Nio Posts Bigger Quarterly Loss, Forecasts Higher Deliveries

Tiger Newspress2022-11-10

Chinese electric automaker Nio Inc on Thursday reported a bigger loss for the third quarter and said it expects deliveries to rise as much as 91.7% in the current quarter.

The Shanghai-based EV maker said net loss attributable widened to 4.14 billion yuan ($571.20 million) in the quarter ended Sept. 30, from 2.86 billion yuan a year earlier.

Nio ADR slid 0.65% in premarket trading.

Total revenues were RMB13,002.1 million (US$1,827.8 million) in the third quarter of 2022, representing an increase of 32.6% from the third quarter of 2021 and an increase of 26.3% from the second quarter of 2022.

Gross profit was RMB1,735.1 million (US$243.9 million) in the third quarter of 2022, representing a decrease of 12.9% from the third quarter of 2021 and an increase of 29.5% from the second quarter of 2022.

Gross margin was 13.3% in the third quarter of 2022, compared with 20.3% in the third quarter of 2021 and 13.0% in the second quarter of 2022.

Nio expects deliveries of its vehicles, which include hybrids, EVs and fuel-cell units, to be between 43,000 and 48,000 for the fourth quarter. It delivered 31,607 vehicles in the third quarter.

Loss from operations was RMB3,870.3 million (US$544.1 million) in the third quarter of 2022, representing an increase of 290.2% from the third quarter of 2021 and an increase of 36.0% from the second quarter of 2022. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB3,258.4 million (US$458.1 million) in the third quarter of 2022, representing an increase of 348.6% from the third quarter of 2021 and an increase of 38.4% from the second quarter of 2022.

Net loss was RMB4,110.8 million (US$577.9 million) in the third quarter of 2022, representing an increase of 392.1% from the third quarter of 2021 and an increase of 49.1% from the second quarter of 2022. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB3,498.9 million (US$491.9 million) in the third quarter of 2022, representing an increase of 514.2% from the third quarter of 2021 and an increase of 54.3% from the second quarter of 2022.

Net loss attributable to NIO’s ordinary shareholders was RMB4,142.3 million (US$582.3 million) in the third quarter of 2022, representing an increase of 44.9% from the third quarter of 2021 and an increase of 50.9% from the second quarter of 2022. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB3,459.3 million (US$486.3 million) in the third quarter of 2022, representing an increase of 507.2% from the third quarter of 2021 and an increase of 58.3% from the second quarter of 2022.

Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB51.4 billion (US$7.2 billion) as of September 30, 2022.

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Comments

  • Jontrade
    2022-11-11
    Jontrade
    It is FOMO buying :) 
  • Moonshot
    2022-11-10
    Moonshot
    [Onlooker] 
  • Pluto891
    2022-11-10
    Pluto891
    price drop...
  • Gerardngo
    2022-11-10
    Gerardngo
    Regardless of earnings, short term is still bearish for Chinese stocks considering covid and all. 
  • aaffsmcjje
    2022-11-10
    aaffsmcjje
    Go $3 i consider. Market cap still too high
  • Bobet
    2022-11-10
    Bobet
    Nice 👍 
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