NIO reports RMB1,631.2 million in Q1 revenues

Shanghai (Gasgoo)- NIO, a Shanghai-based EV startup, on May 28 announced its unaudited financial results for the first quarter ended March 31, 2019

The startup said its Q1 revenues for 2019 reached RMB1,631.2 million (US$243.1 million), plunging 52.5% from a quarter earlier. Gross margin was negative 13.4%, 13 percentage points lower than that of the fourth quarter of 2018.

Of that, the Q1 sales from vehicle arm were RMB1,535.2 million (US$228.8 million), representing a decrease of 54.6% from the fourth quarter of 2018. The vehicle margin for the first quarter was negative 7.2%, compared with positive 3.7% over the previous quarter.

For the first three months, NIO suffered a net loss amounting to RMB2,623.6 million (US$390.9 million), showing a drop of 25.1% compared with the quarter-ago period and a 71.4% year-on-year increase. Excluding share-based compensation expenses, adjusted net loss in the first quarter slid 25.5% quarter on quarter, while surged 68.2% year on year to RMB2,504.0 million (US$373.1 million).

Moreover, the Q1 net loss attributable to NIO's ordinary shareholders was RMB2,652.0 million (US$395.2 million), falling 24.6% from a quarter ago and shrinking 32.8% from the previous year.

Deliveries of the ES8 SUVs aggregated 3,989 units from January to March, 3,991 units less than that of a quarter ago.

At the same time, NIO reported that the ES8 deliveries in April reached 1,124 units, reflecting a bigger-than-expected slowdown in monthly volume partly due to the EV subsidy reduction policy released at the end of March.