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Shares of Chinese electric-vehicle maker
NIO (NYSE:NIO) were lower at midday on Tuesday amid a broader sell-off of automotive and related stocks on continued concerns about the effects of a global shortage of semiconductors.
As of noon EDT today, NIO s American depositary shares were down about 6.1% from Monday s closing price.
So what
NIO was just one of many automakers that saw its U.S. listed shares trading lower on Tuesday, as investors digested the likely effects of a prolonged shortage of automotive semiconductors. Tight chip supplies have already forced a number of automakers, including NIO, to cut back production despite strong global demand for new vehicles.
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Chinese electric-vehicle maker
NIO (NYSE:NIO) on Thursday reported a first-quarter loss that was narrower than Wall Street had expected, with management saying that more buyers had chosen well-optioned models, which improved the company s profit margin.
However, the company warned that the ongoing global shortage of automotive semiconductors will probably limit its ability to increase production over the next several months.
While NIO s net loss of $744.1 million was much wider than its loss a year ago, its revenue of $1.22 billion was both up 481% from its year-ago total and well above Wall Street s consensus estimate of $1.06 billion. On an adjusted basis, excluding one-time items and stock compensation expenses, NIO lost $0.04 per American dep