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Share of China-based electric vehicle maker Nio Inc. NIO, -4.93% sank 3.5% in premarket trading Monday, after data showing that China’s car sales fell for the eighth straight month in January. the China Passenger Car Association said January retail sales of passenger cars declined 4.4% from a year ago, and said sales are expected to remain sluggish in February, as COVID-19 outbreaks and a slowing economy weigh on demand.
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