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.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/results/seas-losses-increase-114-y-o-y-2qfy2022?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Sea's losses increase by 114% y-o-y in 2QFY2022</a></b></span>

Li expects to start delivery of a new model ET5 (picture) in September.

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.

Nio narrows 1QFY2022 loss, preps for delivery of new model

SGX reports FY2022 earnings of $451.4 million, up 1%; maintains full year dividend payout at 32 cents

OUE C-REIT to refinance existing debt with new $978 million sustainability-linked loan

Despite surge in new orders, DBS downgrades CSE Global on supply chain woes

Frasers Property and ThaiBev subsidiaries enter into JV to collaborate in the advancement of tech and digitalisation

Keppel O&M wins $3.97 bil FPSO contract from Petrobras in Brazil

Nanofilm, Yangzijiang Financial in share buybacks following 1H earnings

Analysts like accretive $318.3 million acquisition by Ascott Residence Trust

Nio narrows 1QFY2022 loss, preps for delivery of new model

Related Stories

Highlights

SGX reports FY2022 earnings of $451.4 million, up 1%; maintains full year dividend payout at 32 cents

Related Stories

Amazon favoured, EV makers spurned as Singaporeans cut US exposure: TD Ameritrade

Beware the yield trap

Emperador eyes the world for next growth phase