Shares of Nio Inc. NIO, 0.74% sank 4.1% in premarket trading Monday, after the China-based electric vehicle company reported October deliveries that fell 27.5% from a year ago, as restructuring, upgrading of manufacturing lines and preparation of new products acted as drag.
The company delivered 3,667 vehicles in October, consisting of 218 ES8 six- or seven-seater SUVs and 2,528 ES6 five-seater SUVs. Nio said given the restructuring and upgrade scheduled, ES8 production resumed toward the end of the month. The company said despite the production and supply chain challenges, the company said new orders reached a record during the month. The stock has tumbled 11.8% over the past three months through Friday, while the iShares MSCI China ETF MCHI, 0.87% has lost 2.9% and the S&P 500 SPX, 0.03% has gained 4.8%.