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NIO (NYSE:NIO) Shares Gap Up to $6.52 | news.google.com • |
Chinese EV Maker Nio Surges on $1.9 Billion Investment | investopedia.com • |
Why Nio Stock Surged Again Monday and Could Keep Rising | news.google.com • |
Stocks to Watch Monday: NIO, Stellantis, CVS Health, Carnival | news.google.com • |
Stocks to Watch Monday: NIO, Stellantis, CVS Health, Carnival | news.google.com • |
Why Nio Stock Surged Again Monday and Could Keep Rising | news.google.com • |
Date | For | Estimate | Reported | Surprise | surprise % |
---|---|---|---|---|---|
2024-09-05 | 2024-06 | -0.46 | -0.34 | 0.12 | 26.09% |
2024-06-06 | 2024-03 | -0.31 | -0.36 | -0.05 | -16.13% |
2024-06-06 | 2024-03 | -0.31 | N/A | N/A | N/A |
2024-03-05 | 2023-12 | -0.51 | -0.45 | 0.06 | 11.76% |
2024-03-05 | 2023-12 | -0.51 | N/A | N/A | N/A |
2023-12-05 | 2023-09 | -0.43 | -0.37 | 0.06 | 13.95% |
Date | Firm | Action | From | To |
---|---|---|---|---|
2023-09-05 | Deutsche Bank | Upgrade | Buy | Buy |
2023-08-29 | Bernstein | Upgrade | Market Perform | Market Perform |
2023-08-29 | Mizuho | Upgrade | Buy | Buy |
2023-08-29 | B of A Securities | Upgrade | Buy | Buy |
2023-08-29 | JP Morgan | Upgrade | Neutral | Neutral |
2023-08-10 | Deutsche Bank | Upgrade | Buy | Buy |
Report Date | Organization | Position | Value | Percentage |
---|---|---|---|---|
2023-06-29 | Baillie Gifford and Company | 119.46M | 1.16B | 7.61% |
2023-06-29 | Blackrock Inc. | 66.79M | 647.24M | 4.25% |
2023-06-29 | Vanguard Group Inc | 48.01M | 465.21M | 3.06% |
2023-06-29 | State Street Corporation | 24.27M | 235.18M | 1.55% |
2023-06-29 | Morgan Stanley | 19.70M | 190.89M | 1.25% |
2022-12-30 | Norges Bank Investment Management | 15.93M | 155.34M | 1.01% |
Report Date | Organization | Position | Value | Percentage |
---|---|---|---|---|
2023-05-30 | Vanguard International Growth Fund | 38.61M | 290.73M | 2.46% |
2023-07-30 | Vanguard International Stock Index-Emerging Markets Stk | 16.55M | 253.20M | 1.05% |
2023-07-30 | Vanguard International Stock Index-Total Intl Stock Indx | 16.05M | 245.56M | 1.02% |
2023-08-30 | iShares Core MSCI Emerging Markets ETF | 12.63M | 129.72M | 0.80% |
2023-08-30 | iShares MSCI China ETF | 5.14M | 52.81M | 0.33% |
2023-08-30 | iShares MSCI Emerging Markets ETF | 4.39M | 45.13M | 0.28% |
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TESLA, NIO AND RENAULT RECEIVE FIVE STARS IN LATEST GREEN NCAP TESTS
Posted by The EV Report | Nov 7, 2022
Tesla, NIO and Renault Receive Five Stars in Latest Green NCAP Tests
Today, Green NCAP publishes the results of three very competitive electric vehicles; the Tesla Model 3, the new-to-market NIO eT7 and the Renault Megane E-Tech 100% electric. All vehicles received an impressive five stars under the Green NCAP sustainable rating scheme, achieving nearly maximum scores due to the high energy efficiency of their electric powertrains, far exceeding the ratings of conventional cars. The results also prove that manufacturers’ investment in electric vehicles can create a choice for consumers that considers both the environment and energy efficiency, but at the same time deliver the enjoyment, comfort, and power necessary to suit today’s journeys.The Tesla Model 3, with a battery capacity of 60 kWh, single motor, rear-wheel drive and a power of 208 kW has a wide and sporty appeal. It is the smallest vehicle of the Tesla range and the brand’s first model to be tested by Green NCAP. The car achieved high energy efficiency, not only in the Cold and Warm WLTC+ laboratory tests but also in the challenging Highway Test with a very impressive result of 21.1 kWh/100 km. The Tesla’s small frontal area and aerodynamic shape work to the vehicle’s advantage, although in the WLTC+ test cycle at a winterly -7°C because of the high demands of cabin heating, comfort and battery protection management, consumption increases by 72% and driving range is reduced significantly. Despite this and the car’s relatively high mass, its result proves that it has been designed with special attention made to efficiency and driving range.
