One of China’s brightest electric vehicle startups, NIO (NIO), reported a wider-than-expected Q1 loss. Although NIO expects EV deliveries to more than double in Q2, its stock continues sliding.
NIO reports Q1 2024 earnings results
NIO delivered 30,053 vehicles in the first three months of 2024. Of them, 17,809 were electric SUVs, while 12,244 were electric sedans.
Although NIO crossed the 30K mark, deliveries fell 3.2% year-over-year (YOY) and 40% from Q4 2023 (50,045). As a result, NIO’s revenue fell 42% from the previous quarter to $1,372 million (RMB 9,908.6 million).
NIO posted a higher Q1 net loss than expected at $718.1 million (RMB 5,184.6 million). That’s up 9% YOY but down 3.4% from the $751.48 million (RMB 5,367.7 million) Q4 2023 net loss.
The EV maker said lower Q1 EV deliveries were expected earlier this year after cutting guidance from 31,000 to 33,000 to 30,000. NIO ended up delivering just over 30K vehicles in Q1.
Despite missing guidance, the report had a few bright spots. For one, NIO’s margins are improving from last year. NIO’s vehicle margins reached 9.2%, up from 5.1% in the same period last year.
NIO new ES6 (Source: NIO)
Gross margins also improved to 4.9% from 1.5% in Q1 2023. However, both figures were down compared to last quarter.
NIO expects Q2 EV deliveries will more than double
Despite the first quarter miss, NIO expects things to pick up. NIO projects EV deliveries will surge to between 54,000 and 56,000 in Q2, representing 130% to 138% YOY growth.
Following the new 2024 ET7 launched in April (with a massive 150 kWh semi-solid state battery), NIO’s lineup is now completely refreshed. NIO expects the ET7 will rival luxury automakers like BMW, Audi, and Mercedes-Benz.
2024 NIO ET7 (Source: NIO)
NIO’s lineup now includes the refreshed 2024 ET5, ET5T, EC6, ES6, EC7, ET7, and ES8 as it enters Q2.
NIO also revealed its new Onvo mass-market brand last month. The first vehicle, the Onvo L60 electric SUV, will compete with Tesla’s Model Y, NIO confirmed on its earnings call with investors.
Starting at just $30,500 (219,900 yuan), NIO’s new EV undercuts Tesla’s top seller, which starts at 249,900 yuan ($34,600) in China.
NIO Onvo L60 launch event (Source: NIO
Several analysts believe the new electric SUV could boost sales to over 20,000 per month. Deutsche Bank analyst Wang Bin’s team sent a letter to investors saying, “We think Nio’s expectation of monthly >20,000 unit delivery is achievable with boost from Onvo.”
Next year, NIO will launch its second vehicle under the Onvo brand, a large electric SUV for bigger families. NIO said on its earnings call that more Onvo EVs are in the pipeline.
NIO Onvo L60 electric SUV launch event (Source: NIO)
NIO sees a good opportunity for growth in the segment, with a market size of around four million. Meanwhile, its third “Firefly” brand is coming soon as development progresses.
NIO already announced a record-breaking May, with 20,544 vehicles delivered, up 234% from last year. With 66,217 vehicles handed over so far in 2024 (As of May 31), NIO’s EV deliveries are up 51% YOY.
President and co-founder Qin Lihong confirmed NIO is building its third plant this week as the existing two can no longer keep up with demand.
Lihong told Blue Whale News (via CnEVPost) current production had reached its single-shift capacity, adding, “NIO does not have an overcapacity problem.”
NIO stock chart over the past 12 months (Source: TradingView)
Despite the higher expectations, NIO stock is down nearly 8% following its Q1 2024 earnings release. NIO shares are down over 40% in 2024 and over 90% from their ATHs in February 2021.
What do you guys think will NIO pick it up in Q2 with new EVs hitting the market? Let us know in the comments.
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Segway’s new Xafari and Xyber e-bikes with Apple Find My, proximity locking, more get first post-launch savings from $2,200
Segway is celebrating Father’s Day with surprise price cuts of up to $300 on the brand’s two new e-bikes for the first time. Through June 15, you’ll be able to hop aboard the Xafari e-bike for $2,199.99 shipped, while the Xyber e-bike sits higher at $2,999.99 shipped. These two models normally go for $2,400 and $3,300, respectively, since the brand raised the Xyber’s price due to tariffs on May 1. The discounts we’re seeing here are the first post-launch cash savings, bringing the Xafari back to match its preorder launch pricing, while taking the Xyber back to its original MSRP.
