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Nio  (NIO) - Get NIO Inc. (China) Report  fell more than 2% Friday after Goldman Sachs downgraded the Chinese electric-vehicle maker's American depositary receipts to neutral from buy.

Nio had five buys and six holds before the downgrade, according to Bloomberg.  

Nio's share price has fallen more than 40% since its second-quarter earnings on Sept. 24, which included weaker sales and a wider loss than expected. The company also announced it was reducing its headcount to 7,800 from 9,900 amid "overall tempered market conditions."

The stock was down 2.5% to $1.60 on Friday.

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