Automotive company NIO Inc. (NYSE: NIO) reported a net loss for the third quarter of 2020, despite a sharp increase in revenues. The company’s stock dropped on Tuesday evening soon after the announcement.
The China-based electric vehicle maker incurred a loss of RMB0.82 per ADS ($0.12 per ADS) in the September-quarter, on an adjusted basis, compared to a loss of RMB2.38 per ADS in the same period of last year. Analysts were expecting a wider loss.
The reported net loss was RMB1.19 billion ($175 million) or RMB0.98 per ADS ($0.14 per ADS), compared to a loss of RMB2.55 billion or RMB2.48 per ADS in the third quarter of 2019.
Read analysts/managements’ comments on NIO’s Q3 results
Meanwhile, total revenues more than doubled to RMB4.53 billion ($666.6 million) in the third quarter and beat the estimates.