Nio's August deliveries double to a record, but stock falls
By Tomi Kilgore
Shares of Nio Inc. NIO, -3.15% fell 2.5% in active morning trading Thursday, after the China-based electric vehicle maker reported a new monthly delivery record in August, although year-over-year growth decelerated to the slowest pace since February. Trading volume was 32.4 million shares, enough to make the stock the most actively traded on the NYSE. The continued pullback in EV leader Tesla Inc.'s stock TSLA, -6.76%, which has now lost 15% since Monday's record close, also weighed on Nio's shares. Nio disclosed overnight that it delivered 3,965 vehicles in August, up 104.1% from last year. "In August, we achieved our best-ever monthly performance on both deliveries and order growth," said Founder and Chief Executive William Bin Li. "As we continue to improve the production capacity for all NIO products, our monthly capacity will reach 5,000 units in September to support our future deliveries" Separately, Nio disclosed that it completed the offering of 101.8 million American depositary shares (ADSs) at a price of $17.00 per ADS, to raise $1.73 billion. Nio's stock has more than tripled (up 246.6%) over the past three months, while Tesla shares have rallied 139.0% and the S&P 500 SPX, -1.27% has gained 13.5%.
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