What happened Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading lower on Friday, after one of the company's co-founders was named CEO of Foxconn's new electric-vehicle business. As of 10:30 a.m. EST, NIO's American depositary shares were trading down about 5.2% from Thursday's closing price. So what Taiwan-based Hon Hai Precision Industry (OTC: HNHPF), better known as Apple manufacturing partner Foxconn Technologies, made news earlier this week when it announced a new joint venture with Chinese automaker Geely Auto (OTC: GELYF) to provide electric-vehicle contract-manufacturing services and related technologies to new and established automakers. What might be moving NIO's stock today is that the joint venture has named Jack Cheng, NIO's co-founder, as its new CEO, according to a report from Chinese auto-news outlet Gasgoo. Image source: NIO. Former Ford Motor Company executive Cheng joined NIO in 2015 and, together with co-founder (and current NIO CEO) William Bin Li, hired key executives and helped set the company on its current path, though he left in mid-2019. Now what In truth, this news isn't a big deal for NIO, as Cheng had already left the company. It's unlikely to affect the long-term bull case for the company in any significant way. But after NIO's spectacular bull run over the last several months, it doesn't take much news to induce auto investors to do a bit of profit-taking. 10 stocks we like better than NIO Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and NIO Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 John Rosevear owns shares of Apple and Ford. The Motley Fool owns shares of and recommends Apple. The Motley Fool has a disclosure policy.Source