(Yicai Global) Dec. 28 -- Nio’s stock price tumbled after the Chinese electric car startup cut its delivery forecast for this quarter, citing supply chain disruptions caused by Covid-19.

Nio [HKG: 9866] finished almost 11 percent lower at HKD78.85 (USD10.12) a share in Hong Kong today. Its New York-traded stock [NASDAQ: NIO] fell 8.3 percent to USD10.06 yesterday.

The carmaker now expects to deliver between 39,500 and 39,500 vehicles in the three months ending Dec. 31, versus a previous forecast of between 43,000 and 48,000, the Shanghai-based firm said in a filing to the Hong Kong Stock Exchange yesterday.

“Nio has been facing challenges in deliveries and production, together with certain supply chain constraints, caused by the outbreak of the coronavirus omicron variant in major cities in China,” the company noted.

This month’s deliveries will range between 14,300 and 15,300, based on delivery data for October and November, Nio said.

In October, two of Nio's plants in Hefei, Anhui province, halted production. The automaker lost vehicle production capacity of several thousands that month due to various factors, founder William Li said on the firm’s third-quarter earnings conference call.

Nio had a net loss of CNY4.1 billion (USD587.9 million) in the the three months ended Sept. 30, widening 45 percent from a year earlier. Revenue rose 33 percent to CNY13 billion (USD1.9 billion).

Editor: Futura Costaglione