Home Business EV stocks, Nio and Rivian rally on Wall Street in the wake of the quarterly

EV stocks, Nio and Rivian rally on Wall Street in the wake of the quarterly

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EV stocks, Nio and Rivian rally on Wall Street in the wake of the quarterly

The EV titles or manufacturers of electric vehicles Nio e Rivian among the best on Wall Street in today’s session. Nio salt of the 12% a $ 10.38 per share. While Rivian marks a rise in the 15% a $ 32.46 per share, but remains down by 70% since the beginning of the year. The splendid performance of both stocks is due to the better-than-expected quarterly results on Wall Street.

Nio posted mixed third quarter earnings results. The Chinese luxury electric vehicle maker has provided cautious guidance in the wake of recent Covid-related production cuts.

“Looking forward to 2023, investors are hyper worried about 2Cs: competition and Covid,” he said Edison YuDeutsche Bank analyst in a note.

Last week, China rejected reports that it was loosening the ultra-strict policy “zero Covid“, Which has damaged both production chains and consumer sentiment. On Wednesday, Guangzhou’s southern manufacturing center ordered five million of its 13 million citizens to stay home all week amid a spate of coronavirus cases.

The manufacturer of electric trucks, Rivian released third quarter numbers in the dark after a brutal day for the stock market and electric vehicle manufacturers. On the one hand, Rivian reported a adjusted loss lower than expected of $ 1.4 billionless than the loss of $ 1.7 billion forecast by analysts interviewed by Refinitiv. And he said net bookings rose to 114,000 and 98,000 in its second quarter report.

Rivian, the numbers for the third quarter

Electric vehicle manufacturer Rivian has registered revenues up by 47% compared to the second quarter a $ 536 million, but below the expectations of the analysts of $ 552 million.

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The increase in bookings was notable after electric car maker Lucid reported Tuesday that the number of bookings for electric vehicles had dropped to 34,000 from 37,000 from the previous quarter’s report. Rivian also confirmed the goal of increasing production to build 25,000 vehicles this yeara decidedly bullish target.

In the first three quarters of this year Rivian built just over 14,000 vehicles, so reaching the 25,000 production target for the year would mean a 45% production increase in the last three months of the year compared to 7,400 built in the completed quarter alone.

While it claims to hit its target of 25,000 units by 2022, Rivian has postponed the expected date for the availability of its smaller model. R2 al 2026. Recall that the electric vehicle manufacturer had planned the launch in 2025 for the R2 model.

Nio, the numbers of the third quarter

The Chinese startup lost 30 cents per ADR (American Depositary Receipt). While revenues have grown 33% to $ 1.83 billion. FactSet analysts had expected ADR net loss per share of 14 cents compared to a loss of 6 cents a year ago. Revenues were expected at $ 1.799 billion.

In the fourth quarter, Nio expects revenues of $ 2.442 billion and $ 2.703 billion, up 75% -94% over the previous year. And therefore slightly below the consensus. In addition, the company plans to deliver 43.000/48.000 vehicles in the fourth quarter, up 72% -92% over the previous year. October deliveries were 10,059 vehicles, suggesting 32,941-37,941 vehicles between November and December. Here, too, the interruptions to production linked to Covid policies in China have significantly slowed production. Nonetheless, the year-end targets in terms of deliveries remain ambitious.

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