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Chinese electric vehicle maker Nio lowered its fourth quarter outlook for deliveries, citing supply chain disruptions stemming from Covid outbreaks.
Nio now projects that it will deliver between 38,500 to 39,500 electric vehicles in the fourth quarter of 2022, down from its initial estimate of 43,000 to 48,000 vehicles, according to a press release on Tuesday.
The company’s stock fell more than 8% Tuesday.
The company cited supply chain disruptions due to Covid outbreaks in major Chinese cities, which slowed down operations in December. As a result, Nio customers have faced delivery delays and registration issues. The company said in November that it aimed to shorten customer wait times.
Despite posting losses, Nio’s third quarter was strong for production and sales. The company reported a 33% increase in revenue from the previous year and continued to project high demand for its new models.
Last week, Nio launched two new electric SUV models, the EC7 and the ES8. The new models will start shipping in May and June, according to the company.