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Chinese electric vehicle company, NIO Inc. (NYSE: NIO), reported Q3 results before the opening bell in the US on Tuesday.
Company overview
The results
NIO reported revenue of $2.611 billion for the previous quarter, narrowly missing analyst estimate of $2.634 billion. Revenue was up by 46.6% year-over-year and up by 117.4% from Q2 2022.
The company reported loss per share of -$0.312 for Q3, which was below analyst estimate of -$0.351 loss per share.
NIO delivered 55,432 cars during the quarter, setting a new quarterly record.
CEO commentary
“NIO delivered 55,432 vehicles in the third quarter of 2023, representing a solid year-over-year growth of 75.4% and setting a new record for quarterly delivery,” William Li, CEO of NIO said in a statement.
“According to the retail sales data from China Automotive Technology and Research Center, NIO ranked first in the battery electric vehicle market segment priced over RMB300,000 in China, with a market share of 45% in the third quarter of 2023,” Li highlighted NIO’s position in the market.
“We have recently completed a thorough review of the Company’s two-year operating plans to determine our objectives, priorities, and action plans. Meanwhile, we have identified opportunities to optimize our organization, reduce costs and enhance efficiency. Our focus remains on advancing core technologies, developing key products, and expanding sales and service capabilities. We are confident in NIO’s long-term competitiveness in the smart electric vehicle market,” Li concluded.
Stock reaction
Shares of NIO were up by over 3% on Tuesday, trading at around $7.55 a share.
Stock performance
NIO stock price targets
NIO Inc. is the 1200th largest and 6th largest electric vehicle company in the world with a market cap of $13.5 billion.
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Sources: NIO Inc., TradingView, MarketWatch, TipRanks, Benzinga, CompaniesMarketCap
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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