Chinese EV maker Nio has blamed soaring costs for a surprisingly bigger quarterly loss than was expected on Thursday.
Shanghai-based Nio said its net loss widened to 4.14 billion yuan ($571.20 million) in the quarter ended September 30, from 2.86 billion yuan a year earlier. But the firm said it still expects deliveries to almost double in the current quarter.
Most Chinese EV firms are battling higher battery prices, intensifying competition and a rise in sales costs.
Also on AF: Asia Stocks Slip on US Election Uncertainty, Crypto Crisis
Sales at Nio, Xpeng Inc and Li Auto Inc have surged in recent quarters on robust demand, helping them emerge as strong rivals to home-grown BYD Co and US-based Tesla Inc.
Nio expects deliveries of its vehicles, which include hybrids, EVs and fuel-cell units, to be between 43,000 and 48,000 for the fourth quarter. It delivered 31,607 vehicles in the third quarter.
The premium EV market player’s vehicle sales rose 38.2% and deliveries jumped 29.3% from last year.
- Reuters with additional editing by Sean O’Meara
Read more:
EV Maker Nio and Yum China The Latest Zero-Covid Victims
China’s Nio to Open EV Battery Products Plant in Hungary
A Little-Known China EV Maker Eclipses Rivals Nio, Tesla
