Nio Lifts Deliveries Outlook As CEO Hints At SUV Market Shakeup

Chinese electric vehicle maker Nio (NYSE:NIO) shares were trading lower in premarket on Tuesday after the company reported fiscal second-quarter results, but the stock has since reversed losses and is now trading higher by 1.72%.

The company reported quarterly revenue of 19.01 billion Chinese yuan ($2.65 billion), up 9.0% year-over-year (Y/Y). The revenue grew by 57.9% sequentially.

Analysts, on average, estimated revenue of $2.76 billion for the quarter.

Also Read: NIO, XPeng, Li Auto Log Strong August Deliveries Highlighting China’s EV Momentum

Excluding items, the company reported an adjusted loss per share per ADS of 1.85 yuan, or 25 cents, compared to a 2.21 yuan loss in the year-ago quarter. Analysts had called for a loss of 30 cents per ADS.

Vehicle deliveries were 72,056 in ...