Green NCAP rewards Tesla’s impressive performance with a Weighted Overall Index of 9.8 out of 10 and a well-deserved 5 Green stars.
NIO is a relative newcomer to the European market but already makes a strong statement with its fully equipped eT7, potentially targeting Tesla lovers. The car comes with two motors and all-wheel drive, a formidable power output of 480 kW and a huge 100 kWh battery. But this all adds weight, and the NIO tips the scales at 2.4 tons. In the laboratory WLTC+ test, the eT7 exactly matched its declared range of 580 km. Again, despite its high mass the eT7 demonstrates high overall efficiency. Under cold winter conditions (WLTC+ test at -7°C), just like the Tesla, the consumption is increased by 72% and this results in an expected driving range of about 340 km.
Despite its high mass, the NIO eT7 is impressive and confidently receives a Weighted Overall Index of 9.6 out of 10 and a well-deserved 5 Green stars.
Green NCAP tested the Renault Megane E-Tech EV60 with a battery capacity of 60 kWh, single motor, and front-wheel drive. With a power of 160 kW and a spacious interior, it is sure to have broad appeal, particularly with its low energy consumption figures. The values in the standard Cold and Warm WLTC+ tests are impressive, but, as with the NIO eT7, they rise notably in the Highway Test with its dynamic high power demand phases. The results of the performed short urban trip are noteworthy as this Megane used just 11.8 kWh/100 km. In the -7°C laboratory test, the vehicle’s consumption increased by 78% compared to the standard test and with 30 kWh/100 km finds itself between the measured values of the other two tested cars.
The Renault Megane E-Tech fully demonstrates, like Tesla’s Model 3 and NIO’s eT7, excellent performance and collects 9.6 out of 10 points in the Weighted Overall Index and a well-deserved 5 Green stars.
All three of these vehicles receive Green NCAP’s top marks due to the absence of polluting exhaust gas emissions and their remarkable energy efficiency scores, as well as the relatively low greenhouse gas emissions of European electricity production.
‘This latest round of Green NCAP testing clearly proves that electric vehicles are an excellent consumer choice in the quest for ensuring a cleaner and more sustainable environment. They score far higher than those with conventional powertrains. However, affordability is still a challenge. We call on manufacturers to further improve the efficiency of cabin heating in winter conditions, as this is shown to have a significant impact on driving range. The efficiency of the onboard charger constitutes a hidden cost for consumers and here the industry also needs to strive for higher numbers,’ says Dr. Michiel van Ratingen, Secretary General of Euro NCAP and Green NCAP.
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Updated 26 min ago
NIO, Alibaba and Other U.S.-Listed Chinese Stocks Extend Rally
By Chelsey Dulaney
SHARE
U.S.-listed shares of Chinese e-vehicle makers
Source: FactSet
Li Auto
XPeng
NIO
Nov. 2
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U.S.-listed Chinese stocks are on track for another day of gains, as investors continue to bet on an easing of the country's strict Covid-19 restrictions. As of early afternoon in London:Chinese electric-vehicle makers led gains. NIO's American depositary receipts rose 2.8% in premarket trading. XPeng's U.S.-listed shares gained 4.9% premarket, while Li Auto rose 3.3%.
Internet stocks also rose. Baidu's U.S.-listed shares rose 2.2% before the opening bell. Pinduoduo rose 1.8% and Alibaba gained 0.9% premarket.
Hong Kong stocks had surged Monday, adding to Friday's rally.Chinese leaders are considering steps toward reopening after nearly three years of tough pandemic restrictions but are proceeding slowly and have set no timeline, The Wall Street Journal reported Monday.
Go deeper:
China Weighs Zero-Covid Exit But Proceeds With Caution and Without Timeline
Possible China Covid Reopening Prompts Jittery Markets, Intense Speculation
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NIO so far deploys 1,200 battery swapping stations in China
Monika From Gasgoo| November 07 , 2022
Shanghai (Gasgoo)- On Nov. 6, NIO put a new battery swapping station into operation in Suzhou city, Jiangsu province, signifying that the cumulative volume of the EV manufacturer's battery swapping facilities has amounted to 1,200 stations across China.
