Proactive Investors - Nio Inc (NYSE:NIO)will report its third-quarter 2023 unaudited financial results on December 5, and analysts will likely be watching the Chinese electric vehicle (EV) maker’s delivery figures amidst competition from Tesla (NASDAQ:TSLA) and an economic slowdown in China.
The analyst consensus estimate is for a 3Q loss of $0.43 per share, a 19% increase from a year ago, on revenue that is expected to climb to $2.63 billion from $1.83 billion during the same period last year.
On November 3, Nio announced plans to reduce its workforce by 10% amid what its CEO described as "fierce competition."
"The coming two years will witness the most intense competition during the transformation of the automotive industry in an environment full of uncertainty," Nio CEO William Li wrote in a letter sent to employees.
The company’s prospects have been impacted by weaker consumer sentiment in China and a price war in that country initiated by Tesla last year, CNBC reported.
Nio’s 2Q results fell short of expectations after the company transitioned to an updated vehicle platform as Chinese consumer spending slowed.
Nio delivered just 23,520 vehicles in 2Q but said it expects to deliver between 55,000 and 57,000 vehicles in 3Q, up significantly from the 31,607 EVs it delivered a year earlier.
NYSE-listed shares of Nio have fallen 22% year to date as of Thursday’s closing price.