Nio (NIO) gave a weak revenue guidance for the current first quarter early Wednesday after missing earnings and revenue estimates for the final quarter of 2022. Nio stock slumped soon after the open.
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Along with a much wider-than-expected Q4 loss, the Chinese premium EV startup reported plunging margins due in part to “losses on purchase commitments.”
The Nio earnings release Wednesday alluded to growth plans in 2023, including “five new products” based on a next-gen EV technology platform 2.0, without offering details.
Nio also reported 12,157 electric vehicle (EV) deliveries in February, up from 8,506 in January. Meanwhile, an internal review into a short-seller report found the key allegations “are not substantiated,” it added.