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Here is why NIO stock is accelerating despite chip shortage

Nio Inc. (NIO) stock is surging on Thursday’s current market. As of this writing, it has gained 5.16% in the current market. Yesterday it gained 3.81% and closed at $38.98 per share.

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Vehicle delivery update

On April 1, 2021, NIO provided an update about March and first quarter 2021 delivery. NIO set a new monthly record of delivering 7,257 vehicles in March 2021. The company also set a new quarterly record by delivering 20,060 vehicles in the first quarter of 2021

NIO facing chip shortage

Due to the global shortage of semiconductor chips, NIO is also facing the problem. NIO has to suspend productionfor five days at one of its plants because of the global chip shortage.

Update about NIO battery swap station

On March 26, 2021, NIO provided more updates about itsnext-gen swapping stations. The company said that it will come up with two versions, one that requires the vehicle to be lifted and another that obviates the need for lifting the vehicle. The battery swap time for both versions will be the same approximately 4.5 minutes.

About NIO

NIO Inc. is a pioneer in China’s premium smart electric vehicle market. Founded in November 2014,and headquartered in Shanghai. NIO specializing in designing and developing electric vehicles. The company is also involved in the FIA Formula E Championship. The company has many electric vehicles in its lineup such as the ES8, a 7-seater flagship premium electric SUV, launched in June 2018 and its 6 seats variant ES8 in 2019. Recently NIO launched the smart electric flagship sedan and NIO’s first autonomous driving model.

Conclusion: Although the company has made new vehicle delivery records it seems that the global semiconductor ship shortage would affect its production and NIO might have to revise its production and revenue targets for the upcoming quarters.

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