Nio’s Losses Higher Than Expected as EV Competition Hits Sales

(Bloomberg) — Nio Inc. reported a bigger-than-expected loss in the first quarter, highlighting how increased competition in the electric vehicle (EV) market is making it harder for the company to become profitable.

The Shanghai-based EV maker’s adjusted net loss grew 18.1% to 4.90 billion yuan ($676 million) in the first quarter, according to a company statement Thursday. That was wider than analysts’ estimate of a 4.39 billion-yuan loss.