Chinese electric vehicle maker Nio (NIO) has reported second-quarter financial results that were largely inline with analyst forecasts.
The Shanghai-based company announced a loss of $0.30 U.S. per share, which was slightly better than a loss of $0.31 U.S. expected on Wall Street.
Revenue during the quarter totaled $2.40 billion U.S., which matched the consensus expectations of analysts who track the company’s progress. Sales doubled from $1.20 billion U.S. a year earlier.
NIO said that it delivered 41,600 cars in July and August of this year and guided for another month of 20,000-plus car sales this September.
Looking ahead, Nio said that it expects sales of $2.63 billion U.S. to $2.71 billion U.S. for the current third quarter of the calendar year.
Management added that they anticipate vehicles deliveries of 61,000 to 63,000 units this quarter.
The guidance surpassed the $2.50 billion U.S. in sales and deliveries of 57,000 vehicles that Wall Street had penciled in for the company.
Nio’s stock rose 4% in premarket trading on news of the company’s latest financial results.
Prior to today (Sept. 5), the stock of Nio had declined 50% this year and was trading at $4.24 U.S. per share.
Tech Insider
