Why Nio Stock Dropped on Monday
Shares of electric vehicle makers were trading mixed on Monday morning after Tesla (NASDAQ: TSLA) released its third-quarter production and delivery results. One EV maker taking a hit is growing Chinese EV company Nio (NYSE: NIO). As of 11 a.m. EDT today, Nio shares were down 5.3%, just off the lows of the morning.
Nio released its September and third-quarter 2021 EV delivery data on Friday, and its quarterly deliveries exceeded the internal guidance that it had revised lower on Sept. 1 due to supply chain constraints. But while Nio did double its deliveries in the third quarter versus the prior-year period, some of its competitors accelerated growth even faster, amplifying the increasing competition in China.
Source Fool.com
