Shares of Nio (NIO) fell more than 4% in premarket trading on Wednesday after the electric vehicle company lowered its first-quarter delivery estimates due to reduced demand and strong price competition in the Chinese market.
Nio now expects to deliver about 30,000 vehicles in the quarter, down from its previous estimate of 31,000 to 33,000 vehicles.
Last week, major electric vehicle manufacturers saw their sales numbers increase in China, with a trend that usually shows improvement at the end of the month.
Between March 18 and March 24, Nio said it sold 3,000 vehicles in China, an increase from 2,200 vehicles the previous week, according to Chinese automotive news agency Yiche.
The company delivered 8,132 vehicles in February, a decrease of 33.11% compared to deliveries in the same month a year earlier and a decline of 19.12% compared to January deliveries, according to data published on March 1 .
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