NIO lowers guidance for Q4 deliveries, citing challenges from Covid outbreak

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NIO now expects to deliver 38,500 to 39,500 vehicles in the fourth quarter, down 4,500-8,500 units from its previously issued guidance of 43,000-48,000 vehicles.

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NIO has lowered its guidance for fourth-quarter deliveries, blaming the Covid outbreak that has created delivery and production challenges.

The company now expects to deliver 38,500 to 39,500 vehicles in the fourth quarter, down 4,500-8,500 units from its previously issued guidance of 43,000-48,000.

In December, NIO has been facing delivery and production challenges, coupled with certain supply chain constraints, caused by an outbreak of Omicron coronavirus variants in major Chinese cities, it said in a statement today.

"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," the statement said.

Earlier today, data showed that NIO vehicles had 2,690 insurance registrations in the fourth week of December. The number was 3,141, 2,982 and 3,464 for the first three weeks of December, respectively.