Ng Han Guan / Associated Press
Chinese automaker Nio fell to 6.9% on Tuesday as investors in the company’s profits.
Shares rose to 8% after Tesla’s competitor exceeded profit estimates and recorded a positive gross margin for the first time. The company reduced its quarterly losses for the fourth consecutive quarter after nearly tripling previous year’s vehicle deliveries.
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Here are the key figures:
Revenue: 3.72 billion yuan ($540 million), to 3.49 billion yuan ($500 million)
Loss consistent with U.S. deposit: 1.08 yuan (16 cents), vs. 1.66 yuan (24 cents)
Vehicle deliveries: 10331, up from 3553 a year
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The automaker also guided a solid third quarter, many corporations have official forecasts. The company expects deliveries for the existing quarter between 11,000 and 11,500 cars, compared to just 4,799 cars in the third quarter of 2019.Revenue ranged from 4,050 million yuan ($580 million) to 4.210 million yuan ($610 million), according to corporate.
The second quarter’s benefit is more impressive given the interruptions in the source chain and weak demand caused by the coronavirus pandemic. The company cut prices and borrowed more to maintain a proper flow of money during the fitness crisis, while still being able to maintain its positive gross margin.
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“Existing production restrictions will be eliminated in the short or long term and we are confident that our production capacity will meet the accelerated demand for our models,” he said.
Without a doubt, the company has a long way to go before reaching Tesla. Teslas records in China reached 50,000 in the first part of the year, smoothly exceeding Nio’s sales speed. Elon Musk’s company is also accelerating Model Y production at its new Shanghai plant after generating Model 3 sedans in the country.
Nio closed at $14.21 consistent with the consistent percentage on Monday. The automaker has five “buy” ratings, seven “keep” ratings, and 3 analyst “sell” ratings, according to Bloomberg data.
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