Nio Stock Dropped 7% as First-Quarter Loss Widened on Lower EV Sales

Tiger Newspress06-06

China's Nio releases financial results on Thursday. Nio U.S.-listed shares of the company fell 7% in premarket trade.

NIO’s net loss widened in the first quarter, with electric-vehicle sales off to a seasonally slow start.

The Chinese EV maker on Thursday posted a net loss of 5.26 billion yuan ($725.7 million), compared with a CNY4.80 billion loss a year earlier.

Quarterly revenue fell 7.2% to CNY9.91 billion, missing an estimate of CNY10.44 billion in a FactSet poll of analysts. The company attributed lower vehicle sales to weaker average selling prices and seasonal effects.

NIO delivered 30,053 vehicles in the first quarter, down 3.2% from a year earlier, meeting its reduced guidance of about 30,000 units.

The Shanghai-based company forecast second-quarter deliveries to more than double to 54,000 to 56,000 units and revenue between CNY16.59 billion and CNY17.14 billion, nearly doubling from a year earlier.

The EV maker reported sharply higher sales in April and May after it launched new models and lowered battery costs for consumers. It sold a record 20,544 units last month.

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Comments

Xkuanx
06-06
Xkuanx
Already run fast fast .... sold everything at $11 and look at the price now .
Upswing118
06-06
Upswing118
fingers crossed for better next quarter results.
JKWL0wn
06-06
JKWL0wn
This stock is nvr ubdervalued just trash. Delusional ppl time to wake up

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