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Nio Falls After Goldman Downgrades the Electric Vehicle Maker

The Street logo The Street 10/4/2019 Brenda Bouw
a close up of a car: Nio Falls After Goldman Downgrades the Electric Vehicle Maker © TheStreet Nio Falls After Goldman Downgrades the Electric Vehicle Maker

Nio 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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This article was originally published by TheStreet.

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