Nio Reports Significant Quarterly Losses Due To China’s Covid Lockdowns

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COVID-19 lockdowns in China have played a major role in Nio Inc (NYSE:NIO)’s first-quarter losses of $281.2 million from $68.8 a year ago. Factory shutdowns hampered the company’s output during the first five months while demand for electric vehicles amid high inflation has increased. Nio’s ResultsAs reported by CNBC, Nio reported an adjusted loss per share of 13 cents, way over the 4 cents in the same period last year. Cash by the end of the quarter was $8.4 billion, down from $8.7 billion as of the end of 2021. Q1 2022 hedge fund letters, conferences and more The drop in the company’s gross …

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