NIO Inc (NYSE:NIO) shares are trading lower Thursday after the company reported financial results and issued guidance below analyst estimates.
Nio said first-quarter revenue increased 24.2% year-over-year to $1.56 billion, which beat the estimate of $1.49 billion, according to data from Benzinga Pro. The EV company reported a quarterly earnings loss of 13 cents per share.
Nio reported total vehicle deliveries of 25,768 in the first quarter, representing an increase of 28.5% year-over-year.
"Despite the volatilities of supply chain and the challenges in vehicle delivery resulting from the recent COVID-19 resurgence, we witnessed robust demand for our complementary products and achieved an all-time high order inflow in May 2022," said William Bin Li, founder, chairman and CEO of Nio.
Nio expects second-quarter vehicle deliveries to be between 23,000 and 25,000. Second-quarter revenue is expected to be between $1.473 billion and $1.591 billion versus the estimate of $1.86 billion. Nio said it plans to begin delivery of its ET5 sedan in September.
NIO Price Action: Nio has traded between $55.13 and $11.67 over a 52-week period.
The stock was down 6.38% at $19.07 at time of publication.
Photo: courtesy of Nio.