NIO is ambitious to deploy 1,300 battery swapping stations nationwide by the end of 2023, and 4,000 stations worldwide by 2025.
image.png
Photo credit: NIO
Aside from the battery swapping facility, NIO's power replenishment network in China has also contained 1,101 supercharging stations, 5,747 superchargers, 948 destination charging stations, and 6,068 destination charging piles. Besides, it has also had access to over 590,000 third-party charging piles.
Up until now, NIO's users have conducted more than 14 million battery swaps cumulatively, said the startup. Currently, more than 30,000 battery swaps can be fulfilled at NIO Power Swap stations per day.
As of today, around 66.23% NIO users in China have lived in the "Swap Station District Houses", which refer to residences within a 3 km radius from a NIO battery swap station. The coverage is expected to be raised to over 90% by 2025.
Of NIO's battery swapping stations so far deployed in the country, 324 are located along expressways.
NIO aims to fulfill the deployment of a "nine vertical + nine horizontal expressways + 19 city clusters" inter-city expressway battery swapping network in China by 2025.
NIO
Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service: buyer-support@gasgoo.com Seller Service: seller-support@gasgoo.com -
Up 23% in a week, is now the time to buy NIO stock?
Nathan Marks
Mon, 7 November 2022 at 4:30 am·3-min read
In this article:NIO
+17.51%Electric cars charging at a charging station
Electric cars charging at a charging station
Over the last 12 months, there’s been a nearly 75% decline in the price of NIO (NYSE: NIO) stock. Electric vehicle (EV) stock valuations rose in 2020 and 2021, but that bubble looks to have burst.Undoubtedly NIO is facing a variety of economic and geopolitical headwinds, but there may be cause for optimism. And last week, investor sentiment improved and the share price soared 23%. What changed and should I buy the stock today?
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Meme stockHuge price swings are par for the course when it comes to investing in NIO and this has been the case ever since its September 2018 IPO.
Period
Performance
Last week
22.56%
Last month
– 27.18%
Last six months
– 24.06%
Last 12 months
– 72.38%
Since Septemer 2018 IPO
17.98%
Why is it so volatile? Firstly, it has often traded like a meme stock, roared on by social media channels. These high-risk speculative plays have little to do with fundamentals and often resemble more of a gamble than an investment. There has been similar behaviour with other EV stocks, but NIO faces other unique challenges.The stock could be delisted from the New York Stock Exchange. Many Chinese stocks on US exchanges face a similar fate if they don’t provide complete access to audit working papers. As China-US relations appear to be worsening, this is a real possibility. In that eventuality, shareholders rights around NIO wouldn’t be directly affected but the holdings would be harder to sell and the share price could collapse.
There are also domestic and international policies hindering production and growth. The US government has cracked down on chip exports to Chinese companies, putting further pressure on production targets. Meanwhile, Beijing’s strict zero-Covid policy has forced some of its factories to close, delaying deliveries.
Has the stock price bottomed?
NIO soared last week, rising 17.5% on Friday alone. This was after a report in The Wall Street Journal suggesting China may loosen that zero-Covid approach. But these are rumours and there’s been no confirmation from the government. However, fewer restrictions should enable higher growth and put the firm back on a path to growth and profitability.
Whether or nor the policy is loosened, it’s important for me to shut out the noise to assess the value of the shares. That’s tricky as the company isn’t profitable, but the crux of the bull case is the enormous growth potential of the EV industry. In fact China has the largest and fastest-growing EV market globally. NIO has benefited from this rising demand, as well as government subsidies and increased investment in EV infrastructure. Through referral programmes and VIP clubhouses it has built a loyal customer base. The opportunity in China alone is huge, but it has started to expand internationally too. Its cars are now for sale in Denmark, Germany, Norway, Sweden and the Netherlands.
So would I buy the stock today? The company’s growth potential excites me, despite the speculation and volatility. However, China-US relations may get worse before they get better. Contrarian investing can be rewarding but there’s a reasonable chance that the stock will be delisted. There are too many unpredictable factors separate from the company’s fundamentals, so I’m continuing to stay clear.
