On the 23rd, NIO's legal department debunked rumors on Weibo.

NIO's legal department stated on Weibo that in recent days, multiple online accounts on platforms such as a stock trading platform, Weibo, Douyin, WeChat official accounts, and WeChat Moments, successively brewed, spread, and diffused false information, eventually forming capital market-related rumors that seriously affected NIO. The full process of promoting the rumor has been identified, along with the account information of initial spread on multiple platforms. Relevant evidence has been submitted to the police, and the public security authorities have officially initiated an investigation.

Yesterday, Li Yunfei, General Manager of BYD's Brand and Public Relations Department, debunked rumors on social media, 'The rumored investment and cooperation information related to BYD and NIO autos is completely false! Please do not believe or spread rumors.'

Previously, a screenshot circulating online showed a person claiming to be an employee of BYD stating that BYD and NIO will cooperate to establish a Future Auto Group. In this venture, BYD will hold a 51% stake while NIO will have a 49% stake. Future Auto Group will acquire NIO autos for 16.5 billion yuan, with BYD providing financial and technical support. After the acquisition, Future Auto Group will directly hold shares in NIO autos, while NIO autos will still be independently operated by NIO Group.

After Li Yunfei's denial, Ma Lin, Assistant Vice President of NIO Brand and Communications, also responded on social media, 'The company is doing well recently, with positive cash flow in the third quarter, further gross margin improvement in October, and happy to surpass 10,000 vehicles in December. Thank you for the concern and support, we will keep going.'

On November 20th, NIO released its Q3 2024 financial report. The data shows that NIO achieved a record-high sales volume in the third quarter of 61,855 units; revenue was 18.67 billion yuan, a 7.0% increase from the previous quarter; overall vehicle gross margin continued to improve to 13.1%, maintaining an industry-leading level; R&D investment was 3.32 billion yuan, accumulating over 53 billion yuan since 2016. Thanks to positive free cash flow, NIO's cash reserves increased to 42.2 billion yuan by the end of the third quarter.

NIO also released its strongest quarterly guidance ever: the delivery guidance for Q4 is 0.072 million units to 0.075 million units, a year-on-year growth of 43.9% to 49.9%; revenue guidance for Q4 is 19.68 billion yuan to 20.38 billion yuan, a year-on-year growth of 15.0% to 19.2%, both guidance figures reaching historic highs.

William Li, founder, chairman, and CEO of NIO, stated in the financial report conference call: "With sales doubling next year, overall operations will continue to achieve positive growth, losses are expected to narrow next year, with the goal of achieving profitability by 2026."

Editor/Lambor