Why Nio Shares Sank After First-Quarter Deliveries
Nio (NYSE: NIO) hit the low end of its guidance range for first-quarter deliveries, but the stock is tanking today anyway. Nio's American depositary shares dropped as much as 8% and remained lower by 6.5% at 12:30 p.m. ET.
One reason for the reaction is likely the fact that Nio shares had soared nearly 20% over the past week. Nio delivered 31,041 of its electric vehicles (EVs) in the first quarter, which was at the low end of the range it projected one month ago.
Source Fool.com
