NIO (NYSE:NIO) reports record Q2 vehicle deliveries, revenue spike
NIO (NYSE:NIO), a leading electric vehicle manufacturer, has announced its unaudited financial results for the second quarter of 2024, showcasing substantial growth in vehicle deliveries and revenue.
For Q2 2024, NIO achieved total revenues of RMB17.446 million (approximately USD 2.401 billion), marking a striking 98.9% increase compared to the same period last year.
This growth is primarily attributed to a significant rise in vehicle deliveries, which soared to 57,373 units, up 143.9% from Q2 2023.
The company's gross profit also saw an extraordinary rise, reaching RMB1.689 billion (USD 232.4 million), an increase of 1,841% from the second quarter of the previous year.
However, despite these strong revenue and profit figures, NIO still reported a net loss of RMB5.046 billion (USD 694.4 million), which represents a decrease of 16.7% from Q2 2023.
As of June 30, 2024, NIO's financial health remains robust, with cash reserves including cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaling RMB41.6 billion (USD 5.7 billion).
Following the earnings release, NIO's share price rose over 2% to $4.24 in premarket trading.
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