Nio delivered 30,053 vehicles in the first quarter, hitting its lowered guidance of about 30,000.

Nio (NYSE: NIO) will report unaudited financial results for the first quarter on Thursday, June 6, before the US stock market opens, the company announced today.

Nio management will host an earnings call on June 6 at 8:00 am US Eastern Time (8:00 pm Beijing Time).

Previously released figures show that Nio delivered 30,053 vehicles in the first quarter, hitting its downwardly revised guidance of about 30,000 vehicles.

Deliveries for the quarter were down 3.18 percent year-on-year and down 39.95 percent from the fourth quarter of 2023.

Nio initially guided first-quarter vehicle deliveries to be in the range of 31,000 to 33,000 vehicles when it announced its fourth-quarter 2023 results on March 5.

It then guided first-quarter revenue to be between RMB 10.499 billion ($1.479 billion) and RMB 11.087 billion.

On March 27, Nio lowered its first-quarter delivery guidance to about 30,000 vehicles, following the move of its local peer Li Auto (NASDAQ: LI) a week earlier.

The first quarter is usually a slow season for China's automotive industry due to seasonal factors including the beginning of the year as well as the Chinese New Year holiday.

Nio's decline in deliveries in the first quarter means that core financial metrics, including revenue and gross margin, are expected to decline from the fourth quarter of 2023.

The company reported a revenue of RMB 17.1 billion and a net loss of RMB 5.37 billion in the fourth quarter, with vehicle deliveries of 50,045 units.

It posted a gross margin of 7.5 percent and a vehicle margin of 11.9 percent in the fourth quarter.

The company's performance is expected to improve in the second quarter, as China's auto industry as a whole rebounds.

Nio delivered 15,620 vehicles in April, up 134.60 percent year-on-year and up 31.64 percent from March.

Insurance registrations of Nio vehicles in China stood at 10,000 vehicles in the May 1-19 period, according to data compiled by CnEVPost.

Nio's local peers Li Auto and Xpeng (NYSE: XPEV) have already reported their respective first-quarter results earlier this week, and the performances varied widely.

Li Auto's first-quarter revenue came in at RMB 25.6 billion, in line with Wall Street estimates and down 38.6 percent from the fourth quarter of 2023, according to its May 20 earnings report.

Li Auto's first-quarter net income fell 36.7 percent to RMB 591.1 million, down 89.7 percent from the fourth quarter.

The company saw its shares tumble the day after the results were released, amid generally disappointing earnings and delays in the release of more battery electric vehicle (BEV) models.

Xpeng reported revenue of RMB 6.55 billion in the first quarter, beating Wall Street expectations, despite a 49.8 percent drop from the fourth quarter, according to the earnings report released yesterday.

Xpeng closed up 5.92 percent in the US yesterday and rose 13.05 percent in Hong Kong today.

China EV insurance registrations for week ending May 19: Nio 4,400, Tesla 13,900, BYD 53,600, Xiaomi 2,000