Nio (NYSE:NIO) slumped 9.66% in later afternoon trading on Wednesday after rival Xpeng (XPEV) reported a larger Q1 loss than anticipated. Volume on Nio (NIO) was above normal activity at over 75M shares.
During Xpeng’s (XPEV) earnings conference call (transcript), execs said that both year-over-year and quarter-over-quarter gross margin declines were mainly tied to an increased level of sales promotions and the expiration of new NH vehicle subsidies
Earlier on Wednesday, Nio (NIO) officially launched the new ES6 electric SUV. The Chinese EV maker revealed the new ES6 will be powered by a 150 kW front and 210 kW rear motor and will come with two battery options, with range potential of either 304 miles or 388 miles.
Shares of Nio (NIO) are now down just over 3% over the last six weeks after a period of bouncy trading. Short interest on Nio (NIO) stands at 8.15% of total float.