NIO

NIO Stock Drops After Fatal Crash Involving Self-Driving Technology

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A Nio ES8, the vehicle involved in the crash, at the Shanghai International Automobile Industry Exhibition in 2021.


Hector Retamal/AFP via Getty Images

Shares of Chinese electric-vehicle maker

NIO

were weak Monday morning following several reports of a fatal accident involving the company’s self-driving features.

NIO shares were down about 5% in premarket trading Monday.

S&P 500

and

Dow Jones Industrial Average

futures were both down about 0.3%.

The fatal crash took place this past week in China and involved the company’s ES8 sport-utility vehicle, or SUV. The vehicle is equipped with several driver assistance functions, including features enabled by

Intel

(ticker: INTC) division Mobileye, that enable some forms of autonomous driving. NIO’s driver assistance functions are called NIO Pilot and employ cameras as the so-called eyes of the car.

NIO has other autonomous driving technology, referred to as NAD, such as radar, lidar—a laser-based radar—and

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NIO and Ford Idle Car Production Amid Chip Shortage

Chinese electric vehicle maker  (NIO) – Get Report and U.S. automaker Ford  (F) – Get Report are the latest automotive companies to idle production at some of their plants due to an ongoing shortage in semiconductor chips that has impacted global car and truck production.

NIO announced Friday it would halt production for five working days at its plant in Hefei, China. It also cut its first-quarter delivery forecast to around 19,500 vehicles, compared to the 20,000 to 20,500 vehicles it had previously expected.

That followed in Ford’s footsteps, with the automaker announcing Thursday it will idle production of its popular F-150 pickup truck at a plant in Michigan through Sunday due to the chip shortage. The carmaker had cautioned about the chip shortage affecting production following a bond sale earlier this month.

NIO and Ford are among several automakers that have been forced to

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