Chinese electric automaker Nio posted its Q3 2022 results, it showed a bigger quarterly loss due to a jump in costs. However, expects its deliveries to almost double in the fourth quarter. Chinese electric vehicle makers are struggling to keep up with the prices.
Furthermore, sales at Nio, Xpeng Inc 9868.HK and Li Auto Inc 2015.HK have surged in recent quarters on robust demand, helping them emerge as strong rivals to home-grown BYD Co 002594.SZ and U.S.-based Tesla. Nio expects deliveries of its vehicles, which include hybrids, EVs, and fuel-cell units, to be between 43,000 and 48,000 for the fourth quarter. It delivered 31,607 vehicles in the third quarter.
The premium EV market player’s vehicle sales rose 38.2% and deliveries jumped 29.3% from last year. Shanghai-based Nio said the net loss attributable widened to 4.14 billion yuan ($571.20 million) in the quarter that ended Sept. 30, from 2.86 billion yuan a year earlier.
Sales
In Q3, Nio sold a record 31,607 vehicles, up 29.3% vs. a year earlier and up 26.1% vs. Q2. The Q3 result was near the lower end of its guidance for quarterly EV sales. Nio sold 10,052 EVs in July, 10,677 in August, and 10,878 in September. The September total included 1,895 ES7s in that electric SUV’s first full month of sales. It also included 221 ET5’s, a Model 3 rival, after deliveries of the electric sedan model began on Sept 30. In addition, Nio’s sales improved in August and September vs. July. The startup had previously said that production challenges seen in July, tied to the supply of casting parts, would ease in the rest of the quarter.
Nio also sells three older SUVs and the relatively new ET7 sedan. With three new models based on its next-gen EV platform and a Europe expansion, Nio expects record deliveries in every month of Q4. Nio had trailed Xpeng and Li the prior quarter, especially hard hit by supply disruptions due to China’s Covid shutdowns.
In Q3, XPeng Motors sold 29,570 EVs, up 15.2% vs. a year earlier but down 14.1% vs. Q2. The Q3 result was just above the low end of Xpeng’s EV sales guidance. Xpeng sold 11,524 EVs in July, 9,578 in August, and 8,468 in September. The September deliveries included 184 units of the new G9 in roughly 10 days of sales. The G9, Xpeng’s flagship electric SUV, launched Sept 21. Mass deliveries of the model will begin in October. Xpeng also sells two new electric sedans, as well as two older electric SUVs. In Q3, Li Auto sold 26,524 hybrid electric vehicles, rising 5.6% year over year but down 7.5% from 28,687 in Q2.
