Chinese EV maker NIO posted better-than-expected second-quarter earnings as the company reported a jump in revenue and raised its guidance.
Shares of the Shanghai company were essentially flat at $43.99 in after-hours trading.
NIO reported a net loss of 7 cents a share. The adjusted loss coming to 3 cents a share. Analysts surveyed by FactSet were calling for a loss of 9 cents a share.
Revenue totaled $1.31 billion, up 127.2% from a year ago. The FactSet consensus called for revenue of $1.30 billion.
Vehicle sales came to $1.23 billion, up 127% from a year ago.
The company said the increase in vehicle sales in the quarter was mainly attributed to higher deliveries achieved from more product mix offered to NIO’s users.
Deliveries were 21,896 in the second quarter of 2021, including 4,433 ES8s, 9,935 ES6s and 7,528 EC6s, representing an increase of 111.9% from the second quarter of 2020 and an increase of 9.2% from the first quarter of 2021.
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For the third quarter of 2021, the Company expects:
Deliveries of the vehicles to be between 23,000 and 25,000 vehicles, representing an increase of approximately 88.4% to 104.8% from the same quarter of 2020, and an increase of approximately 5.0% to 14.2% from the second quarter of 2021.
That puts NIO at around 100,000 units per year with 100% growth.
In China NIO is currently shipping the ES8, ES6 and EC6 and has a number of other models on the way. All good looking EVs with excellent range and performance.
On July 20th, the first batch of NIO ES8s was shipped from Shanghai Waigaoqiao Port to Norway. The NIO ES8 is the smart electric flagship SUV of NIO. NIO ES8 order placement and user delivery is expected to commence in September. Previously, the NIO ES8 received European Whole Vehicle Type Approval (EWVTA) and rolled out of the production line in Hefei Advanced Manufacturing Center.
NIO also has made significant investments in Battery Charging stations and Battery Swap stations.
NIO is the Tesla of China.
Source: NIO IR