Chinese Electric Vehicle Company
NIO INC
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Published its results for the first quarter of 2022, in which it presented a 21% increase over the corresponding quarter last year, along with continuing to deepen the net loss that stood at $ 281 million at the end of the quarter.
The company’s revenue in the first quarter was $ 1.56 billion, a 24% increase over the first quarter of 2021.
Bottom line, the company deepened its net loss in the first quarter of the year to $ 281.2 million, compared to about $ 68.8 million in the same quarter last year. Against the background of the heavy loss, the fact that the company had to meet the intense demand against the background of the shutdowns associated with the rigid corona policy of the Chinese government.
During the quarter, the company delivered 25,768 vehicles, compared to 20,060 vehicles a year ago. According to the company, second-quarter deliveries are expected to reach between 23,000 and 25,000 vehicles, which may hint at a particularly strong June. Corona closures and supply chain problems limited the company’s total dedication in April and May to just over 12,000.
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