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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 Q2
  • NIO Q2

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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A 100-MW solar farm just broke ground in Wisconsin

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A 100-MW solar farm just broke ground in Wisconsin

National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.

The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.

Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.

“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”

Electrek reported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.


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Tesla announces 500 kW charging as it finally delivers V4 Supercharger cabinets

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Tesla announces 500 kW charging as it finally delivers V4 Supercharger cabinets

Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.

The rollout of Supercharger V4 has been a strange one, to say the least.

Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.

Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.

For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although

Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”

Here are the main features of the V4 Cabinet as per Tesla:

  • Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
  • Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
  • Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.

Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.

We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.

Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.

While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.

Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:

It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.

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Hyundai is launching an AI-powered EV next year to keep pace in China

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Hyundai is launching an AI-powered EV next year to keep pace in China

Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.

With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.

A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”

In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.

With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.

Hyundai-AI-powered-EV
Hyundai IONIQ 5 with Waymo autonomous driving tech (Source: Hyundai)

Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.

The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.

Hyundai-AI-powered-EV
Hyundai at the Beijing Auto Show 2024 (Source: Hyundai Motor)

Hyundai hopes new AI-powered EV boosts sales in China

Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.

Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.

Hyundai-AI-powered-EV
Hyundai IONIQ 6 (Source: Hyundai)

BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.

Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).

2025-Hyundai-IONIQ-5-prices
2025 Hyundai IONIQ 5 (Source: Hyundai)

Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.

Last month, Hyundai opened its first overseas digital R&D center in China to help kick off its return to the region.

According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs

With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.

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