NIO Inc (NYSE:NIO) shares are volatile Tuesday after booking gains of more than 2.6% on Monday. Here’s a look at what’s going on.
What To Know: Nio shares got a boost on Monday following reports the company implemented measures to boost production of its ES6 vehicle. The news comes after Nio temporarily halted production of its ES6 at one of its facilities near the beginning of August in order to upgrade the manufacturing process. The EV maker is now reportedly producing at least 300 ES6s per day.
Nio recently said deliveries of its ES6 vehicle have been “growing solidly” since its debut in May. The company provides production and delivery numbers on a monthly basis, which have shown a steady trend higher in the second quarter. Last month, Nio said it delivered 20,462 vehicles, up from 10,707 vehicles in June and 6,155 vehicles in May.
Several analysts have revised forecasts for China’s economic expansion lower recently amid lingering concerns surrounding rate uncertainty, which appears to be pressuring several Chinese names.
See Also: China’s Rate Change Causes Market Panic; Big Dive In Hong Kong Stocks
Nio is set to report second-quarter financial results before the market opens on Aug. 29. The company is expected to report a loss of 36 cents per share and revenue of $1.35 billion.
NIO Price Action: Nio shares were down 2.37% at $10.70 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
