Nio Says Supply Chain Disruption Is Its Biggest Problem: CNBC

by Shivani Kumaresan, Benzinga Staff Writer

May 20, 2022 8:13 AM | 1 min read | Make a Comment

Chinese electric car company Nio Inc NIO Chief Executive Officer William Li said the biggest challenge right now is ensuring supply chain stability, CNBC reported.
The resurgence of COVID-19 cases in China and the subsequent economic restrictions had a huge impact that Nio had to suspend production temporarily.
Nio delivered 5,074 vehicles in April, a 49% decline quarter-on-quarter.
Li said he expected consumer demand for electric cars to persist even if the Chinese government reduces subsidies for the sector.
Nio has made its debut on the Singapore stock exchange, as it laid out plans to open a local research center focused on artificial intelligence and self-driving cars.
Price Action: NIO shares are trading higher by 7.20% at $17.86 in premarket on the last check Friday.
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