Nio Inc, a leading electric vehicle manufacturer, recently announced its second-quarter results, delivering 72,056 vehicles, falling within the projected range of 72,000 to 75,000 units. This marked a 25.59 percent increase in deliveries compared to the previous year and a significant 71.18 percent jump from the first quarter.
The company reported a net loss of RMB 6.75 billion in the first quarter, representing a 30.19 percent year-on-year increase. Despite the loss, Nio’s revenue for the same period was RMB 12.03 billion, with 42,094 vehicles delivered.
Nio’s main brand accounted for 47,132 vehicle deliveries in the second quarter, a decrease of 17.85 percent year-on-year but a substantial 72.56 percent increase from the first quarter. Sub-brand Onvo saw a 15.56 percent increase in deliveries, totaling 17,081 vehicles. Additionally, the newly launched Firefly sub-brand delivered 7,843 vehicles in the second quarter.
The company also revealed plans to unveil the third-generation ES8 electric SUV, following the successful launch of the L90 SUV under the Onvo sub-brand. The L90 received positive feedback upon its release, with Nio struggling to meet the high demand for deliveries.
In a bid to make their vehicles more accessible, Nio recently reduced the cost of optional 100-kWh battery packs by RMB 20,000 ($2,780), resulting in price cuts for all long-range models. This move is expected to attract more customers and drive sales growth for the company.
Looking ahead, Nio is set to release its unaudited second-quarter financial results on September 2, along with an earnings conference call scheduled for the same day. The company’s continuous innovation and commitment to sustainability position it as a key player in the rapidly evolving electric vehicle market.
