Shares of Nio Inc. NIO,
hit 8.8% in record highs in prime trade Tuesday, after the China-based electric carmaker reported a second-quarter loss that was about half what was expected if sales more than doubled, providing an optimal outcome for deliveries for the current quarter. The net loss was limited to RMB1.21 billion ($ 173.9 million), as RMB1.15 a share, from a loss of RMB3.31 billion, as RMB3.23, in the year-ago period. Excluding non-recurring items, the loss per share was RMB1.08, compared to the ConsS of FactSet for a loss per share of RMB2.15. Gross margin swung to positive 9.7% from negative 24.1% a year ago. Total revenue increased 146.5% to RMB3.72 billion ($ 535.4 million), to beat the FactSet consensus of RMB3.51 billion. Deliveries reached a quarterly record of 10,331 cars, and the company expects a further increase from 11,000 to 11,500 cars in the third quarter. “Apart from the strong order growth, we are proud to reach a milestone quarter with respect to the key financial metrics of the company, marked with the historically high car gross margin of 9.7%, lowest ever operating losses and more importantly, a positive cash flow from operations for the first time in our history, “said founder and chief executive William Bin Li. The stock, which is set to open above the July 10 record high of $ 14.98, has more than declined (up 253.5%) year to Monday, while shares of U.S. rival Tesla Inc. TSLA,
have increased by 239.1% and the S&P 500 SPX,
has received 4.0%.
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