Nio, other EV maker stocks fall as Tesla extends pullback

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Shares of Nio Inc. sank 4.6% in midday trading Wednesday, as they pulled a sharp U-turn after reaching an intraday record earlier in the session. The China-based electric vehicle maker’s stock was up as much as 4.6% at its intraday high of $21.05, which was above the previous intraday record of $20.97 and record closing price of $20.44, both of which were reached on Aug. 26. The pullback comes amid a selloff in other EV makers, led by industry leader Tesla Inc.’s stock , which took a 7.2% dive after the company disclosed that a large shareholder had recently sold 19.2 million Tesla shares. Tesla’s stock has now dropped 11.5% since it closed at a record $498.32 on Monday. Among other EV makers, shares of Workhorse Group Inc. fell dropped 6.8% and Nikola Corp. shed 5.5%. The declines come as the S&P 500 rallied 0.8% toward a second-straight record high.
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