TECH - Nio Misses Q1 Deliveries But Expert Says EV Maker 'Seems To Be On The Upswing' | Benzinga
Nio Inc. (NYSE:NIO), the Chinese electric vehicle maker, saw its stock plummet following the release of its first-quarter earnings for 2024, which missed analysts’ expectations and showed a significant decline in vehicle deliveries.
The disappointing results led to a stock decline of 6.5% to $4.92 at the time of publication Thursday.
Here's a breakdown of the financials and expert insights that could offer a glimmer of hope for investors.
Nio Stock’s Slide On Q1 Earnings Miss
Nio reported Q1 revenue of $1.37 billion, down 7.2% year-over-year and a steep 42.1% drop from the previous quarter, missing the analyst consensus of $1.48 billion.
Vehicle deliveries fell to 30,053 units, a sharp 39.9% decline Q/Q. The company posted an adjusted loss of 33 cents per share, slightly higher than the expected loss of 31 cents.
Gross margin for the quarter saw an improvement, reaching 4.9% compared to 1.5% a year ago but down from 7.5% in the previous quarter.
More details here: EV Maker Nio’s ...