Story continues
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Alibaba, Nio Stocks Surge: Hang Seng Rises Over 3% As Tech, EV Rally Outweighs COVID-19 Worries
by
Bhavik Nair
November 3, 2022 10:29 PM | 2 min read
Alibaba, Nio Stocks Surge: Hang Seng Rises Over 3% As Tech, EV Rally Outweighs COVID-19 Worries
Hong Kong shares traded in the green on Friday with the benchmark Hang Seng opening 3.36% higher. Investors and traders seem to have shrugged off a rise in COVID-19 cases in China which hit their highest since August.Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. (NYSE:BABA) 6.27%
JD.com Inc (NASDAQ:JD) 8.92%
Baidu Inc (NASDAQ:BIDU) 4.28%
Tencent Holdings Ltd. (OTC:TCEHY) 4.52%
Meituan (OTC:MPNGF) 5.37%
Nio Inc (NYSE:NIO) 12.06%
XPeng Inc (NYSE:XPEV) 12.09%
Li Auto Inc (NASDAQ:LI) 7.86%
EV maker shares rose on Friday, with Xpeng and Nio gaining over 12% in morning trade. Shares of Alibaba rose over 6%.Macro News: China's COVID-19 cases reached their highest in two-and-a-half months on Thursday dampening hopes for an easing of curbs, reported Reuters.
China will keep the yuan stable and increase the flexibility of its exchange rate, said Yi Gang, governor of the People's Bank of China (PBOC) while adding that it is important to deepen financial reform and strengthen and improve modern financial supervision, reported Reuters.
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Company News: Lenovo Group (OTC:LNVGY) reported its first revenue decline in 10 quarters with its total revenue during the July-September quarter coming in at $17.09 billion, down 4% year-over-year, reported Reuters.
Nio fell behind on thousands of cars with COVID-Zero disruptions leading to a loss of some 7,000 EVs in production, reported Bloomberg. The company told Benzinga on Thursday it had resumed production after it was initially affected due to COVID-19 curbs
Top Gainers and Losers: CSPC Pharmaceutical Group Limited and JD.com are among the top gainers among Hang Seng constituents, having risen over 7% and 6%, respectively. Lenovo Group Limited and CK Infrastructure Holdings Limited are among the top losers, having fallen 1.85% and 0.4%, respectively.
Global News: U.S. futures traded mixed on Friday morning Asia session. The Dow Jones futures were down 0.07%, while the Nasdaq futures gained 0.08%. The S&P 500 futures were trading lower by 0.04%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.22%. Japan’s Nikkei 225 traded 2.06% lower while China’s Shanghai Composite index traded 1.13% higher. South Korea’s Kospi gained 0.25%.
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Alibaba, JD.com, Nio extend rally in Chinese stocks amid continued hope for relaxing COVID rules
Published: Nov. 4, 2022 at 7:01 a.m. ET
By Emily Bary
One ETF tracking Chinese internet stocks has advanced each day this week and was set for a sharp gain FridayU.S.-listed shares of Chinese internet companies including Alibaba Group Holding Ltd. and Nio Inc. were rallying sharply in premarket trading Friday as hopeful sentiment continued to build over the possibility that the country was planning to relax its strict COVID-19 policies.
The Wall Street Journal reported Friday that Zeng Guang, who was formerly the chief scientist at the Chinese Center for Disease Control and Prevention, said at a conference that there were expected to be “significant” changes to the company’s zero-COVID approach, according to multiple unnamed sources.
Additionally, The Wall Street Journal noted that U.S. inspectors from the Public Accounting Oversight Board were set to complete their on-site review of Chinese companies’ audit records in Hong Kong. That development could ease fears about the prospect of delisting for Chinese companies whose shares trade on U.S. exchanges.
The performance tracks a rally in Hong Kong, where the Hang Seng HSI jumped 5%.
See also: Chinese tech sector leads Hong Kong market rebound
Among Friday’s premarket gainers were U.S.-listed shares of Bilibili Inc. BILI , up almost 14%, Nio NIO , up nearly 11%, as well as iQiyi Inc. IQ and Alibaba BABA , each up nearly 10%.
U.S.-listed shares of JD.com Inc. JD were up about 9% while shares of Tencent Music Entertainment Group TME were up about 7% and shares of Huya Inc. HUYA
were ahead about 6%.
The KraneShares CSI China Internet ETF KWEB was advancing nearly 8% in Friday’s premarket action. It’s gained in each of the four prior trading sessions this week, though it’s still off 20% over the past month and 42% so far this year.See original version of this story
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Apple now valued at more than Amazon, Alphabet and Meta — combined
Apple Inc. shares have held up far better than those of Big Tech peers over the past month, and that's helped the company to a staggering feat: The smartphone giant is now worth more than Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. combined.
