TECH - Struggling Nio Hopes To Find Salvation In Product Revamping | Benzinga
Nio Inc (NYSE: NIO) reported a wider-than-expected second quarter loss amid its transition to an updated EV platform and worsening China economy. But EV startup is expecting the remaining half of the year to be better as it continues its efforts challenge the EV king Tesla Inc (NASDAQ: TSLA) and China’s best-selling EV brand BYD Company Limited (OTC: BYDDY) as well as its EV startup peers, XPeng Inc (NYSE: XPEV) and Li Auto Inc (NASDAQ: LI).
Nio’s Second Quarter Highlights
For the quarter ended on June 30th, Nio lost $835.1 million on a GAAP basis, which is more than twice it lost during last year’s comparable quarter while generating revenue of $1.21 billion, which is 8.77 billion yuan coming in below the Refinitiv’s 9.25 billion yuan estimate. Revenue contracted 14.8% YoY. The adjusted loss per share amounted to 45 cents or 3.28 yuan, also more than the expected 2.45 yuan.
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