Chinese manufacturer of electric vehicles Nio reported a 146% growth of income and increase postawko 2.5 times compared to last year’s values. NIO gave a strong forecast for the fourth quarter.
On Tuesday, after the close of trading, a Chinese manufacturer of electric vehicles Nio (NIO) reported better-than-expected Wall Street, the results of the third quarter ended 30 September and the forecast for the fourth quarter.
Shares of Nio became Champions in growth this year, for the last six months the price rose 1239%. The stock rose 40% after 2 November when the company announced record deliveries of electric cars in October.
In late September, the Nio has released a new electric crossover Nio CE6, seen as a rival of the upcoming Y Model from Tesla (TSLA) in China.
For the third quarter, the company Nio said:
Loss per share decreased to $0.12 each, which is better than analysts ‘ expectations of $0,18.
The sum of the quarterly loss (net loss) amounted to $175,0 million, up by 53.5% less than in the third quarter of 2019, and 1.6% less than in the second quarter of 2020.
Total quarterly revenues grew by 146,4% (compared with last year) to $667 million (4 526,0 million yuan), which is higher than the average of analysts ‘ forecasts of $664 million and 21.7% more than in the second quarter of 2020.
Statistics quarterly revenues and profits Nio for the last 2 years available here.
The Nio reported that for the quarter set 12 206 electric vehicle compared to a 4 799 for the same period a year earlier, and 10 of 331 in the second quarter.
During the quarter the company announced the new scheme of leasing the batteries, called “battery service”, which was to increase the availability of its vehicles. The service provides clients the possibility of renting batteries rather than a direct purchase, which reduces the sticker price of cars.
Earlier this month, the Nio announced a battery with a capacity of 100 kilowatt-hours, which increases the range of electric vehicles to 615 km.
The forecast messages Nio
In the fourth quarter of Nio expects revenues in the range of $921,8 million – $947,9 million, above the average analysts ‘ forecast of $742 million. the Company intends to put 16 500-17 000 cars, which 100,6-106,7% more than a year ago, but lower than the growth of 154% in the third quarter and an increase of 191% in the second quarter.
9 January, the company will hold the event “Nio Day”, which, according to expectations, will be announced a new electric sedan premium – Nio ЕТ7, also announced further improvements of the batteries (battery pack with a capacity of 150 kWh.).
Today, Nio is a strong competition for Tesla in China. In addition, the company plans to increase production and start exporting to Europe in 2021 after the recent move of Tesla to export to the region, Chinese car Model 3.