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Emily Bary is a MarketWatch reporter based in New York. -
Alibaba, JD.com, Nio extend rally in Chinese stocks amid continued hope for relaxing COVID rules
Published: Nov. 4, 2022 at 7:01 a.m. ET
By Emily Bary
One ETF tracking Chinese internet stocks has advanced each day this week and was set for a sharp gain FridayU.S.-listed shares of Chinese internet companies including Alibaba Group Holding Ltd. and Nio Inc. were rallying sharply in premarket trading Friday as hopeful sentiment continued to build over the possibility that the country was planning to relax its strict COVID-19 policies.
The Wall Street Journal reported Friday that Zeng Guang, who was formerly the chief scientist at the Chinese Center for Disease Control and Prevention, said at a conference that there were expected to be “significant” changes to the company’s zero-COVID approach, according to multiple unnamed sources.
Additionally, The Wall Street Journal noted that U.S. inspectors from the Public Accounting Oversight Board were set to complete their on-site review of Chinese companies’ audit records in Hong Kong. That development could ease fears about the prospect of delisting for Chinese companies whose shares trade on U.S. exchanges.
The performance tracks a rally in Hong Kong, where the Hang Seng HSI jumped 5%.
See also: Chinese tech sector leads Hong Kong market rebound
Among Friday’s premarket gainers were U.S.-listed shares of Bilibili Inc. BILI , up almost 14%, Nio NIO , up nearly 11%, as well as iQiyi Inc. IQ and Alibaba BABA , each up nearly 10%.
U.S.-listed shares of JD.com Inc. JD were up about 9% while shares of Tencent Music Entertainment Group TME were up about 7% and shares of Huya Inc. HUYA
were ahead about 6%.
The KraneShares CSI China Internet ETF KWEB was advancing nearly 8% in Friday’s premarket action. It’s gained in each of the four prior trading sessions this week, though it’s still off 20% over the past month and 42% so far this year.See original version of this story
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Apple now valued at more than Amazon, Alphabet and Meta — combined
Apple Inc. shares have held up far better than those of Big Tech peers over the past month, and that's helped the company to a staggering feat: The smartphone giant is now worth more than Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. combined.
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Chinese EV maker Nio resumes production after COVID shutdown
China is battling a rising number of COVID cases with tough curbs that have significantly disrupted businesses.
People inspecting car in Nio showroom
China's electric vehicle maker Nio has resumed production at its two factories in Hefei after disruptions caused by COVID-19 curbs [File: Norihiko Shirouzu/Reuters]
Published On 3 Nov 2022
3 Nov 2022
Chinese electric vehicle maker Nio has resumed production at its two factories in the eastern city of Hefei after COVID-19 curbs disrupted operations and delayed deliveries.“Production is resumed at the moment,” a company representative said on Thursday, declining to specify whether it was a full or partial resumption.
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China is battling a rising number of COVID cases in several big cities with lockdowns and stringent curbs that have disrupted travel and fuelled worker discontent at major Apple supplier Foxconn.Nio said on Wednesday it had suspended production because of COVID curbs, leading to delays in deliveries when sales are booming, triggering a steep drop in its shares.
Hefei’s latest outbreak began in early October, prompting the authorities to put parts of the city under lockdown at various times, including the district where Nio’s plants are located.
Nio sold 10,059 cars last month, nearly three times its sales from October 2021, after introducing new models such as ET5. For the first 10 months the year, its sales grew 32 percent.
SOURCE: REUTERS
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1 minute readNovember 2, 202210:31 PM CDTLast Updated 8 hours ago
China's Nio resumes production at its two Hefei factories
Reuters
Nio ES8 electric SUV changing its battery is seen inside a power station at a JAC Motors-NIO plant in Hefei
NIO ES8, an all-electric sport utility vehicle, is displayed inside a NIO House "brand experience" store in Beijing
Employee works on the production line of Nio electric vehicles in Hefei[1/4] A Nio ES8 electric SUV changing its battery is seen inside a power station at a JAC Motors-NIO plant in Hefei, Anhui province, China December 14, 2018. Picture taken December 14, 2018. REUTERS/Yilei Sun
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BEIJING, Nov 3 (Reuters) - Chinese electric vehicle maker Nio (9866.HK) said on Thursday it has resumed production at its two factories in the eastern city of Hefei, after COVID-19 curbs disrupted operations and delayed deliveries.
