According to a financial report released Wednesday by Nio, its revenue for Q2 this year reached 8.45 billion yuan ($1.3 billion), a year-on-year increase of 127.2%. The firm’s net losses amounted to 659 million yuan, lower than market expectations.
Nio expects vehicle deliveries in Q3 to fall between 23,000 and 25,000 units, with total revenue between 8.91 billion yuan and 9.63 billion yuan.
The EV maker delivered 21,896 vehicles in the second quarter, including 4,433 ES8s, 9,935 ES6s and 7,528 EC6s, representing an increase of 111.9% from the second quarter of last year.
Nio’s gross profits reached 1.57 billion yuan, representing an increase of 1.2% from the first quarter of 2021.
In May 2021, Nio entered into renewed manufacturing agreements regarding the joint manufacturing of Nio vehicles and related fee arrangements with Jianghuai Automobile Group Co., Ltd. (JAC), and Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.
Pursuant to the renewed joint manufacturing arrangements, from May 2021 to May 2024, JAC will continue to manufacture the ES8, ES6, EC6, ET7 and potentially other Nio models in the pipeline. In addition, JAC will expand its annual production capacity to 240,000 units (calculated based on 4,000 work hours per year) in order to meet the growing demand for Nio vehicles.
“While the global supply chain still faces uncertainties, we have been working closely with our partners to improve the overall supply chain production capacity,” said William Bin Li, the founder, chairman and chief executive officer of Nio. Li continued, “we aim to deliver three new products based on the Nio Technology Platform 2.0 in 2022, including ET7, a flagship premium smart electric sedan. One of the other two new models will be priced slightly lower than all the current products.”