NIO (NIO) shares fell slightly Thursday after the company reported worse-than-anticipated Q1 results.
The Chinese electric vehicle (EV) maker posted a quarterly loss per share (EPS) of RMB2.39, wider than the loss per share of RMB2.20 that analysts expected. The company's revenue for the quarter was RMB9.91 billion, also falling short of the consensus estimate of RMB10.43 billion.
The company delivered 30,053 EVs in Q1, a 3.2% decrease year-over-year, missing the estimated 31,467.
NIO shares fell 2.5% in premarket trading.
The gross margin improved to 4.9% from 1.5% year-over-year, exceeding the projection of 4.75%.
For the second quarter of 2024, NIO expects vehicle deliveries to be between 54,000 and 56,000 units, representing an increase of approximately 129.6% to 138.1% from the same quarter in 2023, and surpassing the estimate of 41,310 units.
Total revenues are projected to be between RMB16.587 billion and RMB17.135 billion, reflecting an increase of approximately 89.1% to 95.3% from the same quarter in 2023, and above the consensus projection of 14.38 billion yuan.
“Despite the intensifying market competition, NIO’s premium brand positioning, industry-leading technologies, and innovative ‘chargeable, swappable, upgradeable’ power experience have been recognized for their exceptional competitiveness, leading to solid sequential growth in vehicle deliveries in recent months,” said William Bin Li, founder, chairman and CEO of NIO.