What's Going On With Nio Stock Today?

NIO Inc NIO shares are volatile Monday as Chinese markets hit 15-month lows. Here’s a look at what’s going on.

What To Know: The Hang Seng index in Hong Kong fell 2.3% on Monday to its lowest levels since October 2022. The index is now down more than 10% since the start of the year, representing the worst start to a year since 2016.

The declines come as China banks kept their loan prime rate unchanged Monday given recent downward pressures on the yuan. The People's Bank of China maintained its one-year loan prime rate at 3.45% and five-year loan prime rate at 4.2%, per Reuters.

Investors who have been anticipating measures to stimulate the economy were left disappointed and pressure on markets continued to pile up to start the week. The news comes after the People's Bank of China surprised investors by keeping its medium-term lending facility rate unchanged last week.

Nio shares hit new 52-week lows last week as several US-listed Chinese stocks tumbled after China missed GDP and retail sales estimates.

Nio shares have also faced selling pressure in recent sessions as several competitors have continued to lower prices on vehicles, including Tesla, which cut prices by as much as 6% on several models in China again last week amid increasing competition.

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NIO Price Action: Nio shares are now down more than 26% over the last month. The stock was down more than 3% at the market open on Monday, but was down just 0.33% at $6.04 at the time of publication, according to Benzinga Pro.

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