Nio (NIO) reports late Tuesday as the Chinese EV startup grapples with a lingering global chip shortage while gearing to launch new electric vehicles, further challenging Tesla (TSLA). Nio stock rose near a buy point.
XIn Q3, Nio doubled sales of luxury electric SUVs, although the auto chip crisis hit production. Then in October, Nio's EV sales dived 27.5% vs. a year ago due to supply constraints, while Li Auto (LI) and Xpeng Motors (XPEV) more than doubled or tripled sales. But the October sales drop also came as Nio prepares to refresh its lineup with new electric vehicles.
So the production outlook will be key when Nio reports. The so-called Tesla of China may hold off discussing plans and timelines for new EVs until December, at its Nio Day event.
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Nio Earnings
Estimates: On a per-share basis, Wall Street expects Nio to lose 7 cents a share vs. a loss of 15 cents a year ago. Revenue is seen jumping 108% to $1.441 billion, according to FactSet.
Results: Check back later.
Outlook: Nio is likely to offer a forecast for Q4 EV deliveries and revenue. Wall Street expects Q4 revenue of $1.735 billion.
Nio Stock
Shares of Nio rose 2.2% to 43.21 on the stock market today, hitting 44.27 intraday, after retaking the 10- and 40-week lines in recent sessions. Nio stock is working on a confirmed 55.23 cup-shaped buy point, according to MarketSmith chart analysis.
Nio stock has an early entry from its 200-day, with last Thursday's high of 44 offering a specific buy point.
Other EV Stocks
Tesla stock shed 4.9% as Elon Musk signaled he would sell 10% of his TSLA stake.
Among other Chinese EV stocks, Li Auto (LI) climbed 1.1% and Xpeng Motors (XPEV) advanced 1.6%, with both close to buy points. EV and battery giant BYD (BYDDF) dipped 0.2%, close to record highs. All three more than doubled or tripled sales in October vs. a year earlier. Xpeng reports on Oct. 23, before the market opens.
Lucid (LCID) popped 9.9% Monday to an eight-month high. The U.S. EV startup in late October started the first deliveries of its luxury Air electric sedan, which is garnering strong reviews.
When Nio reports, analysts at Deutsche Bank expect Q4 guidance to show a volume recovery for November and December for existing models, despite greater competition. As for new EVs, they expect Nio to showcase new models and technology at Nio Day, set for Dec. 18.
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Among China EV stocks, Nio's been especially hit by the auto chip shortage, which curbed Q3 and October sales.
At the same time, Nio is expanding its vehicle lineup. The Shanghai-based company plans three new EVs in 2022, including the upscale ET7, its first electric sedan and most high-tech vehicle yet. The hot Chinese startup already makes three premium electric SUVs: the ES8, ES6 and EC6. Some analysts see Nio entering the mass market for electric cars as well.
In Q3, Nio began selling in Norway, its first international market outside of China. Volkswagen (VWAGY) and Tesla are major players in that large and highly competitive market. China car and battery giant BYD also sells electric vehicles there. So does startup peer Xpeng.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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