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 Q22024 Q12023 Q42023 Q3
Deliveries57,37330,05350,04555,432
     
 2023 Q22023 Q12022 Q42022 Q3
Deliveries23,52031,04140,05231,607
     

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 Q22024 Q1 2023 Q2 % Changeiii
      QoQYoY
Vehicle Sales15,679.6 8,381.3  7,185.2  87.1% 118.2% 
Vehicle Margin12.2% 9.2%  6.2%  300bp 600bp 
        
Total Revenues17,446.0 9,908.6  8,771.7  76.1% 98.9% 
Gross Profit1,688.7 487.7  87.0  246.3% 1,841.0% 
Gross Margin9.7% 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.


Information Source: Read More

Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,

#FOLLOW US ON INSTAGRAM