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'Tesla of China' sales plunge amid coronavirus outbreak

Added 05-28-20 08:04:02am EST - “Nio's first-quarter deliveries fell amid the COVID-19 outbreak.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “'Tesla of China' sales plunge amid coronavirus outbreak”. Below is an excerpt from the article.

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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.

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.

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