China EV maker Nio Upbeat Despite Heavier Quarterly Loss

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.

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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

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.