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26 Mar 2021 | 09:41

Nio suspends production temporarily over chip shortage

(Sharecast News) - Chinese electric carmaker Nio said on Friday it would halt production for five days at its Hefei plant due to the shortage of semiconductor chips. The halt is planned to start on Monday 29 March.

The Chinese carmaker also cut its first quarter delivery forecast to around 19,500 vehicles from the 20,000-25,000 vehicles it had previously projected.

According to CNBC, even with the reduction, Nio is on track for more car deliveries to start 2021 than rivals Xpeng and Li Auto.

Nio is the latest carmaker that has announced production halts due to shortage of semiconductor chips.

The supply chain for the chips was impacted by the coronavirus pandemic and trade tensions between China and the US and was affecting carmakers and tech companies around the world.
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