NIO Achieves Record Quarterly Deliveries, Q2 Earnings Exceed Expectations

NIO Reports Record Quarterly Revenue and Vehicle Deliveries in Q2 2024

NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO), a Chinese leading premium NEV start-up, announced its 2024 second quarter unaudited financial results on September 5th, showing a better-than-expected revenue. The company reported a revenue of 17.446 billion yuan ($2.4006 billion) and a vehicle deliveries of 57,373 units in the second quarter, which reached a record high.

Financial Highlights:

Revenue

Reached 17.446 billion yuan ($2.4006 billion), up 98.9% year-over-year.

Net Loss

Recorded at 5.046 billion yuan ($694.4 million), which is narrowed compared to the same period last year.

Gross Margin

The vehicle gross margin is at 12.2%.

Cash and Cash Equivalents

As of June 30, 2024, NIO's cash reserves stood at 41.6 billion yuan ($5.7 billion).

NIO Top-selling Models

The better-than-expected Q2 earnings is due to NIO’s record high vehicle delivery of 57,373 units, inflecting a 143.9% increase year-over-year and a 90.9% increase quarter-over-quarter.

After a monthly review, we learned that, NIO has achieved continued delivery growth, with 15,620 units delivered in April, 20,544 units in May, and 21,209 units in June.

By examining the top-selling models, the high-end mid-size SUV EC6, ES6, and ET5 have been the biggest contributors to sales, with prices predominantly above RMB300,000, targeting the upscale market segment.