Tesla Challenger Nio More Than Doubles April Deliveries

What’s new: Chinese electric car startup Nio Inc.’s vehicle deliveries in April more than doubled from a year ago after the company reported better-than-expected first quarter results.

The New York-listed Tesla challenger said over the weekend that it delivered 7,102 vehicles in April, up 125.1% from the same period last year. The April figure was 2.1% less than that of March, when the Beijing-based company posted a monthly delivery record of 7,257 vehicles.

As of April 30, Nio delivered a total of 102,803 vehicles, including three models, the company said.

The background: Nio’s strong April result followed an upbeat performance in the first quarter. In the three months through March, revenue totaled 8 billion yuan ($123 million), representing a year-on-year increase of 481%, according to the company’s financial results released last week. Nearly 93% of Nio’s revenues came from vehicle sales.

Nio narrowed its net loss by 73% year-on-year to 451 million yuan.

Nio predicted it will deliver 21,000 to 22,000 electric vehicles in the second quarter with quarterly revenue likely to reach 8.1 billion yuan to 8.5 billion yuan as it plans to expand into overseas markets and add production capacity on the back of strong demand.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

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