Nio reports strong third-quarter revenue as it gears up for a big year-end production push

Chinese electrical conveyance shaper Nio connected Thursday reported a nonaccomplishment of $577.9 cardinal for the 3rd quarter, importantly wider than a twelvemonth ago, contempt beardown gross pursuing a 29% summation successful conveyance sales.

Here are the cardinal numbers from Nio's third-quarter net report.

• Revenue: $1.83 billion, up 32.6% from the 3rd 4th of 2021.
• Adjusted nonaccomplishment per share: 30 cents, versus 6 cents per stock successful the year-ago period.
• Cash astatine 4th end: $7.2 billion, down from $8.1 cardinal arsenic of June 30.

Shares of the institution roseate 1.6% successful premarket trading Thursday.

Nio said connected Oct. 1 that it delivered 31,607 vehicles successful the 3rd quarter, up 29% from the 3rd 4th of 2021 and a grounds for the company.

Nio's gross borderline was 13.3%, somewhat improved versus the 13% borderline it reported successful the 2nd quarter, but down from 20.3% a twelvemonth ago. Nio said the year-over-year borderline diminution was owed to little income of regulatory credits, higher costs that person squeezed margins connected its vehicles, and higher spending connected its charging and work networks.

CEO William Bin Li said successful a connection that the institution has seen beardown involvement successful its new ET5 sedan, which helium expects "will enactment a important acceleration of our wide gross maturation successful the 4th fourth of 2022." The ET5, the company's 2nd sedan, began shipping successful September.

With the ET5 present available, Nio is moving to summation accumulation and shorten lawsuit waiting times, Li said. Nio said that investors should expect it to present 43,000 and 48,000 vehicles successful the 4th quarter, generating full gross betwixt RMB17,368 cardinal ($2.4 billion) and RMB19,225 cardinal ($2.7 billion).