NIO Inc. announced on Thursday its financial results for the second quarter, with total revenue jumping 98.9% annually to $2.4 billion. Net loss fell 16.7% year-on-year to $694.4 million. Vehicle sales were up 118.2% compared to Q2 2023, amounting to $2.2 billion, with the vehicle margin at 12.2%, up from 6.2% a year ago. Vehicle deliveries were reported at 57,373, surging 143.9% from the second quarter of 2023.
"We will continue to focus on efficient R&D and infrastructure investment, leverage the growth potential in the mass market, adopt flexible market strategies and continuously optimize our product portfolio. We are confident that these efforts will result in steady improvements in gross profit and cost efficiency in the future," NIO's CFO Stanley Yu Qu said.
NIO's stock soared 5.66% in the premarket trade after the earnings release.
