Hyperdrive
Chinese EV Maker Nio Reports Quarterly Loss, Slimmer Margin
- Revenue fell 15% YOY, gross margins are now down to 1%
- Company sold 20% of its 2023 target through first six months
A Nio Inc. ES7 electric sports utility vehicle, left, and a Nio ET5 electric sedan at a dealership in Shanghai, China.
Photographer: Qilai Shen/BloombergChinese electric carmaker Nio Inc. reported a wider-than-estimated loss in the second quarter as vehicle deliveries came in at the low end of the company’s target.
The automaker posted a net loss of 6.06 billion yuan ($831 million) in the three months ended June 30, it said in a statement Tuesday. That was wider than the average analyst estimate of 4.73 billion yuan, according to data compiled by Bloomberg, and more than double a 2.76 billion yuan loss in the same period last year.