What's going on with Nio Stock today?

NIO Inc NIO shares trade lower on Tuesday amid China's continued COVID-19 lockdown.

China tightened its COVID-19 restrictions in several regions over the weekend. Shenzhen, the tech hub in southern China, was locked down from Saturday.

Shenzhen announced a new round of COVID-19 testing and said it will "mobilize all available resources, mobilize all forces, and take all possible measures" to help end to lingering pandemic concerns, Reuters reported.

"Currently, the COVID situation in the city is serious and complex. The number of new infections remains relatively high, and the risk of community transmission still exists," said Lin Hancheng, official on Sunday. of public health in Shenzhen. evening.

Chengdu also announced new containment measures. Officials said they would keep curbs in place across most of the city and conduct more mass testing through Wednesday.

As China sticks to its strict zero COVID policy, around 33 cities are said to be under partial or full lockdown.

See also: Hong Kong Stocks Ignore Chengdu Lockdown Extension: China's Recovery Deployment Plan Raises he feeling?

Nio is expected to release its second quarter financial results this week. According to Benzinga Pro, the Chinese electric vehicle company is expected to post a net loss of 17 cents per share on quarterly revenue of $1.43 billion.

NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $11.67.

The stock was down 2.03% at $17.37 at press time.

Photo: courtesy of Nio.

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