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Hong Kong (CNN Business)Nio (NIO) — China’s troubled Tesla rival — gave investors a little bit of hope this week when it reported improving car sales and revenue. But the electric carmaker is still hemorrhaging money and could have problems keeping the lights on if it doesn’t find more cash.
Nio’s stock popped nearly 54% in New York on Monday to $3.72 after it reported $257 million in revenue for the third quarter, a 25% uptick from the same period a year earlier. It also said it delivered nearly 4,800 cars in the quarter, an improvement over the first and second quarters of 2019. It expects to have delivered more than 20,300 cars by the end of the year.
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