The U.S.-listed shares of Nio Inc. NIO dropped 4.1% in premarket trading Friday, after the China-based electric vehicle maker reported first-quarter losses that widened and revenue that missed expectations and provided a downbeat outlook amid a decrease in average selling prices. Net losses widened to RMB4.86 billion , or RMB2.91 per American depositary share, from RMB1.27 billion, or RMB1.12 per ADS, in the year-ago period. Excluding nonrecurring items, adjusted per-ADS losses were RMB2.
12 per ADS, in the year-ago period. Excluding nonrecurring items, adjusted per-ADS losses were RMB2.51, compared with the FactSet consensus of RMB2.80. Total revenue rose 7.7% to RMB10.68 billion , well below the FactSet consensus of RMB11.80 billion, with vehicle sales down 0.2% to RMB9.224 bln. Cost of sales rose much more than revenue, up 24.2%, as gross margin contracted to 1.5% from 14.6%. Deliveries rose 20.5% to 31,041 vehicles.