Hyperdrive
China’s Accelerating Shift to EVs Helps Nio Post Narrower Loss
- Third-quarter loss shrinks to $130 million, beating estimates
- EV startup forecasts up to 25,500 deliveries this quarter
The NIO ES8 all-electric SUV.
Photographer: Odin Jaeger/BloombergThis article is for subscribers only.
Chinese electric-vehicle maker Nio Inc. reported a narrower-than-estimated third-quarter loss, as strong demand from China overcame production snarls caused by the global chip shortage.
Nio posted an 835.3 million yuan ($130 million) loss in the three months ended Sept. 30, versus a 1.05 billion yuan shortfall a year earlier, the Shanghai-based company said in a statement. That compared with analyst estimates of an 863 million deficit, according to data compiled by Bloomberg. Revenue rose to 9.81 billion yuan, topping analyst estimates of 9.32 billion yuan.