Why Did Nio Stock Jump 10% In Pre-Market Today?
Synopsis
Based on preliminary unaudited figures, the company expects adjusted profit from operations in the range of RMB700 million to RMB1.2 billion in the fourth quarter.
Shares of NIO Inc. (NIO) surged 10% in pre-market trading on Thursday after the company announced it expects to post its first-ever adjusted operating profit for the fourth quarter.
Based on preliminary unaudited figures, the company expects adjusted profit from operations in the range of RMB700 million to RMB1.2 billion ($100 million to $172 million). This compares with an adjusted operating loss of RMB5.54 billion in the previous corresponding period. Nio also expects GAAP operating profit to range between RMB200 million and RMB700 million for Q4.
The anticipated turnaround was driven by steady growth in vehicle sales, improved margins supported by a favorable product mix, and ongoing cost-cutting initiatives, Nio said.
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