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EV Maker Nio Cuts Sales Forecast as Chip Shortages Continue To Bite

The Chinese auto giant has been forced to pull back its delivery predictions for the third quarter because of Covid’s impact on semiconductor production

A Nio charging station at a store in Beijing, China. Photo: Reuters

 

Chinese electric vehicle maker Nio has cut its delivery forecast for the third quarter this year due to ‘uncertain and volatile’ semiconductor supplies.

Nio reduced its forecast for the period to around 22,500 to 23,500 vehicles from a previous 23,000 to 25,000 vehicles. It delivered 5,880 electric sports-utility vehicles last month, up 48% from a year earlier.

The global chip shortage, which has led to automakers curtailing production, is unlikely to resolve itself soon as the pandemic rages on in many parts of the world, China’s top auto industry body said last month.

 

Also on AF TV: How a Chinese Upstart is Set to Dethrone Tesla on Global Sales

 

Li Auto Inc, which sells extended-range electric vehicles, said it sold 9,433 vehicles last month, up 248% from a year earlier. It’s targeting a 10,000 monthly sales figure for September.

Xpeng Inc sold 7,214 cars in August, up 172% year-on-year. Its chief executive He Xiaopeng said it expects monthly deliveries to reach 15,000 units in the final quarter this year.

China’s Li Auto, Nio and Xpeng face competition from US electric car maker Tesla Inc and other local companies including Geely and Great Wall Motor.

 

  • Reuters and Sean O’Meara

 

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Sean OMeara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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