NIO Inc. USD OV (NIO.SI) shares plummeted 3.04% during intraday trading on Thursday. The sharp decline followed the electric vehicle maker's second-quarter delivery results, which fell short of the company's own forecast.
While NIO reported a strong 63% year-on-year increase in June deliveries to 40,597 vehicles, its total second-quarter deliveries of 107,658 units missed the guidance range of 110,000 to 115,000. Analysts attributed the quarterly shortfall primarily to softer-than-expected sales of the ES8 SUV, as some customers appeared to be waiting for the upcoming five-seat version of the model expected to launch in early July.
The guidance miss raised concerns among investors about the company's near-term growth trajectory, despite NIO achieving record monthly deliveries in June and posting profits for two consecutive quarters. The stock reaction reflects market sensitivity to execution against company forecasts in the competitive electric vehicle sector.