Are Nio and Lordstown Motors Worth Your Time in Mid-2021?
Amid the recent flurry of interest in electric vehicles, several new EV companies have been in the news, including Nio (NYSE: NIO) and Lordstown Motors (NASDAQ: RIDE). Nio just published its second-quarter 2021 earnings on Aug. 11, while Lordstown recently gained the conditional backing of a hedge fund.
Up to this point, Nio has been producing a few thousand cars per quarter but has a market cap over $74 billion. Meanwhile, Lordstown, which has not even manufactured a one-off concept vehicle yet, is valued at over a billion. Investors might question if either is a good buy at this point, though some factors appear bullish -- at least in the very long term.
The stock market bid Nio's share price down ahead of its earnings report, but as it turned out, the Chinese automaker's results beat Wall Street analyst consensus in the significant metrics. Its revenue of $1.3 billion surged 172.2% year over year, coming in about $20 million above analyst expectations. Earnings per share were negative because the company registered a net loss, but the $0.03 adjusted loss per share was smaller than the $0.11 loss per share forecast.
Source Fool.com
