Shares of Chinese electric vehicle maker Nio (NYSE:NIO) are up more than 1% in premarket trading after the company posted a narrower than expected loss and a 127.2% surge in revenue.
Nio lost $0.07 U.S. per share in the second quarter, less than the loss expected by analysts, according to Refinitiv data. Revenue surged 127.2% year-over-year to $1.31 billion U.S.
Nio forecast revenues for the third quarter to rise 96.9% to 112.8% compared to the same quarter of 2020.
The electric carmaker said it delivered 21,896 vehicles in the second quarter, within its previously stated range. For the third quarter, Nio forecasts that it will deliver between 23,000 and 25,000 vehicles.
Nio and other electric carmakers are facing problems due to the global semiconductor and microchip shortage which could weigh on production going forward, the company said.
Nio is facing increased competition from other electric vehicle start-ups in China including Li Auto and Xpeng, as well as global market leader Tesla.
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