NIO Inc. (NIO) reported its first quarter financial results before the market open in the US on Thursday.

The Chinese electric vehicle maker reported revenue of $1.563 billion in the first quarter (up by 24.2% year-over-year), topping analyst estimate of $1.561 billion.

Loss per share reported at -$0.12 per share, lower than the -$0.15 loss per share expected.

The company delivered a total of 25,768 vehicles in Q1 2022, an 28.5% increase vs. Q1 2021.

William Bin Li, founder, chairman and CEO of the EV company commented on NIO’s performance in Q1: ”We set new record-high quarterly deliveries of 25,768 vehicles in the first quarter of 2022, and hit the milestone of exceeding 200,000 vehicle deliveries in May within four years since our first delivery.”

“Despite the volatilities of supply chain and the challenges in vehicle delivery resulting from the recent COVID-19 resurgence, we witnessed robust demand for our complementary products and achieved an all-time high order inflow in May 2022. On April 29, 2022, the first batch of tooling trial builds of the ET5 rolled off the production line at the new manufacturing plant at NeoPark in Hefei. We expect to start delivery of the ET5 in September 2022. In addition, we will further enhance our product offering by introducing the ES7, a new mid-to-large five-seater SUV based on NIO Technology 2.0 (NT2.0), in June and expect to start its delivery in late August,” Li added.

The company expects deliveries of between 23,000 to 25,000 in Q2 and revenue of between $1.473 billion and $1.591 billion.

NIO Inc. chart

Shares of NIO fell by around 6% during the trading day on Thursday at $18.93 per share despite beating analyst estimates for Q1, mainly due to future outlook for Q2.

Here is how the stock has performed in the past year:

• 1 Month +44.35%
• 3 Month +42%
• Year-to-date -40.31%
• 1 Year -55.78%

NIO price targets

• B of A Securities $26
• UBS $32
• Mizuho $60
• Morgan Stanley $34
• Barclays $34
• Deutsche Bank $70
• Goldman Sachs $56

NIO is the 14^th largest automaker in the world with a market cap of $31.54 billion.

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Sources: NIO Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap