0%. The iShares MSCI China ETF MCHI has lost 7.7% this year while the S&P 500 SPX has gained 15.7%.

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