Shares of Nio Inc. NIO, -4.12% sank 4.6% in midday trading Wednesday, as they pulled a sharp U-turn after reaching an intraday record earlier in the session. The China-based electric vehicle maker's stock was up as much as 4.6% at its intraday high of $21.05, which was above the previous intraday record of $20.97 and record closing price of $20.44, both of which were reached on Aug. 26. The pullback comes amid a selloff in other EV makers, led by industry leader Tesla Inc.
fell dropped 6.8% and Nikola Corp. shed 5.5%. The declines come as the S&P 500 SPX, +0.87% rallied 0.8% toward a second-straight record high.
TSLA is going to have many stock splits in the near future. Just not the way most people would expect it to.
Tesla makes stocks market almost Red
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