Shares of Nio Inc. NIO,
soared 8.8% to record highs in pre-market trading on Tuesday, after the China-based electric car maker reported a second-quarter loss that was about half of what was expected as revenues more than doubled and provided a prospective delivery outlook for the current quarter. The net loss decreased to RMB1.21 billion ($ 173.9 million), or RMB1.15 per share, from a loss of RMB3.31 billion, or RMB3.23, in the previous year. Excluding non-recurring items, loss per share was RMB1
.08 compared to the FactSet consensus for a loss per share of RMB2.15. The gross margin fluctuated to a positive 9.7% from a negative 24.1% a year ago. Total revenue rose 146.5% to RMB3.72 billion ($ 535.4 million) to beat the FactSet consensus of RMB3.51 billion. Deliveries reached a quarterly record of 10,331 vehicles and the company expects a further increase to 11,000 to 11,500 vehicles during the third quarter. “In addition to the strong order growth, we are proud to reach a milestone quarter in terms of the most important financial statistics for the company, with the historically high vehicle gross margin of 9.7%, lowest operating losses ever and more importantly, a positive cash flow from operations for the first time. in our history, “said founder and CEO William Bin Li. The stock, which is about to open above the July 10 record close of $ 14.98, has more than tripled (up 253.5%) the year to Monday, while shares of US rival Tesla Inc. TSLA,
has increased by 239.1% and the S&P 500 SPX,
has gained 4.0%.