Chinese EV Makers Slide as NIO Cuts Q1 Deliveries Forecast

Tiger Newspress03-27

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.

Meanwhile, Chinese EV giant BYD Co. reported annual profit that missed analyst estimates. China’s exports of electric vehicles to European Union countries dropped by nearly a fifth during the first two months of the year, according to official Chinese data, amid a probe by Brussels into unfair subsidies of the industry.

Chinese EV stocks dropped in morning trading Wednesday. NIO fell 6.2%, Li Auto fell 2.5% and XPeng fell 8.4%.

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