Aug 11 (Reuters) – China’s electric car maker Nio Inc. on Tuesday beat quarterly revenue for Wall Street and forecast current quarterly sales above expectations, following a rise in car deliveries despite disruptions caused by the coronavirus crisis.
US-listed shares of the company, which have grown nearly four times this year, were up about 12% to $ 15.87 in premarth trading.
“The current restrictions on production will be lifted in the near future and we are confident that our production capacity can meet the faster demand of our models,” Chief Executive Officer William Bin Li said in a statement.
The pandemic-hit auto industry in China has recovered, with sales in July rising 16.4%, marking the fourth month of profit as demand picks up in the world’s largest cars.
Nio said it delivered 3,533 of its ES8 and ES6 sport-utility electric cars in July, a jump of about 322% year-over-year.
The company forecast revenue between 4.05 billion yuan and 4.21 billion yuan ($ 606.68 million) for the third quarter. Analysts expect a turnover of 3.53 billion yuan, according to IBES data from Refinitiv.
Nine also expects delivery of cars to be between 11,000 and 11,500 units.
Turnover more than doubled and stood at 3.72 billion yuan, in the second quarter ended June 30, hitting an estimate of 3.51 billion yuan.
Articles Exclusive Nio posted a loss of 1.08 yuan per U.S. share in deposit. Analysts had expected a loss of 1.84 yuan per ADS. ($ 1 = 6.9394 Chinese yuan renminbi) (Report by Akanksha Rana in Bengaluru; Edited by Shailesh Kuber)
