Nio Inc – ADR (NYSE:NIO) stock has recovered very well after opening lower this morning. The stock is trading higher by 4.60% at $40.78 after falling as much as over 4% earlier in the session.
The company did manage to surpass analysts’ expectations with regards to its sales figures, the bigger concerns remain.
Late Thursday, the company announced that it suffered a loss of RMB4.88 million or $744.1 million in the quarter, which worked out to a loss of 48 cents for each American Depository Receipt.
Following all adjustments and excluding onetime expenses, the figure stood at 4 cents a share. In the same quarter last year, NIO had suffered a loss of RMB1.72 million. The total sales in the quarter came in at RMB7.98 billion or $1.22 billion and that reflected a year-on-year rise of as much as 481%.
NIO stock is just 1% away from its 50-day moving average of $41.23.
Finance and Entertainment Reporter
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