Why did NIO not performing well despite NIO day looking promising?

I think NIO $NIO Inc(NIO.US)$ is a good stock in the long term because it's a good company making money in a sector that will be integral in the coming years. It's just probably going to be volatile in the short term because of Chinese FUD, the market correcting and the hype surrounding what the "next Tesla" will be having shifted to Rivian and Lucid for a while.