Nio Inc (NYSE: NIO) reported first-quarter 2020 financial results before the regular trading hours on Thursday. Even as the company reported narrower losses than expected, revenues came in below the street consensus.
CEO William Bin Li said in a statement, “On April 29, 2020, NIO entered into the definitive agreements with the strategic investors for the investment in NIO China. The strategic investment will provide sufficient funds to support NIO’s business development, enhance our leadership in the products and technologies of smart electric vehicles, and offer services exceeding users’ expectations. The establishment of NIO China’s headquarters in Hefei will further improve our operating efficiency in the long run.”
The stock fell 4% immediately following the announcement. NIO shares are up 4% in the trailing 12-month period.