Nio delivered a record 61,855 vehicles in the third quarter, within the guidance range of 61,000 to 63,000 vehicles.
Nio (NYSE: NIO) today announced that it will release its unaudited financial results for the third quarter of 2024 on Wednesday, November 20, before the US markets open.
The company's management will host an earnings call on November 20 at 7:00 am US Eastern time (8:00 pm Beijing time).
The Chinese electric vehicle (EV) maker delivered a record 61,855 vehicles in the third quarter, which is within the guidance range of 61,000 to 63,000 vehicles.
Deliveries for the quarter were up 11.59 percent year-on-year and up 7.81 percent from the second quarter.
The company announced its second-quarter results on September 5, when it guided third-quarter revenue to be in the range of RMB 19.11 billion ($2.63 billion) to RMB 19.67 billion, representing growth of about 0.2 percent to 3.2 percent.
Nio reported a net loss of RMB 5.05 billion in the second quarter, a decrease of 16.7 percent year-on-year and a decrease of 2.7 percent from the first quarter.
Its gross margin was 9.7 percent in the second quarter, the highest since the third quarter of 2022. The figure was 1.0 percent in the second quarter of 2023 and 4.9 percent in the first quarter of 2024.
Vehicle margin was 12.2 percent in the second quarter, compared to 6.2 percent in the second quarter of 2023 and 9.2 percent in the first quarter of 2024.
In a November 1 research note, Deutsche Bank analyst Wang Bin's team estimated that Nio's net loss in the third quarter would fall 5 percent sequentially to RMB 4.9 billion, thanks to a sequential improvement in gross margin.
The team expected Nio's vehicle margin and overall gross margin to both improve 0.3 percentage points sequentially to 12.5 percent and 10.0 percent, respectively, in the third quarter.
Nio previously guided for further sequential growth in automotive gross margin in the second half of 2024. In particular, it guided for the Nio main brand's vehicle margin to reach 15 percent in the fourth quarter of 2024, Wang's team noted.
The company's management attributed the expected margin expansion to economies of scale from increased volumes, lower supply chain costs, and improved product mix, according to Deutsche Bank.
Nio noted that Onvo L60's gross margins are likely to remain in the single digits in 2024.
Over the long term, the company's management is targeting monthly sales of 30,000 to 40,000 units under the Nio brand, with a vehicle margin of 25 percent. Monthly sales of the Onvo brand would be higher than those of the Nio brand, with a long-term vehicle margin target of 15 percent.
A live and archived webcast of Nio's third quarter earnings conference call will be available on the company's investor relations website at https://ir.nio.com/news-events/events.
For participants who wish to join the conference using the dial-in number, they may register in advance using the link provided below and dial-in 10 minutes prior to the start of the conference.
The dial-in number, password and unique access PIN will be provided upon registration.
https://s1.c-conf.com/diamondpass/10043136-gh7y6t.html
A replay of the conference call will be accessible by phone at the following numbers, until November 27, 2024:
United States: +1-855-883-1031
Hong Kong, China: +852-800-930-639
Chinese mainland: +86-400-1209-216
Singapore: +65-800-1013-223
International: +61-7-3107-6325
Replay PIN: 10043136
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