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NIO(NIO) - 2024 Q2 - Quarterly Results
NIONIO(NIO)2024-09-05 09:40

Financial Performance - Total revenues for Q2 2024 reached RMB 17,446.0 million (US2,400.6million),anincreaseof98.9 2,400.6 million), an increase of 98.9% year-over-year and 76.1% quarter-over-quarter[4] - Vehicle sales amounted to RMB 15,679.6 million (US 2,157.6 million) in Q2 2024, up 118.2% year-over-year and 87.1% quarter-over-quarter[4] - Gross profit for Q2 2024 was RMB 1,688.7 million (US232.4million),reflectinganincreaseof1,841.0 232.4 million), reflecting an increase of 1,841.0% year-over-year and 246.3% quarter-over-quarter[4] - Gross margin improved to 9.7% in Q2 2024, compared to 1.0% in Q2 2023 and 4.9% in Q1 2024[4] - Total revenues for the three months ended June 30, 2024, reached RMB 17,445,968, a significant increase from RMB 8,771,735 in the same period last year, representing a growth of 99.1%[37] - Vehicle sales for the six months ended June 30, 2024, amounted to RMB 24,060,941, compared to RMB 16,409,697 for the same period in 2023, indicating a growth of 46.5%[40] - Gross profit for the three months ended June 30, 2024, was RMB 1,688,715, up from RMB 86,956 in the same period last year, reflecting a substantial improvement in profitability[37] - The company reported a gross profit margin of approximately 9.7% for the three months ended June 30, 2024, compared to 1.0% in the same period last year[37] Vehicle Deliveries - Vehicle deliveries in Q2 2024 were 57,373 units, representing a 143.9% increase from Q2 2023 and a 90.9% increase from Q1 2024[2] - Cumulative vehicle deliveries reached 577,694 units as of August 31, 2024[8] - For Q3 2024, the company expects vehicle deliveries between 61,000 and 63,000 units, representing an increase of approximately 10.0% to 13.7% from Q3 2023[23] Losses and Expenses - Loss from operations decreased to RMB 5,209.3 million (US 716.8 million) in Q2 2024, down 14.2% year-over-year and 3.4% quarter-over-quarter[4] - Net loss for Q2 2024 was RMB 5,046.0 million (US694.4million),adecreaseof16.7 694.4 million), a decrease of 16.7% from Q2 2023 and 2.7% from Q1 2024[4] - Basic and diluted net loss per ordinary share/ADS in Q2 2024 was RMB2.50 (US0.34), a decrease from RMB3.70 in Q2 2023 and RMB2.57 in Q1 2024[21] - Adjusted basic and diluted net loss per share/ADS (non-GAAP) in Q2 2024 was RMB2.21 (US0.30),comparedtoRMB3.28inQ22023andRMB2.39inQ12024[21]−ThenetlossattributabletoordinaryshareholdersforthethreemonthsendedJune30,2024,wasRMB5,126,370,aslightdecreasefromRMB5,257,918inthepreviousquarter[38]−ThenetlosspershareforthesixmonthsendedJune30,2024,wasRMB5.07,reflectingthefinancialpressuresfacedbythecompany[45]CashandAssets−AsofJune30,2024,thebalanceofcashandcashequivalents,restrictedcash,short−terminvestments,andlong−termtimedepositswasRMB41.6billion(US0.30), compared to RMB3.28 in Q2 2023 and RMB2.39 in Q1 2024[21] - The net loss attributable to ordinary shareholders for the three months ended June 30, 2024, was RMB 5,126,370, a slight decrease from RMB 5,257,918 in the previous quarter[38] - The net loss per share for the six months ended June 30, 2024, was RMB 5.07, reflecting the financial pressures faced by the company[45] Cash and Assets - As of June 30, 2024, the balance of cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits was RMB41.6 billion (US5.7 billion)[22] - Total assets as of June 30, 2024, were RMB100.5 billion (US13.8billion)[33]−TotalliabilitiesasofJune30,2024,wereRMB79.8billion(US13.8 billion)[33] - Total liabilities as of June 30, 2024, were RMB79.8 billion (US11.0 billion)[34] - Total NIO Inc. shareholders' equity as of June 30, 2024, was RMB16.1 billion (US2.2billion)[35]FutureOutlook−Thecompanyplanstocontinueexpandingitsmarketpresenceandinvestinginnewtechnologiestoenhanceproductofferingsandoperationalefficiency[37]−NIO′s"PowerUpCounties"planwasannouncedtoenhanceitschargingandswappingnetworkacrossChina[9]−ThenewONVObrand′sinauguralmodel,L60,isexpectedtolaunchandbegindeliveriesinSeptember2024[10]−TotalrevenuesforQ32024areexpectedtobebetweenRMB19,109million(US2.2 billion)[35] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance product offerings and operational efficiency[37] - NIO's "Power Up Counties" plan was announced to enhance its charging and swapping network across China[9] - The new ONVO brand's inaugural model, L60, is expected to launch and begin deliveries in September 2024[10] - Total revenues for Q3 2024 are expected to be between RMB19,109 million (US2,630 million) and RMB19,669 million (US$2,707 million), reflecting an increase of approximately 0.2% to 3.2% from Q3 2023[23] Research and Development - Research and development expenses for the three months ended June 30, 2024, were RMB 3,218,522, compared to RMB 3,344,572 in the same period last year, showing a reduction of 3.8%[37] - The total cost of sales for the six months ended June 30, 2024, was RMB 25,178,158, with research and development expenses amounting to RMB 6,082,738[45] - The adjusted result (Non-GAAP) for total expenses in the six months ended June 30, 2023, was RMB 29,722,232, highlighting the company's ongoing investment in growth[46] - The share-based compensation for the three months ended June 30, 2023, was RMB 23,887, indicating the company's commitment to incentivizing its workforce[45]