Motley Fool
Why Nio, Ford, and General Motors Stocks Crashed
Car stocks, in particular, took it on the chin during the session, with Chinese electric car-maker Nio (NYSE: NIO) losing 6.2%, Ford Motor Co. (NYSE: F) down 4.2%, and General Motors (NYSE: GM) losing 5.6%. As Reuters reported, officials from the German state of Brandenburg held a news conference Friday at which they announced they were giving Tesla conditional approval to open its $5.5 billion car gigafactory in Berlin. Tesla, says Reuters, is depending on this factory “to vanquish European market leader Volkswagen.”
