Hyperdrive
Chinese EV Maker Nio’s Loss Narrows on Demand Rebound
- CEO Li says working with suppliers to mitigate chip shortage
- Automaker forecasts deliveries to rise to record this quarter
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Chinese electric vehicle startup Nio Inc. reported a narrower second-quarter loss on a recovery in car-buyer demand, and said it’s working with semiconductor suppliers to mitigate the impact on production from a global chip shortage.
The Shanghai-based company posted a net loss of 587.2 million yuan ($90.6 million) in the three months ended June 30, compared with a 1.18 billion yuan shortfall a year earlier, it said in a statement. Revenue surged to 8.45 billion yuan, exceeding analyst estimates of 8.29 billion yuan, according to data compiled by Bloomberg.