China's EV carmaker Nio jumps 4% after reporting narrower-than-expected losses
Publishing timestamp: 2023-12-05 09:26:38
Summary
Nio shares rose after the company reported narrower-than-expected losses in the third quarter. However, the company gave a revenue forecast below market expectations. Nio is focusing on being more disciplined in its spending as it aims to achieve profitability. The Chinese EV market has been affected by a price war sparked by Tesla, leading to carmakers slashing vehicle prices and putting pressure on margins. Nio's CEO reiterated the company's focus on efficiency and cost reduction. Nio also announced an agreement to acquire manufacturing equipment and assets from JAC. The company aims to balance the need for investments while being more disciplined with costs. Nio's gross margin decreased in the third quarter, and the company is targeting a vehicle margin of 15-18% in 2024.
Sentiment: MIXED
Tickers: 2015-HK, XPEV, LI, ZE594-CN, TSLA, NIO, 9866-HK, 9868-HK,
Keywords: nio inc, earnings, technology, electric vehicle manufacturing, transportation, electric vehicles, byd co ltd, autos, china, xpeng inc, li auto inc, tesla inc, business news,
Source: https://www.cnbc.com/2023/12/05/nio-earnings-report-q3-2023.html