Chinese electric-vehicle maker Nio Inc. NIO saw its February deliveries slump relative to a year earlier as the novel coronavirus outbreak led to delivery constraints.

Published: March 10, 2020 at 8:17 a.m. ET, By Emily Bary

The company reported 707 February deliveries, made up of 671 ES6 5-seat sport-utility vehicles and 36 ES8 7-seat SUVs. Nio’s deliveries fell by 12.8% from a year prior, the company disclosed.

“Deliveries have been constrained as services are being cautiously reopened and people are encouraged to avoid unnecessary close-range contact,” Chief Executive William Bin Li said in a statement.

“In addition, the production has started ramping up gradually from the middle of February and supply chains have remained challenging.”

The company expects that it will take time for normal production to resume, though Nio is experimenting with more online-sales efforts as it adjusts to consumer caution.

Nio’s U.S.-listed shares are up 7% in premarket trading Tuesday. The shares have lost 15% over the past month.

Source: www.marketwatch.com