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Nio’s three-month loss narrows, but shares fall

Nio said it delivered 12,206 vehicles in the third quarter.

AFP via Getty Images

Nio Inc. US Depositary Receipts diverged between gains and losses in trading hours after Tuesday after the Shanghai-based electric car maker reported better-than-expected quarterly results.

Nio NIO,
+ 2.21%
LDCs have recently decreased by 3%. For the year, ADRs gained over 1000%, which could help explain their poor performance after a narrower than expected three-month loss.

Nio said it lost 1.047 billion yuan ($ 154.2 million), or 14 cents on ADR, in the third quarter, up from a loss of 2.52 billion yuan a year earlier.

With the exception of recurring elements such as share-based compensation costs, Nio’s adjusted net loss was $ 147 million, or 12 cents on ADR, the company said.

Analysts surveyed by FactSet expect a net loss of 20 cents on ADR for the quarter.

Revenue rose 146% to 4.526 billion yuan, or 666.6 million dollars, the company said. The FactSet consensus called for revenue of $ 664 million. Fourth-quarter sales guidelines were also above expectations.

Nio said it delivered 12,206 vehicles in the third quarter, including 8,660 ES6 models. Compared to 4,799 vehicles delivered in the third quarter of 2019 and 10,331 vehicles delivered in the second quarter of 2020, the company said.

“In view of the growing market demand for our competitive products, we are motivated to continually take production capacity to the next level,” founder and CEO William Bin Lee said in a statement. “We expect to deliver 16,500 to 17,000 vehicles in the next fourth quarter.”

Nio said his car’s margin had risen to 14.5%.

In addition to delivery prospects, the company is targeting fourth-quarter revenue between 6.258 billion yuan ($ 921.8 million) and 6.435 billion yuan ($ 947.9 million), an increase of about 119.7 % to 126% compared to the fourth quarter of 2019. Analysts analyzed by FactSet expect revenue for the fourth quarter of about $ 813 million.

Nio does not directly address the impact of the coronavirus pandemic on its business.

Do not miss: Nio jumped to record after JPMorgan chose him as the “long-term winner” of the Chinese EV market.

FactSet, MarketWatch

In the days of the previous eight quarterly reports, since Nio went public in September 2018, shares have fallen six times, with an average loss of 13.1%. The double growth of shares includes 3.6% growth after the results for the first quarter of 2019 and 53.7% growth after the results for the third quarter of 2019.

Shares of Nio jumped 1033.83% year-to-date to Monday, while shares of US rival EV Tesla Inc.
+ 8.21%
has increased 387.8%. Meanwhile, the S&P 500 SPX index,
has advanced 12.3% this year.

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