Heard on the Street: Chinese electric vehicle maker NIO is losing money on every car it sells and will soon need to raise more cash
The company, New York-listed electric-vehicle maker NIO Inc., said it lost $483 million last quarter, a 25% greater loss than the previous quarter.
That was partly because of a June recall of 4,803 cars—equivalent to around a quarter of those it had ever delivered—for battery problems. Even excluding recall costs, though, NIO’s gross margin was still minus 10.9%.
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