Beijing (PingWest)—China's smart electric vehicle brand NIO delivered 20,060 vehicles in the first quarter of 2021, representing a year-over-year increase of 422.7%, according to its financial results released today.
Vehicle sales were 7,405.8 million yuan ($1,130.3 million) in the first quarter of 2021, representing an increase of 489.8% from the first quarter of 2020 and an increase of 20.0% from the fourth quarter of 2020.
Total revenues were 7,982.3 million yuan ($1,218.3 million) in the first quarter of 2021, representing an increase of 481.8% from the first quarter of 2020 and an increase of 20.2% from the fourth quarter of 2020.
The net loss was 451 million yuan ($68.8 million), a year-on-year decrease of 73.3% and a decrease of 67.5% from the fourth quarter of 2020.
Driven by higher deliveries and solid average selling price, the company said its vehicle margin reached 21.2% in the first quarter.
"The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage,” said William Bin Li, founder, chairman, and chief executive officer of NIO.
"We continued to achieve positive cash flow from operating activities for the first quarter of 2021,” said Steven Wei Feng, NIO’s chief financial officer. “Going forward, we will continue to invest in new products and core technologies, as well as in our service and power network expansion, particularly battery swapping and charging facilities.”
The EV maker expects to deliver 21,000 to 22,000 vehicles in the second quarter of 2021.