Nio (NYSE:NIO) stock is slipping lately as the company continues a multiday decline following the release of its February delivery report.
That report saw the electric vehicle (EV) company deliver a total of 6,131 during the month of February. That represents a 9.9% increase compared to its deliveries from the same month in 2021.
That sounds like good news. So why is NIO stock down despite it? Well, that growth doesn’t look as good compared to the 33.6% year-over-year increase in deliveries reported by the company in January.
It’s also possible that other factors are pulling NIO stock down today. One example includes the ongoing war between Russia and Ukraine. That’s been having a negative effect on several markets and it’s possible it’s hitting NIO stock as well.
Another option to consider is bad news from other companies in Nio’s sector affecting its stock. Rivian (NASDAQ:RIVN) comes to mind here with the company recently announcing increases to the price of its upcoming EVs.
That news didn’t go over well with customers as the price increase was initially going to hit those that preordered EVs from the company. Rivian backed off on that after the outrage, promising that pre-orders would go through at their previous prices.
Diving a little deeper into NIO stock, we’ve seen some 11 million shares of it trade as of this writing. That means the company still has a ways to go before it reaches its daily average trading volume of about 54.5 million shares.
NIO stock is down 3.4% as of Friday morning and is down 42.6% since the start of the year.
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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.