NIO Shares Plummet on Guidance Miss as Prolonged Chip Shortage Bites

若离

若离

· 11月10日

The Tesla's Chinese rival expects Q4 delivery could fall as much as 3.8% from Q3 and it has posted a significant YoY decrease of 27.5% in October, partly due to the continued supply chain volatilities.

BEIJING, November 9 (TMTPOST)— The recent financial results showed one of Tesla’s major Chinese rivals failed to get off the hook amid the prolonged global secmiconduct shortage that could extend through next year. The U.S.-listed shares of NIO crashed as much as 6% in Tuesday’s post-market trading after the Chinese electric vehicle (EV) maker posted disappointed revenue guidance in the current quarter.

Source: Visual China

In the third quarter of the year, NIO recorded the total revenue of RMB9.805 billion (US$1.52 billion) with a 116.6% increase year-over-year (YoY), beating the analysts’ estimates of RMB9.32 billion, while the vehicle sales rose 102.4% from a year ago to RMB8.64 billion (US$1.34 billion), slightly weaker than the expected RMB8.67 billion. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, its adjusted net loss per American Depositary Share(ADS) was RMB0.36 (US$0.06), better than estimated loss for RMB0.64, compared with the net loss per ADS of RMB0.82 a year earlier.

For the fourth quarter, the company expects the total revenues to be between RMB9.376 billion (US$1.45 billion) and RM10.1056 billion (US$1.57 billion) with about 41.2% to 52.2% YoY increase, missing the Wall Street expectation of RMB1.084 billion even at the top end of its guidance. It sees delivery that quarter of to be between 23,500 and 25,500 vehicles, suggesting the delivery could fall as much as 3.8% from the previous quarter when it had a record high of 24,439 units and the highest monthly delivery in September.

In October, the first month of the last quarter, NIO delivered 3,667 vehicles and blamed a significant YoY decrease of 27.5% for the supply chain challenges as well as the restructuring and upgrades of manufacturing lines and the preparation of new products introduction. The decrease resulted in the drop in rank as NIO fell out of China’s top three native EV makers by delivery, overtaken by two old foes Xpeng and Li Auto and a fresh one--HOZON Auto’s brand Nezha, which recently signed the strategic partnership with the world’s largest EV battery maker CATL who pledged to join in the D round financing. However, NIO founder and CEO William Bin Li noted in the latest quarterly results that new orders of his company reached a new record in October. “Despite the continued supply chain volatilities, our teams and partners are working closely together to secure the supply and production for the fourth quarter of 2021,” Li added. As to whether the maker managed to shrug off the effects the chip shortage or not, one has to wait for the results in the coming quarters, at the very least, the current quarter.

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