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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Germany’s largest offshore wind farm under construction, EnBW’s He Dreiht, just hit a big milestone: The first enormous turbine is now up in the North Sea.
He Dreiht – which means “it spins” in Low German – is using Vestas’s massive 15 megawatt (MW) turbines, the first project in the world to install them. Just one spin of one of the rotors can generate enough electricity to power four households for an entire day.
When it’s finished, He Dreiht will have 64 mega turbines cranking out 960 megawatts (MW) of clean power – enough to supply around 1.1 million homes. And it’s being built without any government subsidies.
EnBW, one of Germany’s major energy companies, has been working in offshore wind for more than 15 years, but He Dreiht is their biggest project yet. “It will play a key role in helping us to significantly grow our renewable energy output from 6.6 GW to over 10 GW by 2030,” said Michael Class, who heads up EnBW’s generation portfolio development.
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The project is a win for Vestas, too. “With the installation of the first V236-15.0 MW, we have reached an important milestone for both the He Dreiht project and our offshore ramp-up, which helps Germany build a more secure, affordable, and sustainable energy system,” said Nils de Baar, president of Vestas Northern & Central Europe.
He Dreiht is located about 85 kilometers (53 miles) northwest of Borkum and 110 kilometers (68 miles) west of Helgoland. At peak times, more than 500 workers will be out at sea building the farm, using a fleet of more than 60 ships. EnBW’s offshore team in Hamburg is running the show.
The installation process is a major operation. The 64 foundations were already set in the seabed last year. Parts for the turbines are loaded onto the installation vessel Wind Orca in Esbjerg, Denmark, and shipped out in a 12-hour journey to the construction site. From there, the turbines are lifted into place. Meanwhile, crews are also working on internal wind farm cabling.
A partner consortium made up of Allianz Capital Partners, AIP, and Norges Bank Investment Management owns 49.9% of the shares in He Dreiht.
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Tesla has released a quick update about its Tesla Semi factory in Nevada. It says that it is on track for volume production of the electric semi truck in 2026.
The Tesla Semi was first scheduled to go into production in 2019, but it has faced numerous delays.
Now, it appears that there is finally some momentum to bring it to volume production.
For the last two years, Tesla has been working to build a new factory next to Gigafactory Nevada, where it builds the battery packs and drive units for most of its electric vehicles built in North America.
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Today, Tesla released a “progress update on the factory, confirming that it finished building and it’s now working on deploying the production lines:
Tesla had previously mentioned aiming for volume production by 2025, but it is now only talking about starting production toward the end of the year and ramping up next year.
The automaker reiterated its planned production capacity of 50,000 units.
They now expect to take deliveries of their first trucks later in 2026 and said that the price has increased “dramatically,” leading them to scale back their pilot program from 42 to 18 Tesla Semi trucks.
When originally unveiling the Tesla Semi in 2017, the automaker mentioned prices of $150,000 for a 300-mile range truck and $180,000 for the 500-mile version. Tesla also took orders for a “Founder’s Series Semi” at $200,000.
However, Tesla didn’t update the prices when launching the “production version” of the truck in late 2022. Price increases have been speculated, but the company has never confirmed them.
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Vietnamese solar panel maker Boviet Solar just opened the doors to its first US factory — a huge new PV module plant in Greenville, North Carolina.
The company dropped $294 million into the state-of-the-art facility, which will pump out Boviet’s Gamma Series monofacial and Vega Series bifacial solar panels. They’re using advanced PERC and N-Type solar cell tech, which basically means these panels are built to deliver higher efficiency and better performance across residential, commercial, industrial, and utility-scale projects.
The Greenville factory’s first phase is now online with an annual PV module output capacity of 2 gigawatts (GW). For Phase 2, which is scheduled to come online in the second half of 2026, Boviet will invest another $100 million to add 600,000 square feet and ramp up to another 2 GW. It will make high-efficiency solar cells.
Once both phases are complete, Boviet’s campus will cover more than 1 million square feet of manufacturing and R&D space. It’s one of the biggest clean energy manufacturing projects North Carolina has ever seen.
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The jobs impact is significant, too. The first phase will create 460 skilled local jobs. Phase 2 is expected to add another 908, bringing the total to over 1,300 direct jobs, plus nearly 2,000 more indirect jobs across the region. That’s good news for Pitt County’s economy, real estate market, and workforce training programs.
“This facility is not just creating jobs, but creating opportunity, innovation, and a stronger foundation for eastern North Carolina,” said Senator Kandie Smith. Governor Josh Stein added that Boviet Solar’s move shows how North Carolina is leading the way in clean energy growth.
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