Chinese electric vehicle maker Nio cut its deliveries outlook in the fourth quarter due to supply chain disruptions from Covid outbreaks in major cities.
The projects in the fourth quarter of 2022 were cut from the initial forecast of 43,000-48,000 vehicles, to 38,500-39,500 units, according to the company press release.
As a result of supply chain disruptions, Nio’s customers faced delivery and registration problems.
Despite posting losses at its bottom line, its performance in the third quarter was strong for production and sales with revenue increased 33% from the previous year, while projecting new models with high demand.
Last week, the company launched two new electric SUV models, the EC7 and the ES8, that will set up shipping in May and June.
The share price of Nio decreased more than 8% on Tuesday.