Chinese electric vehicle manufacturer NIO (NYSE:NIO) announced its financial results for the latest quarter yesterday.
Although the company did manage to surpass analysts’ expectations with regards to its sales figures, the bigger concerns remain. Two of the major factors behind the concern are the company’s supply chain and the other is the shortage of chips that is currently hampering NIO operations and other electric vehicle manufacturers.
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 trading lower by 1% at $38.60 in the pre-market session.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.