NIO Shares Tumbled 8% in Premarket Trading

NIO Shares Tumbled 8% Premarket After Suspending Production on Supply Chain Issues.Shanghai-headquartered Nio said it is halting car production, CnEVPost reported, citing a statement posted by the company on its mobile app. The company blamed the predicament on issues with several of its suppliers, which had to shutter plants is several places, including Jilin, Shanghai and Jiangsu.

These companies are yet to resume production in full swing.

"There will be a delay in the delivery of vehicles for many customers in the near future, and we ask for your understanding," it said in a statement on the NIO app.

Nio reportedly said it will work with its supply chain partners to resume production and meet delivery obligations as soon as possible.