NIO Inc's shares have been trending lower after reporting Q2 earnings that missed estimates. The company reported a revenue of $1.21 billion, missing the consensus estimate of $1.35 billion, and a quarterly loss of 45 cents per ADS, missing estimates for a loss of 36 cents per ADS. Vehicle deliveries in the quarter totaled 23,520, down 24% sequentially and 6% YoY. Several analysts lowered price targets following the results. However, NIO provided optimistic guidance for Q3, expecting revenue of $2.61 billion to $2.69 billion and deliveries between 55,000 and 57,000.