Shares of Nio (NYSE:NIO) fell more than 4% in premarket trading Wednesday after the electric vehicle (EV) maker revised its Q1 delivery forecast downward amidst declining demand and intense pricing competition in China.
The company now expects to deliver approximately 30,000 vehicles during the quarter, down from its earlier projection of between 31,000 and 33,000 units.
Last week, major EV manufacturers witnessed an increase in China sales, with figures generally improving as the end of the month approaches.
In the period from March 18 to 24, Nio recorded sales of 3,000 vehicles in the local market, up from 2,200 a week earlier, as reported by the local automotive news source Yiche.
The company delivered 8,132 vehicles in February, marking a 33.11% decrease compared to the same month last year and a 19.12% drop from January, based on the data released on March 1.