Chinese electric vehicle (EV) maker Nio has cut its Q3 2021 production guidance to 22,500-23,5000 units due to a shortage of semiconductor chips. This is down from its earlier schedule of 23,000-25,000 units.
In August, Nio delivered 5,880 EVs, an increase of 48pc over 3,965 units in the same month last year. The company noted that it has seen a surge in new order bookings this month amid growing demand for EVs in China. However, the recurrence of the COVID-19 pandemic has caused supply chain constraints all over China and some parts of Malaysia.
The company says that it is currently seeing its largest order backlog due to factory shutdowns in prior months due to the pandemic.