Nio Stock Forecast: NIO contracts despite hitting delivery targets as Tesla weighs on whole EV sector

Nio (NIO) stock dropped 2.3% on Monday morning despite meeting its quarterly delivery target for the third quarter. Tesla's (TSLA) Q3 production and delivery decline is the culprit. In the third quarter, Elon Musk's company produced 430,488 and delivered 435,059 vehicles. This fell from production of 479,700 vehicles and deliveries of 466,140 in the second quarter.