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Nio Shares Are Tapping The Brakes Today: Here's Why

Published 23/05/2022, 16:33
© Reuters. Nio Shares Are Tapping The Brakes Today: Here's Why
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NIO Inc (NYSE: NIO) shares are trading lower Monday in sympathy with XPeng Inc (NYSE: XPEV), which reported its unaudited first-quarter financial results this morning.

  • XPEV Revenue: $1.18 billion beat estimate of $1.09 billion.
  • XPEV EPS: $0.28 in line with estimates.
XPeng said it delivered 34,561 vehicles in the first quarter, representing an increase of 159% year-over-year, but the company guided for slowing deliveries quarter-over-quarter.

XPeng said it expects second-quarter vehicle deliveries to be between 31,000 and 34,000. Second-quarter revenue is expected to be between $1.02 billion and $1.13 billion.

See Also: Why Alibaba (NYSE:BABA), Nio, Most Chinese Peers Are Falling In Hong Kong Today

Nio operates in China's premium electric vehicle market. The company designs, manufactures and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.

NIO Price Action: Nio has traded between $11.67 and $55.13 over a 52-week period.

The stock was down 6.09% at $16.44 at press time, according to data from Benzinga Pro.

Photo: courtesy of Nio.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Read the original article on Benzinga

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