Nio Inc. (NIO) shares slipped Wednesday even as the Chinese electric vehicle maker tried to generate buzz with an exclusive new model launch. The company is leaning into limited-edition releases to stand out in China's brutally competitive EV landscape.

Nio's sub-brand Onvo unveiled the L60 Black Knight Edition, a special-edition midsize SUV capped at just 666 units. Deliveries kick off December 5, and the move reflects Onvo's strategy of using high-visibility, exclusive models to drive sales momentum, according to CnEV Post.

The Numbers Tell a Mixed Story

Earlier this month, Nio reported delivering 36,275 vehicles in November, marking a solid 76.3% jump year-over-year. The breakdown shows 18,393 deliveries from the main Nio brand, 11,794 from Onvo, and 6,088 from its newest sub-brand Firefly.

Year-to-date, the company has delivered 277,893 vehicles, bringing its cumulative total to 949,457 units through November.

But the third-quarter financials were less inspiring. Revenue hit $3.06 billion, falling short of the $3.26 billion analysts expected. The bright spot? Nio's loss of 15 cents per share came in better than the 24-cent loss Wall Street anticipated.

Southeast Asia Expansion

Nio recently announced its entry into Thailand through a partnership with Thonburi Group. The collaboration marks another chapter in Nio's Southeast Asia expansion, with both Onvo and Firefly brands set to enter the Thai market through this arrangement. Thonburi operates one of Southeast Asia's most established Mercedes-Benz assembly facilities, giving Nio access to serious manufacturing expertise.

Price Action: NIO shares traded down 3.78% to $4.835 Wednesday.