Chinese electric vehicle company Nio posted revenue of RMB 7.98 billion yuan ($1.22 billion) in the first quarter, beating market expectations of 6.645 billion yuan and up about 482 percent from 1.372 billion yuan in the same period last year and up 20.16 percent from the fourth quarter.

In its unaudited financial results published on Friday morning Beijing time, Nio said it recorded RMB 7.406 billion in auto sales revenue in the first quarter, compared to RMB 1.256 billion in the same period last year, representing a 489.8% year-on-year jump.

Nio posted a net loss of RMB 451 million in the first quarter, down 67.52 percent from the fourth quarter.

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Nio's adjusted loss per ADS was RMB 0.23, a 75% reduction from RMB 0.93 in the fourth quarter.

(Graphic by CnEVPost)

The company's gross margin was 19.5 percent in the first quarter, higher than 17.2 percent in the fourth quarter.

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Nio's vehicle margin was 21.2% in the first quarter, compared with a negative 7.4% in the same period last year.

The vehicle margin benefitted from the better mix and higher take rate of the Nio Pilot package while seemingly not materially impacted by supply chain logistical issues, according to Deutsche Bank analyst Edison Yu's team.

Nio's cash and cash equivalents, restricted cash, and short-term investment grew to RMB 47.5 billion as of March 31, 2021.

(Graphic by CnEVPost)

Nio delivered 20,060 vehicles in the first quarter, up 422.7 percent year-on-year and 15.6 percent from the previous quarter.

This is the first time Nio has reached over 20,000 deliveries in a single quarter and is higher than the company's guidance which was lowered to 19,500 units in late March.

Nio expects to deliver 21,000-22,000 vehicles in the second quarter.

In March, Nio delivered a record 7,257 vehicles, up 373.4 percent year-over-year and 30.1 percent from February.

As of March 31, cumulative deliveries of ES8, ES6, and EC6 reached 95,701.

Nio expects second-quarter revenue to range from RMB 8.15 billion to RMB 8.5 billion.

According to Yu's team, Nio's revenue guidance of RMB 8.15 billion to 8.5 billion is broadly in line with the team's estimate of RMB 8.26 billion and above the market consensus estimate of RMB 7.92 billion.

Yu's team believes that Nio may benefit from higher average selling prices and increased sales under the "Others" item.

(Graphic by CnEVPost)

Nio'smanagement will host an earnings conference call at 8:00 PM US Eastern Time that day (8:00 AM Beijing/Hong Kong Time on April 30, 2021).

A live and archived webcast of the conference call will be available on the company's investor relations website at https://ir.nio.com/news-events/events.

For participants who wish to join the conference using dial-in numbers, they should register in advance using the link provided below and dial in 10 minutes prior to the call. Direct Event passcode and unique registrant ID would be provided upon registering.

http://apac.directeventreg.com/registration/event/1272835

Nio said it has called an extraordinary general meeting of shareholders to be held in Shanghai on June 3, 2021 at 10 a.m. (local time), for the purposes to consider and pass the proposal to amend and restate the company's memorandum and articles of association.