Nio delivered a record 57,373 vehicles in the second quarter, exceeding the upper end of its guidance range of between 54,000 and 56,000 vehicles.
Nio (NYSE: NIO) today announced that it will report unaudited financial results for the second quarter of 2024 on Thursday, September 5, before the US markets open.
The electric vehicle (EV) maker delivered a record 57,373 vehicles in the second quarter, exceeding the upper end of the guidance range of between 54,000 and 56,000 vehicles it provided on June 6 when it reported its first quarter financial results.
That's an increase of 143.93 percent year-on-year and up 90.91 percent from the first quarter.
Nio had previously guided second-quarter revenue to be between RMB 16.59 billion ($2.3 billion) and RMB 17.14 billion, an increase of about 89.1 percent to 95.3 percent from the same period in 2023.
In the first quarter, Nio's revenue fell from the fourth quarter of last year as it saw lower deliveries during the traditionally slow season.
It reported revenue of RMB 9.91 billion in the first quarter, falling short of the RMB 10.75 billion expected by Wall Street at the time.
The company reported a net loss of RMB 5.18 billion in the first quarter, an increase of 9.4 percent from the first quarter of 2023 and a decrease of 3.4 percent from the fourth quarter of 2023.
It reported a gross margin of 4.9 percent in the first quarter, down from 7.5 percent in the fourth quarter of 2023, but better than the 4.7 percent analysts expected at the time. It had a gross margin of 1.5 percent in the first quarter of 2023.
Nio management will hold an earnings call on September 5 at 8:00 am US Eastern Time (8:00 pm Beijing Time).
For attendees who wish to participate in the conference using the dial-in number, they may register in advance using the link provided below.
https://s1.c-conf.com/diamondpass/10041542-rfivqj.html
Nio's local peer Xpeng (NYSE: XPEV) reported second-quarter earnings on August 20, showing that its revenue was broadly in line with expectations, gross margins increased sequentially for the fourth consecutive quarter, and its net loss narrowed slightly from the first quarter.
Zeekr (NYSE: ZK) reported its second-quarter earnings yesterday, seeing record revenue, a further narrowing of its net loss, and an improvement in gross margin, along with record deliveries.
Li Auto (NASDAQ: LI) will announce its second quarter financial results on Wednesday, August 28 before the US markets open.
($1 = RMB 7.1379)
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