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

NIO Inc NIO shares are trading lower Monday. The stock may be reacting negatively to strong sales numbers from China-based EV competitors. 

What To Know: The China Passenger Car Association released new data on Monday showing that China EV sales from market leader Tesla Inc TSLA were down last month on a year-over-year basis. Although several China-based EV makers fared much better, Warren Buffett-backed BYD Co BYDDF was by far the biggest player in China. 

According to Fortune, BYD delivered 286,903 vehicles in September, up 40% year-over-year. Although Nio also turned in similar growth numbers on a year-over-year basis, the EV maker's total deliveries are well behind BYD.

Last week, Nio said it delivered 15,641 vehicles in September. Vehicle deliveries for the third quarter totaled 55,432 and cumulative deliveries climbed to 399,549. BYD delivered more than 286,000 vehicles just last month and is growing at a similar rate as Nio. 

Nio lost about $35,000 per vehicle last quarter as it continues to invest in research and development in an attempt to one-up the competition. 

At a recent conference in Shanghai, CEO William Li said Nio is focused on capturing as much demand as possible with innovation right now and is not worried about manufacturing volumes. 

"I’m only concerned about the demand," Li said

See Also: Tesla Employees In Germany Flag Unfair Working Conditions During Union Tensions: Report

NIO Price Action: Nio shares are down about 16% since the start of the year. The stock was down 6.14% at $8.19 at the time of publication, per Benzinga Pro.

Photo: courtesy of Nio.