Electric car maker NIO Inc. (NYSE: NIO) reported a net loss for the third quarter of 2023, despite a sharp increase in revenues. The China-based company also provided its guidance for the fourth quarter.
Net loss attributable to ordinary shareholders was $634.4 million in the September quarter, which represents a loss of $0.37 per American Depository Shares. On an adjusted basis, Q3 loss was $0.31 per American Depository Shares.
Meanwhile, revenues increased an impressive 47% year-over-year to $2.61 billion in the three months. The company delivered 55,532 vehicles in the third quarter, up 75% year-over-year.
“NIO delivered 55,432 vehicles in the third quarter of 2023, representing a solid year-over-year growth of 75.4% and setting a new record for quarterly delivery. According to the retail sales data from China Automotive Technology and Research Center, NIO ranked first in the battery electric vehicle market segment priced over RMB300,000 in China, with a market share of 45% in the third quarter of 2023,” said Nio’s CEO William Bin Li.