Nio (NIO) is up slight afterhours on earnings.

For its fourth quarter, the company posted a 16-cent loss on sales of $1.6 billion. The Street was looking for that 16-cent loss on sales closer to $1.5 billion.  Gross margins were 17.2%, as compared to estimates for 17.6%.

“We concluded the year of 2021 on a strong note with an annual delivery of 91,429 vehicles in total, representing an increase of 109.1% year-over-year, despite all the challenges including the supply chain volatilities in particular,” said CEO William Bin Li.

Going forward, the company expects to deliver 25,000 to 26,000 vehicles in the first quarter, which is less than expectations for 28,000.

While that’s slightly disappointing, we have to remember the company has doubled its production capacity to about 20,000 EVs a month.  It has new products coming out this year, including the ET7 sedan, and it has plans to expand deeper into Europe. Plus, we can’t forget that electric vehicle demand is only growing.