Electric vehicle (EV) startup Nio (NYSE: NIO) said it delivered 12,206 models in China during the third quarter, a year-on-year jump of 154%, marking a new historical best for the Shanghai-based company. Its revenue reached USD 666.6 million in the quarter, beating analyst expectations of USD 653.73 million.
Nio also reported a net loss of RMB 1 billion (USD 154.2 million), a 56.3% year-on-year decrease from the same period in 2019. The net loss per share was USD 0.14, smaller than the USD 0.17 consensus view of Wall Street analysts polled by Reuters and a significant improvement from Q3 2019’s USD 0.35.
The Tencent-backed startup went through five fundraising rounds so far in 2020 to overcome its cash inadequacy.
During the earnings call, founder and CEO Li Bin said that the company is expected to achieve a positive operating cash flow by the end of this year. In addition, Li promised to increase Nio’s monthly manufacturing capacity to 7,500 vehicles by January next year.
Benefitting from a national emphasis on clean-energy automobiles and from a consumption rebound after COVID-19, China’s EV startups have gained robust growth in the past quarter. After listing on the New York Stock Exchange and Nasdaq this year, Nio’s competitors Xpeng Motors (NYSE: XPEV) and Li Auto (NASDAQ: LI) both booked better-than-expected results in Q3, with deliveries exceeding historic levels.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.