The global chip shortage continues to have an impact on businesses. The Chinese electric car company is the latest to report the shortage’s impact
Nio – Tesla’s Chinese competitor – revealed that deliveries slide in May as they deal with a semiconductor shortage. Last month, the company delivered 6,711 vehicles, marking a 95.3% increase year-on-year but a 5% decrease from April’s figures. As of May 31, a total of Nio’s three models – the ES8, ES6, and EC6 - reached 109,514 units.
“In May, the Company’s vehicle delivery was adversely impacted for several days due to the volatility of semiconductor supply and certain logistical adjustments,” Nio’s officials stated.
With respect to guidance, Nio reiterated the previous forecast of its delivery guidance of 21,000 – 22,000 vehicles in the second quarter of the year. “Based on the current production and delivery plan, the Company will be able to accelerate the delivery in June to make up for the delays from May,” continued the statement.
After the news, Nio stock price was up 2.8%.
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.