NIO Up 8% On Improved Quarterly Sales

Shares of Chinese electric vehicle maker NIO Inc. (NIO) are rising more than 8% Friday morning after reporting improved sales in the first quarter, driven primarily by increased vehicle deliveries.

Total revenues were RMB10.677 billion or $1.555 billion in the first quarter, a 7.7% increase year-on-year.

NIO said vehicle deliveries were 31,041 in the first quarter, consisting of 10,430 premium smart electric SUVs and 20,611 premium smart electric sedans, an increase of 20.5% from comparable quarter last year.

The company, however, reported a loss of RMB4.804 billion or $699.5 million in the first quarter, wider than RMB1.825 billion in the year-ago quarter.

Loss per ADS was RMB2.91 or $0.42, compared with RMB1.12 last year. Excluding one-time items, loss per ADS was RMB2.51 or $0.36.

NIO is at $8.48 currently. It has traded in the range of $7.00 – $24.43 in the last 1 year.

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