"Production is resumed at the moment," said a company representative, declining to say whether it was a full or partial resumption.
China is battling a rising number of cases in several major cities with lockdowns and stringent curbs that have disrupted travel and fuelled worker discontent at major Apple(AAPL.O) supplier Foxconn (2317.TW).
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Nio said on Wednesday it had suspended production because of COVID curbs, leading to delays in deliveries when sales are booming, triggering a steep drop in its shares.Hefei's latest outbreak begun in early October, prompting the authorities to put parts of the city under lockdown at various times, including the district where Nio's plants are located.
Nio sold 10,059 cars last month, nearly three times its sales from October 2021, after introducing new models such as ET5. For the first 10 months, its sales grew 32%.
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Reporting by Cui Zhuzhu, Zhang Yan and Brenda Goh in Shanghai and Beijing newsroom; Editing by Tom Hogue and William MallardOur Standards: The Thomson Reuters Trust Principles.
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from +9% in the morning in Germany to 1,5% in the evening in the us….i hate our fucking states!
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Alibaba and Nio among Chinese stocks surging as hopes build for country's reopening
Nov 1, 2022 9:17 AM CDT
By Emily BarySocial media post reportedly indicated China may be considering relaxing its strict zero-COVID policies
U.S.-listed shares of Chinese companies were enjoying a sharp rally in Tuesday morning trading as hopes built for a potential relaxation of the country's strict measures aimed at curbing the spread of COVID-19.
The Wall Street Journal reported Tuesday that Hong Kong stocks appeared to be rallying after an anonymous post on Chinese social media suggested that the government may intend to soften pandemic-related restrictions beginning in March. Other outlets also reported on the rumor.
Reuters reported Tuesday that a spokesperson for China's Foreign Ministry said at a news conference that he was "not aware of the situation."
On U.S. exchanges, American depositary receipts (ADRs) for Chinese stocks were surging broadly. Among the big gainers were Chinese internet names including iQiyi Inc. (IQ), up more than 10%; Bilibili Inc. (BILI), up more than 7%; Huya Inc. (HUYA), up more than 5%; JD.com Inc. (JD), up more than 5%; and Alibaba Group Holding Ltd. (9988.HK), up more than 6%.
The KraneShares CSI China Internet ETF (KWEB) moved ahead by more than 8%. That ETF is off 43% so far in 2022, indicative of the tough stretch for Chinese technology stocks.
Also rallying were U.S.-listed shares of Chinese electric-vehicle company Nio Inc. (NIO), which reported October delivery numbers Tuesday morning. Nio disclosed in its delivery release that "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."
-Emily Bary
(END) Dow Jones Newswires
11-01-22 1017ET
Copyright (c) 2022 Dow Jones & Company, Inc.
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Two Nio Plants Temporarily Halt Production
Investing.com | Nov 01, 2022 10:59AM ET
Two Nio (NIO) Plants Temporarily Halt Production
By Michael ElkinsA local media outlet, 36kr reported on Tuesday that Chinese electric vehicle maker, Nio Inc. (NYSE:NIO) has recently halted production at two plants in Hefei, Anhui province, amid local Covid prevention and control requirements. Deliveries of its models have also been delayed.
A person familiar with the matter told 36kr that since mid-October, Weilai’s production has begun to face challenges. To cooperate with epidemic prevention, the JAC NIO F1 factory was originally planned to be closed for 3 to 5 days, but later the closure time was extended, and the overall production and delivery rhythms were affected.
Another person close to NIO said that the company’s auto industrial park, Neo Park, in the Hefei Economic and Technological Development Zone is also under closed control recently, and the vehicle production line of the F2 factory has also been suspended.
The lockdown of factories and halted production have greatly affected Nio’s delivery efforts. Many consumers that have ordered vehicles were scheduled to receive them in October, but by late in the month, the vehicles haven’t even started production. Some were told that delivery would be delayed until November.
The report mentioned feedback from some owners over the past two days, showing that production at the NIO plant has not come to a complete stop and that some new cars have started the production process.
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The company reported earlier today that it delivered 10,059 vehicles in October, down 7.5 percent from 10,878 in September and up 174.31 percent from 3,667 in the same month last year.
NIO's press release announcing its delivery figures said that production and delivery of its vehicles were limited by operational challenges at its plants and supply chain fluctuations due to the Covid-19 incident in certain parts of China.
Shares of NIO are up 2.12% in mid-day trading on Tuesday.
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