Why Nio President Sees Decline In October Deliveries As 'No Big Deal'

$NIO Inc (NIO.US)$ poor delivery performance in October due to lower production is not a "big deal," the Chinese electric vehicle maker’s co-founder and President Qin Lihong said.Lingon said the manufacturing plant has resumed production and that the company is seeing a rise in orders.The executive said Nio’s manufacturing facility in Hefei worked at full capacity for just ten days in October due to a production line revamp and upgrade.As a result, "there were not enough vehicles that could be used for deliveries, which is not a big deal," the Nio preisdent reportedly said.

Nio delivered 3,667 vehicles in October, a drop of 27% year-on-year and 65.5% on a month-on-month basis. Rival $XPeng (XPEV.US)$ delivered 10,138 vehicles in October.
Nio delivered 10,628 vehicles globally in September, a record high for the company that was struggling to register growth in deliveries in the last few months.
The automaker, seen as a rival to $Tesla (TSLA.US)$ is reportedly looking to double production at the Hefei facility to 240,000 vehicles a year after a complete overhaul, which is expected to be completed in the first half of next year.