Electric vehicle company NIO Inc. (NYSE: NIO) has reported a sharp increase in net sales and record deliveries for the third quarter of 2022. The growth was driven mainly by the new product lineup based on NIO Technology 2.0.
The China-based company, a market leader in premium smart electric vehicles, said third-quarter revenues increased 33% year-over-year to $1.83 billion. Total deliveries jumped 29% annually to a record high of 31,607 units.
Comprehensive loss attributable to ordinary shareholders, adjusted for special items, widened sharply to $522.4 million in the third quarter. Net loss attributable to the company’s ordinary shareholders, on a reported basis, was $582.3 million or $0.36 per ADS. The bottom line was negatively impacted by an 88% increase in operating expenses.
Last month, the company organized the NIO Berlin 2022 event and unveiled its products and services for the Netherlands, Germany, Denmark, and Sweden. ET7, EL7, and ET5, the new models based on new technology, are being launched via NIO Subscription, leasing programs, and direct sales to users.
For the fourth quarter, the management expects total vehicle deliveries to be between 43,000 and 48,000 units, representing a 71.8%-91.7% increase from the prior-year period. Total revenue is forecast to be in the range of $2.44 billion to $2.70 billion, which is up 75.4-94.2% year-over-year.
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“Following the delivery of our new product lineup based on NIO Technology 2.0 catering to different market segments, we have witnessed strong growth momentum in user demand and robust foot traffic, especially after the debut of ET5sin stores from September, and expect the ET5 delivery will support a substantial acceleration of our overall revenue growth in the fourth quarter of 2022,” said Nio’s CEO William Bin Li.