Chinese electric-car maker Nio Inc. posted double-digit growth in its first-quarter sales and expects to continue this trend in the next three months, despite the wider loss incurred in the first quarter.
NIO is down 7.46%, and LIT is down 0.43% premarket.
First-quarter net loss widened by 295.3% to RMB1.782 billion from RMB451 million the past year, while diluted net loss per share improved to $1.12 from $3.14 in the first quarter of 2021.
Vehicle sales stood at RMB9.244 billion, marking a 24.8% increase from RMB7.405 billion in the previous year. Total revenues jumped by 24.2% to RMB9.910 billion from RMB7.982 billion.
Nio expects total revenues for the second quarter to range between RMB9.340 billion and RMB10.088 billion, reflecting an increase estimated at 10.6% to 19.4% from the first quarter of 2021.
Vehicle deliveries for the second quarter are expected to fall between 23,000 and 25,000, equivalent to an annual increase between 5.0% to 14.2%. Deliveries stood at 5,074 units in April and 7,024 in May.
Chief Executive Officer William Bin Li said first-quarter deliveries hit a record-high 25,678 in the first quarter, bringing the cumulative deliveries to over 200,000.