NIO - Why Nio Stock Plunged in March but Could Recover
2024-04-09 12:37:46 ET
Where will Nio (NYSE: NIO) stock find a bottom? That's the question investors in the electric vehicle (EV) stock must be asking right now. Shares plunged 21.7% in March, according to data provided by S&P Global Market Intelligence , and are now down 47% this year as of this writing.
Nio kicked off March on a somber note when its fourth-quarter and full-year 2023 numbers failed to impress investors. Although fourth-quarter deliveries of 50,045 units were up 25% year over year, they fell 9.7% sequentially.
For the full year, deliveries rose around 31% from 2022, but its gross margin slumped to only 5.5% from 10.4% in the previous year. Nio's net loss surged almost 44% to $2.9 billion in 2023.
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Why Nio Stock Plunged in March but Could Recover