Nio reports wider first-quarter loss as Covid shutdowns in China hamper deliveries

Chinese electric-vehicle maker Nio lost more money in the first quarter than it did a year ago as it scrambled to keep up with intense demand in China.

Key numbers from Nio's first quarter earnings report can be found here.

• Revenue: $1.56 billion, up 24% from the first quarter of 2021.
• Adjusted loss per share: 13 cents, versus 4 cents in the first quarter of 2021.
• Gross margin: 14.6%, versus 19.5% a year earlier and 17.2% in the fourth quarter of 2021.
• Cash at quarter-end: $8.4 billion, down slightly from $8.7 billion as of the end of 2021.

The decline in gross margin caused Nio's shares to fall.

William Bin Li said during the company's earnings call that rising commodity costs are squeezing margins. He thinks Nio's gross margin will recover in the third quarter.

The company's second factory has begun pre-production builds of the upcoming sedan. The new five-passenger SUV, the ES7, will be launched later this month and will be delivered in August.

The number of vehicles delivered in the first quarter increased from a year ago. The company expects to deliver between 23,000 and 25,000 vehicles in the second quarter. In April and May, Nio had just over 12,000 deliveries.

Through China's most recent PandemicDisruptions, demand has remained strong. In May, Nio achieved an all-time high order flow.

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