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NIO Q2 results have arrived
NIO Inc. (NIO) reported its unaudited second quarter financial results on Wednesday.
The Chinese electric vehicle maker reported revenue of $1.538 billion for the quarter, beating analyst estimate of $1.458 billion.
Loss per share reported at -$0.20 per share vs. -$0.16 loss per share expected.
William Bin Li, founder, chairman and CEO of the EV company commented on NIO’s performance in Q2: ”We delivered 25,059 vehicles in the second quarter of 2022, representing a growth of 14.4% year-over-year despite the COVID-19 related challenges. With the teams’ concerted efforts, our deliveries started to recover and achieved 10,052 and 10,677 units in July and August, respectively.”
“The second half of 2022 is a critical period for NIO to scale up the production and delivery of multiple new products. The ES7, our first mid-large five-seater smart electric SUV based on NIO Technology 2.0 (NT2.0), has become a new favorite of the market with its superior performance, comfort and digital experience. We witnessed a robust order inflow for the ES7 and started its deliveries at scale in August. We also look forward to starting the mass production and delivery of the ET5 in late September. With the compelling product portfolio and well-established brand awareness, NIO will attract a broader user base and embrace robust growth in the coming quarters,” Li concluded.
NIO has delivered a total of 238,626 vehicles as of August 31, 2022.
The company expects deliveries of between 31,000 to 33,000 in Q3 and revenue of between $1.913 billion and $2.030 billion.
NIO Inc. (NIO) chart
The stock was up by around 3% at the market open in the US on Wednesday, trading at $17.88 a share.
Here is how the stock has performed in the past year:
NIO price targets
NIO Inc. is the 15th largest automaker in the world with a market cap of $28.62 billion.
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Sources: NIO Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap
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