Tuesday, September 21, 2021

Chinese Tesla rival Nio narrows losses as revenue surges 127% - CNBC

Last updated Thursday, August 12, 2021 03:00 ET , Source: NewsService

In this article

Nio plans to begin deliveries of its ET7 electric sedan in 2022.

Evelyn Cheng | CNBC

GUANGZHOU, China — Nio shares rose more than 1% in after-hours trade on Wednesday after the Chinese electric carmaker posted a narrower than expected loss and a surge in revenue.

The start-up lost 0.42 yuan (US$0.07) per share in the second quarter, less than the 0.68 yuan loss expected, according to Refinitiv data. That was narrower than the 1.15 yuan loss per share recorded in the same period last year.

Meanwhile, revenue surged 127.2% year-on-year to hit 8.45 billion yuan ($1.31 billion), more than the 8.32 billion yuan analysts had estimated.

Nio forecast revenues for the third quarter to be between 8.91 billion yuan and 9.63 billion yuan, a rise of around 96.9% to 112.8% from the same quarter of 2020.

The electric carmaker said it delivered 21,896 vehicles in the second quarter, within its own previously-stated range. For the third quarter, Nio forecasts that it will deliver between 23,000 and 25,000 vehicles.

Supply chain ‘uncertainties’

Nio and other electric carmakers are facing headwinds due to the global chip shortage which could weigh on production. In China, a resurgence of the coronavirus could potentially affect sales.

As the EV adoption begins to reach a tipping point worldwide, we believe it is imperative to speed up the launch of new products to provide more premium smart EV offerings ...William Bin LiCEO, Nio

“The issue for Nio, for Tesla, for others,...

Read Full Story: https://www.cnbc.com/2021/08/12/nio-earnings-q2-deliveries-revenue.html

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