Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

What's Going On With Tesla Rival Nio Stock Today?

Published 10/11/2022, 15:37
Updated 10/11/2022, 16:40
© Reuters.  What's Going On With Tesla Rival Nio Stock Today?
TSLA
-
GIG
-

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.

Related Link: Tesla Rival Nio's Loss Widens In Q3 But Revenue Beats Expectation; How COVID-19 Impacts Forward Guidance

"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.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.