Nio Reported Positive First-Quarter Results
Jun 9, 2022 By MarketDepth
Nio Inc. (NYSE: NIO), reported positive first-quarter results on Thursday. Nevertheless shares tumbled after the company issued guidance below analyst estimates.
Lower Loss than Expected
The Chinese electric-vehicle maker reported an earnings loss of USD0.13 per share, compared to the expected loss of USD0.14 a share. Revenue amounted to USD1.56 Billion, higher than analysts anticipated USD1.49 Billion. The company also reported total vehicle deliveries of 25,768 within the quarter, a 28.5% year-over-year increase.
“We set new record-high quarterly deliveries of 25,768 vehicles in the first quarter of 2022, and hit the milestone of exceeding 200,000 vehicle deliveries in May within four years since our first delivery. Despite the volatilities of supply chain and the challenges in vehicle delivery resulting from the recent COVID-19 resurgence, we witnessed robust demand for our complementary products and achieved an all-time high order inflow in May 2022. On April 29, 2022, the first batch of tooling trial builds of the ET5 rolled off the production line at the new manufacturing plant at NeoPark in Hefei.”William Bin Li, founder, chairman and chief executive officer of NIO
Demand for the automaker’s vehicles remained strong in China in spite of its recent pandemic lockdowns. However, according to Li, Nio “achieved an all-time high order flow” in May.