TECH - Nio Narrowed Its Losses But Fell Short On Revenue And Guidance | Benzinga
On Tuesday, Nio Inc (NYSE: NIO) reported a narrower-than-expected third quarter loss. Like other automakers in China, Nio was pressured to slash prices, thinning its margins, in response to the price war that Tesla Inc (NASDAQ: TSLA) ignited at the beginning of the year.
Nio’s Third Quarter Highlights
Nio reported revenue below estimates of 19.4 billion yuan as sales amounted to 19.1 billion Chinese yuan which is about $2.7 billion. On the bright side, revenue rose 47% YoY. Unfortunately, Nio still made a loss of 2.67 yuan per share, which is better than the loss of 2.91 yuan that analysts expected. Nio also succeeded to narrow down its loss from the second quarter when it amounted to 3.7 yuan, which is an improvement of 24.8%. But, Nio still reported a higher loss compared to 2022’s comparable quarter.
Gross margin amounted to 8%, falling from last year’s comparable quarter when it amounted to 13.3%. Nio’s vehicle margin amounted to 11%.
Fourth Quarter Guidance
For the December quarter, Nio guided for revenue in ...