NIO’s April deliveries rise more than 30%, but stock turns red

Shares of NIO Inc. traded lower Monday, reversing an early gain, after the China-based electric vehicle maker reported April deliveries that jumped more than 30% from a year ago, but fell sharply from March.

Among its China-based rivals, the shares of Li Auto Inc. rose while XPeng Inc.’s also turned red after the EV makers reported April deliveries.

NIO…