After dropping more than 5% on Thursday, the American depositary shares of Chinese EV maker Nio (NYSE: NIO) fell almost another 6% today before recovering some of those losses. As of 11:45 a.m. ET, the shares remained down 4% today.
Yesterday's drop came after the company reported its August EV sales results. While deliveries rose more than 81% year over year, that increase came off a low base when supply chain issues stymied production in August 2021. But Nio has grown sales year to date by 28.3% versus the prior-year period.
It has been helped by the introduction of new vehicles, including the new ES7 mid-large size SUV that has just begun ramping up production. Nio shipped almost 400 of the new SUV model in August. But many challenges remain, including continued supply chain snarls and COVID-19 restrictions hurting both supply and demand.
Source Fool.com