A “transformational” 2020 for Nio
Nio, Tesla’s Chinese competitor, reported mixed Q4 2020 results.
While its quarterly and yearly revenues surged 148% and 108%, respectively, the EPS failed to meet expectations.
Nio revealed that Q4 2020 was the third consecutive quarter when deliveries surged. In the past three months, it delivered 17,353 vehicles, a 111% leap from the previous quarter. The number of deliveries was a record for the company and was characterized as “a transformational 2020” by founder and CEO William Li.
For the future, Nio plans to deliver between 20,000-20,500 cars in the first quarter, which could mark a 15%-18% increase. Additionally, the company expects its revenue to reach a high of $1.16 billion. Moreover, in 2021 it plans to expand in Europe.
After the report, Nio stock price jumped 9%. For the past twelve months, the company’s stock went up 1,100%, while USA500 added 32%.
Sources: investors.com, marketwatch.com
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