Chinese electric vehicle maker NIO Inc saw its shares plummet 5% in Friday's intraday trading session, as escalating trade tensions between the US and China rattled Chinese stocks across the board.

The steep sell-off in NIO's stock was part of a broader market rout, with Hong Kong's Hang Seng Index tumbling 3.1% and the Hang Seng Tech Index plunging 5%. The declines came after US President Donald Trump announced plans to double tariffs on Chinese imports, raising fears of potential disruptions to China's exports and economic growth.

The new US tariffs introduced near-term risks for Chinese companies, including NIO, which could face headwinds from a potential slowdown in consumer demand or supply chain disruptions amid the intensifying trade war. Investors also remained concerned about China's ongoing property crisis and deflationary pressures, which could further weigh on the economic outlook.