To The Moon

Baillie Giffordpurchased 7.98 million shares ofNio(NIO) stock during the second quarter. The electric vehicle (EV) company is now the firm's eighth-largest position. NIO stock is down more than 30% year-to-date (YTD). Source: Michael Vi / Shutterstock.com Nio(NYSE:NIO) stock is in focus today on news thatBaillie Giffordpurchased7.98 million sharesduring the second quarter, increasing its existing position by 8%. After the purchase, the asset management firm now owns 96.73 million shares of NIO stock. In addition, Nio is now Baillie’s eighth-largest position. This purchase comes after the firm sold 107,774 NIO shares in Q1. On the other hand, Baillie sold407,949 sharesofTesla(NASDAQ:TSLA) during Q2. During July, Chineseelectric vehicle(EV) maker Nio delivered10,052 vehicles, up nearly 27% year-over-year (YOY). However, deliveries alsodeclined by 22%month-over-month. Today, NIO stock is down more than 30% year-to-date (YTD) due in part to lockdowns in China, which kept people inside, reduced demand and aggravated supply-chain efficiencies. Nio also recently formed anindependent committeeto investigate claims made byGrizzly Researchin a short report. Grizzly alleges that the company has been inflating revenue and margins through its battery asset management provider,Wuhan Weineng. There have been no further updates since Nio formed the committee. That said, Baillie’s recent purchase is a signal that the worst may be over. Let’s get into the details. $NIO Inc.(NIO)$ $NIO Inc.(NIO.SI)$ $NIO-SW(09866)$