Praised by Segway as the model “for everyone, yet far from ordinary,” the Xafari e-bike is an all-terrain cruiser for riders of different ages and skill levels. It comes equipped with a 750W rear hub motor paired with a removable 936Wh battery to hit 20 MPH top speeds (in as fast as 5.2 seconds) for up to 88 miles on a single 6-hour charge with its 12 PAS levels activated (supported by a torque sensor). Comfort is the main focus here, with ergonomic positioning, 80mm front/70mm rear suspension, an adjustable compression damping and lock-out fork, and 26-inch by 3-inch all-terrain tires – all adding to a smoother riding experience. There’s also the adjustable-height saddle with quick-release and an adjustable stem, a rear-mounted cargo rack, Tektro hydraulic disc brakes, front and rear lighting (including brake lighting), an integrated multi-color smart TFT display with a 20W USB A/C port, and more.
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Of course, one of the biggest additions to Segway’s e-bikes, is the inclusion of the brand’s Intelligent Ride System. This gives them some high-end smart features like Airlock wireless proximity security, an alarm system, Apple Find My, GPS, adaptive pedal assistance, and plenty more. You can get the full rundown on these features in our original CES 2025 launch coverage here.
Speaking of the Xyber e-bike, which sports the same Intelligent Ride System features as the above model, it is the mid-range, light EV that is perfect for speed freaks, as it can go from 0 to 20 MPH in just 2.7 seconds, and keep climbing up to a 35 MPH top speed when set in race mode. It’s been given a monstrous 6,000W direct-drive motor and a 2,880Wh dual-battery setup, letting it carry you for up to 112 miles on a single 4-hour charge. There are 12 levels of pedal assistance here, as well as three different modes for throttle-only riding.
It’s been equipped with an inverted dual-crown fork at the front alongside a classic swing-arm design at the rear – plus, the coil-sprung, hydraulically damped front and rear suspension for added comfort on uneven terrain. You’ll also find Tektro hydraulic disc brakes here for stopping power, with the whole thing sitting atop two 20-inch by 5-inch tires with flat-resistant inserts, among other top-notch features. One thing to note here, though, is that Segway has specified this current model to be an unclassified e-bike for maximized performance over on-road or non-permitted trail riding, with a road-legal model that meets regulations coming later in the year.
Power essentials through hurricane season with EcoFlow’s DELTA Pro 400W solar bundle at new $2,199 low
With the calendar having stepped into June, so too have we officially stepped into 2025’s hurricane season, and EcoFlow is offering up to 55% off backup power solutions through June 8 to help you prep, complete with extra savings. Among the lineup, we spotted several continuing member-only deals that have increased savings from the brand’s two-day May Madness event, like the well-regarded DELTA Pro Solar Generator bundle with a 400W panel for $2,199 shipped, which doesn’t benefit from the 5% bonus savings, sadly, but does benefit from 2x EcoCredit reward points. This package would normally run you $4,898 at full price, which we’ve seen go as low as $2,299, most recently during last week’s short-term May Madness discounts. This is a 55% markdown that cuts $2,699 off the going rate, landing it $100 lower than ever for the best new price we have tracked. It’s even coming in $200 under Amazon’s current pricing.
One of the brand’s larger modular backup solutions, the DELTA Pro is ready to power you through trips in nature, at gatherings and events, or during emergencies with its starting 3,600Wh LiFePO4 capacity. What’s great is that with future investments (expansion batteries), you can expand it all the way up to 25kWh. Through its 14 output ports, it dishes out a steady stream up to 3,600W, surging to 7,200W for larger needs.
It recharges its own battery cells fairly quick, with a wall outlet putting it back to full in about 1.8 hours, or you could do so in 2.8 hours when taking advantage of its maximum 1,600W solar input. There’s other ways to top off its levels, including generators, with an auxiliary car port, and more. You’ll also get the full array of smart controls you would expect through its companion app via either Wi-Fi or Bluetooth.
EcoFlow’s other Member-only deals:
To browse the entire lineup of EcoFlow’s June Disaster Sale follow this link to our full coverage here, with plenty of savings on in-house and out-of-house power solutions at up to 55% off – plus, the bonus 5% extra savings that are not stackable with the above member-only pricing.
This EGO 56V 21-inch cordless select cut self-propelled mower kit with 7.5Ah and 5.0Ah batteries back at $600 low
Amazon is offering a return low price on the EGO Power+ 56V 21-Inch Cordless Electric Select Cut Self-Propelled Lawn Mower Kit that comes with 7.5Ah and 5.0Ah batteries at $599.99 shipped. This newer model hit the scene at the top of last year and is coming off its $998 full price here today. March of last year was the last time we spotted this low price, with the discounts in the time since only going as low as $700. You’re now getting a second chance at the best price we have tracked for this package, which equips you with plenty of power to cover lawn care needs at home with $398 in savings.
