XPEV - Nio Provides A Glimmer Of Hope With Margin Improvements And Optimistic EV Delivery Outlook | Benzinga
On Thursday, Nio Inc (NYSE: NIO) issued its unaudited first fiscal quarter results that showed its financials were hurt by promotional activity and the price war Tesla Inc (NASDAQ: TSLA) ignited, as loss widened despite improved margins. But Nio managed to lift the spirits with a more optimistic second quarter outlook. Moreover, it recorded YoY growth in May 2024 deliveries, along with Li Auto (NASDAQ: LI) and XPeng Inc (NYSE: XPEV), but Nio was the only with triple-digit percentage gains, while Tesla made it to the headlines by recalling as many as 125,000 EVs.
First Fiscal Quarter
For the quarter ended on March 31st, revenue fell almost 12% YoY to $1.372 billion and net loss widened 9.4% YoY to $718 million net loss, reporting a loss of 33 cents a share, both of which reflect the ongoing pressure on profitability within the competitive EV market shaped by a bruising price war. Nio reported it delivered 30,053 EVs, leaving it far behind Li Auto but ahead of XPeng.
On a brighter note, vehicle margin improved from 5.1% reported ...