NIO Inc. (NYSE: NIO) reported a web loss for the primary quarter of 2024 when the electrical automotive maker’s revenues dropped 7%. The China-based firm additionally issued steerage for the second quarter of 2024.
Web loss attributable to bizarre shareholders was $728.2 million within the March quarter, which represents a lack of $0.36 per American Depository Shares. On an adjusted foundation, Q1 loss was $727.2 million.
Revenues decreased 7% year-over-year to $1.37 billion within the three months. The corporate delivered 30,053 autos within 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,” stated Nio’s CEO William Bin Li.
