Shares of Chinese electric vehicle maker Nio (NYSE: NIO) were trading lower on Wednesday morning after the company cut its guidance for first-quarter deliveries.
As of 10:30 a.m. ET, Nio’s American depositary shares were down about 6.2% from Tuesday’s closing price.
Nio said first-quarter sales will fall short of its earlier expectations
Nio said in a statement on Wednesday that it now expects to deliver about 30,000 EVs in the first quarter. That’s down from its earlier guidance, which called for deliveries of 31,000 to 33,000 in the period.
Nio’s sales grew almost 31% year over year in 2023. But the first two months of 2024 were a different story. The EV maker’s deliveries in January and February combined were down 12% from the same period last year, to 18,177 vehicles.
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