Nio Inc. late Wednesday reported a narrower-than-expected quarterly loss, saying that it expects higher revenue in the current quarter thanks to higher demand for its cars as it smooths out its supply chain.
lost RMB587.2 million ($90.9 million), or 7 cents per American depositary receipt, in the second quarter, compared with a loss of RMB451 million in the year-ago quarter.
Adjusted for one-time items, including expenses with stock-based compensation, Nio lost 3 cents per ADR. Revenue rose 127% to $1.31 billion in the quarter.
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FactSet consensus called for a loss of 9 cents per ADR on sales of $1.3 billion for the EV maker.
Nio’s ADRs gained about 1% in after-hours trading, after closing regular trading down slightly, at $43.97.
“While the global supply chain still faces uncertainties, we have been working closely with our partners to improve the overall supply-chain production capacity,” founder and Chief Executive William Bin Li said in a statement.
“Encouraged by the growing user demand, we remain committed to further expanding our power network, increasing our service and sales coverage, and more importantly, accelerating our product and technology development,” he said.
The Chinese EV maker said it delivered 21,896 vehicles in the second quarter, a 112% increase from the second quarter of 2020 and a 9.2% rise from the first quarter of 2021. The second-quarter deliveries were a record for the company, it said.
Nio guided for delivering between 23,000 and 25,000 vehicles in the current quarter, which would represent an increase of about 88% to 104% from the third quarter of 2020.
The EV maker called for revenue between $1.38 billion and $1.49 billion for the third quarter. FactSet calls for third-quarter revenue around $1.32 billion.
Nio American depositary shares have lost about 9% so far this year, contrasting with gains of around 18% for the S&P 500 index