NIO Stock News: Nio Inc rises despite reporting a wider than expected loss in the second quarter
- NYSE:NIO gained 2.16% during Wednesday’s trading session.
- Nio reported its Q2 earnings before the markets opened.
- Nio’s CEO calls the second half of 2022 a critical period for the EV maker.
NYSE:NIO looked to be extending its slide during pre-market trading, but the Chinese EV maker managed to rebound by the closing bell. On Wednesday, shares of Nio gained 2.16% and closed the trading session at a price of $17.48. Stocks snapped their losing streak on Wednesday as the NASDAQ posted a positive session for the first time in seven days. All three major indices climbed higher as investors shrugged off an impending September rate hike. Overall, the Dow Jones added 435 basis points, the S&P 500 gained 1.83%, and the NASDAQ rose by 2.14% during the session.
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Before the markets opened on Wednesday, Nio reported its financial results from the second quarter. The company topped estimates for revenues reporting a total of $1.54 billion but reported a loss of $0.20 per share compared to Wall Street expectations of a loss of just $0.03 per share. The total net loss came in at $409.8 million which was a 50.4% rise sequentially from Q1 and a staggering 316.4% rise from Q2 of 2021. Nio delivered a total of 25,059 vehicles in the second quarter, which topped its own guidance but came in lower on a sequential basis from Q1.
NIO stock forecast
During the call, Nio’s CEO William Bin Li called the second half of 2022 a critical period for the company. With reservations for its ES7 ramping up and the impending launch of its ET5 sedan, Nio provided guidance of between 31,000 and 35,000 vehicle deliveries for the third quarter of 2022.
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