Electric car maker Nio has narrowed its loss for 1QFY2022 ended March by 62.6% y-o-y to RMB1.8 billion.
Revenue in the same period was RMB9.9 billion, up 24.2% y-o-y, as it sold more cars.
On the other hand, Nio company incurred higher operating costs, causing gross margins to drop from 19.5% to 14.6%.
However, it booked a much lower accretion on redeemable non-controlling interests to redemption value of RMB66.8 million, versus RMB4.4 billion in 1QFY2021.
"Despite the volatilities of supply chain and the challenges in vehicle delivery resulting from the recent COVID-19 resurgence, we witnessed robust demand for our complementary products and achieved an all-time high order inflow in May 2022,” says Nio’s chairman and CEO Li Bin, also known as William.
Li expects to start delivery of a new model ET5 (picture) in September.
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Nio made its secondary listing debut on the Singapore Exchange on May 20 at US$17.30. It dropped to US$$14.61 on May 26 but has since then recovered steadily. It closed on June 9 at US$20.33.
