China's Nio resumes production at its two Hefei factories | The Financial Express

China’s Nio resumes production at its two Hefei factories

“Production is resumed at the moment,” said a company representative, declining to say whether it was a full or partial resumption.

China’s Nio resumes production at its two Hefei factories

Chinese electric vehicle maker Nio said on Thursday it has resumed production at its two factories in the eastern city of Hefei, after COVID-19 curbs disrupted operations and delayed deliveries.

“Production is resumed at the moment,” said a company representative, declining to say whether it was a full or partial resumption.

China is battling a rising number of cases in several major cities with lockdowns and stringent curbs that have disrupted travel and fuelled worker discontent at major Apple supplier Foxconn.

Nio said on Wednesday it had suspended production because of COVID curbs, leading to delays in deliveries when sales are booming, triggering a steep drop in its shares.

Hefei’s latest outbreak begun in early October, prompting the authorities to put parts of the city under lockdown at various times, including the district where Nio’s plants are located.

Nio sold 10,059 cars last month, nearly three times its sales from October 2021, after introducing new models such as ET5. For the first 10 months, its sales grew 32%. 

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First published on: 03-11-2022 at 10:31 IST