Nio’s stock closed at $4.52, down 3.83% on Monday after reporting strong year-over-year growth in January delivery data, raising concerns about Chinese EV demand. Trading volume surged to 66 million shares, 40% higher than the three-month average. Nio IPO’d in 2018 and has fallen 25% since going public.

The S&P 500 rose 0.54% to 6,976, while the Nasdaq Composite increased by 0.56% to 23,592. Tesla closed at $421.81 (-2.00%) and Rivian Automotive at $14.44 (-2.10%) as investors reevaluated electric-vehicle demand in the automotive space.

Nio delivered 27,182 vehicles in January, marking a 96% year-over-year growth but a 44% decline from December, sparking concerns about the Chinese electric vehicle market. The concentration of sales in Nio’s ES8 SUV poses a risk. Other Chinese manufacturers like BYD and XPeng also reported lower deliveries.

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Read more at Nasdaq: Stock Market Today, Feb. 2: Nio Falls After January Deliveries Raise Concerns About Chinese EV Demand