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Shares of Nio (NYSE:NIO) are down over 4% in pre-open Thursday after online media reports in Germany said that Volkswagen’s (OTC:VWAGY) Audi filed a lawsuit against the electric vehicle (EV) company.
Audi is suing Nio over an alleged infringement of its trademark rights, according to the filing with a court in Munich.
German media Handelsblatt said that Audi claims Nio’s ES6 and ES8 models are named after Audi’s S6 and S8.
“Like many successful companies, Audi is always careful to protect its trademark rights comprehensively,” a Google translation of Audi’s remarks in the German language said.
Nio has plans to launch in Germany later this year with its ET7 EV sedan.
Read More: These Comments from Deutsche Bank Sent EV Maker Nio (NIO) Stock Surging This Week
