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Why Nio Stock Plunged 17.7% in March
The EV stock hit a 52-week low and is dirt cheap right now, but you must pay attention to a few things.
With Nio (NYSE: NIO) stock rallying 12% by the 18th of last month, investors thought shares of the electric vehicle (EV) maker had finally bottomed. Unfortunately, their hopes were dashed soon after as Nio stock made a U-turn, hit a 52-week low, and ended March 17.7% lower, according to data provided by S&P Global Market Intelligence.
A drop in deliveries, rising losses, and a share sale sent Nio stock tumbling in recent weeks. Nio's delivery numbers announced on March 1 were a mixed bag. Although its deliveries surged 62% year over year in February, they dropped 4.8% sequentially.
Interestingly, while deliveries under Nio's flagship brand rose 15% over January, its mass-market sub-brand Onvo saw deliveries slip almost 32% sequentially. Days later, Nio reported a record net loss of $974 million for its fourth quarter, up 33% year over year despite 13% growth in vehicle sales.
