Nio $NIO ( ▲ 1.72% ) is trading lower in premarket after the Chinese EV maker’s November delivery numbers showed a clear step back from its October high. The company delivered 36,275 vehicles last month, up 76 percent from a year ago but down 10 percent compared to October’s record-setting performance, and investors aren’t loving the loss of momentum.
The drop was led by a sharp 32 percent month-over-month decline in deliveries from Nio’s Onvo sub-brand, which dragged on overall results. The company had already lowered its Q4 delivery guidance last week from 150,000 to a range of 120,000 to 125,000 vehicles, pointing to China’s phase-out of key subsidies that have been supporting EV demand.
Shares are off as traders reassess whether Nio can stabilize growth heading into year-end.