Chinese electric vehicle maker Nio Inc NIO said on Tuesday deliveries nearly doubled in May on a year-on-year basis but slipped sequentially amid an ongoing global semiconductor chip shortage.
What Happened: The Shanghai-headquartered EV maker delivered 6,711 vehicles in May, up about 95.3% when compared with a year ago numbers but were down 5.5% from April.
See also: How to Buy Nio Stock
May marks the third straight month of decline in terms of deliveries so far this year for Nio.
The company delivered 5,578 electric vehicles in February followed by 7,257 and 7,102 deliveries in March and April.
The split for May was 1,412 six-seater and seven-seater ES8 SUV, 3,017 five-seater ES6s and 2,282 five-seater EC6 coupe models.
As of May, the company has cumulatively delivered 109,514 vehicles.
See Also: Nio Opens Second Line Under Power Up Plan: What You Need To Know
Why It Matters: The company said May delivery numbers were adversely hurt for several days due to the volatile semiconductor supply and certain logistical adjustments. Nio was forced to halt production at its Hefei manufacturing plant for five working days starting March 29.
The company however said it plans to accelerate the delivery in June to make up for the delays from May and reiterated the delivery guidance of 21,000 to 22,000 vehicles in the second quarter of 2021.
Price Action: Nio shares closed 0.82% lower at $38.62 on Friday.
Read Next: Warren Buffett-Backed BYD Outdoes Nio, Xpeng, Li Auto In April EV Deliveries
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Photo: Courtesy of Nio.
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