China's EV Price War Stumbles 'Tesla Killer'

Chinese electric vehicle maker, Nio, dubbed as the "Tesla Killer," has seen a decline in sales as a result of a price war among EV manufacturers in China. Nio's shares have dropped by 60% since its initial public offering in September 2018, and the company has been forced to cut jobs and reduce production. The competition in the Chinese EV market has intensified, with Tesla and other local manufacturers offering lower-priced models, putting pressure on Nio to lower its prices.