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Investing.com -- Nio Inc (NYSE:NIO) stock fell 5.8% on Monday after Electric Vehicles reported that the Chinese electric vehicle maker revealed significant delivery delays for its newly launched third-generation ES8 SUV.
The company hosted a livestream on its Chinese social media platforms to update reservation holders on the delivery process for the new ES8, which was officially launched on Saturday in Hangzhou. During the event, Nio disclosed that new orders for the large six- and seven-seat SUV will face waiting times of 24 to 26 weeks.
According to the delivery timeline shared by Nio, customers placing orders today would not receive their vehicles until March 2025, approximately six months from now. This extended waiting period appears to have dampened investor sentiment despite strong initial demand for the vehicle.
Several local media reports on Sunday and earlier Monday had indicated that Nio has already sold out this year’s 40,000-unit production capacity for the three-row vehicle. However, the company’s inability to fulfill all orders received this year seems to have overshadowed the positive reception of the model.
The third-generation ES8 represents an important product in Nio’s lineup as the company competes in China’s increasingly competitive premium electric SUV market. The extended delivery timeline suggests potential production constraints that could limit Nio’s ability to capitalize on initial demand momentum.
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