NIO Posts Wider-Than-Expected Loss; Sees Q1 Deliveries Above 20K

Revenue more than doubles in fourth quarter at Chinese electric vehicle maker.
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NIO  (NIO) - Get Report, the Chinese electric vehicle maker, reported a wider-than-expected loss for the fourth quarter after the bell Monday, even as revenue more than doubled for the period from a year earlier.

Nio said revenue totaled 6.641 billion renminbi (US$1.018 billion) in the quarter, up 133.2% from last year, but below Visible Alpha’s analyst forecast of 6.7 billion yuan.

NIO posted a net loss of 1.389 billion renminbi (US$212.8 million) in the latest quarter, shrinking 51.5% from a year ago. The net loss per share registered 1.05 renminbi ($0.16) in the fourth quarter, wider than analysts’ estimate of a 0.7 renminbi loss.

Company officials focused on vehicle deliveries in the earnings release. 

“NIO concluded a transformational 2020 with a new quarterly delivery record of 17,353 vehicles in the fourth quarter of 2020,” founder and Chief Executive William Bin Li said in a statement.

“The strong momentum has continued in 2021, as we achieved a historic monthly delivery of 7,225 vehicles in January and a resilient delivery of 5,578 vehicles in February, representing strong 352% and 689% year-over-year growth, respectively. … We expect to deliver 20,000 to 20,500 vehicles in the first quarter of 2021.”

NIO recently stood at $48.02, down 3.50% in after-hours trading. It rose 8.7% during the regular trading session Monday. It has skyrocketed 1,238% over the past 12 months through Monday’s close, amid investor fervor for electric vehicle stocks. founder Jim Cramer offered high praise for NIO in January. Electric car titan Tesla  (TSLA) - Get Report now “has a challenger, NIO, the Chinese company that unveiled a new electric vehicle luxury sedan … that people are going gaga about,” he said.