Hyperdrive
Chinese EV Maker Nio Cuts Output Forecast on Supply Snarls
- Nio highlights chip issues in Nanjing, China and Malaysia
- Shares drop as much as 5.4% in early New York trading
A Nio Inc. ES8 electric sport utility vehicle.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese electric carmaker Nio Inc. has become the latest automaker to succumb to supply chain constraints, saying Wednesday it will trim its third-quarter delivery outlook due to “continued uncertainty and volatility of semiconductor supply.”
Nio now sees deliveries coming in at between 22,500 to 23,500 vehicles for the quarter ending Sept. 30, down from 23,000 to 25,000 previously. Shares of the EV maker pared a drop of as much as 5.4% Wednesday to trade down 2.4% to $38.37 as of 9:57 a.m. in New York.