Nio shares drop 5% after BlackRock reduces stake despite strong delivery growth.

Nio's shares fell 5% following BlackRock's disclosure of a 12% reduction in its stake as of June 30, despite Nio showing strong operational performance with record ES9 SUV deliveries and a 71% year-over-year increase in July vehicle deliveries. The selloff reflects institutional repositioning rather than company fundamentals, as BlackRock increased holdings in U.S. EV makers Lucid and Rivian. Investors will watch upcoming delivery reports to see if Nio's growth momentum continues and if similar selloffs affect other Chinese EV stocks like XPeng.