Tesla's Chinese Rival Nio Clocks 41% Q2 Deliveries Growth

Chinese electric vehicle maker Nio Inc. (NYSE:NIO) stock rose Tuesday after the company reported fiscal third-quarter results.

The company posted quarterly revenue of 21.79 billion Chinese yuan ($3.06 billion), rising 16.7% year-over-year (Y/Y) and 14.7% sequentially, but coming in below the consensus estimate of $3.26 billion.

Excluding one-time items, the company posted an adjusted loss of 1.14 yuan (15 cents) per ADS, narrowing from 2.14 yuan a year earlier and beating analyst expectations for a 24-cent loss.

Also Read: NIO And Li Auto Fall As Beijing Tightens Grip On EV Exports

Vehicle deliveries were 87,071 in the quarter, up 40.8% Y/Y. The deliveries rose by 20.8% quarter-over-quarter (Q/Q). Consequently, vehicle revenue grew by 15.0% Y/Y and 19.0% Q/Q.

Nio, often referred to as the “Tesla of China,” remains a major competitor to Tesla, Inc.

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Tesla's Chinese Rival Nio Clocks 41% Q2 Deliveries Growth

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