Chinese electric vehicle start-up NIO Inc., logo is on display on the trading floor of the New York Stock Exchange (NYSE) as NIO stock begins trading during the company’s initial public offering (IPO) at the NYSE in New York, U.S., September 12, 2018. REUTERS/Brendan McDermid
(Reuters) – Nio Inc reported quarterly revenue below Wall Street estimates on Thursday as the cash-strapped Chinese electric vehicle (EV) maker reeled under the impact of the COVID-19 pandemic on its vehicle sales, sending its shares down 7%.
The company’s total revenue was 1.37 billion yuan in the first quarter ended March 31, missing analysts’ average estimate of 1.67 billion yuan, according to IBES data from Refinitiv.
Reporting by Ayanti Bera in Bengaluru; Editing by Anil D’Silva