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Tesla's biggest Chinese competitor surges 35% after losing less money than expected last quarter (NIO)

Tesla's biggest Chinese competitor surges 35% after losing less money than expected last quarter (NIO)
Ng Han Guan/Associated Press



Nio, Tesla's chief competitor in China, reported 2019 fiscal third-quarter earnings Monday that beat analyst expectations and showed a smaller-than-anticipated loss.




Shares surged as much as 35% in early trading Monday.




The company delivered more vehicles than analysts expected, boosting quarterly revenue. It also reported a narrower-than-anticipated loss for the quarter.




Watch Nio trade live on Markets Insider.




Shares of Nio, the electric automaker that is Tesla's biggest competition in China, rose as much as 35% in early trading Monday after the company reported 2019 fiscal third-quarter earnings that handily beat analyst estimates and showed a smaller loss than expected.
Here's what the company reported, versus what analysts surveyed by Bloomberg expected:



Revenue: 1.84 billion yuan reported, versus 1.74 billion yuan (expected)




Adjusted loss per US depositary receipt: 2.38 yuan reported, versus 2.51 yuan (expected)



The company reported a 35% increase in vehicle deliveries from the second quarter of 2019, showing that there is a higher demand for the electric cars than previously thought. In the fiscal third quarter, Nio delivered 4,196 of its cheaper model ES6 and 603 of the model ES8 for a total of 4,799 vehicles.
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