NIO's April Deliveries More Than Double Despite Supply Chain Constraints

Chinese electric vehicle maker NIO (NYSE: NIO) reported delivering just over 7,100 vehicles in April, marking 125% growth over the comparable period one year ago. The month included several days of lost production as the company joined other automakers in dealing with the global semiconductor shortage.

Last week, NIO told investors that second quarter deliveries are expected to only be about 7% higher than the 20,060 it reported for the first quarter 2021. Back in March, NIO announced that chip supply issues would cause it to take a five-day outage that ran into several April production days. NIO founder, chairman, and CEO William Li expanded on that topic during the company's first quarter conference call last week. Li said the company now expects the supply chain problems will "continue to linger."

Source Fool.com