Chinese electric car manufacturer Nio Co., Ltd. We have lowered our fourth quarter outlook for deliveries, citing supply chain disruptions caused by the Covid outbreak. Nio now expects to deliver between 38,500 and 39,500 electric vehicles in the fourth quarter of 2022, down from an initial estimate of 43,000 to 48,000, according to a press release on Tuesday. The company's shares fell Tuesday following the announcement. The company cited supply chain disruptions due to the Covid outbreak in major Chinese cities, slowing operations in December. As a result, Nio's customers face delivery delays and registration issues. The company said in November that it aims to reduce wait times for customers. Despite the loss, Nio had strong production and sales in the third quarter. The company reported a 33% increase in revenue year-over-year and continues to forecast high demand for the new model.
Last week, Nio launched two new electric SUV models, the EC7 and ES8. The new model will start shipping in May and June, the company said.