Nio’s et5 electric sedan is set to start deliveries in September 2022.
Chinese Electric Vehicle Manufacturers NIO It lost $281.2 million in the first quarter, up from $68.8 million it lost a year ago, as it scrambled to keep pace with intense demand amid China’s recent Covid-related shutdowns.
Here are Neo’s other prime numbers first quarter earnings report,
- revenue: $1.56 billion, up 24% from the first quarter of 2021.
- Adjusted Loss Per Share: 13 cents, versus 4 cents in the first quarter of 2021.
- total profit: 14.6%, versus 19.5% a year ago and 17.2% in the fourth quarter of 2021.
- Cash at the end of the quarter: $8.4 billion, slightly less than $8.7 billion by the end of 2021.
Nio’s shares were down nearly 9% in early trading Thursday as investors digested the decline in gross margin. They corrected somewhat at $18.80, down around 7.5% at the end of the day.
During the company’s earnings call, CEO William Bin Lee said rising commodity prices continued to throttle margins. But he expects Nio’s gross margin to start to recover in the third quarter as offsetting costs are cut.
Nio said that its new factory, the company’s second, has started pre-production builds of the upcoming ET5 sedan, which is scheduled to take place in September. The company confirmed plans to launch a new upscale, five-passenger SUV, the ES7, later this month, with deliveries starting in August.
Nio delivered 25,768 vehicles in the first quarter, up from 20,060 a year ago. The company suggested a particularly strong June, saying that second-quarter deliveries are on pace to reach between 23,000 and 25,000 vehicles. Covid-19 shutdown and supply-chain issues Limited Nio total deliveries in April and May For just over 12,000.
However, demand remains strong through China’s most recent pandemic disruptions. Lee said Nio “achieved an all-time high order flow” in May.