Nio Inc (NYSE: NIO) reported first-quarter 2020 financial results before the regular trading hours on Thursday. Even as the company reported narrower losses than expected, revenues came in below the street consensus.
CEO William Bin Li said in a statement, “On April 29, 2020, NIO entered into the definitive agreements with the strategic investors for the investment in NIO China. The strategic investment will provide sufficient funds to support NIO’s business development, enhance our leadership in the products and technologies of smart electric vehicles, and offer services exceeding users’ expectations. The establishment of NIO China’s headquarters in Hefei will further improve our operating efficiency in the long run.”
The stock fell 4% immediately following the announcement. NIO shares are up 4% in the trailing 12-month period.
Business consulting services provider Accenture (NYSE: ACN) reported its fourth quarter and fiscal 2020 earnings last Thursday. Accenture's failure to meet the market's earnings and revenue targets and the weak
Stock markets shifted to recovery mode as the week came to a close, with the major indices closing higher after staying in the negative territory in the past few weeks.
Renewable energy companies have been gaining attraction in the market due to the strong potential they have. Many countries are now relying mainly on renewable energy for their power consumption.