Nio Q1 Loss Widens, Sees Weak Revenues In Q2; Stock Down In Pre Market

(RTTNews) - Chinese premium electric vehicles manufacturer NIO Inc. (NIO) Friday reported a wider loss for the first quarter. However, revenue increased by 7.7 percent on higher vehicle deliveries.

Quarterly net loss attributable to shareholders was RMB 4.80 billion or $699.5 million, compared loss of RMB 1.83 billion or $287.9 million of last year.

Loss per ADS was RMB 2.91 or $0.42, compared to loss of RMB 1.12 or $0.18 of the prior year.

Adjusted loss was RMB 4.14 billion or $603.1 million, compared to prior year's loss of RMB 1.29 billion or $202.7 million.

Adjusted loss per ADS was RMB 2.51 or $0.36, compared to loss of RMB 0.79 or $0.13 for the same period last year.

Revenues, however, increased to RMB 10.68 billion or $1.55 billion from RMB 9.91 billion or $1.56 billion last year, on 20.5 percent higher vehicle deliveries.

Looking ahead for the second quarter, the company expects the revenue to be in the range of RMB 8.74 billion or $1.27 billion and RMB 9.37 billion or $1.36 billion. This represents a decrease of around 15.1% to 9.0% from the same quarter of 2022.

Deliveries of vehicles would be down 0.2% to 8.2% to between 23,000 and 25,000 vehicles.

In premarket activity, shares of NIO are trading at $7.65, down 1.80% or $0.14 on the New York Stock Exchange.