(Yicai Global) March 12 -- Nio's stock price tumbled even lower after a Shanghai court ordered the struggling new energy vehicle manufacturer to pay CNY1.1 million (USD157,630) and interest in fees to New York-headquartered real estate agency Savills.

Shares of Nio [NYSE: NIO] dropped 5.1 percent to USD3.32 yesterday. The Shanghai-based firm went public in September 2018, pricing its shares at USD6.26.

Jiading's district court yesterday ruled that Nio needs to pay the fees that have been overdue since May 2017, China Judgments Online website shows. Savills had presented the car company with a possible store location in downtown Shanghai's HKRI Taikoo Hui property but had not been part of lease negotiations. 

The company fully respects the court's ruling that its legal team is following up on, 36Kr reported, citing the startup.

In virus-hit February, Nio delivered 707 vehicles to clients, a nearly 13 percent drop from a year earlier. Meanwhile, the firm had delayed staff pay, Chinese media outlets reported at that time. In the third quarter of last year, the company made a net loss of CNY2.5 billion (USD352.8 million). 

Editor: Emmi Laine