It’s one of the best times of the year to consider trading your gas guzzler for a more eco-friendly electric means to tackle lawn care, and this cordless mower from EGO comes with more power than we usually see. Just using the 7.5Ah ARC battery provides enough juice for up to 60 continuous minutes of runtime, with the 5.0Ah battery being a convenient way to extend that time for longer jobs. The included 550W charger can bring these batteries back to full in up to 60 minutes, letting you use one while charging another for near-endless runtimes.
Aside from the six-position cutting height levels (from 1.5 to 4 inches) and three-in-one functionality (bagging, side discharging, mulching), you’ll also be getting the brand’s select cut system here, giving you more customization options for different needs. Thanks to this setup, the blades are interchangeable between lower mulching blades and high-lift bagging blades. Mobility is far easier as the self-propulsion does most of the work for you – plus, annoying pull strings are a thing of the past with its push-button start.
Segway’s Navimow i Series of RTK robot mowers get rare price cuts starting from $849 in Father’s Day savings
Through Father’s Day, Segway is offering rare 15% discounts on its Navimow i Series Robot Lawn Mowers, with the i105 model down at $849 shipped and matching at Amazon, while the i110 model is down at $1,099 shipped and only available on the direct site. These models don’t often see many discounts from their $999 and $1,299 price tags compared to its H series counterparts, with the last price cuts we saw being on the i105 model back during Black Friday when prices dropped to its $799 low. You can grab them here at the second-lowest price we have tracked for the i105 and the lowest price we’ve seen on the i110 model, giving you $150/$200 in savings while automating your lawn care routine.
While it doesn’t sport the fanciest of bells and whistles like Segway’s new X3 Series of robots, which are now officially available for online purchase, the brand’s Navimow i Series are the smaller and more affordable option for those on tighter budgets, with the i105 model covering up to 1/8 acres and the i110 model covering up to 1/4 acres on a single charge. Keep in mind that these robots can stop progress to recharge at their station, picking up where they left off after finishing. One of the standout designs here is the trading of perimeter wires for RTK positioning paired alongside AI-assisted mapping through its 140-degree FOV camera.
The brand’s Exact Fusion Location System 2.0 is the name of the game, working with the AI to utilize satellite navigation to keep track of the robot’s position regardless of how complicated your yard/garden layout is or how much tree coverage there may be. This feature also doubles as a security measure, allowing you to track the robot’s real-time location while it works or in case of theft. Through its companion app you’ll have access to its full array of other smart features too, like setting schedules, marking off-limits zones, and customizing the 3D mapping routes/settings – and it has the memory for 12 different zones.
There’s two other big robot lawn mower deals running right now on new models, with the ECOVACS Goat RTK Robot Lawn Mowers currently getting up to 25% off discounts on three models starting from $900. There’s also the highly advanced Anker eufy E15 and E18 Robot Mowers that do away with RTK positioning and boundary wires for pure vision FSD navigation, getting $300 discounts and a $100 free gift.
Segway E2 Plus II eKickScooter (preorder until June 3): $350 (Reg. $400)
Best new Green Deals landing this week
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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When Tesla CEO Elon Musk publicly denied a report that Tesla had canceled its work on the $25,000 “Model 2” despite the project ending weeks prior, Tesla executives were “alarmed” by Musk’s public lie, according to a new report by Reuters.
In April 2024, Reuters reported that the long-awaited $25,000 Tesla, nicknamed “Model 2” by the public, had been canceled.
Immediately after the report, Tesla CEO Elon Musk responded, stating “Reuters is lying (again).”
However, when he made this statement, Musk knew that the report was correct, and that he had cancelled the project weeks earlier.
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This new information comes from a report by Reuters today, citing company documents and the standard “people familiar with the matter.”
The public denial caused confusion among Tesla executives, some of whom wondered if the project was back on, or who were concerned that customers may delay purchases waiting for a product that they and Musk knew would never come.
It also concerned executives due to an agreement Musk made with the SEC which required a lawyer to oversee his Tesla-related tweeting activities, after he had previously been caught misleading investors into thinking he had secured funding to take Tesla private.
Musk’s lie about the $25k Model 2 project stopped a decline in TSLA stock, which had slid by 6% so far that day, and the stock recovered partially by the end of the day. Given the market-moving nature of the statement, and the subject matter of being about Tesla’s future plans, it was thought that this would be another clear violation of Musk’s settlement with the SEC.
