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New Chinese EV Maker Nio Surges On First Earnings Print

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New Chinese EV Maker Nio Surges On First Earnings Print

Two weeks after big brother Tesla Inc (NASDAQ: TSLA) posted a major third-quarter earnings beat, neophyte Nio Inc - ADR (NYSE: NIO) peaked on 3,095-percent quarter-over-quarter revenue growth.

The Chinese electric-vehicle maker also reported 97.6-percent gross margins growth, as well as improvements in adjusted net loss per share. The latter metric improved from -57.82 renminbis last quarter to -10.35 renminbis this quarter.

Nio drove its rally on a sharp ramp of ES8 production and delivery — an achievement rivaling that of Tesla. The former rate rose from 500 in the second quarter to 4,206 this quarter, and the latter surged from 100 to 3,268.

What's Next

“We now have 12 NIO Houses and 9 pop-up NIO Houses across 19 major cities in China,” CFO Louis Hsieh said in a press release. “Our ES8 order pipeline continues to grow and production is on track, giving us confidence in our ability to meet our delivery goal of 10,000 ES8s by the end of 2018."

To further bolster its bottom line, the firm is preparing to launch a five-seat electric SUV, the ES6.

Auto bulls appeared to favor these figures and narratives over other more disheartening rates. Nio reported a 31-percent quarter-over-quarter and 87.2-percent year-over year rise in adjusted loss from operations.

Nio, which joined the U.S. markets in September, traded up more than 10 percent in Tuesday's pre-market session. At time of publication, shares were only up 1.3 percent at $6.76.

Related Links:

Bernstein Out Bearish On EV Startup NIO

Nio On Roller Coaster Since IPO

Posted-In: Autonomous Driving Electric Vehicle Louis HsiehEarnings News Top Stories Best of Benzinga

 

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