After exceeding expectations in its third-quarter estimates, Chinese electric vehicle manufacturer Nio experienced a fall in its stock price late on Monday night.
While Nio incurred a quarterly loss, its earnings report showed a stronger finish than was expected by Wall Street analysts. While a loss of 15 cents per share was projected, Nio only lost 12 cents per share while generating a revenue of $666.6 million. Another point of interest is that their available cash more than doubled from Q2 to Q3, with a total figure of $3.3 billion.
Spearheaded by the release of the affordable EC6 electric crossover vehicle, Nio’s deliveries in Q3 surged by more than 154%. This amounted to a total of 12,206 sales of the vehicle, a company record-high.
Following Nio’s announcement of its quarterly loss, shares fell 3.6% after closing up 2.2% at $46.59 on Tuesday. Nio is just one of many EV stocks that incurred a late decline, with Li Auto falling 1.4% and Xpeng suffering a 2.71% decline.
FInancials aside, Nio remains one of the greatest threats to Tesla in the world, particularly with the Chinese market. The company’s plans are to expand its market into Europe in 2021.
