Why Nio Shares Moved Down Then Back Up Today
Yesterday, Chinese electric-vehicle (EV)-maker Nio (NYSE: NIO) announced that vehicle deliveries in April declined from March 2022 levels. The really surprising news was just how much as they dropped 28.6%, compared to April 2021. That seems significant, given that Nio's production has shown a sharp growth trajectory over that period.
Investors seemed to give them a pass at first, as shares jumped yesterday. But today, Nio shares dropped as much as 3.1% in early trading before rebounding to a gain of 0.5% as of 3 p.m. ET.
The change of opinion since yesterday may have come as investors digested the April delivery news, especially in comparison to its domestic competition. Peer XPeng (NYSE: XPEV) experienced similar headwinds in April but reported that deliveries jumped 75% year over year.
Source Fool.com
