Why Nio Is Delaying Q4 Earnings By A Month

U.S.-listed Chinese electric vehicle maker Nio Inc NIO plans to report fourth-quarter earnings a month late, CnEVpost reported on Monday, citing a company filing that was published in traditional Chinese.

What Happened: Nio, which has over 100 subsidiaries spread across China, Europe and the United States, said it would file its annual report in April as it needs additional time to prepare for capital liquidity disclosures.

The Shanghai headquartered electric vehicle maker had reported quarterly earnings on March 1 last year.

Nio disclosed the delay in a filing document for its secondary listing in Hong Kong.

See Also: Nio Shares Expected To Begin Trading On March 10 As Key Approval Secured: What You Need To Know

Nio, which is seen as a rival to Tesla Inc TSLA despite its smaller size but quick growth, said COVID-19-outbreak-related restrictions have further delayed the proposed liquidity disclosures.

Why It Matters: The EV maker is required to file an annual report within four months of the end of each fiscal year. 

Nio had last year on Feb. 8 revealed it will announce its quarterly and annual report on March 1. The company has still not provided an exact date for when it plans to publish the report in April.

Nio delivered 9,652 electric vehicles in January, lower than rivals Xpeng and Li Auto’s 12,922 units and 12,268 units, respectively.

Local rival Li Auto Inc LI reported fourth-quarter results last week while Xpeng Inc XPEV is yet to announce its fourth-quarter results.  

Price Action: Nio shares closed 1.3% lower at $20.9 a share on Friday.

See Also: Tesla Rival Xpeng's January Deliveries Outshine Those Of Rivals Nio, Li Auto: What You Need To Know

Photo: Courtesy of Nio