Chinese EV maker Nio expects sales to double post first quarter losses
29 days ago | 25 Views
Nio Inc. expects to see a stronger second quarter performance in spite of increasing losses, to a figure of around $700 million within the first quarter. The Chinese EV maker stated on Thursday that it expects second quarter deliveries to climb to 54,000-56,000 units, which is double that of the same period last year. The company stock price currently sits around $4.91, having declined by around 6.9 per cent.
Nio stated that the company further expects revenue to double from April to around $2.3 billion. In the first quarter, Nio posted that deliveries of vehicles had decreased by 3.2 per cent to 30,000 units; this comes amid a weak start for the EV market in China where increasing competition among brands is causing a price war. Trade tensions with the US and the EU where the possibility of import tariff hikes increasing add to the market slump.