Chinese electric vehicle maker Nio on Thursday reported strong quarterly revenue of RMB 13 billion ($1.8 billion) for the three months that ended in September, a yearly rise of 32.6%. However, net loss for the third quarter widened to RMB 4.1 billion from RMB 2.7 billion a year earlier, and the brand’s vehicle gross margin of 16.4% was lower compared with the 16.7% in the second quarter and the 18% of a year ago. Nio’s chief executive William Li blamed the bigger loss partly on the surging costs of battery raw materials and expected the margin to remain “relatively stable” in the fourth quarter. The EV brand’s shares surged 11.8% on Thursday on the back of a record forecast of delivering up to 48,000 vehicles for the last three months of 2022. [Nio earnings report]