NIO Inc (NYSE:NIO) shares are trading lower Tuesday in sympathy with XPeng Inc (NYSE:XPEV) stock, which fell after the company reported earnings results that were down year-over-year.
- XPEV Revenue: $1.11 billion beat estimate of $1.06 billion
- XPEV EPS: Loss of 43 cents, down from loss of 21 cents year-over-year
XPeng said it delivered 34,422 vehicles in the second quarter, up 98% year-over-year. The EV company expects to deliver between 29,000 and 31,000 vehicles in the third quarter. Third-quarter revenue is expected to be in an approximate range of $1 billion to $1.05 billion.
Both XPeng and Nio design, develop and manufacture electric vehicles in China.
On Monday, Nio confirmed that it has shipped several units of its ET7 sedan to Europe. The EVs are expected to be available for order and delivery this year in Norway, Germany, the Netherlands, Denmark and Sweden.
Related Link: Nio Confirms Shipment Of Flagship EV Units To Europe A Week After Video Leak
NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $11.67.
The stock was down 2.06% at $18.56 at press time, according to Benzinga Pro.
Photo: courtesy of Nio.