NIO Inc (NYSE: NIO) shares are trading lower Tuesday amid continued COVID-19 lockdowns in China.
China ramped up its COVID-19 restrictions in multiple areas over the weekend. China's southern tech hub of Shenzhen was locked down beginning Saturday.
Shenzhen has announced a new round of COVID-19 testing and said it will "marshal all available resources, mobilise all forces and take all possible measures" to help put an end to lingering pandemic concerns, Reuters reported.
"Currently, the city's COVID situation is severe and complex. The number of new infections remains relatively high and community transmission risk still exists," Lin Hancheng, a public health official in Shenzhen, said Sunday evening.
Chengdu also announced new lockdown measures. Officials said they will keep curbs in place for most of the city and will conduct more mass testing through Wednesday.
As China sticks to its strict zero-COVID policy, approximately 33 cities are reportedly under partial or full lockdown.
See Also: Hong Kong Stocks Shrug Off Chengdu Lockdown Extension: Is China's Stimulus Roll-Out Plan Lifting Sentiment?
Nio is scheduled to report second-quarter financial results this week. The Chinese EV company is expected to report a net loss of 17 cents per share on quarterly revenue of $1.43 billion, according to Benzinga Pro.
NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $11.67.
The stock was down 2.03% at $17.37 at time of publication.
Photo: courtesy of Nio.
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