Nio Is A 'Hard Pass,' Says Cramer. 'We're Not Fooling Around Anymore'

CNBC host Jim Cramer has once again advised investors to avoid buying shares in Chinese electric vehicle maker Nio Inc. NIO.

What Happened: “Pass, pass, hard pass. Going elsewhere. We’re not fooling around anymore,” Cramer said on CNBC’s “Mad Money Lightning Round” on Wednesday.

Cramer had previously advised investors in July to sell their shares in Nio, seen as a Tesla Inc. TSLA rival, as he was “very worried” about the regulatory crackdown in China.

Why It Matters: Nio’s shares are down 43% from their 52-week high of $66.99 reached in January and also down almost 22% for the year-to-date period.

Shares of several Chinese companies listed on U.S. markets are trading weak over the past few months amid regulatory concerns regarding education and technology companies.

Shares of Chinese companies, including Nio peers Li Auto Inc. LI and Xpeng Inc. XPEV, are trading lower in Hong Kong on Thursday amid a market-wide slump fueled by China’s crackdown on casino operators in Macau.

Price Action: Nio’s shares closed almost 0.4% higher in Wednesday’s regular trading session at $38.03.

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Photo: Courtesy of Nio