NIO Inc. (NYSE: NIO) reported a net loss for the first quarter of 2024 when the electric car maker’s revenues dropped 7%. The China-based company also issued guidance for the second quarter of 2024.
Net loss attributable to ordinary shareholders was $728.2 million in the March quarter, which represents a loss of $0.36 per American Depository Shares. On an adjusted basis, Q1 loss was $727.2 million.
Revenues decreased 7% year-over-year to $1.37 billion in the three months. The company delivered 30,053 vehicles in the first quarter, down 3% year-over-year.
“In April 2024, we launched the 2024 ET7 Executive Edition, featuring 180 upgrades tailored to the needs of business travelers and professionals, further enhancing our competitiveness in the premium sedan market. In addition, with a commitment to create better family life, our new smart electric vehicle brand, ONVO, along with its inaugural product L60, was unveiled in May 2024,” said Nio’s CEO William Bin Li.
