A pioneer in China’s upbeat electric vehicle market, Nio Inc. announced its financial results for the third quarter ended September 2020.
- Deliveries of the vehicles stood at 12,206, up 154%, in the Q3 of 2020 as compared to the 4,799 vehicles sold in the same period of 2019.
- While there is loss of 12 cents per share on revenue of US$666.6 million, margin on vehicle increased to 14.5% from -6.8% in 2019.
- Available cash more than doubled from Q2 to US$3.3 billion in third quarter.
It should be noted that Nio has emerged as a big threat to another car maker company Tesla in China. Nio even has plans for expansion in Europe in 2021.
Meanwhile, the new EC6 electric crossover model that Nio launched in September has registered a robust accumulation of enquiries as well as orders.