Nio posts net loss in the first quarter amid Covid-19 lockdowns
The automaker posted net loss of $281.2 million in the quarter
• The automaker posted net loss of $281.2 million in the quarter
Chinese electric vehicle maker Nio Inc (NYSE: NIO) posted loss in the first quarter, due to Covid-19 lockdowns in the country.
The automaker posted net loss of $281.2 million in the first quarter, higher than the loss of $68.8 million, a year ago.
Strict Covid-19 lockdowns in China with an uptick in cases and supply chain issues impacted the business of the automaker.
Shares of the company were down about 7.5% at $18.80.
Nio delivered 25,768 vehicles in the first quarter, up from 20,060 a year ago, the company said.
"Despite the volatilities of supply chain and the challenges in vehicle delivery resulting from the recent COVID-19 resurgence, we witnessed robust demand for our complementary products and achieved an all-time high order inflow in May 2022,” said CEO William Bin Li.
Quarterly performance
Revenue of the company in the first quarter rose 24% to $1.56 billion while the gross profit fell 6.9% from the first quarter of 2021 to $228.2 million.
Picture Credits: Nio
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