Muddy Waters Capital founder and CIO Carson Block on delisting Chinese companies from U.S. exchanges and the Chinese education company GSX.
Nio Inc.’s first-quarter loss narrowed from a year ago, but sales plunged 16 percent as the COVID-19 pandemic led to a drop in vehicle deliveries.
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The so-called Tesla of China lost 1.69 billion Chinese yuan ($238.9 million), or an adjusted 1.6 yuan per share, on revenue of 1.37 billion Chinese yuan ($193.8 million) in the three months through March. Wall Street analysts were expecting an adjusted loss of 1.85 Chinese yuan per share on revenue of 1.67 billion Chinese yuan.
“We delivered a total of 3,838 ES8 and ES6 vehicles in the first quarter of 2020, representing a 3.8 percent year-on-year decrease, due to the impact of the COVID-19 outbreak in China in the first quarter,” CEO William Bin Li said in a statement.
Nio delivered 3,155 vehicles in April, up 106% from the prior month. Since the end of April, order growth has “rebounded to the level prior to the COVID-19 outbreak,” the company said.
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