Shares of Chinese EV maker NIO (NYSE:NIO) are trending lower today after its fourth-quarter numbers fell short of estimates.
Revenue rose 62.2% year-over-year to $2.33 billion but missed expectations by $230 million. Net loss per share at $0.44 too, came in wider than estimates by $0.18. During the quarter, vehicle deliveries rose to a record 40,052 units. This was an impressive 60% year-over-year increase in the number of deliveries.
Further, the company delivered 12,157 units during the month of February, marking a 98.3% year-over-year increase. Looking ahead, for Q1 2023, NIO sees revenue ranging between $1.58 billion and $1.67 billion. Vehicle deliveries for the period are anticipated between 31,000 and 33,000.
Overall, Wall Street has a consensus price target of $18.11 on NIO, implying a massive 92.86% potential upside in the stock. That’s after a nearly 52.6% drop in the share price over the past six months.
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