: Chinese EV maker Nio’s stock resumes selloff, even as quarterly deliveries rise to a record

by | Oct 4, 2022 | Stock Market

Shares of Nio Inc. resumed its recent selloff toward a more than four-month low on Monday, reversing an earlier intraday gain, after the China-based electric-vehicle maker reported an uptick in September deliveries, enough to lift deliveries for the past three months to a quarterly record. Nio
reported over the weekend that it delivered 10,878 EVs in September, up 2.4% from the 10,628 EVs delivered in the same month a year ago. The deliveries consisted of 7,729 premium sport-utility vehicles and 3,149 premium sedans, Nio said.

For the third quarter, the company delivered 31,607 vehicles, up 29.3% from a year earlier. Nio’s stock dropped 1.7% in afternoon trading, toward the lowest close since May 25. After bouncing 1.2% on Friday, the stock rose as much as 1.1% soon after Monday’s opening bell before reversing course. Separately, shares of rival China-based EV maker XPeng Inc.
slumped 1.6%, after the company reported September deliveries of 8,468 EVs, down 18.7% from the 10,412 EVs delivered in September 2021. For the third quarter, deliveries rose 15.2% to 29,570 EVs, as year-to-date deliveries totaled 98,553 EVs to surpass the total EVs delivered in the 2021 calendar year. And Li Auto Inc.’s stock

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