Chinese EV maker Nio says it’s gradually resuming production after Covid halt

Chinese EV maker Nio says it’s gradually resuming production after Covid halt


In February 2020, Nio got a lifeline of financing support led by the government of Hefei city, where the electric car start-up has established its China headquarters.

Qilai Shen | Bloomberg | Getty Images

BEIJING — Chinese electric car company Nio said Thursday it is gradually resuming production at a facility several hours’ drive west of Shanghai, after temporarily halting operations due to the Covid outbreak.

Nio said Saturday it had suspended production after Covid-related restrictions in Changchun, in north China, and Hebei, near Beijing, halted production at suppliers’ factories. The company subsequently said it would raise prices for its SUVs in May due to high raw materials prices.

Now, the supply chain issues have recovered slightly, the company said, and the Hefei production base is gradually resuming production. It noted that future production plans still depend on the recovery of its supply chain.

Mainland China’s worst Covid outbreak in the last several weeks has prompted travel restrictions and lockdowns from the eastern metropolis of Shanghai to the northern province of Jilin, where the capital Changchun is home to auto factories.

German automaker Volkswagen said Thursday its factories in Changchun and Shanghai remained closed.



Source

‘We’re trying to shame them’: Upstart activist investors target America’s underperforming banks
Finance

‘We’re trying to shame them’: Upstart activist investors target America’s underperforming banks

Key Points Hedge fund HoldCo has emerged from relative obscurity to launch activist investor campaigns against three regional banks: Comerica, Eastern Bank and First Interstate. Founders Vik Ghei and Misha Zaitzeff tell CNBC exclusively about their next target, Columbia Bank, and their broader plans to challenge banking CEOs. The millennial upstarts are bringing activism back […]

Read More
Stocks making the biggest moves premarket: PayPal, UnitedHealth, Wayfair, Skyworks, UPS and more
Finance

Stocks making the biggest moves premarket: PayPal, UnitedHealth, Wayfair, Skyworks, UPS and more

Check out the companies making headlines before the bell Skyworks Solutions — The maker of high-performance analog and mixed-signal semiconductors climbed 19% after an all stock-and-cash deal to buy its rival Qorvo , which surged 17%. The combined company will be valued at some $22 billion. Qorvo shareholders will receive $32.50 in cash and 0.960 […]

Read More
Stocks making the biggest moves after hours: Nucor, Waste Management, F5, NXP and more
Finance

Stocks making the biggest moves after hours: Nucor, Waste Management, F5, NXP and more

Check out the companies making headlines in after-hours trading. Nucor — Shares of the steel products manufacturer added 3% after reporting strong results for the third quarter. Nucor said its earnings per share for the period was $2.63 per share, exceeding its earlier guidance that suggested earnings would be between $2.05 and $2.15 per share, […]

Read More