NIO beats Wall Street's expectations in Q2 earnings and reports record-high EV deliveries (2024)

NIO beats Wall Street's expectations in Q2 earnings and reports record-high EV deliveries (1)

NIO has shared its unaudited Q2 financial results for 2024, which detailed record-high EV deliveries that helped the automaker snag an even larger portion of the overall market in China. NIO also surpassed the expectations of financial gurus on Wall Street with its quarterly earnings.

Time and again, NIO ($NIO) continues to demonstrate why it is one of the significant BEV players in China and the overall global market. The automaker currently sells nine all-electric models in China, many of which have already entered or are entering new markets worldwide, including Europe (despite newly enacted import tariffs) and, soon, the United Arab Emirates.

Additionally, NIO is the worldwide leader in battery swap implementation, eclipsing 50 million total swaps last month while providing hard evidence that the charging alternative is not only viable but also preferred by many EV drivers.

Not to mention the advancement of nascent EV technologies like solid-state batteries and its own line of branded smartphones. NIO is showing no signs of slowing down, and its recent delivery numbers support that notion. The Chinese automaker achieved record delivery numbers this past May, June, and July, hitting the 20,000 mark for three consecutive months.

Now, NIO’s full Q2 2024 report is in and those monthly tallies have contributed to more records as well as continued earnings growth.

  • NIO beats Wall Street's expectations in Q2 earnings and reports record-high EV deliveries (2)
  • NIO beats Wall Street's expectations in Q2 earnings and reports record-high EV deliveries (3)

NIO’s Q2 financials detail continued growth

NIO’s Investor Relations page posted the automaker’s unaudited Q2 2024 numbers today, which are encouraging. The company 20,498 and 20,176 BEVs in July and August 2024, respectively, and as of August 31, 2024, its cumulative deliveries for Q2 sat at 577,694.

That total number breaks down to 32,562 premium smart electric SUVs and 24,811 premium smart electric sedan deliveries, which combine to represent an increase of 143.9% from Q2 2023, and an increase of 90.9% from Q1 2024. In total, NIO’s Q2 BEV deliveries represent yet another record. NIO founder, chairman, and CEO William Li, spoke to the automaker’s latest milestone:

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. NIO’s core competitive advantages in technology, product, service and community are earning increasing recognition from users, driving the continued strong vehicle sales performance. In July and August 2024, NIO delivered 20,498 and 20,176 vehicles, respectively. The total delivery volume for the third quarter is expected to set another record, further solidifying and expanding market share.

On the earnings side, NIO posted revenues of RMB 17.446 billion ($2.4 billion) in Q2 2024, performing slightly better than the RMB 17.385 billion predicted by financial analysts in a Bloomberg survey.

Vehicle salestotaled RMB 15,68 billion ($2.16 billion) in Q2 2024, representing an increase of 118.2% year-over-year and an increase of 87.1% from Q1 2024. Per NIO:

Loss from operationswas RMB 5,209.3 million (US $716.8 million) in the second quarter of 2024, representing a decrease of 14.2% from the second quarter of 2023 and a decrease of 3.4% from the first quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,698.5 million (US$646.5 million) in the second quarter of 2024, representing a decrease of 14.0% from the second quarter of 2023 and a decrease of 8.1% from the first quarter of 2024.

Looking ahead to Q3, NIO expects to BEV deliveries to land between 61,000 and 63,000 units, representing an increase of approximately 10.0% to 13.7% compared to Q3 2023. Total revenuesare expected to arrive between RMB 19.12billion ($2.63 billion) and RMB 19.67 billion ($2.71 billion), representing an increase of approximately 0.2% to 3.2% YOY.

Encouraging numbers from an exciting Chinese automaker make its impact on the BEV segment and its adjacent technologies. As always, we will keep you in the loop on the latest NIO news going forward.

FTC: We use income earning auto affiliate links. More.

Stay up to date with the latest content by subscribing to Electrek on Google News.You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channelfor the latest reviews.

NIO beats Wall Street's expectations in Q2 earnings and reports record-high EV deliveries (2024)
Top Articles
Secret Service says it's appalled by DEI rhetoric against female agents after Trump rally shooting
Cop described Sonya Massey shooting as ‘self-inflicted’ in initial dispatch
Funny Roblox Id Codes 2023
Www.mytotalrewards/Rtx
San Angelo, Texas: eine Oase für Kunstliebhaber
Golden Abyss - Chapter 5 - Lunar_Angel
Www.paystubportal.com/7-11 Login
Steamy Afternoon With Handsome Fernando
fltimes.com | Finger Lakes Times
Detroit Lions 50 50
18443168434
Newgate Honda
Zürich Stadion Letzigrund detailed interactive seating plan with seat & row numbers | Sitzplan Saalplan with Sitzplatz & Reihen Nummerierung
978-0137606801
Nwi Arrests Lake County
Missed Connections Dayton Ohio
Justified Official Series Trailer
London Ups Store
Committees Of Correspondence | Encyclopedia.com
Jinx Chapter 24: Release Date, Spoilers & Where To Read - OtakuKart
How Much You Should Be Tipping For Beauty Services - American Beauty Institute
How to Create Your Very Own Crossword Puzzle
Apply for a credit card
Unforeseen Drama: The Tower of Terror’s Mysterious Closure at Walt Disney World
Ups Print Store Near Me
How Taraswrld Leaks Exposed the Dark Side of TikTok Fame
University Of Michigan Paging System
Dashboard Unt
Access a Shared Resource | Computing for Arts + Sciences
2023 Ford Bronco Raptor for sale - Dallas, TX - craigslist
Gopher Carts Pensacola Beach
Duke University Transcript Request
Nikki Catsouras: The Tragic Story Behind The Face And Body Images
Kiddie Jungle Parma
Lincoln Financial Field, section 110, row 4, home of Philadelphia Eagles, Temple Owls, page 1
The Latest: Trump addresses apparent assassination attempt on X
In Branch Chase Atm Near Me
Appleton Post Crescent Today's Obituaries
Craigslist Red Wing Mn
American Bully Xxl Black Panther
Ktbs Payroll Login
Jail View Sumter
Thotsbook Com
Funkin' on the Heights
Caesars Rewards Loyalty Program Review [Previously Total Rewards]
Marcel Boom X
Www Pig11 Net
Ty Glass Sentenced
Michaelangelo's Monkey Junction
Game Akin To Bingo Nyt
Ranking 134 college football teams after Week 1, from Georgia to Temple
Latest Posts
Article information

Author: Kerri Lueilwitz

Last Updated:

Views: 6650

Rating: 4.7 / 5 (47 voted)

Reviews: 94% of readers found this page helpful

Author information

Name: Kerri Lueilwitz

Birthday: 1992-10-31

Address: Suite 878 3699 Chantelle Roads, Colebury, NC 68599

Phone: +6111989609516

Job: Chief Farming Manager

Hobby: Mycology, Stone skipping, Dowsing, Whittling, Taxidermy, Sand art, Roller skating

Introduction: My name is Kerri Lueilwitz, I am a courageous, gentle, quaint, thankful, outstanding, brave, vast person who loves writing and wants to share my knowledge and understanding with you.