Electric vehicle manufacturer Nio has reported a 50% sequential drop in quarterly revenue as its deliveries during the first three months of 2019 fell sharply.

Revenues reached RMB 1.6 billion (around $231 million) in the first quarter, down from RMB 3.4 billion at the end of last year. Deliveries of the company’s flagship ES8 SUV dropped by half to around 4,000 vehicles compared with the fourth quarter of 2018.

Meanwhile, Nio’s net loss narrowed by 25%, falling from RMB 3.5 billion to RMB 2.6 billion. Still, the company expects second-quarter revenue to decrease by as much as 30% compared the first three months of the year.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.