Nio’s stock extends pullback ahead of earnings report

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Shares of Nio Inc. dropped 6.5% in premarket trading, to extend the pullback a day before the China-based electric vehicle maker reports third-quarter results. The stock had dropped 7.7% on Tuesday, after soaring 12.1% on Thursday to close at a record $48.30. Nio is scheduled to reveal results before Tuesday’s open, with analysts surveyed by FactSet earnings per share of RMB1.18 on revenue of RMB4.37 billion ($662.6 million). Among other China-based EV makers, shares of Li Auto Inc. gained 0.6% ahead of the open and XPeng Inc. fell 2.4%. Nio’s stock has rocketed 1,008.5% year to date through Friday, while the iShares MSCI China ETF has rallied 25.5% and the S&P 500 has gained 11.0%.
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