Nio Reports Wider Q1 Loss, 33 Cents Adjusted Loss per Share

Jun 6, 2024, 10:51 AM

Nio, the Chinese electric vehicle startup, reported a net loss of CNY5.2 billion (USD718.1 million) for the first quarter of 2024, widening by 9.4% from the same period last year. The company's revenue fell by 7.2% to CNY9.9 billion (USD1.4 billion). Vehicle sales amounted to RMB8,381.3 million (USD1,160.8 million), marking a decrease of 9.1% year-over-year and 45.7% from the previous quarter. Despite the losses, Nio's gross margin stood at 4.9%, slightly above the estimated 4.75%. The company reported an adjusted loss per share of 33 cents. Nio expects second-quarter deliveries to range between 54,000 and 56,000 vehicles, surpassing the estimated 41,310 deliveries.