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When the pandemic hit the world, the global industries faced a tremendous downfall and the shortage of supplies started occurring throughout the world. During this time, it was expected that the automobile sector would be facing a huge slump due to lockdowns and curfews.
In reality, the outcomes were completely different from the assumptions and predictions made by investors, economists, and market observers.
Towards the end of the year 2020, the automobile sector started reporting a great surge in demand from the public. As compared to the traditional engine-based vehicles, the electric vehicles sector showed tremendous gains and demand surges.
However, the end of the year 2020 also brought one major problem with it, which was the shortage of semiconductors, commonly known as chips. Initially, there were only a couple of companies that reported a shortage of chips. With time, more and more companies started reporting the same.
Unfortunately, the problem with chips is that they are not only used by automobile companies but by almost every electric company in the world. The automobile ended up facing a lot of loss because each one of its vehicles had to have chips installed in order to function at full potential.
When the shortage first occurred, it was expected that the situation would become normal in the coming months. However, the world is still trying to recover from the shortage of chips and is not able to make much improvement around the sector.
During the particular crisis, many companies have started operating smartly to cut the cost of manufacturing or extra labor. Companies such as Ford had to reduce their daily shifts for manufacturing vehicles and let go of some workers.
On the other hand, companies such as Tesla resorted to producing vehicles that brought high revenues for the company. This helped the companies carry on with their operations and keep delivering vehicles to difficult times.
Although the companies have been operating and carrying out manufacturers smartly, yet they are producing fewer vehicles than predicted. However, Nio has a different story to share with its stakeholders and investors.
Nio, a Chinese electric car manufacturing startup, proclaiming to be a Tesla competitor within the country has shared its sales figures for June 2021. The company has claimed that for the first time since its launch, it is the first month in which it has delivered more than 8,000 vehicles.
According to figures, Tesla has delivered 8,083 electric vehicles in the month of June. As for the second quarter of 2021, the company has achieved 21,896 deliveries. The company has revealed that the total deliveries it achieved in Q2 2021 are within its forecasted figure of 21,000 to 22,000 vehicles.
Nio is already publicly listed through the NYSE and in the year 2021, its share prices have surged by 9%. The company has been making decent progress and is aiming to go international in the upcoming years.
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