NIO Inc., a leader in the global smart electric vehicle market, reported its unaudited financial results for the second quarter of 2024, ending June 30. The company achieved a significant increase in vehicle deliveries, totaling 57,373 units, which is a 143.9% rise from the same period in 2023, and a 90.9% increase from the first quarter of 2024. This growth was driven by sales of 32,562 premium smart electric SUVs and 24,811 premium smart electric sedans. Financially, NIO Inc. saw vehicle sales revenue reach RMB 15.68 billion (US$2.16 billion), marking a 118.2% year-over-year increase. The vehicle margin improved to 12.2%, up from 6.2% in the second quarter of 2023. Total revenues hit RMB 17.45 billion (US$2.40 billion), a 98.9% increase from the previous year. Gross profit soared by 1,841.0% to RMB 1.69 billion (US$232.4 million), with...Show More

NIO Inc., a leader in the global smart electric vehicle market, reported its unaudited financial results for the second quarter of 2024, ending June 30. The company achieved a significant increase in vehicle deliveries, totaling 57,373 units, which is a 143.9% rise from the same period in 2023, and a 90.9% increase from the first quarter of 2024. This growth was driven by sales of 32,562 premium smart electric SUVs and 24,811 premium smart electric sedans. Financially, NIO Inc. saw vehicle sales revenue reach RMB 15.68 billion (US$2.16 billion), marking a 118.2% year-over-year increase. The vehicle margin improved to 12.2%, up from 6.2% in the second quarter of 2023. Total revenues hit RMB 17.45 billion (US$2.40 billion), a 98.9% increase from the previous year. Gross profit soared by 1,841.0% to RMB 1.69 billion (US$232.4 million), with a gross margin of 9.7%. However, the company reported a net loss of RMB 5.05 billion (US$694.4 million), which is a 16.7% improvement from the second quarter of 2023. Cash and cash equivalents, along with other liquid assets, stood at RMB 41.6 billion (US$5.7 billion) as of June 30, 2024. NIO also announced its 'Power Up Counties' plan to expand its charging and swapping network and issued 30 million Class A ordinary shares for its share incentive plans. Looking ahead, NIO expects vehicle deliveries for the third quarter of 2024 to be between 61,000 and 63,000 units, with total revenues projected to be between RMB 19.11 billion (US$2.63 billion) and RMB 19.67 billion (US$2.71 billion).