By Maria Armental
Chinese electric-vehicle maker NIO Inc.'s ADRs recently fell 12% to $19.42 as delivery guidance for the current quarter missed Wall Street's expectations.
The company pointed to pandemic and supply-chain hits to production and delivery, and said it expects to deliver 25,000 to 26,000 vehicles this quarter, short of the analyst consensus. It projected $1.51 billion to $1.57 billion in revenue for the quarter. Analysts surveyed by FactSet expect $1.65 billion.
NIO delivered 25,034 vehicles in the fourth quarter, bringing its annual total deliveries to 91,429, more than double the number of vehicles delivered in 2020.
Mizuho Vijay Rakesh and Jason Getz said that overall, December quarter results looked good even as the March guide came in weaker than expected due to pandemic and supply-chain constraints. Still, they said they expect 2022 and 2023 deliveries to reach about 153,000 and 239,000, respectively. The analysts maintain a "Buy" rating and their price target is unchanged.
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(END) Dow Jones Newswires
March 25, 2022 12:02 ET (16:02 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.