NIO beats Wall Street’s expectations in Q2 earnings and reports record-high EV deliveries
NIO has shared its unaudited Q2 financial results for 2024, which detailed record-high EV deliveries that helped the automaker snag an even larger portion of the overall market in China. NIO also surpassed the expectations of financial gurus on Wall Street with its quarterly earnings.
Time and again, NIO ($NIO) continues to demonstrate why it is one of the significant BEV players in China and the overall global market. The automaker currently sells nine all-electric models in China, many of which have already entered or are entering new markets worldwide, including Europe (despite newly enacted import tariffs) and, soon, the United Arab Emirates.
Additionally, NIO is the worldwide leader in battery swap implementation, eclipsing 50 million total swaps last month while providing hard evidence that the charging alternative is not only viable but also preferred by many EV drivers.
Not to mention the advancement of nascent EV technologies like solid-state batteries and its own line of branded smartphones. NIO is showing no signs of slowing down, and its recent delivery numbers support that notion. The Chinese automaker achieved record delivery numbers this past May, June, and July, hitting the 20,000 mark for three consecutive months.
Now, NIO’s full Q2 2024 report is in and those monthly tallies have contributed to more records as well as continued earnings growth.
NIO’s Q2 financials detail continued growth
NIO’s Investor Relations page posted the automaker’s unaudited Q2 2024 numbers today, which are encouraging. The company 20,498 and 20,176 BEVs in July and August 2024, respectively, and as of August 31, 2024, its cumulative deliveries for Q2 sat at 577,694.
That total number breaks down to 32,562 premium smart electric SUVs and 24,811 premium smart electric sedan deliveries, which combine to represent an increase of 143.9% from Q2 2023, and an increase of 90.9% from Q1 2024. In total, NIO’s Q2 BEV deliveries represent yet another record. NIO founder, chairman, and CEO William Li, spoke to the automaker’s latest milestone:
In the second quarter of 2024, NIO achieved a record-breaking delivery of 57,373 premium smart electric vehicles, securing over 40% of the market share in the battery electric vehicle segment priced above RMB 300,000 in China. NIO’s core competitive advantages in technology, product, service and community are earning increasing recognition from users, driving the continued strong vehicle sales performance. In July and August 2024, NIO delivered 20,498 and 20,176 vehicles, respectively. The total delivery volume for the third quarter is expected to set another record, further solidifying and expanding market share.
On the earnings side, NIO posted revenues of RMB 17.446 billion ($2.4 billion) in Q2 2024, performing slightly better than the RMB 17.385 billion predicted by financial analysts in a Bloomberg survey.
Vehicle sales totaled RMB 15,68 billion ($2.16 billion) in Q2 2024, representing an increase of 118.2% year-over-year and an increase of 87.1% from Q1 2024. Per NIO:
Loss from operations was RMB 5,209.3 million (US $716.8 million) in the second quarter of 2024, representing a decrease of 14.2% from the second quarter of 2023 and a decrease of 3.4% from the first quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,698.5 million (US$646.5 million) in the second quarter of 2024, representing a decrease of 14.0% from the second quarter of 2023 and a decrease of 8.1% from the first quarter of 2024.
Looking ahead to Q3, NIO expects to BEV deliveries to land between 61,000 and 63,000 units, representing an increase of approximately 10.0% to 13.7% compared to Q3 2023. Total revenues are expected to arrive between RMB 19.12 billion ($2.63 billion) and RMB 19.67 billion ($2.71 billion), representing an increase of approximately 0.2% to 3.2% YOY.
Encouraging numbers from an exciting Chinese automaker make its impact on the BEV segment and its adjacent technologies. As always, we will keep you in the loop on the latest NIO news going forward.
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Environment
This robot loves cleaning pools more than you do! Meet Fanttik Aero X Robotic Pool Cleaner
Warm weather is nearly here, and there’s no better way to get your swimming pool ready than with the Fanttik Aero X Cordless Robotic Pool Cleaner. Developed by a core R&D team with DJI lineage, led by the former product lead of DJI FPV (First-Person View), it brings drone sensor technology to the world of pool-cleaning robotics.
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User-friendly design for effortless maintenance
Fanttik’s Aero X isn’t just powerful—it’s incredibly user-friendly. Monitor the filter basket status through the app for optimal performance. When the battery runs low, Aero X intelligently docks itself at the poolside for easy retrieval. Real-time voice prompts make operating the Aero X an intuitive and enjoyable experience.
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Award-winning design and trusted partnership
The Aero X is a recipient of the prestigious American Good Design Award, which is recognized for its innovation and excellence.
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Global renewable developer and energy giant RWE has halted its US offshore wind operations “for the time being” because of the “political environment” the Trump administration has created.
RWE, Germany’s biggest electricity producer, said in March that it had dialed back its US offshore wind activities. But now, CEO Marcus Krebber said in a speech transcript, which he’ll deliver at the company’s Annual General Meeting in Essen on April 30, that its US offshore wind business is now closed (but it wasn’t all bad news):
In the US, where we have stopped our offshore activities for the time being, our business in onshore wind, solar energy, and battery storage has so far been developing very dynamically. At the start of this year, we reached an important milestone when our US generation capacity hit the 10 gigawatt mark. The construction of a further 4 gigawatts is secured.
He went on to say that renewables have created regional value and jobs, but that the company remains “cautious given the political developments.” RWE has introduced more stringent requirements for future US investments:
All necessary federal permits must be in place. Tax credits must be safe harbored and all relevant tariff risks mitigated. In addition, onshore wind and solar projects must have secured offtake at the time of the investment decision. Only if these conditions are met will further investments be possible, given the political environment.
About half of RWE’s installed renewable capacity is in the US, where it’s the third-largest renewable energy company through its subsidiary, RWE Clean Energy. RWE holds the rights to develop US offshore wind projects in New York, Louisiana, and California.
RWE paid $1.1 billion for the New York lease area in 2022, where it’s meant to develop the 3 gigawatt (GW) Community Offshore Wind with the UK’s National Grid. Community Offshore Wind was projected to come online in the early 2030s and expected to power more than a million homes.
The developer paid $5.6 billion for the Louisiana lease in the Gulf of Mexico in 2023 as the lone bidder for development rights, and the Canopy Offshore Wind project off Northern California was not expected to be completed for another decade.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
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