BRIEF: Nio’s quarterly loss widens as deliveries grow
Electric vehicle (EV) maker Nio Inc. (9866.HK, NIO.US) said on Wednesday its deliveries rose 11.6% year-on-year in the third quarter to 61,855 units, a new high for the company. But its net loss also widened by a similar 11% to 5.14 billion yuan.
The company logged nearly 16.7 billion yuan worth of vehicle sales during the quarter, down 4.1% year-on-year. Its vehicle margin improved by 2.1 percentage points to 13.1% from 11% in the same period last year.
Nio said it expects to deliver between 72,000 and 75,000 vehicles in the fourth quarter, representing a year-on-year increase of 43.9% to 49.9%. The company also emphasized that it achieved positive free cash flow in the third quarter and said its brands will enter a strong product cycle next year.
By Lau Chi Hang
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