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.
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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.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
