What's Going On With Nio Stock Thursday?

NIO Inc NIO shares are trading lower Thursday. The stock appears to be moving lower alongside several Chinese stocks in the wake of President Joe Biden's meeting with Chinese President Xi Jinping. 

What To Know:  The weakness in China names Thursday comes after Biden and Xi held discussions as part of the Asian Pacific Economic Cooperation (APEC) Summit. 

According to a Bloomberg report, traders saw only modest progress on improving relations between the two countries. Although Biden said the meeting yielded progress, some of his other comments appear to have traders pulling back. 

Biden reportedly called Xi a "dictator" as he was leaving a press conference following the event. 

"He's a dictator in the sense that he's a guy who runs a country that is a communist country that is based on a form of government totally different from ours," Biden told reporters. 

Chinese stocks traded higher in anticipation of the summit this week, but it appears to have turned out to be a "sell the news" event. 

See Also: Xi Jinping Tells Joe Biden To 'Stop Arming Taiwan' In 'Blunt' Talks: 'Reunification…Is Unstoppable'

Nio has delivered 126,067 vehicles year-to-date, representing an increase of 36.3% on a year-over-year basis. As of the end of October, cumulative deliveries of Nio vehicles had reached 415,623. 

NIO Price Action: Nio shares were down 5.81% at $7.48 at the time of writing, per Benzinga Pro.

Photo: courtesy of Nio.