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03-06-2019, 03:06 AM
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Nio spooks investors with quarterly miss, delivery slowdown
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*. Want news about Asia delivered to your inbox? Subscribe to MarketWatch’s free Asia Daily newsletter. Sign up here. </p> Source link More ??????? ??????: Nio spooks investors with quarterly miss, delivery slowdown || ??????: ahlam1399 || ??????: اسم منتداك
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