Stock Market Today, Sept. 1: Nio Falls on Q2 Revenue Miss Despite August Delivery Strength
Nio (NYSE:NIO), a Chinese premium EV maker, closed at $4.06, down 4.02%. The stock fell after Q2 revenue missed estimates, and investors are watching delivery guidance and gross margin.
Trading volume reached 77.8 million shares, coming in about 174% above its three-month average of 28.4 million shares. Nio IPO'd in 2018 and has fallen 39% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,632, down 0.71%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 26,100, down 1.03%. Among electric vehicle manufacturing and driver assist technology rivals, Lucid Group (NASDAQ:LCID) closed at $4.55, down 6.19%, and Rivian Automotive (NASDAQ:RIVN) closed at $15.54, down 3.27%.
What this means for investors
Nio reported revenue soared 69.1% year over year in Q2, and also grew 26% sequentially from the first quarter. Still, it fell short of some expectations, reflecting the strong competition in both China and Europe.
Vehicle margin also slipped versus Q1, raising investor concern that price wars and rising component costs are affecting Nio's path to consistent profitability.
Sales volume continues to grow, though. Nio also reported August deliveries today, with unit volume rising 14.5% year over year. Nio has been gaining sales since it launched its two mass-market sub-brands, Firefly and Onvo.
Nio stock will likely need improving profitability results for a meaningful catalyst, however. The EV maker still reported a small loss from operations in the second quarter that was slightly worse than its first-quarter results.
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Howard Smith has positions in Lucid Group, Nio, and Rivian Automotive. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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