Investing.com -- Nio (NYSE:NIO) saw its shares slide more than 6% in the U.S. premarket trading Friday after the Chinese electric vehicle (EV) maker reported worse-than-expected fourth-quarter results and disappointing guidance for the current quarter.
The company reported a fourth-quarter loss of RMB3.17 per share, worse than the RMB2.12 loss per share that analysts had expected.
Revenue for the period totaled RMB19.7 billion, also missing the RMB20.81 billion consensus.
The company delivered 72,689 vehicles during the quarter, a 45% increase from the prior year, but slightly below the expected 73,207.
Vehicle sales reached RMB17.48 billion, up 13% year over year, compared to an estimate of RMB18.04 billion. Vehicle margin improved to 13.1% from 11.9% a year earlier, in line with expectations for 13.2%.
“In 2024, we achieved a new delivery record of 221,970 vehicles. Throughout the year, NIO brand maintained its position as the leader in China’s BEV market for vehicles priced over RMB300,000, capturing a 40% market share," said William Bin Li, founder, chairman, and CEO of NIO.
"The market share of the ONVO L60 have been steadily increasing since its launch, securing a top-three position in China’s BEV SUV market priced between RMB200,000 and 300,000,” he added.
For the first quarter, NIO guided revenue in the range of RMB12.37 billion to RMB12.86 billion, well short of the RMB16.73 billion forecast.
The EV manufacturer expects to deliver between 41,000 and 43,000 vehicles, far below the estimated 65,052.
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