Chinese electric car company Nio delivered more than 5,000 cars in April despite Covid restrictions in parts of China, albeit a sharp drop from almost 10,000 vehicle deliveries in March.
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Chinese manufacturer of electric vehicles child cut its fourth-quarter delivery forecast, citing supply chain disruptions from the Covid outbreaks.
Nio now projects that it will deliver 38,500 to 39,500 electric vehicles in the fourth quarter of 2022, down from its initial estimate of 43,000 to 48,000 vehicles, according to a press release on Tuesday.
The company’s shares fell more than 8% on Tuesday.
The company cited supply chain disruptions due to Covid outbreaks in major Chinese cities, which slowed operations in December. As a result, Nio customers have faced delivery delays and registration issues. The company said in November that it aimed to shorten customer wait times.
Despite running a loss, Nio’s third quarter was strong for production and sales. The company posted a 33% increase in revenue over the previous year and continued to project strong demand for its new models.
Last week, Nio launched two new electric SUV models, the EC7 and ES8. The new models will begin shipping in May and June, according to the company.