Nio’s Deliveries Double In April Despite Supply Chain Disruptions And Factory Shutdown
NIO Inc. (NYSE: NIO) reported strong deliveries for April despite the chip shortage that is haunting companies across the sector. What Happened: Close on the heels of a stellar quarterly report, Nio announced it delivered 7,102 vehicles in April. This represented a 125.1% year-over-year increase but a 2.1% decline from March. April was the third best month in terms of deliveries after January and March this year, when it delivered 7,225 and 7,257 vehicles, respectively. The split for April was 1,523 ES8 cars, 3,163 ES6s and 2,416 EC6 models. As of April, the company has cumulatively delivered 102,803 vehicles. Related Link: Nio Working On Lower-Priced Model With Lithium Iron Phosphate Battery: Report Why It’s Important: The performance in April is notable given that it came amid the uncertainties regarding chip supplies that forced the company to shutdown its Hefei manufacturing plant for five working days starting March 29. Last week, the company guided to second quarter deliveries of 21,000-22,000 vehicles, up an estimated 103%-113% year-over-year and 5%-10% higher than in the previous quarter. Nio’s William Li said in the first-quarter earnings call that he expects the chip crunch to impact the second quarter. He said the third quarter was the bottom and expects things to improve from there. Nio closed Friday’s session 2.18% higher at $39.84. Related Link: Investment Arm of World’s Second-Largest Reinsurer Swoops In On Nio, Tesla Stock In Q1 Photo courtesy Nio. See more from BenzingaClick here for options trades from BenzingaGermany Could Be Nio’s Next Stop After Norway Foray, Reports SayWhy Nio Will Hold An Extraordinary Meeting Of Shareholders On June 3© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.