Nio Reports Better-Than-Expected Third-Quarter Results

Chinese electric car maker forecasts fourth-quarter deliveries between 16,500 and 17,000.
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Nio Inc.  (NIO) - Get Report posted better-than-expected results after the closing bell Tuesday.

The Chinese electric vehicle maker reported an adjusted loss per share of 12 cents on revenue of $667 million.

The company had been expected to report a loss of $196.7 million, or 18 cents a share, on sales of $664 million, based on a FactSet survey of 5 analysts.

In the same period a year ago, the company posted a loss of 35.49 cents a share on sales of $262.9 million. It reported a loss of $485.6 million.

Nio said it delivered 12,206 in the quarter, up from 4,799 in the same period a year ago and 10,331 in the second quarter. “We expect to deliver 16,500 to 17,000 vehicles in the coming fourth quarter,” said William Bin Li, founder, chairman and chief executive officer of NIO, in a statement.

Shares have been on a wild ride in recent weeks amid rampant speculation over the burgeoning market for electric vehicles in China and on recent bullish outlooks for rivals Li Auto  (LI) - Get Report and Xpeng Motors XPEV.

The stock has risen 250.9% since the company last reported earnings on Aug. 11. 

However, Nio has been targeted by short-seller Citron Research which said in a report Friday that “NIO has found itself in unchartered territory that can never be justified by its current standing in the China EV market or its near-term prospects.” It said Nio faces increasing competition from Tesla  (TSLA) - Get Report, which outsold Nio 2-to-1 inChina last month alone and which is expected to cut prices of its Model Y substantially as it passes on cost savings to customers.

Shares of Nio were active in after-hours trading Tuesday. The stock fell 88 cents, or 1.9%, to $45.66 after gaining 1% during the regular session.

Tesla rose sharply Tuesday on news it will be added to the S&P 500 index in December.