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.
Street.com 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.