Why Nio Stock Is Crashing Today
Nio (NYSE: NIO) stock slumped Thursday morning and was down 7% as of 12:30 p.m. ET. Nio is among the several Chinese electric vehicle (EV) manufacturers that just released their monthly sales numbers. Although Nio outperformed rivals, investors are turning skeptical about the company's near-term growth.
Nio delivered 10,677 vehicles in August, up a solid 81.6% year over year. Although its deliveries rose only about 6% sequentially, parts are still in short supply due to, among other things, the COVID-19 lockdown restrictions in China. Despite these challenges, Nio's year-to-date deliveries rose 28.3%.
Notably, Nio's sales numbers crushed rivals XPeng's and Li Auto's handily in August. While XPeng reported a 33% year-over-year rise in its August deliveries, Li Auto reported a 52% slump in its deliveries last month despite starting deliveries of its flagship SUV, Li L9, which was launched in June.
Source Fool.com
