Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shanghai-based electric vehicle firm NIO's (NYSE: NIO) share price has fallen premarket following the company's August delivery report.
In August, the company's deliveries came in at 5,880 vehicles, a fall from the 7,931 cars delivered in July. NIO said the decline was due to ES6 and EC6 manufacturing being materially disrupted by supply chain constraints resulting from the COVID-19 pandemic in certain areas in China and Malaysia.
However, the number did represent a 48.3% year-over-year growth and new orders “reached an all-time high in August driven by the increasing demand.”
The deliveries consisted of 1,738 ES8s, 2,342 ES6s and 1,800 EC6s. As of August 31, cumulative deliveries of the ES8, ES6 and EC6 reached 131,408 vehicles.
NIO also adjusted its vehicle production guidance for the third quarter lower. It now expects to deliver approximately 22,500 to 23,500 vehicles in Q3, revised from the previous outlook of 23,000 to 25,000 cars.
The company's shares are down 4.32% premarket at $37.61.
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