Chinese electric-vehicle maker NioIt lost $281.2million in its first quarter. This is more than it lost $68.8 millions a year earlier as it tried to keep up with the intense demand from China’s Covid-related shut downs.

These are some other important numbers that Nio has to offer first-quarter earnings report.

• Revenue:$1.56 Billion, an increase of 24% over the first quarter 2021.
• Share loss adjusted:13 cents instead of 4 cents during the first quarter in 2021.
• Gross Margin:14.6% compared to 19.5% one year ago and 17.2% for the fourth quarter 2021.
• At quarter-end, cash$8.4Billion, slightly lower than $8.7Billion as of 2021.

Premarket trading on Thursday saw Nio’s stock fall by 6%

Nio stated that the second company factory is now producing the ET5 sedan. Production will begin in September. A new five-passenger, upscale SUV called the ES7 will be launched later in the month. Deliveries are expected to begin in August.

Nio shipped 25,768 vehicles during the first quarter, an increase of 20,060 from a year earlier. The company stated that second-quarter deliveries will be between 23,000 to 25,000 vehicles. This suggests a strong June. Shutdowns at Covid-19 and problems in the supply chain limited Nio’s total deliveries in April and MayTo just above 12,000.

However, China’s recent pandemic disruptions have not affected China’s demand. Chief Executive Officer William Li announced that Nio achieved an unprecedented high level of order flow in May.

This is important breaking news. Keep checking back for more updates.