Tesla China Rival Reportedly Pauses Production As COVID-19 Curbs Bite - NIO (NYSE:NIO)


Tesla Inc TSLA rival and Chinese EV-maker Nio Inc NIO has suspended production at its factories owing to COVID-19 restrictions, reported Reuters.

The report cited local tech news outlet 36Kr, which stated Nio had started facing production challenges in mid-October due to virus prevention measures and this eventually led to both of its factories in Hefei stopping work.

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“The news that production at Nio’s factories has been temporarily suspended is true and this will have an impact on production and delivery schedules,” Nio’s representative told Reuters in response to a query about the report.

Nio did not immediately respond to Benzinga’s request for comment.

The company delivered 10,059 vehicles in October 2022, representing an increase of 174.3% year-over-year. Cumulative deliveries of vehicles reached 259,563 as of October 31, 2022.

“The 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,” Nio said in a statement.

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Image and article originally from www.benzinga.com. Read the original article here.