Here's Why Nio Shares Are Falling

Shares of several Chinese companies, including Nio Inc - ADR NIO, are trading lower as investors digest recent economic data. Investors also continue to assess the economic impact of a surge in COVID cases in China.

According to CNN, at least 44 Chinese cities are under either a full or partial lockdown as authorities grapple with curbing the spread of COVID-19. Hong Kong confirmed 747 new coronavirus cases on Sunday as residents stepped out during the long-weekend Easter break after restrictions were eased.

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Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.

According to data from Benzinga Pro, Nio has a 52-week high of $55.13 and a 52-week low of $13.01.