Red Star Capital Bureau reported on September 5th that NIO (09866. HK/NIO. US) disclosed its Q2 2024 financial report today, delivering a total of 57400 new cars, a year-on-year increase of 143.9% and a month on month increase of 90.9%; Achieved a revenue of 17.45 billion yuan, a year-on-year increase of 98.9% and a month on month increase of 76.1%; The net loss was 5.046 billion yuan, a year-on-year decrease of 16.7% and a month on month decrease of 2.7%.
Affected by this news, NIO's US stock rose nearly 5% before trading.
In terms of gross profit margin, NIO's gross profit margin for the second quarter was 9.7%, an increase of 8.7 percentage points year-on-year and 4.8 percentage points month on month; The automobile profit margin was 12.2%, an increase of 6 percentage points year-on-year and 3 percentage points month on month.
NIO stated that the increase in vehicle profit margin since the second quarter of 2023 is mainly attributed to the reduction in material costs per unit, partially offset by the decrease in average selling prices due to user rights adjustments since June 2023.
NIO's other sales in the second quarter were 1.7663 billion yuan, a year-on-year increase of 11.3% and a month on month increase of 15.6%. This was mainly due to the increase in sales of components, accessories, and after-sales vehicle services, as well as the provision of power solutions and other products. The sales of embedded products and services provided together with vehicle sales increased, the number of users continued to grow, and the sales revenue from providing technology research and development services increased.
NIO's R&D expenses in the second quarter were 3.22 billion yuan, a year-on-year decrease of 3.8% and a month on month increase of 12.4%; Sales, general and administrative expenses amounted to 3.7575 billion yuan, a year-on-year increase of 31.5% and a month on month increase of 25.4%.
As of June 30th, the company's balance of cash and cash equivalents, restricted cash, short-term investments, and long-term fixed deposits was 41.6 billion yuan.
NIO expects to deliver 61000 to 63000 vehicles in the third quarter, a year-on-year increase of approximately 10.0% to 13.7%; The total revenue will be between 19.11 billion and 19.67 billion yuan, with a year-on-year growth of about 0.2% to 3.2%, both of which have reached historic highs.
NIO delivered 20500 and 20200 vehicles in July and August, respectively. Based on this, it needs to deliver 20300 to 22300 vehicles in September.
Li Bin, founder, chairman, and CEO of NIO, stated that in the second quarter of this year, NIO's delivery volume set a record, occupying over 40% of the market share in the battery electric vehicle segment in China with prices exceeding 300000 yuan. It is expected that the total delivery volume in the third quarter will set a new record, further consolidating and expanding its market share.
He pointed out that NIO had previously announced its independently developed intelligent driving chips, global vehicle operating systems, intelligent systems, and intelligent driving technology achievements. Through continuous investment in technology research and development, NIO has positioned itself at the forefront of product and technological innovation, while achieving long-term cost competitiveness. In addition, the first model of the Ledao brand, L60, is expected to be officially launched and begin delivery this month.