NIO's third-quarter revenue fell short of expectations, increasing to 18.7 billion yuan ($2.6 billion) with 61,855 vehicle deliveries. The company reported an adjusted net loss of 4.4 billion yuan, slightly above analyst predictions. NIO (NIO, Financial) remains one of the few automakers committed solely to producing pure electric vehicles, which means it is missing out on the more profitable hybrid vehicles, now surpassing pure EVs in popularity. Competitors like XPeng Motors, Zeekr, and Avatr Technology are planning to develop range-extended electric vehicles with small internal combustion engines to charge the batteries.
NIO aims to deliver between 72,000 to 75,000 vehicles in the current quarter. The decline in NIO's Q3 automotive sales revenue is primarily due to a decrease in average selling prices. However, the gross margin increased to nearly 11%, aligning with expectations. CFO Steven Feng mentioned in the earnings call that new models are expected to boost sales starting next year.
The company has set a target to deliver up to 75,000 vehicles this quarter, which is below analyst expectations. Additionally, NIO forecasts its fourth-quarter revenue could rise to as much as 20.4 billion yuan, also falling short of analyst predictions.
