Nio Inc.â??s American depositary shares tanked in the extended session Tuesday after the Shanghai-based electric-car maker reported a wider-than-expected
quarterly loss, highlighted a
delivery slowdown this year and raised more concerns about Chinaâ??s economy.
Nio
NIO, +3.89%
آ*said it lost 3.5 billion renminbi ($511.5 million) in the fourth quarter, or 49 cents a share. Revenue reached 3.4 billion renminbi ($499.7 million) in the quarter, compared
with 1.5 billion renminbi in the third quarter. Nio did not provide year-ago numbers.
Analysts polled by FactSet expected a
quarterly loss of 32 cents a share on sales of $493 million.
Related: Tesla stock slides to 4-month low as analysts question recent decisions, fret about cash burn
Fourth-quarter deliveries of Nioâ??s ES8, an SUV launched last year in the Chinese market, reached 7,980 vehicles, the company said.
See also: Citronâ??s Andrew Left sells out of Chinaâ??s Tesla rival Nio
Deliveries of the ES8 in January and February were 1,805 and 811 vehicles, respectively, reflecting â??a greater-than-anticipated
slowdown in monthly deliveries,â?* Nio said.
The company pinned the
slowdown on accelerated deliveries at the end of 2018 ahead of electric-vehicle-subsidy cuts in China this year, seasonal slowdowns around the Jan. 1 and Lunar New Year holidays, and â??the current
slowdown of macro-economic conditions in China, particularly in the automotive sector,â?* it said.
Read more: Nio CEO touts its electric cars as â??ticket to a new lifestyleâ??
Nio ADRs fell about 11% in after-hours trading, after ending the regular session up 3.9%.
The ADRs debuted on the New York Stock Exchange in September and a couple of months later the company
won a nod from Citron Researchâ??s Andrew Left, who praised its management and marketing strategies, including the creation of â??Nio Housesâ?* as places not only for car sales but also as club-style spaces where customers can socialize.
Nio said in December that its ES6, a compact, five-seater SUV, is available to pre-order,
with the first deliveries slated for June.
Nioâ??s ADRs have gained 60% this year, compared
with gains around 2.5% for the S&P 500 index
SPX, -0.11%
آ*.
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