Shares of NIO Inc (HK:9866) dropped sharply on Tuesday after the Chinese electric vehicle maker reported a significant 16% month-on-month decline in vehicle deliveries for July, signaling a slowdown in its recent sales momentum.
According to a company update, NIO delivered 21,017 vehicles in July. While this figure was up 2.5% compared to the same month last year, it marked a steep fall from the 24,925 vehicles delivered in June.
The news sent the company’s Hong Kong-listed shares tumbling as much as 7.6% to HK$35.30. The decline followed a rough session for its U.S.-listed stock, which had closed 8.2% lower on Monday.
The drop in volume, seen across both the main NIO brand and its newer sub-brands, has raised investor concerns over the strength of consumer demand. The slowdown comes just as the company began deliveries for its new Onvo L90 SUV on August 1, a model intended to bolster its summer sales performance.
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