NIO stock drops after downbeat outlook, steep drop in gross margin offset narrower-than-expected loss

Shares of NIO Inc. fell 2.0% in premarket trading Thursday, after the China-based electric vehicle maker reported a narrower-than-expected first-quarter loss and revenue that topped expectations, but a sharp contraction in gross margin and a downbeat outlook due to volatilities in the supply chain and vehicle delivery challenges resulting from the recent COVID-19 resurgence. The net loss narrowed to RMB1.27 billion ($200.5 million), or RMB1.12 a share, from RMB4.95 billion, or RMB3.14 a share, i
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