Reuters has been one of his main targets, but he has generally shown disdain for the media, and this attitude isn’t new.
In 2018, he floated the idea of creating a website to rank “truth” in media, proposing the name “Pravduh.” The idea came after a series of negative reports about Tesla, making it clear that the effort was less about truth, and more about Musk feeling slighted about recent coverage.
In a similar vein to his attacks on Reuters, he and the Tesla board recently denied a WSJ report that they were seeking a replacement for Musk as CEO. Musk responded personally, stating that it was an “EXTREMELY BAD BREACH OF ETHICS” for WSJ to publish a “DELIBERATELY FALSE ARTICLE and fail to include an unequivocal denial,” even though WSJ reached out to Tesla and was given no comment beforehand.
One of the reasons WSJ couldn’t get comment beforehand is because Tesla dissolved its PR department years ago. Companies keep PR departments so that press can have a clear a consistent idea of a company’s position on the matter, and so that journalists can reach out to the company for comment beforehand. Musk’s anger at WSJ for not including a denial from a department that he himself dissolved suggests that perhaps he relishes the opportunity to strike out against the media, as his own actions have been responsible for the lack of communication between Tesla and the media.
Immediately after Tesla lowered the price of the upgrade, we found that Elon Musk had blocked our site’s account on Twitter, and also blocked my colleague Fred Lambert, who was not involved in reporting the story. We were also banned from future Tesla events due to our true and fair report.
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The N7 is surprisingly stylish and affordable, starting at under $17,000 in China. A month after launching, Nissan’s new EV has already secured over 17,200 orders, but will it be enough to keep pace in China?
Nissan’s new N7 EV secures 17,215 orders in China
After launching the N7 on April 28, Dongfeng-Nissan announced the electric sedan set a record, racking up 10,000 orders in 18 days.
Nissan’s joint venture partner in China said the N7 became the “fastest joint venture pure electric car” to reach the 10,000 mark.
According to the latest update, Nissan’s new EV now has 17,215 orders in China. Dongfeng Nissan revealed in a social media post on May 31 that N7 orders are still on the rise, 35 days after hitting the market. To keep the momentum going, the company is offering a limited-time promo worth up to 19,888 yuan ($1,400) by placing an order.
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A video circulating on social media (via CnEVPost) reveals order data from a company executive, showing that 13,746 of the orders have locked-in vehicle configurations.
Dongfeng Nissan N7 electric sedan (Source: Nissan)
The N7 starts at 119,900 yuan in China, or about $16,500. It’s available with two LFP battery options, 58 kWh or 73 kWh, providing a CLTC range of 540 km (335 miles) and 625 km (388 miles), respectively.
Measuring 4,930 mm long, 1,895 mm wide, and 1,487 mm tall, the electric sedan is slightly longer than a Tesla Model 3.
Inside, the N7 is equipped with smart tech and features, including Momenta’s smart driving system. Nissan claims it’s “the industry’s first-tier high-end intelligent driving system,” offering high-speed navigation assistance, full-scenario intelligent parking, and more.
Nissan N7 EV Trim
Starting Price
Nissan N7 510 Air
119,900 yuan ($16,500)
Nissan N7 510 Pro
129,900 yuan ($17,800)
Nissan N7 625 Pro
139,900 yuan ($19,200)
Nissan N7 510 Max
139,900 yuan ($19,200)
Nissan N7 625 Max
149,900 yuan ($20,500)
Nissan N7 electric sedan price by trim (Source: Dongfeng-Nissan)
It even comes with a few fun add-ons you won’t find on a typical Nissan, such as a smart refrigerator that can cool or heat drinks.
Electrek’s Take
Nissan’s new N7 looks nice, and it’s competitively priced, but can it keep up in China’s intensifying electric vehicle market? BYD is crushing rivals with extreme price cuts and new models, which seem to appear every week.
Its new electric sedan, the BYD Qin L EV, had over 10,000 in sales its first week on the market, and it starts at 119,800 yuan ($16,500).
Even Mazda, another Japanese brand struggling in China, is seeing early success. After launching the EZ-60 last month, Mazda’s electric SUV secured over 20,000 orders.
Are these orders binding? Typically, companies in China report orders that are non-refundable with a deposit, but some offer a few days’ grace period. We will find out soon as companies begin releasing sales results.
Nissan is already struggling to turn its business around. The company announced last month it’s cutting 20,000 jobs globally and closing several factories as part of a restructuring.
What do you think? Can Nissan’s new EV keep up in China? Or, are the early orders deceiving? Drop us a comment below and share your thoughts.
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