NIO Racks Up CNY 3.72 Billion in Revenues in 2Q 2020
COVID-19 and China
NIO house. Image credit: NIO

NIO (NIO:NYSE) has generated a revenue of CNY 3.72 billion (USD 526.4 million) in the second quarter of 2020, surpassing the market expectation of CNY 3.493 billion. Compared to the same period last year the revenues are up by more than CNY 2 billion.

Car deliveries in the second quarter were 10,331, compared with 3,553 in 2Q 2020. Deliveries of the ES8 and ES6 were 3,533 vehicles in July 2020, representing a 322.1% growth year-over-year growth. The deliveries consisted of 2,610 ES6s, the Company’s 5-seater smart electric SUV, and 923 ES8s, the Company’s 6-seater and 7-seater premium  SUV. As of July 31, 2020, cumulative deliveries of the ES8 and the ES6 reached 49,615 vehicles, of which 17,702 were delivered in 2020.

“We achieved record-high quarterly delivery of 10,331 ES8 and ES6 vehicles in total in the second quarter of 2020 and expect to deliver 11,000 to 11,500 vehicles in the third quarter as the momentum continues,” said William Bin Li, founder, chairman and CEO of NIO. “The current constraints on the productions will be lifted in the near future and we are confident that our production capacity can meet the accelerated demand of our models.”

Gross profit in the second quarter of 2020 was CNY 313.1 million (USD 44.3 million), an increase of CNY 817.3 million from the same period last year and an increase of CNY 480.6 million from a gross loss of CNY 167.5 million in the first quarter of 2020.

The net loss was CNY 1,176.7 million (USD 166.5 million) in 2Q 2020, a decrease of 64.2% from the second quarter of 2019 and a decrease of 30.4% from the first quarter of 2020. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was CNY 1,131.4 million (USD 160.1 million) in the second quarter of 2020, representing a decrease of 64.6% from the second quarter of 2019 and a decrease of 31.8% from the first quarter of 2020.

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