China's Nio posts quarterly revenue below estimates

Nio Inc reported quarterly revenue below Wall Street estimates on Thursday as the cash-strapped Chinese electric vehicle (EV) maker reeled under the impact of the COVID-19 pandemic on its vehicle sales, sending its shares down 7%.

The company's total revenue was 1.37 billion yuan in the first quarter ended March 31, missing analysts' average estimate of 1.67 billion yuan, according to IBES data from Refinitiv.