Nio cuts delivery outlook, weighing on shares of China-based EV makers, and Tesla.
Shares of Nio Inc. took a dive Tuesday, after the China-based electric vehicle maker said it was “prudently” cutting its fourth-quarter deliveries estimate, citing COVID-related production challenges and continued supply chain constraints.
“In... Shares of Nio Inc. took a dive Tuesday, after the China-based electric vehicle maker said it was “prudently” cutting its fourth-quarter deliveries estimate, citing COVID-related production challenges and continued supply chain constraints. “In December 2022, the company has been facing challenges in deliveries and productions, together with certain supply chain constraints, caused by the outbreak of the omicron coronavirus variant in major cities in China,” Nio said in a statement. “While our teams have strived to maintain continuous operations on all fronts, we were not able to reach our full capacities, particularly when there have been disruptions on delivery and registration procedures involving users.
Nio’s stock slumped 4.9% in premarket trading Tuesday, putting it on track to open at the lowest price seen during regular-session hours since Nov. 29.
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