Why Is Tesla's Chinese Rival NIO Stock Diving Today?

NIO Inc. (NYSE:NIO) shares traded lower premarket on Thursday. The stocks of automakers declined after the White House announced that President Trump would introduce new tariffs on auto imports during a press conference on Wednesday.

On Thursday, NIO disclosed its intention to offer up to 118.79 million Class A ordinary shares.

The company plans to use the net proceeds from this equity placement to fund research and development of smart electric vehicle technologies and new products, strengthen its balance ...