Chinese electric vehicle startup NIO, Inc (NYSE: NIO reported fiscal second-quarter revenue of 17.45 billion yuan ($2.4 billion), up 98.9% from the same period a year earlier and 76.1% higher than the previous quarter. Analysts, on average, had 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 prior-year quarter and (2.39) yuan in the first quarter of 2024. Analysts had forecast a loss of $(0.31) per share. The stock price rose following the release.
Vehicle deliveries totaled 57,373 in the quarter, up 143.9% year-on-year and 90.9% quarter-on-quarter. As a result, vehicle revenue grew 118.2% year-on-year and 87.1% quarter-on-quarter.
Nio delivered 20,498 vehicles in July 2024 and 20,176 vehicles in August 2024. In August, NIO’s cumulative number of vehicle deliveries reached 577,694.
Gross margin for the quarter expanded to 9.7%, up from 1.0% a year ago and 4.9% in the prior quarter, as vehicle margin expanded year-over-year to 12.2% from 6.2% a year ago.
As of June 30, 2024, cash and cash equivalents, restricted cash, short-term investments and long-term deposits totaled 41.6 billion yuan (5.7 billion U.S. dollars).
“In the second quarter of 2024, NIO achieved a record delivery of 57,373 premium smart EVs, securing over 40% market share in the battery EV segment priced above RMB 300,000 in China,” said William Bin Li, Founder, Chairman and CEO of NIO.
NIO Future Outlook: The company estimated deliveries of 61,000 to 63,000 units for the third quarter, or between 10.0% and 13.7% year-over-year.
The company expects third-quarter revenue of $2.63 billion to $2.707 billion, up 0.2% to 3.2% year-over-year versus consensus of $2.54 billion.
NIO shares have fallen 61% over the past 12 months as China’s electric vehicle industry has struggled with weak domestic demand and protectionist tariffs. The industry received a boost from China’s plan to boost its stimulus program to subsidize passenger vehicle purchases.
Price Action: NIO shares rose 3.30% to $4.38 in pre-market trading at last check on Thursday.
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This article NIO Q2 Earnings: EPS Beats Expectations, Deliveries Grow, Strong Q3 Outlook And More originally appeared on Benzinga.com
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