Written by Cláudio Afonso | LinkedIn | X
Nio reported its third-quarter earnings on Wednesday, falling short of analysts’ consensus estimates for both revenue and earnings per share (EPS). Revenue came in at 18.57 billion yuan, below the expected 19.05 billion yuan, while EPS was 2.14 yuan, missing the consensus estimate of 1.92 yuan.
For the fourth quarter of the year, the EV maker said it expects total revenue to increase between 15% and 19.2% ranging between $2.8 billion and $2.9 billion.
Between July and September, the EV maker delivered 61,855 vehicles—an 11.6% year-over-year increase—meeting the guidance of 61,000 to 63,000 units provided during the second-quarter earnings call.
The Shanghai-headquartered company stated on Wednesday that it estimates deliveries of between 72,000 and 75,000 units this quarter.
With Nio and Onvo, the two brands under the Group, delivering a total of 20,976 vehicles in the first month of the quarter, the company’s guidance indicates that the company expects to deliver between 51,024 and 54,024 units in November and December combined.
In a statement, Nio founder and CEO William Li said that Onvo’s “production capacity is set to rapidly expand in the next few months” adding that “the company’s total delivery volume for the fourth quarter is expected to reach a new record.”
Nio’s sub-brand, Onvo, registered 1,020 vehicles in China between November 11 and 17, data from new energy vehicle (NEV) maker Li Auto showed earlier this week.
As of the time of writing, Nio shares are trading 4.7% lower at $4.41 during the pre-market trading session. Year to date, the stock has lost about 50% of its value.
Onvo‘s President Alan Ai has recently reaffirmed the company’s goal of delivering more than 10,000 units in December and exceeding 20,000 by March next year adding that if these goals are not met, he will step down.
Written by Cláudio Afonso | LinkedIn | X
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