Chinese electric vehicle manufacturer Nio shares shares after disappointing deliveries By Reuters

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© Reuters. China's electric vehicle manufacturer Nio shares shares after disappointing deliveries

(Reuters) – Shares of the Chinese manufacturer of electric cars listed in the United States NIO Inc (N :), a rival of Tesla Inc. (O :), fell by more than 18% on Tuesday, after the company recorded a decline in quarterly vehicle sales, citing a slowdown in growth due to the trade war between the United States and China.

The company's net loss increased 83% in the second quarter compared with the previous year, and decreased vehicle sales by almost 8% from the previous quarter.

The company also announced the elimination of nearly 10,000 positions in January from 7,800 jobs and the cancellation of its second quarter post-profit call.

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