EV maker NIO's (NYSE: NIO) stock price trades nearly 5% lower in pre-market Tuesday after the company reported a fourth-quarter loss of 0.93 yuan ($0.14) per share to miss on the 0.39 expected from analysts.

For the current quarter, the company said it expects to see total revenue between 7.38 billion and 7.56 billion yuan, representing a jump of about 10% compared to the 6.64 billion yuan reported for the past quarter.

“NIO concluded a transformational 2020 with a new quarterly delivery record of 17,353 vehicles in the fourth quarter of 2020. The strong momentum has continued in 2021 as we achieved a historic monthly delivery of 7,225 vehicles in January and a resilient delivery of 5,578 vehicles in February, representing strong 352% and 689% year-over-year growth, respectively,” said William Bin Li, founder, chairman and chief executive officer of NIO.

“Supported by competitive product offerings, outstanding services and innovative business models, we have won increasing recognition from our users and expect to deliver 20,000 to 20,500 vehicles in the first quarter of 2021.”

Chinese electric vehicle (EV) producer Nio (NIO) said it is forced to cut Q2 monthly production to 7,500 from 10,000 amid a global shortage in semiconductors and batteries.

The company worked hard to increase the monthly production capacity to 10,000 cars in February but will have to scale down to 7,500. This way, Nio joins other carmakers in cutting output target due to lack of chips. Nio expects to increase the production in July.

The company’s CEO William Li said Nio has the capacity to produce 150,000 vehicles per year. In a year’s time, the company is hoping to be able to produce cars in two shifts as it eyes 300,000 produced units in 2022.

The EV company managed to deliver 7,225 vehicles in January and 5.578 in February. For March, the company is forecasting 7,197 delivered cars.

It appears that Nio is getting another major rival with Sweden-based Volvo committing to go all-electric by 2030.