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Last week, China’s electric vehicle (EV) companies NIO Inc. NIO and XPeng Inc. XPEV released third-quarter 2024 results. U.S.-based commercial EV developer Workhorse Group Inc. WKHS also reported its quarterly results. Meanwhile, EV giant Tesla TSLA and California-based EV startup Rivian RIVN are settling a four-year lawsuit over alleged battery tech theft. Tesla expects case dismissal by Dec. 24 after a conditional agreement.
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NIO incurred a third-quarter 2024 loss per share of 36 cents, wider than the Zacks Consensus Estimate of a loss of 32 cents. The company had reported a loss of 37 cents in the year-ago quarter. Revenues of $2.66 billion missed the Zacks Consensus Estimate of $2.70 billion. The top line declined 2.1% from the corresponding quarter of 2023.Gross profit came in at $286 million, up 31.8% from the year-ago quarter, thanks to decreased cost of sales. Gross margin was 10.7%, up from 8%. Vehicle margin in the reported quarter climbed to 13.1% from 11% in the third quarter of 2023 due to lower material cost per unit.
As of Sept. 30, 2024, cash and cash equivalents totaled $3.39 billion and long-term debt amounted to $1.6 billion. For fourth-quarter 2024, NIO projects deliveries in the range of 72,000-75,000 vehicles, implying a rise of 43.9-49.9% year over year. Revenues are estimated between $2.8 billion and $2.9 billion, indicating a rise of 15-19.2% year over year.
XPeng’s third-quarter 2024 loss per share narrowed to 27 cents from the year-ago quarter’s loss of 62 cents. Total revenues rose to $1.44 billion from $1.17 billion reported in the corresponding quarter of 2023. Vehicle margin rose to 8.6% against negative 6.1% for the same period of 2023. Vehicle margins also improved from 6.4% in the second quarter of 2024. XPeng reported a gross margin of 15.3% compared with the negative gross margin of 2.7% in the same period of 2023.
As of Sept. 30, 2024, XPeng’s cash and cash equivalents totaled $1.5 billion and long-term debt was at $908 million. For the fourth quarter of 2024, XPeng expects vehicle deliveries in the range of 87,000-91,000, suggesting a rise of 44.6-51.3% year over year. Total revenues are expected to rise 17.2-24.1% year over year.
Workhorse reported an adjusted loss of 88 cents per share for the third quarter of 2024, wider than the Zacks Consensus Estimate of a loss of 85 cents. The company had incurred an adjusted loss of $2.80 in the year-ago quarter. Workhorse generated net revenues of $2.51 million, which missed the Zacks Consensus Estimate of $6 million. Revenues fell 17.2% year over year. As of Sept. 30, 2024, Workhorse had $3.24 million in cash and cash equivalents, down from $25.85 million as of Dec. 31, 2023.