Nio’s stock hit a 52-week low after vehicle registrations in Germany fell 95% year over year in September. Just one Nio was registered in the country that month.
Nio is scaling back its service network in Germany, having closed two of its three service hubs. Concerns about its battery-swapping advantage have also grown after Geely Auto acquired a 30% stake in NIO Power, a Nio subsidiary.
In China, Nio completed a record 183,469 battery swaps on October 1. The company delivered 37,408 vehicles in September and 109,178 in the third quarter, meeting its guidance and recording significant year-over-year growth.
Despite the strong operational results in China, Nio’s stock has fallen for six consecutive weeks.