Nio Inc (NYSE:NIO) shares rose about 3% in early Tuesday trade after the Chinese electric vehicle (EV) maker reported its financial results for the second quarter.
The company posted an adjusted operating loss of 5.46 billion yuan ($1 = CNY7.2930), worse than the estimated loss of 4.78B yuan. Revenue for the quarter totaled 8.77B yuan, missing the consensus of 9.16B yuan.
Nio delivered a total of 23,520 vehicles in the second quarter of 2023. This comprised 10,492 premium smart electric SUVs and 13,028 premium smart electric sedans.
These figures reflect a 6.1% decline from the same period in 2022 and a 24.2% decrease from the first quarter of 2023.
In terms of guidance, NIO anticipates Q3 2023 revenue to rise by 45.3-50.1% to a range of 18.898B-19.52B yuan, while analysts were expecting 17.2B yuan.
The company projects delivering between 55,000 and 57,000 vehicles in the same quarter, marking a notable increase of approximately 74.0% to 80.3% compared to the same quarter in 2022. Analysts surveyed by Bloomberg were expecting 48,465 deliveries.
“Attributed to the product transition based on the NT2.0 Platform, coupled with the expansion of our power network and the strengthening of our sales capabilities, we expect a solid growth in vehicle deliveries in the second half of 2023,” said William Bin Li, founder, chairman, and chief executive officer of NIO.
Nio shares were down 1% in premarket Tuesday.