Nio Stock Is Sliding Today: What's Going On?

NIO Inc NIO shares are trading lower Monday after the China-based EV maker reported first-quarter deliveries over the weekend.

What Happened: Nio said it delivered 10,378 vehicles in March, bringing total deliveries for the quarter up to 31,034 and cumulative deliveries up to 320,597. First-quarter deliveries were up 20.5% on a year-over-year basis, but slowed from 40,052 sequentially. 

March deliveries consisted of 7,175 sedans and 3,203 SUVs.

Beginning late last month, Nio rolled out deployment of its third-generation Power Swap stations in China. Each station now has a service capacity of up to 408 swaps per day. The company said it plans to increase battery swap network expansion and is aiming to install 1,000 new stations this year. 

As of the end of March, Nio had deployed 1,339 Power Swap stations, 1,285 power charger stations and 1,154 destination charging stations. 

Nio also provided an update on its NOP+ Beta rollout. The company said more than 30,000 users have activated the NOP+ technology and driven more than 15 million kilometers since its release at the end of 2022. 

See Also: What's Going On With Tesla Stock?

NIO Price Action: Nio has a 52-week high of $24.42 and a 52-week low of $8.03.

The stock was down 6.28% at $9.85 at time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.