NIO Inc., a leader in the global smart electric vehicle market, reported its unaudited financial results for the third quarter ended September 30, 2024. The company achieved a record-breaking delivery of 61,855 vehicles, an increase from the previous year, and launched the ONVO L60, a mid-size family smart electric SUV. Despite the increase in deliveries, vehicle sales decreased by 4.1% year-over-year to RMB16,697.6 million (US$2,379.4 million). However, total revenues increased by 7.0% from the second quarter of 2024 to RMB18,673.5 million (US$2,661.0 million). Gross profit saw a significant increase of 31.8% from the third quarter of 2023, and the gross margin improved to 10.7%. The net loss widened to RMB5,059.7 million (US$721.0 million), an 11.0% increase from the third quarter of 2023. The company's cash and cash equivalents stood at...Show More

NIO Inc., a leader in the global smart electric vehicle market, reported its unaudited financial results for the third quarter ended September 30, 2024. The company achieved a record-breaking delivery of 61,855 vehicles, an increase from the previous year, and launched the ONVO L60, a mid-size family smart electric SUV. Despite the increase in deliveries, vehicle sales decreased by 4.1% year-over-year to RMB16,697.6 million (US$2,379.4 million). However, total revenues increased by 7.0% from the second quarter of 2024 to RMB18,673.5 million (US$2,661.0 million). Gross profit saw a significant increase of 31.8% from the third quarter of 2023, and the gross margin improved to 10.7%. The net loss widened to RMB5,059.7 million (US$721.0 million), an 11.0% increase from the third quarter of 2023. The company's cash and cash equivalents stood at RMB42.2 billion (US$6.0 billion) as of September 30, 2024. NIO Inc. also announced strategic investments in NIO China, with a combined investment of RMB3.3 billion from strategic investors and an additional RMB10 billion from NIO. The company expects vehicle deliveries to reach between 72,000 and 75,000 units in the fourth quarter of 2024, with total revenues projected to increase by approximately 15.0% to 19.2% from the same quarter of 2023.