NIO Stock Slides 6% Into Earnings as Onvo Deliveries Drop
TLDR
- NIO stock dropped around 6% overnight heading into Tuesday, after falling 2.5% on Monday to $4.26.
- August deliveries rose 14.5% year over year to 35,836 but fell for a second straight month sequentially.
- Sub-brand Onvo saw deliveries drop 46.4% year over year and 13.2% from July.
- Wall Street expects Q2 revenue of $4.95 billion and an adjusted loss of $0.02 per share.
- Goldman Sachs upgraded NIO to “buy” with a $7 price target; overall consensus sits at “hold” with a $6.57 average target.
NIO stock was trading at $4.26 after falling 2.5% on Monday, then tumbled a further 6% overnight heading into Tuesday’s Q2 earnings report. That followed a brutal August for the stock, which shed 13% across the month, its worst monthly performance since November and its fourth straight monthly decline.
The overnight drop came as investors weighed a second consecutive monthly decline in deliveries, raising questions ahead of the Q2 print.
NIO delivered 35,836 vehicles in August, up 14.5% year over year but down 0.3% from July. That followed an 11.5% sequential drop in July from June’s 40,597 units. The company has now delivered more than 35,000 vehicles for four straight months, but the back-to-back sequential declines are drawing attention.
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