It seems that Nio Inc (NYSE: NIO) has met its prior guidance despite production shutdowns due to semiconductor shortages. The company this morning released both its March 2021 and first quarter 2021 delivery results, with the company delivering 20,060 vehicles in the first quarter.
The delivery figures follows the company last week revising its original guidance, which was the delivering between 20,000 to 20,500 vehicles, to that of just 19,500 vehicles. The exceeding of guidance follows the firm delivering a total of 7,257 vehicles in March, which was reportedly a 373% year over year increase.
The reduction in guidance was a result of an ongoing semiconductor shortage that is plaguing multiple industries, with automakers notably heavily impacted. The shortages have lead to Nio suspending vehicle production for a period of five days.
Nio Inc last traded at $38.98 on the NYSE.
Information for this briefing was found via Nio Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
