NIO Inc. Releases Unaudited 2nd Quarter 2024 Financial Results
NIO Inc. today announced its unaudited financial results for the second quarter ended June 30, 2024.
Operating Highlights for the Second Quarter of 2024
- Vehicle deliveries were 57,373 in the second quarter of 2024, consisting of 32,562 premium smart electric SUVs and 24,811 premium smart electric sedans, representing an increase of 143.9% from the second quarter of 2023, and an increase of 90.9% from the first quarter of 2024.
| Key Operating Results | ||||
| 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | |
| Deliveries | 57,373 | 30,053 | 50,045 | 55,432 |
| 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | |
| Deliveries | 23,520 | 31,041 | 40,052 | 31,607 |
Financial Highlights for the Second Quarter of 2024
Vehicle sales were RMB15,679.6 million (US$2,157.6 million) in the second quarter of 2024, representing an increase of 118.2% from the second quarter of 2023 and an increase of 87.1% from the first quarter of 2024.
Vehicle marginii was 12.2% in the second quarter of 2024, compared with 6.2% in the second quarter of 2023 and 9.2% in the first quarter of 2024.
Total revenues were RMB17,446.0 million (US$2,400.6 million) in the second quarter of 2024, representing an increase of 98.9% from the second quarter of 2023 and an increase of 76.1% from the first quarter of 2024.
Gross profit was RMB1,688.7 million (US$232.4 million) in the second quarter of 2024, representing an increase of 1,841.0% from the second quarter of 2023 and an increase of 246.3% from the first quarter of 2024.
Gross margin was 9.7% in the second quarter of 2024, compared with 1.0% in the second quarter of 2023 and 4.9% in the first quarter of 2024.
Loss from operations was RMB5,209.3 million (US$716.8 million) in the second quarter of 2024, representing a decrease of 14.2% from the second quarter of 2023 and a decrease of 3.4% from the first quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,698.5 million (US$646.5 million) in the second quarter of 2024, representing a decrease of 14.0% from the second quarter of 2023 and a decrease of 8.1% from the first quarter of 2024.
Net loss was RMB5,046.0 million (US$694.4 million) in the second quarter of 2024, representing a decrease of 16.7% from the second quarter of 2023 and a decrease of 2.7% from the first quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB4,535.2 million (US$624.1 million) in the second quarter of 2024, representing a decrease of 16.7% from the second quarter of 2023 and a decrease of 7.5% from the first quarter of 2024.
Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB41.6 billion (US$5.7 billion) as of June 30, 2024.
| Key Financial Results for the Second Quarter of 2024 | ||||||||||||
| (in RMB million, except for percentage) | ||||||||||||
| 2024 Q2 | 2024 Q1 | 2023 Q2 | % Changeiii | |||||||||
| QoQ | YoY | |||||||||||
| Vehicle Sales | 15,679.6 | 8,381.3 | 7,185.2 | 87.1% | 118.2% | |||||||
| Vehicle Margin | 12.2% | 9.2% | 6.2% | 300bp | 600bp | |||||||
| Total Revenues | 17,446.0 | 9,908.6 | 8,771.7 | 76.1% | 98.9% | |||||||
| Gross Profit | 1,688.7 | 487.7 | 87.0 | 246.3% | 1,841.0% | |||||||
| Gross Margin | 9.7% | 4.9% | 1.0% | 480bp | 870bp | |||||||
| Loss from Operations | (5,209.3) | (5,394.1) | (6,074.1) | -3.4% | -14.2% | |||||||
| Adjusted Loss from Operations (non-GAAP) | (4,698.5) | (5,112.7) | (5,464.1) | -8.1% | -14.0% | |||||||
| Net Loss | (5,046.0) | (5,184.6) | (6,055.8) | -2.7% | -16.7% | |||||||
| Adjusted Net Loss (non-GAAP) | (4,535.2) | (4,903.2) | (5,445.7) | -7.5% | -16.7% | |||||||
Recent Developments
Deliveries in July and August 2024
NIO delivered 20,498 and 20,176 vehicles in July and August 2024, respectively. As of August 31, 2024, cumulative deliveries of NIO vehicles reached 577,694.
Power Up Counties Plan
On August 20, 2024, NIO announced its “Power Up Counties” plan to strengthen its charging and swapping network across all county-level administrative divisions in China, providing a more convenient and efficient power solution for NIO, ONVO and all the EV users.
Share Issuance for Share Incentive Plans
On July 12, 2024, NIO issued 30,000,000 Class A ordinary shares to Deutsche Bank Trust Company Americas, the depositary of the Company’s ADS program, to facilitate future exercise of options and other share incentive awards under the share incentive plans of the Company.
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