Nio gets hit by lawsuits
The Chinese EV manufacturer is facing a class action lawsuit from their investors in the U.S, who are unhappy that Nio gave up on their plan to build a factory in Shanghai, as well as making misleading claims about the impact of the updated Chinese subsidy situation and the slower-than-expected deliveries of their electric SUV.
The lawsuit is headed by a New York law firm, who is promising to represent who purchased or held securities “between September 12, 2018 and March 5, 2019.” That indicates this could prove quite the thorn in Nio’s side for their US business.
A Nio spokesperson has already responded stating that the allegations are “unfounded” and vowing that the company would defend itself in court.
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