Chinese electric vehicle (EV) maker Nio (NIO) reported first-quarter results below expectations Thursday, falling short on revenue and posting a wider loss than analysts had expected, sending the company's 澳洲幸运5开奖号码历史查询:American depositary receipts (ADRs) lower in premarket trading.

The automaker delivered 30,053 vehicles in the first quarter, in line with its downwardly revised 澳洲幸运5开奖号码历史查询:projections in March, which also sent ADRs lower at the time. In the first quarter of 2023, the company delivered 31,041 vehicles.

Nio Posts Q1 Results Below Expectation

The drop in vehicle deliveries compared to the year-ago quarter was accompanied by a similar drop in revenu🐼e, to 9.91 billion Chinese yuan ($1.37 billion), down 7% from last year. Analysts had expected revenue to be roughly flat at CNY10.61 billion, according to consensus estimates compiled by Visible Alpha.

Nio said its revenue was impacted by fewer deliveries and lower average selling price, as firms across the EV industry in China have constantly shifted prices to 澳洲幸运5开奖号码历史查询:c𒐪ompete with other domesඣtic companies along with 澳洲幸运5开奖号码历史查询:international automakers like Tesla (TSLA).

Nio also reported a loss of CNY5.18 billion, more t𒆙han 9% larger than a year ago and wider than the CNY4.48 billion loss that analysts had projected. On a per-share basis, Nio lost CNY2.57, more than the CNY2.31 analysts anticipated.

Nio Q2 Deliveries, Revenue Guidance Rosier

For the first two months of the current quarter, Nio has sold over 36,000 vehicles, already💧 surpassing the second quarter of 2023, when Nio delivered 23,520 vehicles. For the full quarter, Nio projects deliveries to more than double from last year, to between 54,000 and 56,000 vehicles.

Nio projects revenue to nearly double to a range of CNY16.59 billion to CNY17.14 billion from the second quarter of last year, when it generated CNY8.77 billion. Analysts ꦏexpect second-quarter revenue of CNY14.59 billion.

Nio's ADRs slipped 3.8% to $5.07 about an hour before the opening bell Thursday, putting them down nearly 45% so far this year.