Nio Inc.'s US securities holdings considered the extended session on Tuesday after the Shanghai-based electric car manufacturer reported a larger than expected quarterly loss, highlighting a fall in deliveries this year, and raised concerns about China's economy.
NIO, + 3.89%
said it lost 3.5 billion yuan ($ 511.5 million) in the fourth quarter, or 49 cents per share. Turnover reached 3.4 billion yuan ($ 499.7 million) in the quarter, compared to 1
Analysts asked by FactSet expected a quarterly loss of 32 cents per share on revenue of $ 493 million.
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Quarterly deliveries of Nine ES8, a SUV launched last year in the Chinese market, reached 7,980 cars, said the company.
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Deliveries of ES8 in January and February were 1,805 and 811 cars, respectively, reflecting "a greater than expected slowdown in monthly deliveries," says Nio.
The company determined the slowdown in accelerated deliveries by the end of 2018, before cutting electric vehicles in China this year, seasonal declines around January 1, and Lunar New Year holidays, and "the current slowdown in China's macroeconomic conditions. especially in the automotive industry, "it said.
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Nine ADRs dropped about 11% in the after-sales after The fixed session increased by 3.9%.
The ADRs debuted on the New York Stock Exchange in September and a few months later, the company won a nod from Citron Research's Andrew Left, who praised its management and marketing strategies, including The creation of "Nio Houses" as places not only for car sales, but also as a club style where customers can socialize.
Nine said in December that the ES6, a compact, five-seat SUV, is available for pre-order, with the first deliveries slated for June.
Nine ADRs have increased 60% this year, compared to gains around 2.5% for the S&P 500 index
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