Chinese electric car company Nio delivered more than 5,000 cars in April despite Covid restrictions in some parts of China, albeit a sharp drop from nearly 10,000 vehicle deliveries in March.
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Chinese manufacturer of electric vehicles Nine lowered its outlook for fourth-quarter deliveries, citing supply chain disruptions due to Covid outbreaks.
Nio now forecasts that it will deliver between 38,500 and 39,500 electric vehicles in the fourth quarter of 2022, up from its original estimate of 43,000 to 48,000 vehicles, according to a Tuesday press release.
Shares of the company fell more than 8% on Tuesday.
The company cited supply chain disruptions due to Covid outbreaks in major Chinese cities that slowed operations in December. As a result, Nio customers faced shipping delays and registration issues. The company said in November it aims to reduce customer wait times.
Despite posting losses, Nio’s third quarter was strong for production and sales. The company reported a 33% increase in sales year over year and continued to forecast strong demand for its new models.
Last week, Nio launched two new electric SUV models, the EC7 and the ES8. According to the company, the new models will be delivered in May and June.