Nio Falls After Cutting Q4 Production Outlook On COVID Outbreak
Shares of Nio are moving lower after the company said it expects to deliver 38,500 to 39,500 vehicles in Q4, down from its previous outlook of 43,000 to 48,000 vehicles.
"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. 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 said in a press release. Shares of the electric vehicle maker are down 3%, or 37c, to $10.60 in premarket trading.
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