MARKETS

Nio’s stock falls after November delivery growth underperforms rivals

Shares of Nio Inc.
NIO,
-1.65%
fell 0.8% in premarket trading Friday, after the China-based electric vehicle maker reported November delivery growth that was well below that of its rivals. Nio said it delivered 15,959 vehicles in November, up 12.6% from the same period a year ago. The company said it’s November deliveries included 10,545 sport-utility vehicles and 5,414 sedans. Among other China-based EV makers, XPeng Inc.
XPEV,
-5.24%
said Friday it delivered 20,041 EVs in November, up 245% from a year ago, while Li Auto Inc.’s
LI,
-1.76%
November deliveries increased 172.9% to 41,030 EVs. Nio’s stock had gained 1.3% on Thursday, after closing Wednesday at the lowest price ($7.18) since June 26, 2020. It has tumbled 33.9% over the past three months through Thursday, while shares of XPeng have lost 11.2% and Li Auto’s stock has declined 12.7%. The iShares MSCI China ETF
MCHI,
-0.87%
has eased 3.8% the past three months and the S&P 500
SPX,
+0.59%
has gained 1.2%.

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