Chinese EV maker NIO's Q3 revenue rose 146.4% year-on-year to RMB 4.53 billion ($66.6 million), beating market expectations of RMB 4.38 billion.
NIO on Wednesday reported an adjusted loss of RMB 0.82 per ADS for the third quarter, compared to analysts' expectations of a loss of RMB 1.22. NIO's adjusted net loss for the third quarter was RMB 996 million. NIO's gross margin was 12.9% in the third quarter.
NIO delivered 12,206 vehicles in the third quarter, exceeding the upper end of the company's guidance (11,000 to 11,500 vehicles) and up 154.3% year-on-year.
Of these, NIO delivered 4,708 vehicles in September, a new monthly high and up 133.2% year-over-year, including 3,210 ES6s, 1,428 ES8s, and 16 initial deliveries of the NIO EC6, an electric smart coupe SUV.
NIO expects fourth-quarter revenue of RMB 6.26-6.44 billion, compared with analysts' expectations of RMB 5.42 billion. NIO expects to deliver 16,500-17,000 vehicles in the fourth quarter.
As of Tuesday's close, NIO shares went up by more than 2% to close at $46.59; the stock is up more than 1100% this year.
NIO market capitalization has reached more than $61 billion, leaving traditional US auto giants like General Motors behind.
At the start of the fourth quarter, NIO's delivery numbers were also impressive. In October, NIO delivered 5,055 new vehicles, a new monthly delivery record, doubling year-on-year and the eighth consecutive month of year-over-year growth since March of this year.
Among them, the EC6 delivered 883 units, the first large-scale monthly delivery of this new product, and all three NIO models have shown a hot selling trend.
This is not only the first time NIO has delivered more than 5,000 units, but also the first time a Chinese premium car brand has sold more than 5,000 units per month. In the first ten months of this year, NIO has delivered 31,430 units, up 111.4% year-on-year, and has delivered 63,343 units since June 2018.
Wall Street's average share price target for NIO over the next 12 months is $31.74, leaving nearly 35 percent downside from Tuesday's closing price.
NIO shares went down 3.28 percent in the after-hours trading session after the earnings report.