NIO (NYSE:NIO) shares fell more than 6% intra-day today as the EV manufacturer cut its Q1 delivery outlook due to falling demand and strong pricing competition in China. The firm now anticipates delivering about 30,000 vehicles for the quarter, a reduction from the initially forecasted range of 31,000 to 33,000 vehicles.

Despite a general sales increase for major EV producers in China towards the month’s end, Nio’s revised figures reflect the competitive pressures in the market. From March 18 to 24, Nio saw a rise in local market sales to 3,000 vehicles, up from 2,200 the previous week, according to automotive news source Yiche.

However, the company’s delivery numbers for February showed a significant decline, with 8,132 vehicles delivered, a 33.11% decrease from the same period last year and a 19.12% fall from January’s figures, as announced on March 1.

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