Nio

The Chinese EV manufacturer is also expecting a reduction in February sales.

The US-listed company’s stock slumped 7% after the announcement.

But none of them fulfilled their sales targets for the year.

Nio’s shares surged over 17% on the New York Stock Exchange on Wednesday.

The company reported a narrowing net loss of USD 352.8 million, representing a 10.3% year-on-year decrease.

The EV maker also released a redesigned ES8 model and an upgraded battery pack.

2019 turns out to be an eventful year for Chinese tech tycoons. Hear what those who rein in the powerhouses have to say to wrap up the year.

While first-tier tech giants are retreating, Xiaomi and Meituan Dianping are testing the waters in the new energy vehicle sector via investments.