Employees stand next to a ET7 sedan at a NIO Inc. dealership in Shanghai, China, on Wednesday, June 8, 2022.
Qilai Shen | Bloomberg | Getty Images
Chinese electric vehicle maker Nio on Thursday reported a lack of $577.9 million for the third quarter, significantly wider than a 12 months ago, despite strong revenue following a 29% increase in vehicle sales.
Listed here are the important thing numbers from Nio’s third-quarter earnings report.
- Revenue: $1.83 billion, up 32.6% from the third quarter of 2021.
- Adjusted loss per share: 30 cents, versus 6 cents per share within the year-ago period.
- Money at quarter end: $7.2 billion, down from $8.1 billion as of June 30.
Shares of the corporate rose 1.6% in premarket trading Thursday.
Nio said on Oct. 1 that it delivered 31,607 vehicles within the third quarter, up 29% from the third quarter of 2021 and a record for the corporate.
Nio’s gross margin was 13.3%, barely improved versus the 13% margin it reported within the second quarter, but down from 20.3% a 12 months ago. Nio said the year-over-year margin decline was resulting from lower sales of regulatory credits, higher costs which have squeezed margins on its vehicles, and better spending on its charging and repair networks.
CEO William Bin Li said in an announcement that the corporate has seen strong interest in its latest ET5 sedan, which he expects “will support a considerable acceleration of our overall revenue growth within the fourth quarter of 2022.” The ET5, the corporate’s second sedan, began shipping in September.
With the ET5 now available, Nio is working to extend production and shorten customer waiting times, Li said. Nio said that investors should expect it to deliver 43,000 and 48,000 vehicles within the fourth quarter, generating total revenue between RMB17,368 million ($2.4 billion) and RMB19,225 million ($2.7 billion).
