Nio stock drops after deliveries outlook cut, citing 'uncertainty' of chip supplies

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Shares of Nio Inc. NIO, +3.99% slumped 4.1% successful premarket trading Wednesday, aft the China-based electrical conveyance shaper chopped its third-quarter deliveries outlook, citing the "uncertainty and volatility" of semiconductor supplies. The institution present expects to present 22,500 to 23,500 vehicles successful the 3rd quarter, down from erstwhile guidance of 23,000 to 25,000 vehicles. For the period of August, the institution deliveries accrued 48.3% from a twelvemonth agone to 5,880 vehicles. "While the company's caller bid reached an all-time precocious successful August driven by the expanding demand, the conveyance production, particularly the manufacturing of the ES6 and EC6, was materially disrupted by proviso concatenation constraints from from the COVID-19 pandemic successful definite areas of China and Malaysia," the institution said successful a statement. The banal has mislaid 7.2% implicit the past 3 months done Tuesday, portion shares of U.S.-based EV rival Tesla Inc. TSLA, +0.66% person tally up 17.9% implicit the aforesaid clip and the S&P 500 SPX, -0.13% has gained 7.6%.

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