Chinese EV maker Nio climbs on narrower-than-expected Q3 loss
Nio was up as much as 3.1% in early trading on Tuesday after the Chinese EV maker dropped its third-quarter earnings. The company posted an adjusted loss of $0.15 per share, better than the $0.23 loss expected by analysts polled by FactSet.
The automaker also:
Booked $2.7 billion in vehicle sales, up 15% from the same period last year and slightly below Wall Street estimates. According to Nio, an increase in sales volume was partially offset by a lower average selling price, as the company introduced more affordable EVs.
Delivered 87,071 vehicles in Q3, up more than 41% from last year. The figure landed at the bottom of the company’s delivery projection range of between 87,000 and 91,000 vehicles.
Posted a vehicle margin of 14.7%, improving on the 13.1% in Q3 last year.
Looking ahead, the company said it expects to sell between 120,000 and 125,000 vehicles in Q4. Meeting even the low end of that target would bring the company’s 2025 total deliveries to more than 321,000 units, beating Wall Street’s expectation of about 316,000 vehicles.
Alongside Chinese rivals BYD and XPeng, Nio has helped fuel a fiercely competitive EV market in China, squeezing outside entrants like Tesla with low-priced vehicles similar to Tesla’s Model Y.
