NIO delivered 23,520 vehicles in Q2 quarter, with revenue of 8.77 billion yuan, a year-on-year decrease of 14.8%

Nio Automobile today released its latest quarterly financial report as of June 30

According to the financial report, NIO’s total revenue in the second quarter was 8.7717 billion yuan, and market expectations were 9.254 billion yuan. A decrease of 14.8% from 10.29 billion yuan in the same period last year and a decrease of 17.8% from the previous quarter; the net loss was 6.0558 billion yuan, an increase of 119.6% compared with the second quarter of 2022 and an increase of 27.8% compared with the first quarter of 2023.

NIO expects revenue in the third quarter to reach 18.9 billion yuan to 19.52 billion yuan, and the market forecast is 17.2 billion yuan. NIO expects delivery volume in the third quarter to be between 55,000 and 57,000 vehicles

Affected by this news, NIO U.S. shares of the automaker rose more than 1% in pre-market trading. However, as of the publication of this article, NIO’s U.S. shares have fallen by more than 2%, with a current market value of approximately $18.599 billion

##Nio Second Quarter 2023 Financial Highlights Need to Be Rewritten

• Auto sales in the second quarter of 2023 were 7.1852 billion yuan ($990.9 million), a decrease of 24.9% from the second quarter of 2022 %, down 22.1% from the first quarter of 2023. Rewritten content: In the second quarter of 2023, automobile sales were 7.1852 billion yuan (US$990.9 million), a decrease of 24.9% from the second quarter of 2022 and a decrease of 22.1% from the first quarter of 2023

• Vehicle margin was 6.2% in the second quarter of 2023, compared to 16.7% in the second quarter of 2022 and 5.1% in the first quarter of 2023

• Total revenue for the second quarter of 2023 was RMB 8,771.7 million (USD 1,209.7 million), a decrease of 14.8% compared to the second quarter of 2022, and a decrease of 17.8% compared to the first quarter of 2023

• Gross profit for the second quarter of 2023 was RMB 87 million (US$12 million), a decrease of 93.5% from the second quarter of 2022 and a decrease of 46.4% from the first quarter of 2023

• Gross margin for the second quarter of 2023 was 1.0%, compared with 13.0% for the second quarter of 2022 and 1.5% for the first quarter of 2023

• Operating loss for the second quarter of 2023 was RMB 6,074.1 million (US$837.7 million), an increase of 113.5% from the second quarter of 2022 and an increase from the first quarter of 2023 18.8%. Excluding equity incentives, the adjusted operating loss in the second quarter of 2023 was 5.4641 billion yuan (US$753.5 million), an increase of 132.0% from the second quarter of 2022 and an increase of 20.8% from the first quarter

• Net loss for the second quarter of 2023 was RMB 6,055.8 million (equivalent to US$835.1 million), an increase of 119.6% from the second quarter of 2022 and an increase from the first quarter of 2023 27.8%. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) for the second quarter of 2023 was RMB 5,445.7 million (equivalent to US$751.0 million), an increase of 140.2% from the second quarter of 2022 and an increase of 140.2% from the second quarter of 2023. Increased 31.2% in the first quarter

• As of June 30, 2023, the company's cash and cash equivalents, restricted cash, short-term investments and long-term time deposits totaled RMB 31.5 billion ($4.3 billion)

NIO delivered 23,520 vehicles in the second quarter of 2023. Among them, 20,462 vehicles were delivered in July, a year-on-year increase of 103.6%, making NIO the leader in high-end electric vehicles (priced over 300,000 yuan) in China. NIO founder, chairman and CEO Li Bin said

In July 2023, NIO successfully completed a strategic equity investment of US$738.5 million provided by CYVN entities, which further demonstrated NIO’s expertise in smart electric vehicles. Unique value in the automotive industry. This transaction not only strengthens our balance sheet, but also provides the impetus for us to continue to accelerate business growth, promote technological innovation and build long-term competitiveness. Feng Wei, Chief Financial Officer of Weilai, added: "At the same time, we will continue to work on improving operational efficiency and pursuing sustained growth."

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