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Nio Trades Higher After Q1 Earnings

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Nio Trades Higher After Q1 Earnings

Chinese electric car maker Nio Inc. (NYSE: NIO) reported first-quarter losses of 36 cents per share and quarterly sales of $243.05 million.

Nio reported vehicle sales of to $226.8 million, down 54.6 percent compared to the fourth quarter of 2018. Gross margin was -13.4 percent, compared with +0.4 percent in the fourth quarter of 2018.

Deliveries of the ES8 reached 3,989 in the first quarter of 2019, compared with 7,980 vehicles delivered in the fourth quarter of 2018.

"Looking ahead to the second quarter, we expect an even more challenging sales environment and anticipate overall sequential demand and deliveries to decrease, as competition continues to accelerate and the general automobile market in China remains muted," said Nio CFO Louis Hsieh in a press release. “Against this backdrop, Nio is focusing on rolling out our ES6 nationwide, and at the same time, improving overall network utilization and operating efficiencies."

Nio shares traded higher by 4.4 percent at $4.03 early Tuesday morning.

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Photo courtesy of Nio.

Posted-In: Earnings News Best of Benzinga

 

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