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Nio Says Production Back On Track After Hit From China COVID-19 Curbs

Chinese EV-maker Nio Inc NIO said on Thursday it had resumed production after it was initially affected due to COVID-19 curbs in China.

“Production in October was indeed affected by the COVID-19 restrictions. Now we are already back to production,” a Nio spokesperson told Benzinga in an emailed statement.

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The Tesla Inc TSLA rival had reportedly started facing production challenges in mid-October due to virus prevention measures and this eventually led to both of its factories in Hefei stopping work.

October Deliveries: Nio delivered 10,059 vehicles in October 2022, representing an increase of 174.3% year-over-year. Cumulative deliveries of NIO vehicles reached 259,563 as of October 31, 2022. 

“The vehicle production and delivery were constrained by operation challenges in our plants as well as supply chain volatilities due to the COVID-19 situations in certain regions in China,” Nio had said.

Price Action: Shares of Nio were trading over 7% lower in Hong Kong on Thursday at the time of writing.

Read Next: Alibaba, Nio Fall Over 5%: Hang Seng Opens Weaker As Fed Stays Hawkish, China Asserts COVID-Zero Policy

 

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