Hyperdrive
Nio Rises on Cost Cuts Despite Falling Behind Its Sales Goals
- Chinese EV maker reports a net loss for the third quarter
- CEO Li says he’s confident in Nio’s long-term competitiveness
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Nio Inc. reported a quarterly loss and an outlook on revenue and electric-vehicle deliveries that missed estimates, while the company is working on further cost-cutting and sales-boosting measures.
The Chinese EV maker now projects revenue of up to 16.7 billion yuan ($2.3 billion) in the three months through December, short of the 21.4 billion yuan average estimate from analysts. It expects to sell as many as 49,000 vehicles in the quarter — well below analysts’ average forecast of 59,426.