PGJ - Why Is NIO Stock Trading Lower Today? | Benzinga
NIO Inc. (NYSE:NIO) shares are diving in the premarket session on Wednesday after the company slashes its first-quarter delivery outlook.
Based on the most recent business update, the company expects to deliver approximately 30,000 vehicles in the first quarter of 2024, significantly down from the previous outlook of 31,000 to 33,000 vehicles.
However, the company did not comment on its previously announced first-quarter revenue target of $1.48 billion – $1.56 billion, representing (1.7)% – 3.8% Y/Y growth.
During the fourth quarter, as reported earlier this month, the company’s vehicle deliveries slumped 9.7% from the third quarter to 50,045 ...