Nio Inc. late Thursday reported quarterly results and sales that were above Wall Street expectations, but restored investors’ concerns about its supply chain and impact of the chip shortage pestering the Chinese electric-car maker and other vehicle makers around the globe.
Nio NIO, -5.34% said it lost RMB4.88 million ($ 744.1 million), or 48 cents per American Depositary Receipt, in the first quarter, compared with a loss of RMB1.72 million in the year-ago duration.
Adjusted for stock compensation expenditures and other one-time items, Nio lost 4 cents per ADR.
Sales reached RMB7.98 billion, or $1.22 billion, up 481% year-on-year, generally thanks to broadening deliveries from a little base in 2015 and a “strong average selling price,” the business stated. Automobile margin reached 21.2% in the quarter, Nio stated.
Analysts surveyed by FactSet had anticipated a loss around 10 cents per ADR and sales of $1.06 billion. The ADRs fell around 1% immediately after the results, but ended prolonged trading about flat, after closing the regular trading day down 5%.
Previously today, Tesla Inc. TSLA, -2.51% and Ford Motor Co. F, -9.41% reported first-quarter earnings and called attention to the continuous chip shortage, which Ford stated would “worsen prior to it gets better.”
“The general need for our items continues to be quite strong, however the supply chain is still dealing with significant obstacles due to the semiconductor scarcity,” President William Li said in a statement.
Nio said it delivered 20,060 cars in the first quarter, a boost of 423% from the very first quarter of 2020 and an increase of nearly 16% from the fourth quarter.
It required the shipment of in between 21,000 and 22,000 cars in the 2nd quarter, with sales in between $1.24 billion and $1.29 billion.
Nio will continue to invest “in brand-new items and core innovations, in addition to in our service and power-network expansion, particularly battery switching and charging facilities,” it said.