NIO, the US-listed Chinese electric car company, plunged 15 percent in early trading as the entire US stock market fell for a second straight day.

NIO shares are now trading at $15.87, down 24 percent from Wednesday's open, while its local competitor Xpeng Motors is also down 8 percent and Li Auto is down 4 percent early on Friday.

NIO shares plunge 15% despite record August deliveries-CnEVPost

The plunge for NIO and its peers comes as US tech stocks continue to plunge, with the tech-heavy Nasdaq Composite down more than 4 percent and the S&P 500 down nearly 3 percent.

Tesla was down 6%, Apple was down 7% and Amazon was down 6%.

Data released on Thursday showed NIO delivered 3,965 vehicles in August, up 104.1 percent year-on-year, and setting a new record high.

The deliveries consisted of 2,840 ES6s, its 5-seater electric SUV, and 1,125 ES8s, the 6-seater and 7-seater electric SUV.

As of August 31, 2020, cumulative deliveries of the ES8 and the ES6 reached 53,580 vehicles, of which 21,667 were delivered in 2020.

After the August deliveries data, Credit Suisse analyst Bin Wang raised the price target of NIO by 42.86 percent from $17.50 to $25 with an “outperform” rating.

Wang noted that NIO's August delivery volume hit a record high of 3,965 units, up 104% year-over-year and 12% month-over-month, close to its current maximum capacity of monthly 4k units.

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