Nio shares fell to their lowest since April 2025 on Thursday as a filing showed JPMorgan Chase & Co. cut its holding by 97.7% in the third quarter to 62,998 shares, the smallest in at least five years.
Nio’s ADS dropped as much as 5.6% to $3.06 and were down 5.3% at $3.07 at 11:36 a.m. in New York, according to MarketWatch data.
As of publication time, the intraday low was 3 cents above the $3.02 the ADS touched on April 8, 2025, during that month’s tariff selloff. A drop below that level would take them to their lowest since April 2020.
The U.S.-listed shares of the Chinese EV maker have lost 39.8% this year.
JPMorgan held 2,688,359 Nio ADS at the end of June. The September position was valued at $214,197, down from $13.3 million.
Over the same quarter, JPMorgan’s XPeng holding rose about 33-fold to 1,410,977 ADS from 42,104, and its Li Autoposition rose about tenfold to 826,043 ADS from 80,549, according to its latest 13F filing with the U.S. Securities and Exchange Commission.
The report was filed on November 12 for the quarter ended September 30 and lists 35,990 entries worth $1.84 trillion, up from $1.81 trillion at the end of June. It combines JPMorgan Chase & Co. with 17 included managers.
AI Selloff
The declines came as Chinese technology stocks fell after Nvidia Chief Executive Officer Jensen Huang resigned on Thursday. Nvidia’s board had announced an investigation into his relationship with a businesswoman alleged to be a Chinese spy, Reuters reported last week.
Alibaba’s U.S.-listed shares were down 6.6% at $94.79 at 11:40 a.m. in New York, and Baidu was down 2.6% at $77.71. Alibaba fell more than 6% in Hong Kong on concerns that the controversy could bring tighter U.S. scrutiny of how Chinese companies get access to high-end chips.
Other Chinese EV makers also fell. XPeng was down 3.4% at $9.50 and Li Auto 2.9% at $11.79.
Investors are also looking to Shenzhen, where Chinese President Xi Jinping and President Donald Trump are expected to meet on the sidelines of the APEC summit next week. U.S.
Trade Representative Jamieson Greer said on Thursday that China’s partial compliance with its trade commitments would be discussed with the Chinese side there.
A Third Straight Cut
The September figure caps three consecutive quarterly reductions. JPMorgan reported 12,694,945 Nio ADS at the end of 2025, the largest in its filings since September 2021, then cut the position by 48.3% in the first quarter and by 59.0% in the second.
The latest count is 99.5% below the end-2025 level and the lowest in the 21 quarterly reports since September 2021. The previous low in that period was 187,562 ADS, reported for March 2025, and the bank rebuilt the position to 4,939,379 ADS three months later.
Most of the exit came through two units. JPMorgan Asset Management (UK) Ltd, which held 1,584,823 Nio ADS in June, reported none in September, and J.P. Morgan Securities LLC cut its line to 7,622 from 902,689, the filing shows.
J.P. Morgan SE, the bank’s European unit, moved the other way, raising its line to 55,119 ADS from 25,531. It now accounts for 87.5% of the remaining holding. JPMorgan reported sole voting authority over 55,229 of the ADS and none over 7,769.
JPMorgan kept puts on 3,100 underlying Nio ADS, valued at $10,540, and two Nio note issues with $300,000 and $470,000 in principal, all unchanged from June.
Based on the filed value, the bank marked Nio at about $3.40 an ADS, close to the $3.43 closing price on September 30. The ADS had closed at $5.06 on June 30, a 32.2% drop over the quarter.
XPeng and Li Auto Rise
The XPeng and Li Auto increases came almost entirely through J.P. Morgan Securities plc, the bank’s London-based broker-dealer. It held 1,368,226 XPeng ADS in September, up from 1,717, and 824,926 Li Auto ADS, up from 72,821.
The XPeng holding, valued at $13.4 million, is JPMorgan’s largest since June 2025, when it reported 1,830,105 ADS. The bank also listed puts on 845,600 underlying XPeng ADS, down from 1,063,100, and calls on 49,300.
The Li Auto position, valued at $9.3 million, is the bank’s largest since December 2023. It also held calls on 100,000 underlying Li Auto ADS, unchanged.
Put and call values in a 13F reflect the underlying shares at the quarter-end price, not premiums paid. A dealer’s option lines can reflect client trades or hedges, and the filing does not say which.
JPMorgan’s Research Calls
JPMorgan analyst Nick Lai downgraded Nio to ‘Neutral’ from ‘Overweight’ on September 1 and cut his target to $3.70from $4.50 on October 26. He downgraded XPeng to ‘Neutral’ on September 29 and cut its target to $10 from $11.50 on the same October day, leaving JPMorgan with the lowest targets on both stocks on Wall Street at the time.
In the Nio downgrade, JPMorgan pointed to sluggish passenger-car demand in China, price competition and limited overseas exposure, and forecast Nio deliveries of 430,000 this year and 480,000 in 2027, Investing.com reported at the time.
The downgrade reversed a bullish stance. Lai had raised his Nio target to $8 from $4.80 in August 2025 and trimmed it to $7 in February. Lai rates Li Auto ‘Underweight’ and cut its Hong Kong target to HK$35 in August, according to Price Target.
Price Target, a sister publication of EV, archives Wall Street analysts’ research on the electric vehicle, artificial intelligence and semiconductor sectors.
Other Holders
Other filers moved the other way on Nio. UBS nearly doubled its Nio holding to 36,586,129 ADS, Barclays raised its stake 76.1% to 4,476,270 ADS and Citigroup added 20.0% to 816,755.
Mackenzie Financial raised its position for a fifth straight quarter to 7,510,347 ADS from 6,153,021, worth $25.8 million and the most in its reports going back to 2023.
Deutsche Bank cut its Nio holding by 37.7% to 212,938 ADS, and Fidelity’s parent FMR cut its position by 68.7% to 113,288 ADS. Luxembourg-based Assenagon Asset Management, which reported 3,756,576 Nio ADS in June, listed none in September.
JPMorgan also cut its Tesla holding by 21.1% to 33,111,574 shares and raised Rivian by 30.0% to 29,444,117 shares, the filing shows.
Nio delivered 109,178 vehicles in the third quarter, up 25.4% from a year earlier and within its guidance of 108,000 to 111,000. It delivered 34,246 vehicles in October, down 15.2% from a year earlier and its first year-over-year decline since February 2024.
The company has not yet reported third-quarter financial results.
Managers have until November 16 to report holdings as of September 30. Morgan Stanley, BlackRock, Vanguard, State Street and Goldman Sachs had not filed as of Thursday.
