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 share-based compensation expenses, the company reported an adjusted loss per share/ADS of (2.21) yuan or ($0.30) compared to (3.28) yuan in the year-ago quarter and (2.39) yuan in the first quarter of 2024. Analysts had called for a loss of $(0.31) per share. The stock price gained after the print.
Vehicle deliveries were 57,373 in the quarter, up by 143.9% Y/Y and 90.9% Q/Q. Consequently, vehicle revenue grew by 118.2% Y/Y and 87.1% Q/Q.
Nio delivered 20,498 vehicles in July 2024 and 20,176 vehicles in August 2024. As of August, the cumulative number of NIO vehicle deliveries reached 577,694.
Gross margin for the quarter expanded to 9.7%, up from 1.0% a year ago and 4.9% the previous quarter, as vehicle margin expanded Y/Y from 6.2% a year ago to 12.2%.
As of June 30, 2024, cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled 41.6 billion yuan ($5.7 billion).
“In the second quarter of 2024, NIO achieved a record-breaking delivery of 57,373 premium smart electric vehicles, securing over 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 chief executive officer of NIO.
NIO’s Forward Outlook: The company guided deliveries of 61,000–63,000 units for the third quarter, or 10.0%–13.7% year over year.
The company expects third-quarter revenue of $2.630 billion–$2.707 billion, representing 0.2%–3.2% Y/Y growth versus consensus of $2.54 billion.
NIO stock plunged 61% in the last 12 months as the Chinese EV industry grappled with weak domestic demand and protectionist tariffs. The industry got a boost from China’s plan to boost its stimulus program to subsidize passenger vehicle purchases.
Price Action: NIO stock traded up 3.30% at $4.38 premarket at the last check Thursday.
Photo via Shutterstock
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This article NIO Q2 Earnings: EPS Beat, Deliveries Growth, Strong Q3 Outlook And More originally appeared on Benzinga.com
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