Shares of NIO (NYSE: NIO) went up in pre-market trading on Thursday as the Chinese electric vehicle (EV) major reported total revenues of $1.83 billion, a jump of 32.6% year-over-year and beating analysts’ estimates by $50 million. Adjusted net loss came in at $0.3, exceeding Wall Street analysts of loss of $0.14 per share. Shares of NIO are down by more than 70% this year.
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William Bin Li, Founder, chairman, and CEO of NIO commented, “NIO delivered 31,607 vehicles in the third quarter of 2022, representing a solid growth of 29.3% year-over-year and achieving a record-breaking quarterly delivery.”
Li added that the company is optimistic that the launch of the ET5 back in September would result in a “substantial acceleration of our overall revenue growth in the fourth quarter of 2022.”
NIO has projected vehicle deliveries in Q4 to be in the range of 43,000 to 48,000 vehicles, up year-over-year by 71.8% to 91.7%. The company anticipates revenues to be in between $2.4 billion and $2.7 billion in the fourth quarter.
