Nio announced on Thursday first-quarter revenues of RMB 9.91 billion (US$1.56 billion), up 24.2% from last year but remaining almost unchanged (0.1% growth) from the previous quarter. The Chinese EV upstart also saw its gross profit shrink markedly, decreasing 6.9% yearly and 16.8% quarterly. Like many other automakers in China, the company has seen profits squeezed due to the rapid rise of prices in raw materials and supply chain disruptions from the country’s widespread and intermittent Covid-related lockdowns since March. [Nio statement]