NIO (NIO) – Get report, the Chinese electric vehicle maker, reported a larger-than-expected loss for the fourth quarter after Monday’s bell, even as revenue more than doubled in the same period last year.
Nio said revenue totaled 6.641 billion renminbi ($ 1.018 billion) in the quarter, an increase of 133.2% over last year, but below the forecast by the Visible Alpha analyst of 6.7 billion yuan.
NIO recorded a net loss of 1.389 billion renminbi (US $ 212.8 million) in the last quarter, shrinking 51.5% compared to the previous year. Net loss per share was 1.05 renminbi ($ 0.16) in the fourth quarter, higher than analysts’ estimate of a loss of 0.7 renminbi.
The company’s employees focused on vehicle deliveries in the disclosure of results.
“NIO completed a transformational 2020 with a new quarterly delivery record of 17,353 vehicles in the fourth quarter of 2020,” said founder and CEO William Bin Li in a statement.
“The strong momentum continued in 2021, when we achieved a historic monthly delivery of 7,225 vehicles in January and a resilient delivery of 5,578 vehicles in February, representing a strong growth of 352% and 689% year on year, respectively. … We expect to deliver 20,000 to 20,500 vehicles in the first quarter of 2021. ”
NIO recently stood at $ 48.02, down 3.50% on the floor. It rose 8.7% during Monday’s regular trading session. It soared 1.238% in the last 12 months until Monday’s close, amid investors’ fervor for electric vehicle stocks.
Street.com founder Jim Cramer praised NIO in January. Tesla Titan Electric Car (TSLA) – Get report now “there is a challenger, NIO, the Chinese company that launched a new luxury electric vehicle sedan … that people are crazy about,” he said.