Benzinga - NIO Inc (NYSE: NIO) shares are trading higher Thursday after the EV company reported strong top-line results for the third quarter.
Nio said third-quarter revenue increased 32.6% year-over-year to $1.83 billion, which beat average analyst estimates of $1.79 billion, according to Benzinga Pro. The company reported a quarterly net loss of 30 cents per share, which missed estimates for a loss of 16 cents per share.
Nio said it delivered 31,607 vehicles in the third quarter, up 29.3% year-over-year and up 26.1% sequentially. The deliveries consisted of 22,859 electric SUVs and 8,748 electric sedans.
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"Following the delivery of our new product lineup based on NIO Technology 2.0 catering to different market segments, we have witnessed strong growth momentum in user demand and robust foot traffic, especially after the debut of ET5s in stores from September, and expect the ET5 delivery will support a substantial acceleration of our overall revenue growth in the fourth quarter of 2022," said William Bin Li, founder, chairman and CEO of Nio.
Nio expects fourth-quarter deliveries to be between 43,000 and 48,000. The company said it has already delivered 10,059 vehicles in October.
Nio said it expects fourth-quarter revenue to be between $2.442 billion and $2.703 billion versus average estimates of $2.96 billion.
NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $8.37.
The stock was up 15.4% at $10.67 at time of publication.
Photo: courtesy of Nio.
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