NIO Inc
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Consumer Discretionary : Automobiles |
Based in China
Company profile

Nio, Inc. designs, manufactures and sells smart and connected electric vehicles. It manufactures autonomous driving electric vehicles integrated with next generation technologies and artificial intelligence. It manufactures ES8, which is a seven-seated all aluminum alloy body electric sports utility vehicle (SUV). It is equipped with e-propulsion system which is capable of accelerating from zero to 100 km per hour in 4.4 seconds and delivering a New European Driving Cycle driving range of up to 355 Kilometers (km) and a maximum range of up to 500 km in a single charge. It is also focused on providing vehicle charging solutions, which include Power Home, Power Swap, Power Mobile and Power Express service. It also offers various value-added services to its users, such as statutory and third-party liability insurance and car damage insurance through third-party insurers, repair and routine maintenance services, courtesy car during lengthy repairs and maintenance and roadside assistance.

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Closing Price
$30.95
Day's Change
0.47 (1.54%)
Bid
--
Ask
--
B/A Size
--
Day's High
31.32
Day's Low
30.08
Volume
(Light)
Volume:
34,862,552

10-day average volume:
54,990,302
34,862,552

Nio forecast disappoints as Chinese electric-car maker faces supply-chain concerns

7:40 am ET November 10, 2021 (MarketWatch)
Print

By Jeremy C. Owens

Nio Inc. executives suggested Tuesday that growth will be hard to come by in the fourth quarter amid supply-chain issues, and shares slipped in after-hours trading.

Nio (NIO) executives guided for fourth-quarter vehicle deliveries of 23,500 to 25,500 cars, which suggests roughly flat sales from the record 24,439 the Chinese electric-car company reported Tuesday for the third quarter. Chief Executive William Bin Li referred to "continued supply-chain volatilities" in a statement Tuesday, while guiding for fourth-quarter revenue of $1.45 billion to $1.57 billion, a range wholly lower than the average analyst estimate of $1.69 billion.

Nio has faced production issues that led to a severe downturn in October, when the company delivered fewer than 4,000 vehicles while making changes to manufacturing. In a conference call Tuesday, Bin Li said the supply chain "remains challenging."

"Our supply-chain team and partners have adopted a series of measures to support the record high quarterly deliveries in the third quarter, and will continue to do so," he said.

Nio reported a third-quarter loss of $440.6 million, or 28 cents per American depository share, wider than a loss of 15 cents a share a year ago due to a large repurchase of equity from a minority investor. After stripping out that charge as well as stock-based compensation, the loss fell to $88.4 million, or 6 cents per ADS. Revenue rose to $1.53 billion from $692 million a year ago.

Analysts on average expected an adjusted loss of 7 cents a share on sales of $1.44 billion, according to FactSet. Nio stock fell 2.3% in the extended session, which ended as the company's conference call began.

Nio also disclosed that it has sold slightly more than $1.2 billion worth of stock since launching an at-the-market offering in September. Nio targeted $2 billion for the stock sale when it was announced.

Nio's U.S.-traded ADSs have declined 16.6% so far this year, as the S&P 500 index has gained 24.7%.

-Jeremy C. Owens

	

(END) Dow Jones Newswires

November 10, 2021 07:40 ET (12:40 GMT)

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