Shortage of Semiconductor Chips Halt the Production of Electric Vehicle Giant Tesla and its Chinese Rival NIO

The New Chinese Startup NIO Inc.., severely affected due to the shortage of semiconductor chips. NIO is the biggest rival of Tesla in the production of Electric and is emerging in China as a strong Ev contender. NIO stated that they halted the production line for 5 days and numbers reduced from 20,500 units to 19,500 units in the first quarter of the year. The shortage of chips and materials is affecting the giant automaker manufacturer's therefore companies are trying to cover up these shortages by declining or halt production. NIO deliver 5,291 EV Vehicles which was the highest number of sales during the month of November. These record sales give the company growth of 109.3% and it captures a market of 56 billion dollars, which makes it a more valuable brand than American auto manufacturer Ford, which is valued at $8 billion. The government of China is trying to help NIO to overcome the shortage of semiconductor chips.