Nio’s deliveries fell due to chip shortage

Nio’s deliveries fell due to chip shortage

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%.

Source: cnbc.com

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