Hyperdrive
Nio Loss Narrows; EV Maker Warns of Hit From Chip Shortage
- Deliveries seen at between 21,000-22,000 cars this quarter
- Supply chain faces ‘significant challenges,’ CEO Li says
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Chinese electric vehicle startup Nio Inc. reported a narrower first-quarter loss, while warning the global chip shortage will keep a lid on deliveries.
The Shanghai-based company posted a net loss of 451 million yuan ($68.8 million) in the three months ended March 31, compared with 1.69 billion yuan a year earlier, it said in a statement. It also marked an improvement on the 1.39 billion yuan net loss it posted in the last quarter of 2020. Revenue rose to 7.98 billion yuan, beating estimates of 7.16 billion yuan.