Popular Chinese EV maker Nio (NIO) reported its Q3 earnings for 2022, showing solid top-line (revenue) growth with recent price hikes, yet higher costs led to a wider bottom-line loss than many predicted.
Meanwhile, Nio’s deliveries picked up again as the EV maker accelerates its push into the end of the year.
Nio third-quarter 2022 deliveries
As Electrek reported earlier this month, Nio’s electric vehicle deliveries reached 10,059 in October, climbing 174% YOY, but slipping 7.5% from September.
Altogether EV deliveries reached a record 31,607 in Q3, up 26% from 25,059 in the second quarter. Nio’s deliveries took a step back for the first time in Q2 over lockdowns in China due to COVID-19.
EV deliveries were up 29% compared to last year during the same quarter. Nio’s CEO, William Bin Li, stated:
NIO delivered 31,607 vehicles in the third quarter of 2022, representing a solid growth of 29.3% year-over-year and achieving a record-breaking quarterly delivery. Following the delivery of our new product lineup based on NIO Technology 2.0 catering to different market segments, we have witnessed strong growth momentum in user demand and robust foot traffic, especially after the debut of ET5s in stores from September, and expect the ET5 delivery will support a substantial acceleration of our overall revenue growth in the fourth quarter of 2022.
Like much of the auto industry, Nio has been struggling with supply chain disruptions, but the EV maker is overcoming it with new services and product launches. The CEO added:
To meet the growing user demand and shorten the waiting time, we have been working closely with supply chain partners to accelerate production and delivery.
Nio Q3 2022 earnings and financial results
Nio beat revenue estimates generating over $1.8 billion in Q3 2022, an increase of 32.6% from last year and 26% from Q2 2022.
Revenue from vehicle sales reached $1.677 billion, up 24% from the second quarter, while other sales generated $150.3 million. Meanwhile, Nio’s gross margin (13.3%) improved slightly from Q2 (13%) but is still down from last year’s 20.3% with higher material costs.
Vehicle margin was down to 16.4% from 18% last year and 16.7 % in Q2 2022. Nio says the drop was due to higher battery costs.
Overall, Nio posted a net loss of $577.9 million, a significant increase from last year (+392.1%) and from Q2 2022 (+49%) as the EV maker’s losses widen.
Steven Wei Feng, Nio’s CFO, adds:
We achieved solid top line growth in the third quarter of 2022 against a challenging market environment. We aim to consistently enhance the holistic user experience for our global user community by investing in core technology development as well as power network expansion, while continuously improving our operational execution and efficiency.
Nio ended the third quarter with $7.2 billion in cash.
Guidance
Looking ahead, Nio expects deliveries to continue gaining momentum, projecting between 43,000 and 48,000 EV deliveries in the fourth quarter, representing 71% to 91% growth YOY. Nio says the launch of the ET5 will help accelerate sales into the end of the year.
The EV maker also expects revenue between $2.4 billion and $2.7 billion in Q4, up 75% to 94% from last year. Nio’s stock is down over 74% this year but is bouncing back 10% today on stronger-than-expected earnings results.
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French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.
By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”
For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.
Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.
“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”
In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.
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Buzz Bicycles is back with an exclusive new deal
Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.
The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.
The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.
By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.
But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.
The Buzz Centris is an easy to ride foldable eBike for all
The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.
When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.
You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.
Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.
Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.
The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.
With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:
10-year limited warranty (lightweight aluminum frame protected for full 10 years)
2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
6-month limited warranty (additional bike components protected by a 6-month warranty)
Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200.“ That’s a $500 discount in total!
We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you.
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With up to 500 km (310 miles) of all-electric range, the new Mercedes eActros 600 electric semi truck was designed for long-haul trucking – and now, it’s officially in production at the company’s Wörth plant in Bavaria.
“The start of series production of our eActros 600 is a further proof of our ambition to transform the industry,” offers Karin Rådström, CEO of Daimler Truck. “With a range of 500 kilometers on a single battery charge, our eActros 600 is addressing the long-haul segment in Europe which is responsible for two-thirds of CO2 emissions from heavy road freight. Our battery-electric long-haul truck will therefore make a real difference.”
In addition to the 600’s additional range, the newest eActros marks another milestone by becoming the first electric Mercedes semi to be manufactured on a single line (the eActros 300/400 and eEconic leave their standard production lines to have their electric drive components installed at Mercedes’ Future Truck Center in Wörth).
“With the start of series production of the eActros 600, we are expanding our Wörth product portfolio with an important vehicle for the future,” says Andreas Bachhofer, Head of the Wörth site and Production at Mercedes-Benz Trucks. “Construction of this first battery-electric truck made in Wörth will be fully integrated into the existing assembly hall, flexibly alongside the manufacturing of combustion-engine trucks. This means that we are ideally positioned for the production of larger quantities. Our production team is well prepared for the successive ramp-up over the coming months.”
The new electric semi truck features a 600+ kWh battery (hence, eActros 600) that sends power to a new, highly efficient electric drive axle developed in-house by Mercedes-Benz, good enough to “be able to travel significantly more than 1,000 kilometers per day. This is made possible by intermediate charging during the legally prescribed driver breaks – even without megawatt-charging.”