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Nio Says Supply Chain Disruption Is Its Biggest Problem: CNBC

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  • Chinese electric car company Nio Inc (NYSE: 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.

  • Photo Via Wikimedia Commons

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