Chinese electric vehicle (EV) maker Nio reported worse-than-expected Q4 results today.
Nio reported an adjusted loss per share of 3.07 yuan, worse than the expected loss of 1.93 yuan per share, as total operating expenses surged to 7.36 billion yuan. Revenue increased by 62% year-over-year to 16.06B yuan ($2.34B), again missing the 17.1B yuan consensus.
"In 2022, we made positive strides in the research and development of core technologies and competitive products, infrastructure deployment and global market expansion, laying a solid foundation for the Company's long-term growth," said William Bin Li, founder, chairman and chief executive officer of NIO.
Total deliveries stood at 40,052 EV units, representing a YoY increase of 60%. The EV business said it generated 14.76B yuan from vehicle sales.
Shares trade about 4% lower in pre-market Wednesday.
For this quarter, the company expects to deliver between 31,000 and 33,000 EV units, representing an increase of approximately 20.3% to 28.1% from the same quarter of 2022. Revenues are seen between 10.93B yuan and $11.54B yuan.
"2022 was a year of decisive investments and accelerated global market entry for NIO," added Steven Wei Feng, NIO's chief financial officer. "In 2023, we will focus on improving our execution efficiency, and work in an agile and efficient mode to embrace the competition in the global electric vehicle market in the long run."
February Deliveries: Nio reported February deliveries of 12,157 units, up 98.3% from a year ago. This represented roughly 43% sequential growth.
The Outlook: The company guided to first-quarter deliveries of 31,000 to 33,000 units, a 20-28% year-over-year increase. Given the company has already delivered 20,633 vehicles in the quarter, it is left with a target of 10,337-12,337 units for March to hit the guidance.
Revenue for the quarter is expected to grow 10-16.5% to $1.58 billion to $1.67 billion.
CEO Li said in 2023, the company plans to deliver five new products based on the NT 2.0 platform, deploy 1,000 additional Power Swap stations to further improve holistic user experience, and continuously strengthen its competitive advantages in key areas of smart electric vehicles."