Chinese smart electric vehicle company NIO Inc. (NYSE: NIO) reported last night its financial results for Q1 2021, earning US$1.2 billion in revenue. The company also incurred a US$68.8 million net loss.
This quarter’s revenue is a 20.2% increase from last quarter’s US$1.0 billion, while the net loss is a 67.5% improvement from the prior quarter’s US$214.7 million loss. This net loss equates to a negative US$0.48 per share. Gross margins meanwhile came in at 19.5%, on gross profits of US$237.3 million.
The company reported a total of 20,060 vehicle deliveries during the quarter, a strong improved from the 17,353 delivered in the fourth quarter of 2020, and a dramatic increase from the 3,838 vehicles delivered in the year ago period.
For Q2 2021, the company expects an increase in vehicle sales volume to between 21,000 and 22,000, which is a 5-10% increase from Q1 2021. This also puts the company’s expected revenue for the second quarter to be between US$1.24 – $1.29 billion, a 2.1% – 6.1% increase from this quarter’s revenue.
The company ended Q1 2021 with approximately US$4.4 billion in cash and cash equivalents, a 25.6% decrease from last quarter’s US$5.9 billion.
You may see the full details of NIO’s Q1 2021 financial results here.
NIO Inc. last traded at $38.99 on the NYSE.
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