On Thursday, Tesla competitor NIO released its quarterly figures ahead of the US stock market opening, which was particularly exciting for NIO investors.

In the first quarter of the fiscal year 2024, NIO recorded a negative earnings per share (EPS) of 2.57 CNY. This was worse than analysts' expectations, who had anticipated a loss of 2.2 CNY per share. In the same period of the previous year, the loss per share was 2.91 CNY.

NIO also had to face setbacks in terms of revenue. Revenue fell to 9.91 billion CNY, falling short of analysts' expectations of 10.43 billion CNY. In the same period last year, NIO had achieved revenue of 10.68 billion CNY.

The disappointing figures were directly reflected in the stock price: NIO shares lost 6.36 percent at times in NYSE trading and stood at $4.9350.

NIO's quarterly figures highlight the challenges the company faces, particularly in competition with Tesla and other major players in the electric vehicle market.