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

Chinese EV maker Nio cut sales forecast due to chip supply shortage
Chinese EV maker Nio cut sales forecast due to chip supply shortage   -   Copyright  Thomson Reuters 2021
By Reuters

BEIJING – Chinese electric vehicle (EV) maker Nio Inc 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, 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 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 and local companies including Geely and Great Wall Motor.

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.