Shares of NIO Inc. (NYSE: NIO) plunged on Tuesday despite the Chinese electric vehicle (EV) manufacturer disclosing the strong delivery results for December, the fourth quarter, and the entire year of 2023.
In December 2023, NIO achieved a noteworthy milestone by delivering 18,012 vehicles, representing a substantial 13.9% year-over-year increase. This impressive figure included 12,048 premium smart electric SUVs and 5,964 premium smart electric sedans. The positive momentum extended into the fourth quarter, where NIO delivered 50,045 vehicles, indicating a robust 25.0% year-over-year growth.
The overall performance for 2023 was nothing short of remarkable for NIO, as it delivered 160,038 vehicles, showcasing an impressive year-over-year increase of 30.7%. Cumulatively, NIO reached 449,594 deliveries as of December 31, 2023, further underlining its growing influence in the electric vehicle market.
In another exciting development, NIO unveiled the ET9, a smart electric executive flagship, during the event named NIO Day 2023. The ET9 integrates NIO’s latest technological innovations, encompassing flagship-style exterior design, innovative executive space, leading driving and riding experiences, intelligent technologies, efficient power solutions, and comprehensive safety standards. Positioned as a technological benchmark for smart electric vehicles in the executive flagship category, deliveries for the ET9 are scheduled to commence in the first quarter of 2025.
NIO stock nosedived more than 7% on Tuesday to close at $8.42. The traders have exchanged hands with 80,672,307 (80.67 million) compared to the 3-month average volume of 49.79 million.
Peter Williams, a financial writer with over five years of experience, specializes in covering stock market movements, bond markets, commodities, and macroeconomic trends.
