Published on 16 Nov 2021 on Zacks via Yahoo Finance
Third-quarter 2021 results from NIO Inc. NIO, Workhorse Group WKHS, ElectraMeccanica Vehicles Corp SOLO, Hyliion Holdings HYLN and Lordstown Motors RIDE dominated last week’s key stories in the electric vehicle (EV) space. Each of these companies incurred loss for the quarter under review amid high research & development (R&D) and selling, general & administrative (SG&A) costs. In fact, apart from NIO, the other four companies are not even generating any meaningful revenues yet. Being in the nascent stages of development, the firms’ operating expenses are taking a toll on margins.
Key Takeaways From Q3 Releases
1. NIO reported third-quarter adjusted loss per American Depositary Share of 28 cents, wider than the year-ago loss of 14 cents amid higher operating expenses. The China-based EV maker posted revenues of $1,521.8 million, up a whopping 116.6% year over year on the back of robust deliveries. R&D and SG&A costs were $185.2 million and $283.2 million, reflecting a year-over-year surge of 101.9% and 94.1%, respectively.
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