NIO expects sales to bounce back in Q2, gives update on third brand · TechNode

NIO said on Thursday it aims to deliver between 54,000 and 56,000 electric vehicles for the April-June quarter, which could represent a year-on-year growth of between 129.6% and 138.1%, after reporting a wider first-quarter net loss and a reduced revenue of RMB 9.9 billion. This means June deliveries could reach roughly between 18,000 and 20,000 units as the Chinese EV maker handed over more than 36,000 cars to customers in the past two months, partly thanks to a significant price reduction on its battery leasing program in March. The company attributed the 7.2% year-on-year revenue decline and the RMB 4.9 billion ($677 million) net loss to seasonal factors such as the eight-day Lunar New Year holidays in February as well as lower average selling prices due to promotions and discounts. NIO will begin delivering the first model under its third brand, codenamed Firefly, in the first half of next year, covering a price range of between RMB 100,000 and RMB 200,000, William Li, founder, chairman, and chief executive, told investors during an earnings call. [NIO financial report]

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