[ Chicago, May 24, 2023 ] NIO Stock plummeted by almost 11-12% in the opening today following Disappointing Q1 Results of XPeng (XPEV) Stock.
In a recent development, NIO stock experienced a significant drop of approximately 11 to 12% this morning. The decline can primarily be attributed to the announced Q1 2023 results of XPeng Stock, which proved to be extremely disappointing.
XPeng Stock’s delivery figures were strikingly low, with a mere 18,230 cars delivered, marking a substantial decrease from Q4 2022.
To add to this, the company’s revenue witnessed a staggering decline of 21.5% year-on-year. The repercussions of these disappointing results have rippled across the electric vehicle (EV) sector, particularly impacting NIO, one of the key competitors in the Chinese market.
NIO’s stock price experienced a complete decline in response to these developments, reflecting the detrimental effects on the company. Similarly, Tesla, though to a lesser extent, saw a modest decline of approximately 2% in its stock value.
Industry experts are closely observing the situation, anticipating that the upcoming launch of new vehicles, such as NIO’s highly anticipated es6 SUV and Xpeng’s G6 SUV, may serve as a potential turning point.
However, if these companies fail to capture the market and boost sales, there is a legitimate concern that their fortunes may continue to decline.