Published: March 18, 2020 at 7:50 a.m. ET, By Tomi Kilgore

Shares of Nio Inc. NIO tumbled 13% in active premarket trading Wednesday, after the Shanghai-based electric vehicle maker reported a wider-than-expected fourth-quarter loss, but revenue that fell less than forecast.

The net loss narrowed to RMB2.89 billion ($412 million), or RMB2.81 per ordinary share, from RMB3.52 billion, or RMB3.37 a share, in the year-ago period.

Excluding non-recurring items, adjusted loss per share was RMB2.73, compared with the FactSet loss consensus of RMB1.85.

Total revenue fell 17% to RMB2.85 billion, just above the FactSet consensus of RMB2.83 billion, has vehicle sales dropped 21% and vehicle margin swung to negative 6.0% from positive 3.7%.

Deliveries increased to 8,224 from 4,799 in the third quarter and from 7,980 a year ago.

“We started 2020 in a challenging environment due to the COVID-19 outbreak,” said Chief Executive William Bin Li.

“While we keep safety and health of our global employees a top priority, our teams strive to resume productions, expand our traffic channels, integrate our online and offline sales efforts and offer best services possible to bring business and operation back to normal.”

The stock has lost 23.7% over the past month through Tuesday, while shares of U.S. rival Tesla Inc. TSLA has tumbled 49.9% and the S&P 500 SPX has lost 25.0%.

Source: www.marketwatch.com