According to TheStreet's Brett Kenwell, NIO may be losing a key level of support after earnings on Tuesday.
The Chinese electric automaker Nio Inc. ( (NIO) - Get Report) results are impacting Tesla ( (TSLA) - Get Report) too. Kenwell says Tesla was "down about 2.5% on the news. From its highs, Tesla is down notably too, lower by 22%".
Nio: History of the Chinese Electric Car Company
The Tesla rival was founded in 2014 by William Li and filed for a $1.8 billion IPO in 2016 on the NYSE. That same year it opened its first three-minute charging station in China and was issued an "autonomous vehicle testing permit" in California.
The automobile maker is headquartered in Shanghai.
While its focus is electric vehicles for consumer use, NIO has also created the first single-seater, all-electric racing series.
The company's Chinese name is Weilai, which means Blue Sky Coming and is represented in the company's logo.