Why Nio Stock Dropped Then Bounced Back Today
Nio (NYSE: NIO) shares dipped nearly 5% Thursday morning before reversing those losses. The stock recovered and turned positive with a gain of 1.4% as of 10:33 a.m. ET.
Nio reported its October delivery data on Tuesday and investors have been digesting that information over the last two days. While Nio reported a sharp year-over-year increase in vehicle deliveries last month, it was down from September, and investors are getting more anxious about impacts from continued COVID-19 restrictions in the region. Delivery results from Tesla's Shanghai facility in October might have added to investor concerns today, too.
Nio delivered slightly over 10,000 electric vehicles (EVs) in October, a 174% year-over-year increase. But that was still less than the 10,878 shipped in September. There is growing concern over a lull in demand for EVs in China.
Source Fool.com
