(Reuters) – China’s Nio Inc posted a wider-than-expected loss and flagged a slowing pace of deliveries for its electric vehicles (EV) in the current quarter, sending its U.S.-listed shares down 7% in extended trading.
Nio, which makes the ES8 and ES6 electric sport-utility vehicles, said it expects to deliver 20,000 to 20,500 vehicles in the first quarter – up 15% to 18% from the fourth quarter.
The forecast, however, is slower than the 42% growth it reported between the third and the fourth quarter, in line with seasonal slowing in auto sales in China overall.
Last April, Nio received a $1 billion funding injection from the Chinese government, which has also helped the company tame recalls and stem falling sales.
It still lags Tesla Inc, which dominates the EV market …
Read More on Datafloq
Checkout PrimeXBT
Source: https://datafloq.com/read/chinas-nio-posts-bigger-than-expected-loss-slowing-ev-sales-growth-first-quarter/12843
