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NIO earnings: Chinese EV maker beats on revenue in the 3rd quarter

Ines Ferré
·Markets Reporter
·3 min read

Chinese electric vehicle maker NIO (NIO) is trading about 3% lower in after hours despite a narrower than expected loss for its latest quarter. The company’s results comes on the same day rival Tesla soared 8% on news that the EV maker is set to join the S&P 500 (^GSPC).

These are NIO’s third quarter results vs consensus estimates compiled by Bloomberg:

Adjusted loss per share: 12 cents vs a loss of 18 cents expected

Revenue: US $666.6 million vs $663.29 million expected

Gross margin: 12.9% vs 11.25% forecast by analysts

The company also gave revenue guidance above Street expectations. In the 4th quarter NIO expects to deliver between16,500 and 17,000 vehicles.

NIO has been an out-performer in the hot EV space this year. The company’s American Depository Shares have rallied over 1000% YTD, namely on the heels of better than expected quarterly results and deliveries. In October, the company doubled its vehicle deliveries to a new monthly high.

The stock has has rallied following major announcements, including a liquidity injection earlier this year.

In August the company launched a battery subscription program. Analysts have also made note of indications that NIO is looking to expand globally starting with Europe.

Last Friday the stock plunged as much as 10% after short-seller Citron Research predicted NIO shares will head to $25, citing Tesla’s vehicle price cuts and overall market share in China.

SHANGHAI, CHINA - OCTOBER 03: A Nio EP9 car is on display during 2020 Shanghai Pudong International Automotive Exhibition (Auto Pudong 2020) at Shanghai New International Expo Centre on October 3, 2020 in Shanghai, China. (Photo by Gao Yuwen/VCG via Getty Images)
SHANGHAI, CHINA - OCTOBER 03: A Nio EP9 car is on display during 2020 Shanghai Pudong International Automotive Exhibition (Auto Pudong 2020) at Shanghai New International Expo Centre on October 3, 2020 in Shanghai, China. (Photo by Gao Yuwen/VCG via Getty Images)

Chinese EV start-ups overall have been on a tear over the last month.

Last Thursday XPeng Motors (XPEV) soared 34% following a better-than-expected quarter. Revenue jumped 342% year over year, and deliveries spiked 266%.

“We're very happy with both the delivery results as well as our financial revenue growth, but more importantly this quarter we also achieved our first ever positive gross margin for the company so I think all very exciting,“ Xpeng Vice Chairman and President Brian Gu said during an interview with told Yahoo Finance Live.

EV startup Li Auto (LI) received a price target hike and upgrade from Citigroup on Monday to Buy from Hold following its recent quarterly results. The stock has rallied more than 80% in the last 30 days. Li Auto went public at the end of July, pricing it’s IPO at $11.50 per American depositary share. The stock was trading above $36 by mid-morning on Tuesday.

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Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre

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