Nio (NYSE: NIO) stock price is down about 1.5% in pre-open Wednesday after the company reported Q3 earnings and Q4 guidance.

NIO reported Q3 EPS of ($0.06), better than the analyst estimate of ($0.09). Revenue for the quarter came in at $1.52 billion versus the consensus estimate of $1.46 billion.

“We achieved another all-time high quarterly delivery of 24,439 for the third quarter of 2021, representing a solid growth of 100.2% year-over-year. Our demand continues to be strong and our new orders reached a new record high in October,” said William Bin Li, founder, chairman and chief executive officer of NIO.

For this quarter, Nio is calling for Q4 revenue of $1.4551 to $1.5684 billion, to miss on the consensus of $1.74 billion. Nio is projecting to deliver between 23,500 and 25,500 vehicles in the quarter.

Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating and $67.00 price target on NIO despite lower-than-expected Q4 guidance.

“We believe reflecting continued supply chain issues and NIO restructuring/upgrading its manufacturing lines for the introduction of upcoming products. We would note TSLA (Buy) had strong SepQ deliveries ~10% above consensus,” Rakesh said in a client note.

Bernstein analyst Eunice Lee maintained a Market Perform rating and a $45.00 per share price target on Nio shares amid supply chain challenges.

“The management expect more production disruptions as a result of further reconfiguration of manufacturing lines in 2022, but the impact will be minor. Supply chain bottlenecks for semiconductor chips and battery packs may present bigger challenges on deliveries… We are still concerned about the ET7 volume that NIO can deliver. We consider it to be quite a challenge to break German Premium's dominance over the premium large sedan space,” Lee commented in his note.

Shares are down 24% YTD.