Shares of Nio, which makes the ES8 and ES6 electric
sport-utility vehicles, ended the day down 4.8% on the New York Stock Exchange.
Ford Motor, Honda Motor, General Motors and Volkswagen were
among the automakers caught off guard by the shortage, forcing many to hold
back production even as car demand picked up during the pandemic.
Chip shortages have cost the global auto industry 130,000
vehicles in lost production, research firm AutoForecast Solutions estimates,
with the heaviest impact in North America, with 74,000 units lost, and Western
Europe, with 35,000 lost.
The chip scarcity is also a result of an increased demand
from the consumer electronics industry as people worked from home and played
more video games during the crisis. Sanctions against Chinese technology
companies have also played a role.
The Chinese electric vehicle maker, Nio which also faces competition from homegrown rivals such
as Xpeng Inc, now expects to deliver 19,500 vehicles in the first quarter, down
from a 20,000 to 20,500 range previously.
Ford had warned the shortage could hit its 2021 profit by up
to $2.5 billion, while larger U.S. automaker GM expects the crisis to shave up
to $2 billion off its full-year profit.
Ford, which was until now assembled its highly profitable
F-150 without certain parts, said on Thursday it would idle production of the
trucks at a plant in Michigan through Sunday.
GM and Japan's Honda both said this week they would continue
production suspension at plants in North America for the coming weeks.
Swedish truck maker Volvo AB, meanwhile, said on Tuesday the
chip shortage would have a "substantial" impact on its second-quarter
earnings, and it would implement stop days across its sites globally beginning
in April.