**Nio Shares Drop as First Quarter Losses Exceed Expectations**

Nio (NYSE:NIO) experienced a 2% decline in premarket trading on Tuesday following the disclosure of its first-quarter financial results. The Chinese electric vehicle manufacturer reported a loss of RMB3.01 per share, which was significantly higher than analysts' projections of RMB2.51 per share.

Despite the financial setback, Nio saw a notable increase in vehicle deliveries. The company successfully delivered 42,094 vehicles during the first quarter, marking a 40.1% rise compared to the same period last year.

William Bin Li, the founder, chairman, and CEO of Nio, provided a more optimistic outlook, highlighting the company's performance since the beginning of the second quarter. He mentioned that Nio has observed a steady rise in monthly delivery volumes. He also noted that their new models, the ET9 and Firefly, have gained significant market share in the premium executive and high-end small electric car markets respectively.