NIO Inc NIO shares are trading higher Wednesday after the company reported mixed second-quarter results and issued guidance. Nio shares initially traded lower following the report, but the stock reversed and surged higher at market open.
Nio said second-quarter revenue increased 21.8% year-over-year to RMB10,292.4 million ($1.537 billion), which beat average analyst estimates of $1.43 billion, according to Benzinga Pro. The company reported a quarterly net loss of 20 cents per share, which missed the estimate for a loss of 17 cents per share.
Nio delivered 25,059 vehicles in the second quarter, representing an increase of 14.4% year-over-year. Vehicle deliveries included 3,681 ES8s, 9,914 ES6s, 4,715 EC6s and 6,749 ET7s. Nio said it ended the quarter with $8.1 billion in cash and equivalents.
“With the teams’ concerted efforts, our deliveries started to recover and achieved 10,052 and 10,677 units in July and August, respectively,” said William Bin Li, founder, chairman and CEO of Nio.
“We witnessed a robust order inflow for the ES7 and started its deliveries at scale in August. We also look forward to starting the mass production and delivery of the ET5 in late September,” he added.
Nio expects to deliver between 31,000 and 33,000 vehicles in the third quarter. The EV company expects third-quarter revenue to be between $1.92 billion and $2.03 billion versus the estimate of $2.32 billion.
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NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $11.67.
The stock was up 2.07% at $17.47 at time of publication.
Photo: courtesy of Nio.
Image and article originally from www.benzinga.com. Read the original article here.