Why Nio Shares Are Sinking Today
U.S.-listed shares of Chinese electric vehicle maker Nio (NYSE: NIO) are sinking a day after the company reported its monthly vehicle delivery figure for July. The company said Monday that its vehicle sales grew by 125% year over year. But there were also signs of a slowdown compared to competitors, and that may be what investors were reacting to Tuesday morning. As of 12:15 p.m. EDT, Nio's U.S.-listed shares were down by about 3% after having been down by almost 5% earlier in the session.
Nio's Chinese competitors Li Auto (NASDAQ: LI) and XPeng (NYSE: XPEV) also reported their July data Monday, and their growth outpaced that of Nio. Li actually delivered more vehicles outright than Nio in July, and its deliveries grew by 11.4% month over month and 251.3% year over year. Xpeng also had a record month with more vehicles delivered than Nio, and growth of 228% versus the prior-year period.
Source Fool.com
