Nio’s (NIO) recent earnings report on April 29 was probably about as good as investors could have asked for. This Chinese EV maker reported a relatively positive beat. Since that date, though, NIO stock has been on quite the downward trend. Since opening around $41 per share on April 30, NIO stock has sold off approximately 17% over the past couple of weeks. It appears that a confluence of factors is driving NIO stock. Let’s dive into what’s going on with this stock right now. Strong Earnings Paint Positive Picture for NIO Stock Nio’s earning call was relatively upbeat.