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Thursday, May 19, 2022

NIO Inc (NIO) stock plunged in the pre-market. Why?

NIO Inc (NIO) stock was trading 1.77% low during the last trading session and closed the session at $20. The stock remained bearish in the pre-market and further lost 7.85% to $18.43, on the last check. There is no press release from the company. NIO increased the prices and stopped production. Moreover, NIO also filed form 6-K with the SEC on 11 April 2022.


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NIO News

There is no recent press release from the company. The decline in the stock price is due to the increasing prices and suspension of production. Nio said throughout the end of the week it is raising the costs and suspending its production as the most recent Covid wave added to store network difficulties. Nio reported that it would raise the costs for its three SUVs by 10,000 yuan, from 10 May. Costs for the late sent-off ET7 and ET5 vehicles would continue as before. On Saturday, Nio announced that the company has stopped production because of Covid-related limitations that stopped production at providers’ production lines.

Financials

The key financials of the firm are

  • Revenue of $1.5 billion during 4Q of FY2021. Also, revenue in FY2021 was $5.6 billion
  • Total loss of $336.3 million during Q4 of FY21, Also, the total loss in FY2021 was reported to be $630.3 million.
  • Moreover, the loss of $1.05 and $4.74 per stock during Q4 and FY2021, respectively.

Industry outlook

As far as monthly conveyances are concerned, Nio has fallen behind those of adversary new businesses Xpeng and Li Auto. Every one of the three organizations conveyed a greater number of vehicles in March than in February despite production network difficulties. In March, Xpeng and Li Auto increased costs for their vehicles. The moves follow Tesla and other electric vehicle organizations in the country that have brought costs up over the most recent a little while.

Coronavirus-related disturbances have hit conventional automakers too. Volkswagen said that its plants in Anting on the edges of Shanghai and Changchun in the northern territory of Jilin stayed shut through 8 April 2022.

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