Shares of NIO Inc. (NYSE: NIO) experienced a significant decline of -3.77% on Tuesday, reaching a price of $7.41. This drop is part of a larger trend affecting multiple Chinese stocks, which may be a response to concerns about a surge in COVID-19 cases in China. The ongoing worries about China’s economic recovery are also negatively impacting the sector.
According to a recent report from CNBC, the number of COVID infections in China could reach a staggering 65 million cases per week by the end of June when the surge is expected to peak. Zhong Nanshan, a renowned respiratory disease specialist, shared this data during a medical conference in Guangzhou.
Zhong Nanshan’s data reveals that the current wave of infections, which began in late April, was expected. Based on his analysis, there could be a surge of approximately 40 million weekly infections in China. Furthermore, he predicts that by the end of June, the number of infections per week will peak at around 65 million.
On May 30th, the traders exchanged hands with a total of 63,374,756 NIO shares, relatively higher compared to the three-month average volume of 44.61 million. The share price has lost -15.79% of its value in the past week, and -24% year-to-date. NIO has a 52-week high of $24.43 and a 52-week low of $7.33.