NIO Inc. Reports Strong Financial Performance for Q2 2024
Quarterly Total Revenues reached RMB17,446.0 million (US$2,400.6 million)
Quarterly Vehicle Deliveries were 57,373 units
SHANGHAI -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) has released its unaudited financial results for the second quarter, showcasing significant growth in their operations and finances. As a leader in the smart electric vehicle market, NIO has proven its strength with these impressive figures.
Record-Breaking Vehicle Deliveries
NIO achieved remarkable vehicle deliveries of 57,373 units in the second quarter of 2024. This figure includes a mix of 32,562 premium SUVs and 24,811 premium sedans. This marks an astounding 143.9% increase compared to the same quarter last year and a 90.9% jump from the first quarter of the current year.
Financial Highlights for Q2 2024
- Vehicle sales hit RMB15,679.6 million (US$2,157.6 million), reflecting a strong growth of 118.2% year-over-year.
- The vehicle margin was recorded at 12.2%, showing clear improvement from 6.2% in Q2 2023.
- Total revenues surged to RMB17,446.0 million (US$2,400.6 million), marking a 98.9% increase year-over-year.
- The company's gross profit reached RMB1,688.7 million (US$232.4 million), a staggering increase of 1,841.0% from Q2 2023.
- The gross margin also rose to 9.7%, up from just 1.0% a year earlier.
- Net loss reduced to RMB5,046.0 million (US$694.4 million), down 16.7% from the previous year.
Continuation of Growth in July and August 2024
Continuing its momentum, NIO delivered 20,498 vehicles in July and 20,176 units in August. By the end of August 2024, the total cumulative deliveries reached 577,694 vehicles.
Innovative Initiatives and Future Plans
NIO recently launched its "Power Up Counties" plan aimed at enhancing its charging stations across China, empowering electric vehicle users with better access to charging solutions.
NIO also issued 30 million Class A ordinary shares to support future share incentive plans, showcasing its commitment to growth and investment in personnel.
CEO and CFO Insights
William Bin Li, the founder and CEO of NIO stated, “NIO achieved a record-breaking delivery volume for Q2 2024, solidifying its market presence.” Further highlighting technological advancements, NIO unveiled its intelligent driving chip and advanced operating systems.
CFO Stanley Yu Qu reflected on the operational efficiency that led to the improved vehicle gross margin. NIO remains focused on R&D investments and optimizing its product offerings to sustain this upward trajectory.
Looking Ahead: Business Outlook for Q3 2024
NIO anticipates vehicle deliveries for Q3 2024 to range between 61,000 and 63,000 units, exhibiting a robust growth outlook compared to last year. Total revenues are expected to be between RMB19,109 million (US$2,630 million) and RMB19,669 million (US$2,707 million).
Frequently Asked Questions
What were NIO Inc.'s total revenues in Q2 2024?
NIO Inc. reported total revenues of RMB17,446.0 million (US$2,400.6 million) in Q2 2024.
How many vehicles did NIO deliver in Q2 2024?
NIO delivered 57,373 vehicles in Q2 2024, marking a 143.9% increase from the same period last year.
What is the vehicle margin reported for Q2 2024?
NIO's vehicle margin for Q2 2024 was recorded at 12.2%, an improvement from previous quarters.
What initiatives is NIO planning for charging infrastructure?
NIO announced its "Power Up Counties" plan to enhance its charging network across China.
What are NIO's expectations for Q3 2024?
NIO expects to deliver between 61,000 and 63,000 vehicles in Q3 2024, with total revenues projected at around RMB19,109 million to RMB19,669 million.
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