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Chinese EV maker Nio cut sales forecast due to chip supply shortage

reuters.com · 09/01/2021 06:12
Chinese EV maker Nio cut sales forecast due to chip supply shortage

- Chinese electric vehicle (EV) maker Nio Inc NIO on Wednesday cut its delivery forecast for the third quarter this year due to uncertain and volatile semiconductor supplies.

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

Li Auto Inc LI, which sells extended-range electric vehicles, said it sold 9,433 vehicles last month, up 248% from a year earlier. It targets 10,000 units monthly sales in September.

Xpeng Inc XPEV 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.

Li Auto, Nio and Xpeng are three leading Chinese EV startups that compete with U.S. electric car maker Tesla Inc TSLA and local companies including Geely GEELY.UL and Great Wall Motor GWLLF.

A global chip shortage, which has led to automakers curtailing production, was 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.nL1N2PI0DK




(Reporting by Yilei Sun and Brenda Goh, Editing by Louise Heavens)

((Y.Sun@thomsonreuters.com; +86 10 66271262; Reuters Messaging: y.sun.thomsonreuters.com@reuters.net))