NIO Sees Large Increase of Net Losses in Q2

NIO, a leading company in the premium smart electric vehicle market, reported total revenues of 10,29 million yuan ($1,536 million) in the second quarter of 2022, representing a year-on-year increase of 21.8%, according to its unaudited financial report announced on September 7.

The EV maker’s gross profit was 1,340 million yuan in the second quarter of 2022, representing a year-on-year decrease of 14.8%. Its net loss during the period was 2,757 million yuan, representing a year-on-year increase of 369.6%. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was 2,267 million yuan.

NIO‘s vehicle deliveries were 25,059 units in the second quarter of 2022, including 3,681 ES8s, 9,914 ES6s, 4,715 EC6s and 6,749 ET7s, representing an increase of 14.4% from the second quarter of 2021 and a decrease of 2.8% from the first quarter of 2022.

The company delivered 10,052 vehicles in July 2022 and 10,677 vehicles in August 2022. As of August 31, 2022, cumulative deliveries of the ES8, ES6, EC6, and ET7 reached 238,626 vehicles. Total vehicle sales and margin in Q2 were 9,570 million yuan and 16.7%.

“The second half of 2022 is a critical period for NIO to scale up its production and delivery of multiple new products. The ES7, our first mid-to-large five-seater smart electric SUV based on NIO Technology 2.0 (NT2.0), has become a new favorite of the market. We also look forward to starting the mass production and delivery of the ET5 in late September,” said William Li, founder, chairman and chief executive officer of NIO.

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For the third quarter of 2022, the company expects deliveries of vehicles to be between 31,000 and 33,000 units, representing an increase of approximately 26.8% to 35.0% from the same quarter of 2021. Total revenues are expected to be between 12,845 million yuan and 13,598 million yuan, representing an increase of approximately 31.0% to 38.7% from the same quarter of 2021.