Due to COVID electric car manufacturer Nio cuts guidance
2022.12.27 08:04
Due to COVID electric car manufacturer Nio cuts guidance
Budrigannews.com – Nio shares (NYSE:) are moving more than 4% lower in pre-open Tuesday after the electric vehicle (EV) maker cut its final quarter direction for the quantity of conveyed units.
In the fourth quarter of 2022, Nio now anticipates delivering between 38,500 and 39,500 EVs, down from the previously announced outlook of 43,000 to 48,000 vehicles.
“The outbreak of the Omicron coronavirus variant in major cities in China has presented the Company with challenges in deliveries and productions in December 2022, as well as certain constraints in the supply chain.
We were unable to reach our full capacities, particularly when there were disruptions in the delivery and registration procedures involving users, despite our teams’ efforts to maintain continuous operations on all fronts,” the company stated in a statement.
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The EV producer facilitated its yearly “Nio Day” in China, where it sent off the EC7, a brilliant electric leader car SUV, and the All-New ES8.
Much like Tesla (NASDAQ:), Nio stock is down 65 percent year to date. On Friday, shares closed at $10.97.
