September 24, 2019 / 12:29 PM / a month ago

Chinese EV maker Nio shares tumble after deliveries disappoint

Sept 24 (Reuters) - U.S.-listed shares of Chinese electric carmaker NIO Inc, a rival to Tesla Inc, tumbled more than 18% on Tuesday, after the company posted a drop in quarterly vehicle sales, citing slowing growth due to U.S.-China trade war.

The company’s net loss widened 83% in the second quarter from a year-ago and reported a nearly 8% drop in vehicle sales from the preceeding quarter.

The company also said it will cut jobs to 7,800 from nearly 10,000 in January and cancelled its second-quarter post-earnings call. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Shailesh Kuber)

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