(Bloomberg) — Nio Inc., the Chinese electric vehicle manufacturer that started trading in Hong Kong earlier this month, posted fourth-quarter earnings that missed analyst estimates as the industry was buffeted by supply chain pressure throughout the year.
The Shanghai-based company reported a net loss of 2.14 billion yuan ($336.4 million) in the three months ended Dec. 31, according to a statement released after the U.S. market closed Thursday. Analysts estimated a shortfall of 1.51 billion yuan, according to data compiled by Bloomberg. Revenue increased 49% from a year earlier to 9.9 billion yuan.
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Like its rivals, Nio has faced intense supply disruption across a number of items from semiconductors to raw battery materials. The price of lithium has soared nearly 500% in the past year, adding to cost pressures for EV producers.
“We are still faced with the challenges of growing chip supply volatility, raw material cost increases, Covid, and the challenges in the changing international situation,” Chief Executive Officer William Li said on a call after earnings were released.
Nio’s Hong Kong shares fell 2.4% in early trading. The New York shares are down 31% this year.
Delivering 91,429 vehicles in 2021 helped Nio achieve annual revenue of 36.1 billion yuan, broadly in line with the 35.8 billion yuan forecast. Just over 25,000 vehicles were shipped in the final quarter. It reported a vehicle margin of 20.9% through the last quarter of 2021.
New-energy vehicle sales in China surged almost 170% last year, the China Passenger Car Association said in January. The industry group increased its 2022 sales forecast to more than 5.5 million, from a previous estimate of 4.8 million, partly as the supply chain crunch starts to ease.
(Adds CEO comment in fourth paragraph. An earlier version of this story was corrects to remove reference to price increases.)
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