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Electric cars: Nio warns of fewer deliveries this quarter as anti-pandemic curbs hit production, weaken sales
- The Chinese smart EV maker said deliveries could be down as much as 11 per cent after it fell victim to mainland lockdowns
- ‘The good news is that arch-rival Tesla was also severely affected by the virus control and prevention measures,’ says analyst
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Chinese smart electric vehicle (EV) maker Nio estimates deliveries in the second quarter of this year could be down as much as 11 per cent after it fell victim to anti-pandemic curbs across the mainland.
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The Shanghai-based company said on Thursday that deliveries between April and June would be somewhere between 23,000 and 25,000 units, representing a quarter-on-quarter decline of 3 to 11 per cent.
Nio is the latest major Chinese electric car manufacturer to forecast a fall in quarterly sales, after Guangzhou-based Xpeng and Beijing-headquartered Li Auto made similar gloomy predictions.
“The second quarter is proving to be a difficult time for Chinese EV companies as both their production and sales are affected by lockdowns in the major vehicle manufacturing bases like Shanghai and northwestern Jilin province,” said Chen Jinzhu, CEO of Shanghai Mingliang Auto Service, a consultancy.
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How Covid shut down Shanghai
How Covid shut down Shanghai
“The good news is that their arch-rival Tesla was also severely affected by the virus control and prevention measures.”
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Shanghai, dubbed “China’s Motown”, and Jilin, a major carmaking base, have spent the last three months in at least partial lockdown to contain the Covid-19 pandemic. The stringent measures strained automotive supply chains and deterred EV fans from buying cars.
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