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Chinese Tesla rival Nio narrows losses as revenue surges 127%

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Nio plans to begin deliveries of its ET7 electric sedan in 2022.

Evelyn Cheng | CNBC

GUANGZHOU, China — Nio shares rose more than 1% in after-hours trade on Wednesday after the Chinese electric carmaker posted a narrower than expected loss and a surge in revenue.

The start-up lost 0.42 yuan (US$0.07) per share in the second quarter, less than the 0.68 yuan loss expected, according to Refinitiv data. That was narrower than the 1.15 yuan loss per share recorded in the same period last year.

Meanwhile, revenue surged 127.2% year-on-year to hit 8.45 billion yuan ($1.31 billion), more than the 8.32 billion yuan analysts had estimated.

Nio forecast revenues for the third quarter to be between…



Source cnbc.com

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