Higher EV demand drives Tesla-rival Nio's quarterly sales beat, shares surge

Tesla-rival Nio Inc on Monday beat quarterly revenue estimates on higher demand ...

- Tesla-rival Nio Inc on Monday beat quarterly revenue estimates on higher demand for its electric vehicles, sending the company’s U.S.-listed shares up more than 13% in trading before the bell.

Sales were up nearly 22% to 1.7 billion yuan from a year earlier. Nio sold 603 units of model ES8 and 4,196 units of its cheaper ES6 model in the quarter. The company counts Chinese internet giant Tencent Holdings and Hillhouse Capital Management as its shareholders, and raised $1 billion last year in an initial public offering that valued it at $6.4 billion.

“The electric vehicle sector experienced substantial softness in the second half of 2019 after the reduction of EV subsidies in China. Despite the challenges, NIO’s sales improved solidly since September,” said William Bin Li, founder, chairman and chief executive officer of Nio.

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