Overview
What it covers is…
Chinese electric vehicle maker ‘Nio Inc.’ has lowered its fourth-quarter outlook for deliveries, citing supply chain disruptions originating from Covid outbreaks.
At this moment, Nio Inc. projects that it will deliver between 38,500 to 39,500 electric vehicles in the fourth quarter of 2022, down from its prime estimate of 43,000 to 48,000 vehicles, according to a press release on Tuesday.
The company’s stock declined more than 8% on Tuesday.
The company quoted supply chain disruptions due to Covid breakouts in major Chinese cities, which slowed down operations in December. As a result, Nio customers have been facing overdue deliveries and registration issues. The company stated in November that it aimed to shorten customer waiting time.
Despite pursuing losses, Nio’s third quarter was vigorous for production and sales. The company reported a 33% increase in gains from the previous year and continued to venture high demand for its new models.
Last week, Nio Inc. established two new electric SUV models, the EC7 and the ES8. According to the administration, the new models will start shipping in May and June.
- Published By Team Genuine Reporter