NIO's stock plummeted 6.68% in early trading on Monday, reflecting broader concerns in the electric vehicle sector following the release of January sales data.
The decline comes as Chinese EV makers listed in Hong Kong faced selling pressure after January sales figures released on Sunday revealed widespread weakness across the industry. While NIO delivered 27,182 vehicles in January - representing a significant 96.08% year-on-year increase - this still marked a 43.53% decline from December levels, contributing to investor concerns about the overall health of the EV market.
Other major EV manufacturers including BYD, Xpeng, and Li Auto also reported declining sales figures, with BYD's January sales dropping 30.11% year-on-year and Xpeng's deliveries falling 34.07% year-on-year. The collective weakness in January sales data has raised concerns about slowing demand in the Chinese EV market, impacting sentiment across the sector.
Comments