Chinese EV maker Nio cuts Q1 deliveries forecast

By Thomson Reuters Mar 27, 2024 | 4:38 AM

(Reuters) – Chinese electric-vehicle maker Nio lowered its forecast for first-quarter deliveries on Wednesday, as it grapples with slowing demand and a price war in China.

The company expects to deliver around 30,000 vehicles in the first quarter, compared with its prior forecast of 31,000 to 33,000.

Its U.S.-listed shares fell around 3% in premarket trading.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Savio D’Souza and Shilpi Majumdar)