Nio stock slips after Q1 results on supply-chain, chip-shortage worries

Nio Inc. slack Thursday reported quarterly results and sales that had been above Wall Avenue expectations, nonetheless renewed traders’ issues about its offer chain and impact of the chip shortage plaguing the Chinese electric-automotive maker and other auto makers all the contrivance in which by contrivance of the area.

Nio
NIO,
+2.18%

mentioned it lost RMB4.88 million ($744.1 million), or 48 cents per American Depositary Receipt, within the first quarter, when compared with an absence of RMB1.72 million within the year-within the past interval.

Adjusted for stock compensation charges and other one-time objects, Nio lost 4 cents per ADR.

Gross sales reached RMB7.98 billion, or $1.22 billion, up 481% year-on-year, basically thanks to rising deliveries from a tiny deplorable final year and a “stable moderate selling mark,” the firm mentioned. Automobile margin reached 21.2% within the quarter, Nio mentioned.

Analysts polled by FactSet had anticipated a loss round 10 cents per ADR and sales of $1.06 billion. The ADRs fell round 1% without delay after the outcomes, nonetheless ended extended Trading about flat, after closing the odd Trading day down 5%.

Earlier this week, Tesla Inc.
TSLA,
+4.79%

and Ford Motor Co.
F,
+2.49%

reported first-quarter earnings and known as consideration to the continued chip shortage, which Ford mentioned would “get worse earlier than it gets better.”

“The final demand for our merchandise remains to be somewhat solid, nonetheless the offer chain is peaceable going by contrivance of fundamental challenges due to the the semiconductor shortage,” Chief Executive William Li mentioned in an announcement.

Nio mentioned it delivered 20,060 vehicles within the first quarter, an lengthen of 423% from the first quarter of 2020 and a rise of almost 16% from the fourth quarter.

It known as for the offer of between 21,000 and 22,000 vehicles within the second quarter, with sales between $1.24 billion and $1.29 billion.

Nio will proceed to speculate “in fresh merchandise and core applied sciences, as successfully as in our provider and vitality-network enlargement, namely battery swapping and charging facilities,” it mentioned.

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