Chinese electric vehicle startup NIO, Inc (NYSE: NIO) reported fiscal second-quarter revenue of 17.45 billion yuan ($2.40 billion), up 98.9% year over year and 76.1%% from the previous quarter. Analysts on average estimated revenue of $2.44 billion for the quarter.
Excluding stock-based compensation expenses, the company reported an adjusted loss per share/ADS of (2.21) yuan or ($0.30), compared with (3.28) yuan in the year-ago quarter and (2.39) yuan in the first quarter of 2024. Analysts had expected a loss of $(0.31) per share. The company’s stock price rose after the release.
Vehicle deliveries were 57,373 in the quarter, up 143.9% Y/Y and 90.9% Q/Q. As a result, vehicle revenue grew 118.2% Y/Y and 87.1% Q/Q.
Nio delivered 20,498 vehicles in July 2024 and 20,176 vehicles in August 2024. In August, the cumulative number of NIO vehicle deliveries was 577,694.
Gross margin for the quarter increased to 9.7%, compared to 1.0% a year ago and 4.9% the quarter before that. Vehicle margin increased year-over-year to 12.2% from 6.2% a year ago.
As of June 30, 2024, cash, limited cash, short-term investments and long-term deposits totaled 41.6 billion yuan (US$5.7 billion).
“In the second quarter of 2024, NIO achieved a record-breaking delivery of 57,373 premium smart electric vehicles, securing more than 40% of the market share in the battery electric vehicle segment priced above RMB 300,000 in China,” said William Bin Li, founder, chairman and CEO of NIO.
NIO’s vision for the future: The company expected third-quarter shipments of 61,000–63,000 units, or 10.0%–13.7% year-on-year.
The company expects third-quarter revenue of $2.630 billion to $2.707 billion, representing growth of 0.2% to 3.2% year-on-year, compared with the consensus of $2.54 billion.
NIO shares have fallen 61% in the past 12 months as China’s EV industry has struggled with weak domestic demand and protectionist tariffs. The industry has been boosted by China’s plan to beef up its stimulus program to subsidize the purchase of passenger vehicles.
Price promotion: NIO shares rose 3.30% to $4.38 before last check on Thursday.
Photo via Shutterstock
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This article NIO Q2 Earnings: EPS Tops, Shipment Growth, Strong Q3 Outlook & More originally appeared on Benzinga.com
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