Nio (NYSE:NIO) stock isn’t doing so hot as recent delivery news continues to drag the EV company’s shares down today.
First off, Nio was able to post a 6% increase in deliveries year-over-year for the month of August. However, some of its rivals in the space saw their deliveries drop compared to August 2021. That has investors worried that Nio won’t be able to keep its positive momentum going.
Investors in NIO stock have several concerns about the problems the EV maker could face in the coming months. That includes increasing apprehension about its supply chain. Supply chains have continued to struggle since Covid-19 and still aren’t recovering as well as hoped.
Part of the problem has to do with China’s lockdowns for Covid-19. The country has been more strict with its restrictions on both citizens and businesses. This is playing a major part in disrupting supply lines.
All of this comes together to weaken morale ahead of Nio’s earnings report next week. The company will report earnings results for the second quarter of 2022 before markets open on Sept. 7. Wall Street is expecting earnings per share of -17 cents on revenue of $1.4 billion for the period.
NIO stock is down 3.7% as of Friday morning and is down 45.9% since the start of the year.
Investors seeking out more of the most recent stock market news for Friday are in luck!
We’ve got all of the hottest stock market coverage traders need to know about today! Among them are questions about markets on Labor Day, a Smartsheet (NYSE:SMAR) acquisition, as well as what’s happening with NewAge (NASDAQ:NBEV) stock. You can get up to speed on all of this news by checking out the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.