Chinese smart electric vehicle maker NIO Inc. reported a double-digit drop in deliveries in October, due to the company’s restructuring efforts during the period.

  • NIO said deliveries stood at 3,667 in October, down by 27.5% from the same month last year. The deliveries include 218 of the ES8s; 2,528 of the ES6s; and 921 of the EC6s. Year-to-date deliveries stand at 145,703.
  • The carmaker attributed the decline to its restructuring, supply chain volatilities, upgrades of its manufacturing lines, and the preparation for the introduction of new products from September 28 to October 15.
  • The company said new orders for the month reached another all-time high driven by increasing user demand, even as the firm was hit by issues involving supply chains and production.

NIO on September 20 opened its NIO House, and completed the first batch of vehicle deliveries in Norway. NIO is down 3.55% premarket.