Chinese EV maker Nio has blamed soaring costs for a surprisingly bigger quarterly loss than was expected on Thursday.
Shanghai-based Nio said its net loss widened to 4.14 billion yuan ($571.20 million) in the quarter ended September 30, from 2.86 billion yuan a year earlier. But the firm said it still expects deliveries to almost double in the current quarter.
Most Chinese EV firms are battling higher battery prices, intensifying competition and a rise in sales costs.
Sales at Nio, Xpeng Inc and Li Auto Inc have surged in recent quarters on robust demand, helping them emerge as strong rivals to home-grown BYD Co and US-based Tesla Inc.
Nio expects deliveries of its vehicles, which include hybrids, EVs and fuel-cell units, to be between 43,000 and 48,000 for the fourth quarter. It delivered 31,607 vehicles in the third quarter.
The premium EV market player’s vehicle sales rose 38.2% and deliveries jumped 29.3% from last year.
- Reuters with additional editing by Sean O’Meara