$NIO Inc.(NIO)$reported first-quarter 2021 loss of 4 cents (ADR), narrowing from the year-ago loss of 22 cents owing to higher revenues. The China-based electric vehicle maker posted revenues of $1,218.3 million, up a whopping 481.8% year over year. Robust deliveries in first-quarter 2021 led to higher-than-expected revenues.

NIO — which shares space with other China-based EV firms including XPeng XPEV and Li Auto LI — delivered 20,060 vehicles in the first quarter of 2021, including 4,516 ES8s, 8,088 ES6s and 7,456 EC6s. Total deliveries skyrocketed 422.7% year over year.

Revenues generated from vehicle sales amounted to $1,130.3 million, representing a 489.8% jump from the corresponding quarter of 2020. Other sales amounted to $88 million, 395.3% higher than the year-ago period on the back of increased revenues, primarily derived from the battery permanent upgrade service offered since December 2020.