US-listed shares of Nio (NIO) rose 1.6% in premarket trading on Tuesday after the Chinese electric vehicle maker reduced its adjusted net loss amid fierce competition in China, where EV makers have been slashing prices.
The company reported an adjusted net loss of 4.12 billion yuan ($576.1 million), or a loss of 1.85 yuan ($0.25) per share, compared to expectations for a loss of 4.26 billion yuan ($597 million), or a 2.25 yuan ($0.32) loss per share.
The company delivered 72,056 vehicles in the second quarter, compared to 57,373 vehicles in the same quarter a year ago. It expects to deliver 89,000 vehicles in the third quarter, which would represent a record number of deliveries for the company.
Other US shares of Chinese EV makers were down in premarket trading, including BYD (BYDDY) and XPeng (XPEV).
