What's Going On With Nio Stock?

NIO Inc NIO shares are trading lower Tuesday. The stock appears to be facing selling pressure following retail sales data out of China.

What To Know: New data from the China Passenger Car Association showed that Nio ranked outside of the top 10 in China EV sales in November.

Nio reported deliveries of 15,959 vehicles last month, which was up 12.6% on a year-over-year basis. However, the EV maker is well behind in the Chinese EV market. 

According to a CnEV Post report,  BYD, Tesla and Geely Auto were the top new energy vehicle sellers in China last month. BYD reportedly has a 31.3% share of the Chinese market, Tesla has a 7.8% share and Geely has a 7.6% share. Nio's share of the market is closer to 2%. 

Nio has delivered 142,026 vehicles year-to-date, which puts the EV maker ninth on the list from January to November, with 2.1% market share in China.

As previously reported by Benzinga, the growing dominance of the top EV makers in China could be negatively impacting sales of smaller EV makers like Nio. 

Nio reported third-quarter financial results last week. The EV maker guided for fourth-quarter deliveries of 47,000 to 49,000, which would represent an increase of 17.3% to 22.3% year-over-year. 

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NIO Price Action: Nio shares were down 6.01% at $7.22 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.