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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