Nio Inc. announced on Tuesday that its revenue in the second quarter of the fiscal year 2023 declined by 14.8% on an annual basis to land at 8.77 billion yuan, or approximately $1.2 billion. The company scored a net loss of 6.05 billion yuan, or about $835 million, worsening by some 119.6% compared to the net loss registered in the same trimester in 2022. Its diluted losses per share went down by 120.2% year-on-year to reach 3.70 yuan, or $0.51 per share. Meanwhile, its deliveries stood at 23,520, decreasing from 25,059 recorded in the second trimester the year before.
"In July 2023, NIO delivered 20,462 vehicles, representing a substantial increase of 103.6% year-over-year, which propelled NIO to the top position in China's premium electric vehicle market for vehicles priced above RMB300,000 [$41,259]," Chairman and Chief Executive Officer (CEO) William Bin Li said.
Following the release of the report, NIO's shares fell by 2.81% in premarket trading.
