Nio Inc. late Thursday reported quarterly results and sales that were above Wall Street expectations, however restored investors’ concerns about its supply chain and effect of the chip shortage plaguing the Chinese electric-car maker and other automobile makers around the globe.
Nio NIO, -5.34% stated 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.
Changed for stock payment costs 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 shipments from a small base in 2015 and a “solid average market price,” the business said. Vehicle margin reached 21.2% in the quarter, Nio stated.
Experts polled by FactSet had actually expected a loss around 10 cents per ADR and sales of $1.06 billion. The ADRs fell around 1% immediately after the outcomes, but ended prolonged trading about flat, after closing the routine 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 scarcity, which Ford stated would “worsen prior to it gets better.”
“The total need for our items continues to be quite strong, but the supply chain is still facing considerable difficulties due to the semiconductor scarcity,” President William Li stated in a statement.
Nio said it delivered 20,060 lorries in the first quarter, a boost of 423% from the very first quarter of 2020 and a rise of nearly 16% from the 4th quarter.
It required the shipment of in between 21,000 and 22,000 automobiles in the 2nd quarter, with sales between $1.24 billion and $1.29 billion.
Nio will continue to invest “in brand-new items and core innovations, as well as in our service and power-network growth, particularly battery swapping and charging centers,” it stated.