By Chris Wack

NIO shares were down 6% to $4.51 after the company cut its vehicle delivery outlook for the first quarter.

The stock hit its 52-week low of $4.45 earlier in the session, and is down 50% in the past 12 months.

The electric vehicle company said that based on its most recent business update, it expects to deliver about 30,000 vehicles in the first quarter, revised from its March 5 outlook of 31,000 to 33,000 vehicles.

Earlier this month, the Chinese electric-vehicle maker forecast soft sales in the first quarter after its fourth-quarter loss narrowed on higher deliveries. The outlook came as the company said it faces an intensifying price war in China's EV market and weaker demand.

Write to Chris Wack at

(END) Dow Jones Newswires

03-27-24 1106ET