Nio Forecasts Sharp Decline in Deliveries Amid Intensifying EV Price War in China
Nio Reports
The Shanghai-based carmaker, Nio, disclosed its latest financial results and delivery forecasts for the first quarter of 2023 amidst intensifying competition in the Chinese EV sector.
Wider Loss and Reduced Deliveries
Nio expects to hand over 31,000 to 33,000 EVs to mainland Chinese customers between January and March, showcasing a significant decline from the previous quarter and reflecting the challenges posed by the prevailing price war in the market.
Impact on Market Dynamics
The projection of decreased deliveries by Nio underscores the intensified competitive landscape in China's EV sector, with companies vying for market share through aggressive pricing strategies.
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