NIO (NYSE:NIO) experienced a nearly 6% intra-day decline in shares today following the release of its first-quarter results, which fell short of expectations.

The Chinese electric vehicle manufacturer reported a quarterly loss per share of RMB2.39, which was more significant than the anticipated loss of RMB2.20 per share. Additionally, the company's revenue for the quarter was RMB9.91 billion, missing the Street estimate of RMB10.43 billion.

NIO's vehicle deliveries for the first quarter totaled 30,053, marking a 3.2% decrease compared to the previous year and falling short of the expected 31,467 units.

Despite these setbacks, the company's gross margin improved significantly, rising to 4.9% from 1.5% year-over-year, and exceeding the projected 4.75%.

Looking ahead to the Q2/24, management anticipates vehicle deliveries to range between 54,000 and 56,000 units. This represents a substantial increase of approximately 129.6% to 138.1% compared to the same period in 2023 and surpasses the estimated 41,310 units.

Total revenues for the second quarter are expected to be between RMB16.587 billion and RMB17.135 billion, reflecting an increase of approximately 89.1% to 95.3% from the same quarter in 2023, and exceeding the Street projection of RMB14.38 billion.