Nio plummets 11% after it shuts down production due to supply chain disruptions caused by city-wide COVID-19 lockdowns in China

NOK Nio plunged 11% on Monday after the company halted production of its electric vehicles. The production halt comes as Nio experiences supply chain disruptions due to city-wide COVID lockdowns in China. The company will postpone deliveries to its customers as it works through the disruptions. Nio stock dropped 11% on Monday after the electric vehicle maker halted production due to ongoing supply chain disruptions. The disruptions were caused by COVID-19 lockdowns in cities across China, including Shanghai, where plants of various auto parts suppliers are located. The fast-spreading Omicron variant has challenged China’s zero tolerance policy against COVID-19 infections…