Nio Reports Narrower Q3 Losses, Cuts Workforce Amid Fierce Competition

Shares Rise 4% in Pre-Market Trade; Company Forecasts Lower Revenue and Anticipates Increased Vehicle Deliveries in Q4

Nio reported narrower losses in Q3 2023, with a revenue forecast below market expectations.
Nio's shares were around 4% higher in pre-market trade in the U.S., reversing earlier losses that followed the results.
Nio reported a net loss of 4.6 billion yuan in the third quarter, down 24.8% from the second quarter of 2023, but still higher than the same period of 2022.
The company also cut 10% of its workforce last month, citing 'fierce competition.'
Nio anticipates it will deliver between 47,000 and 49,000 vehicles in the fourth quarter — a hike of approximately 17.3% to 22.3% year-on-year.