Chinese EV maker Nio posts bigger quarterly loss, sees higher deliveries
Reuters
Published Nov 10, 2022 05:11AM ET
Updated Nov 10, 2022 05:31AM ET
(Reuters) -Chinese electric automaker Nio (NYSE:NIO) Inc on Thursday reported a bigger quarterly loss due to a jump in costs, and said it expects deliveries to almost double in the current quarter.
Most Chinese electric vehicle (EV) makers are battling higher battery prices, intensifying competition and a rise in cost of sales.
Sales at Nio, Xpeng (NYSE:XPEV) Inc and Li Auto Inc have surged in recent quarters on robust demand, helping them emerge as strong rivals to home-grown BYD Co (OTC:BYDDF) and U.S.-based Tesla (NASDAQ:TSLA) Inc.
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.
The premium EV market player's vehicle sales rose 38.2% and deliveries jumped 29.3% from last year.
Shanghai-based Nio 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.
($1 = 7.2479 Chinese yuan renminbi)
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Written By: Reuters
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