Why Nio Shares Are Falling Today
NIO Inc (NYSE: NIO) is trading lower Monday morning after the company announced that it delivered 3,667 vehicles in October, representing a decrease of 27.5% year-over-year.
Nio reported deliveries of 218 ES8s, 2,528 ES6s and 921 EC6s.
Nio said vehicle deliveries in October were "significantly impacted by reduction in production volume as a result of the restructuring and upgrades of manufacturing lines and the preparation of new products." The company also cited supply chain challenges.
Despite headwinds, Nio's new orders reached an all-time high in October "driven by increasing user demand."
Nio operates in China's premium electric vehicle market. The company designs, jointly manufactures and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
NIO Price Action: Nio has traded as high as $66.99 and as low as $28.32 over a 52-week period.
The stock was down 3.76% at $37.93 at time of publication.
Photo: courtesy of Nio.
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