Why Nio Stock Is Sliding Today

NIO Inc NIO shares are trading lower Thursday after the company provided a delivery update for May.

What Happened: Nio said it delivered 6,155 vehicles in May, bringing total deliveries year-to-date up to 43,854 and cumulative deliveries up to 333,410. The deliveries consisted of 3,759 sedans and 2,396 SUVs. On May 24, Nio launched its new ES6 SUV in China. Deliveries began last week.

May marks the second straight month of lower delivery numbers for the China-based EV maker. Nio delivered 6,658 vehicles in April and 10,378 vehicles in March.

Nio plans to launch its new ET5 Touring vehicle this month. Deliveries are expected to commence shortly after the launch. 

Nio is set to report first-quarter results before the market opens on June 9. 

See Also: Why Lucid Stock Is Hitting The Brakes Thursday

NIO Price Action: Nio has a 52-week high of $24.42 and a 52-week low of $7.15.

Nio shares were down 3.19% at $7.29 at the time of publication, according to Benzinga Pro

Photo: courtesy of Nio.