Chinese language electrical car maker Nio lowered its fourth quarter outlook for deliveries, citing provide chain disruptions stemming from Covid outbreaks.

Nio now tasks that it’s going to ship between 38,500 to 39,500 electrical automobiles within the fourth quarter of 2022, down from its preliminary estimate of 43,000 to 48,000 automobiles, in keeping with a press launch on Tuesday.

The corporate’s inventory fell greater than 8% Tuesday.

The corporate cited provide chain disruptions resulting from Covid outbreaks in main Chinese language cities, which slowed down operations in December. Because of this, Nio clients have confronted supply delays and registration points. The corporate stated in November that it aimed to shorten buyer wait instances.

Regardless of posting losses, Nio’s third quarter was sturdy for manufacturing and gross sales. The corporate reported a 33% improve in income from the earlier 12 months and continued to undertaking excessive demand for its new fashions.

Final week, Nio launched two new electrical SUV fashions, the EC7 and the ES8. The brand new fashions will begin transport in Could and June, in keeping with the corporate.