NIO-SW achieved a record high in car deliveries in the second quarter, with a total revenue of 17.446 billion RMB, a year-on-year increase of 98.9%

According to the financial news from Zhitong Finance APP, NIO-SW (09866) announced its performance for the second quarter of 2024. The car delivery volume reached 57,373 units, including 32,562 high-end intelligent electric SUVs and 24,811 high-end intelligent electric sedans, representing a growth of 143.9% compared to the second quarter of 2023 and 90.9% compared to the first quarter of 2024. The car sales revenue was RMB 15.6796 billion (USD 2.1576 billion), up by 118.2% from the second quarter of 2023 and 87.1% from the first quarter of 2024. The car gross profit margin was 12.2%, while it was 6.2% in the second quarter of 2023 and 9.2% in the first quarter of 2024. The total revenue was RMB 17.446 billion (USD 2.4006 billion), up by 98.9% from the second quarter of 2023 and 76.1% from the first quarter of 2024. The gross profit was RMB 1.6887 billion (USD 0.2324 billion), up by 1,841.0% from the second quarter of 2023 and 246.3% from the first quarter of 2024. The overall gross profit margin was 9.7%, while it was 1.0% in the second quarter of 2023 and 4.9% in the first quarter of 2024. The net loss was RMB 5.046 billion (USD 0.6944 billion), down by 16.7% from the second quarter of 2023 and 2.7% from the first quarter of 2024. As of June 30, 2024, the cash and cash equivalents, restricted cash, short-term investments, and long-term deposits amounted to RMB 41.6 billion (USD 5.7 billion).

The announcement stated that the car sales revenue increased compared to the second quarter of 2023 mainly due to the growth in delivery volume, partially offset by the decrease in average selling price caused by changes in product mix and user rights adjustments since June 2023. The car sales revenue increased compared to the first quarter of 2024 mainly due to the increase in delivery volume. The increase in car gross profit margin was mainly due to the decrease in unit material costs.

In the first half of 2024, the total revenue was approximately RMB 27.355 billion, a year-on-year increase of 40.65%; the gross profit was approximately RMB 2.176 billion, a year-on-year increase of about 7.73 times.

"In the second quarter of 2024, NIO set a record by delivering 57,373 high-end intelligent electric vehicles, capturing over 40% of the market share in China's pure electric vehicle market priced above 300,000 RMB. NIO's core competitive advantages in technology, products, services, and community are gradually gaining recognition, driving a strong performance in car sales. In July and August 2024, NIO delivered 20,498 and 20,176 vehicles respectively. It is expected that the total delivery volume in the third quarter will reach a new high, further consolidating and expanding market share," said NIO's founder, chairman, and CEO, William Li.

"At the 'NIO IN 2024 NIO Innovation Technology Day' with AI as the main theme, we released breakthrough technologies in multiple areas such as independently developed intelligent driving chips, vehicle-wide operating systems, intelligent systems, and intelligent driving. Through continuous and resolute investment in technological research and development, NIO maintains a leading position in product and technological innovation while achieving long-term cost competitiveness. In addition, on September 1st, 105 Lixiang brand stores opened simultaneously, and the first model L60 has started public display, expected to be officially launched and start delivery within this month "Since its launch, the L60 has been widely welcomed in the market, and we look forward to this new brand helping us gain a favorable position in the mass market," added Li Bin.

"Due to continued cost optimization, our car gross margin increased to 12.2% in the second quarter," NIO's CFO, Qu Yu, added. "We will continue to focus on efficient R&D and infrastructure investment, fully leverage the growth potential of the mass market, adopt flexible market strategies, and continuously optimize our product portfolio. We believe that these efforts will steadily increase gross margin and cost efficiency in the future."

For the third quarter of 2024, the company expects car deliveries to be between 61,000 and 63,000 units, representing a growth of approximately 10.0% to 13.7% compared to the same quarter in 2023. Total revenue is expected to be between RMB 19.109 billion (USD 2.63 billion) and RMB 19.669 billion (USD 2.707 billion), representing a growth of approximately 0.2% to 3.2% compared to the same quarter in 2023