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.
NIO's (NYSE: NIO) stock price is up premarket despite the company reporting a 5% decrease in vehicle deliveries month over month.
NIO delivered 6,711 vehicles in May, representing 95.3% year-over-year growth but a fall from April's 7,102 deliveries.
After April's report, Morgan Stanley stated that the company was on track for its Q2 target of 21,000 to 22,000 deliveries.
However, the electric vehicle manufacturer has noted the chip shortage as reasons for caution in the last few weeks. In a statement on Tuesday, they said its “vehicle delivery was adversely impacted for several days due to the volatility of semiconductor supply and certain logistical adjustments.”
However, “based on the current production and delivery plan, the company will be able to accelerate the delivery in June to make up for the delays from May. The company maintains and reiterates the delivery guidance of 21,000 to 22,000 vehicles in the second quarter of 2021,” stated NIO.
May's deliveries consisted of 1,412 ES8s, NIO’s six-seater and seven-seater electric SUV, 3,017 ES6s, a five-seater SUV, and 2,282 EC6s, its five-seater electric coupe SUV.
Cumulative deliveries of the ES8, ES6 and EC6 have now reached 109,514 vehicles.
NIO's stock price is up 3.16% premarket at $39.84.
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