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NIO Inc. (NYSE: NIO) announced Q3 financial results before the market open in the US on Thursday. The Chinese automaker fell short of analyst estimates for the quarter.
The company reported revenue of $1.827 billion (up by 26.3% from the same period last year) vs. $1.836 billion estimate.
Loss per share reported at -$0.297 per share vs. analyst estimate of -$0.147 loss per share.
”NIO delivered 31,607 vehicles in the third quarter of 2022, representing a solid growth of 29.3% year-over-year and achieving a record-breaking quarterly delivery. Following the delivery of our new product lineup based on NIO Technology 2.0 catering to different market segments, we have witnessed strong growth momentum in user demand and robust foot traffic, especially after the debut of ET5s in stores from September, and expect the ET5 delivery will support a substantial acceleration of our overall revenue growth in the fourth quarter of 2022. To meet the growing user demand and shorten the waiting time, we have been working closely with supply chain partners to accelerate production and delivery,” William Bin Li, founder, chairman and CEO of NIO said in a press release after the latest numbers were announced.
NIO expects revenues of between $2.442 billion and $2.703 billion in Q4, which would be an increase of between 75.4% to 94.2% from the same period last year.
Shares of NIO were up by over 10% on Thursday, despite missing Q3 estimates as the company looks to accelerate production and delivery to meet growing demand in Q4.
NIO price targets
NIO is the 23rd largest automaker in the world with a market cap of $17.71 billion.
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Sources: NIO Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap
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