Nio's (NIO) U.S.-listed shares are little changed in mid-day trading, after the Chinese electric vehicle maker reported worse-than-expected quarterly results, including a wider-than-forecast loss.
The Chinese company, which has lowered average selling prices of its cars amid an intense domestic price war with rivals, posted revenues in its third quarter of 18.67 billion yuan ($2.57 billion). That was below consensus estimates from analysts polled by Visible Alpha of 19.14 billion yuan.
Its net loss for the period of 5.14 billion yuan, widened from 4.63 billion yuan in the same period last year, also exceeded analysts’ estimates of a 4.75 billion yuan loss.
Vehicle deliveries jumped almost 12% year-over-year to 61,855 in the third quarter. Vehicle sales fell 4.1%, however, due to "lower average selling prices."Founder and Chief Executive Officer (CEO) William Bin Li said Nio has a more than 40% of the market share in the battery electric vehicle (BEV) segment priced above 300,000 yuan ($41,397) in China, and it expects total delivery volume in the current quarter “to reach a new record.”
Nio said it expects deliveres of between 72,000 and 75,000 in the current quarter and total revenues of between 19,68 billion yuan and 20.38 billion yuan.
Nio shares were little changed by mid-day and are down almost 50% this year through Tuesday.
Update-November 20, 2024: This article has been updated to reflect fresh market numbers.
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