On September 2, NIO Inc. declined 6.16% overnight, trading at $3.80/share, with turnover of $2.6 million, approaching its 52-week low.

The sell-off was triggered by the company's Q2 earnings report released on September 1. NIO posted Q2 total revenue of RMB 32.14 billion, up 69.1% year-over-year but missing the consensus estimate of RMB 33.49 billion. Net loss narrowed sharply to RMB 722 million from RMB 5.14 billion a year ago. Vehicle gross margin reached 18.5%, improving 8.2 percentage points year-over-year, and the company achieved operating profit of RMB 210 million for a third consecutive profitable quarter.

More critically, Q3 revenue guidance of RMB 33.29 billion to RMB 34.05 billion fell significantly short of the FactSet consensus of RMB 36.01 billion, becoming the core factor pressuring the stock. Additionally, August deliveries of 35,836 units reflected only 14.5% year-over-year growth, a notable deceleration from the 68% cumulative growth rate over the first seven months, ranking among the lowest growth rates in the EV startup cohort. CEO Li Bin stated NIO brand's Q2 average transaction price reached RMB 406,000, expressing confidence in long-term profitability.

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