Chinese electric vehicle (EV) manufacturer Nio has released its first-quarter financial results, posting a narrower-than-expected loss despite ongoing industry challenges. The company's net loss narrowed to 1.43 billion yuan ($204 million), down from 1.66 billion yuan in the same period last year. Nio's gross margin climbed to 14.6%, up from 12.6% in Q1 2022, driven by improved manufacturing efficiency and lower costs. Despite the loss on a GAAP basis, Nio remains profitable on an adjusted basis, with its adjusted EBITDA margin reaching 4.4%. The results suggest Nio's efforts to streamline operations and boost efficiency are paying off, but the company still faces intense competition in the highly competitive EV market.
Nio Posts Narrow Q1 Loss as Margins Climb, Stays Profitable on Adjusted Basis eletric-vehicles.com
