Chinese EV maker Nio lowers 1Q delivery forecast to 30,000 vehicles due to slowing demand and price war in China's EV market.
Chinese electric vehicle (EV) maker Nio lowered its first-quarter delivery forecast to around 30,000 vehicles, down from its earlier projection of 31,000 to 33,000 vehicles. The company attributed the revision to slowing demand and an ongoing price war in China's EV market, where intense competition has driven down car prices and consumers have tightened spending amid a sluggish economy. Nio's shares fell by around 4% in pre-market trading.
March 27, 2024
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