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Shares soar as Tesla-rival Nio's loss narrows on higher EV sales

(Reuters) - Shares of Tesla-rival Nio Inc soared 53% on Monday after the electrical car maker reported a smaller-than-expected loss, benefiting from selling more of its lower-priced vehicles even as the industry faced weak demand.

This comes at a time when electric car makers are battling an uncertain demand in China, the world's largest car market, as it rolls back subsidies on new energy vehicles amid criticism that some firms have become overly reliant on the funds.

Adding to its woes, Nio on Monday warned it did not have adequate cash for "continuous operation in the next 12 months" and was looking to obtain external financing.

Larger rival Tesla said on Monday it has started delivering Model 3 Electric Cars from its strategic factory in Shanghai that begun operations less than a year ago, and that it plans to ramp up deliveries in January.

Nio Chief Executive Officer William Bin Li, however, sees little threat from that.

(Reporting by Ambhini Aishwarya and Neha Malara in Bengaluru; Editing by Shinjini Ganguli)

READ MORE (Yahoo Finance)

  • Stock Market News: Tesla Falls, NIO Jumps as Electric Cars Heat UpMotley Fool
  • China-based NIO's shares skyrocket as the Tesla rival beats investor expectationsTechCrunch
  • Why Nio Stock Is Having Its Biggest Single-Day Gain Since Its IPOInvestor's Business Daily
  • Chinese EV Manufacturer Nio Rallies On Q3 Earnings, Sales BeatYahoo Finance
  • NIO Stock Is Flying on Upbeat Results. It's Still Way Down for 2019.Barron's
  • Is The Stock Market Open On New Year's Eve And New Year's Day?Investor's Business Daily
  • Why Shares of NIO Raced Over 70% Higher MondayMotley Fool
  • Tesla rival Nio's stock surges, but it's still far below last year's IPO priceSilicon Valley Business Journal
  • Nio's stock jumps more than 60% after quarterly loss narrows, deliveries surgeMarketWatch

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