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Following a huge spike in the Chinese electric vehicle market, NIO has reported very positive earnings, with shares up more than 1,000% year to date.

The company’s stock price has risen more than 34% to $33 since November 11. Yesterday, Credit Suisse analyst Bin Wang more than doubled his target for NIO’s stock price to $60 from $25, encouraged by NIO’s drastically improved profit margins ahead of its new vehicle early next year.

NIO expects to deliver nearly 16,750 vehicles in the fourth quarter, up from just over 12,206 in the third quarter of 2020. Vehicle sales were up 146.1% at $628.4 million compared to the same time last year. 

Vehicle margin was 14.5% in the third quarter of 2020, compared with negative 6.8% in the third quarter of 2019 and 9.7% in the second quarter of 2020, showing a return to form for the brand. 

Total revenues were $666.6 million in the third quarter of 2020, representing an increase of 146.4% from the third quarter of 2019 and an increase of 21.7% from the second quarter of 2020.

Finally, gross profit was $86.3 million and gross margin was 12.9%. 

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