Nio reported an adjusted net loss of 6.7 million, in the past three months, with total revenues surging 146.4.% year-over-year to 6.6 million.The stock of Chinese electric vehicle company Nio Inc (NYSE: NIO) was up over 4% during Wednesday’s premarket to trade around .42. Nio stock closed yesterday at .59, having jumped 2.22% during the day. However, today, as the market opened the stock, went lower and now it is 5.45% down, at .The spike is attributed to the third-quarter results announced on Wednesday and also future growth prospects. Whereby the company anticipates unveiling two sedan models soon. “We are going to launch a sedan soon, and are currently developing another one,” Chief Executive Officer William Li said on a conference call on Wednesday following Nio’s
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Nio reported an adjusted net loss of $146.7 million, in the past three months, with total revenues surging 146.4.% year-over-year to $666.6 million.
The stock of Chinese electric vehicle company Nio Inc (NYSE: NIO) was up over 4% during Wednesday’s premarket to trade around $48.42. Nio stock closed yesterday at $46.59, having jumped 2.22% during the day. However, today, as the market opened the stock, went lower and now it is 5.45% down, at $44.
The spike is attributed to the third-quarter results announced on Wednesday and also future growth prospects. Whereby the company anticipates unveiling two sedan models soon. “We are going to launch a sedan soon, and are currently developing another one,” Chief Executive Officer William Li said on a conference call on Wednesday following Nio’s third-quarter earnings. “So the next two products in line will both be sedans.”
As the Chinese government pushes for electric vehicle adoption in the market through favorable policies, Nio’s future growth prospects are very high.
Moreover, the company has a market valuation of approximately $62.09 billion with 1.08 billion outstanding shares. During the pandemic, Nio stocks have rallied as investors bid on its market approach.
According to the figures provided by MarketWatch, Nio stocks are up 2,445.90% in the past year through November. In addition, they have rallied 1058.96% year to date, jumped 255% in the past three months, and managed to climb 66.63% and 12.13% in the last one month and five days respectively.
The outstanding performance comes despite the increased competition in the electric vehicle industry both from the local market and overseas especially from Tesla Inc (NASDAQ: TSLA).
Details of Nio Q3 Earnings Report that Influence the Stock
Nio reported an adjusted net loss of $146.7 million, in the past three months, with total revenues surging 146.4.% year-over-year to $666.6 million.
Notably, the company reported adjusted loss earnings per share (EPS) of $0.12, whereas the consensus estimates expected a loss of $0.17 per share with a revenue of $655.28 million during the past three months.
With the Chinese market slowly recovering from the ongoing coronavirus pandemic, Nio shareholders continue to see their portfolios rising by the day. Furthermore, Nio anticipates venturing into the European market in the coming quarters to widen its revenue collection. However, the company has indicated that it will only focus on premium vehicles in the market.
The European Union has been pushing for its member states to adopt clean energy vehicles to avoid more carbon emissions. As a result, Chinese EV makers are competing with Tesla that has several models in the market already.
Bloomberg reported that Tesla has been leading Nio in China electric vehicle sales.
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