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Nio June Deliveries Jump 179%, Q2 Sales Exceed Guidance

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Nio June Deliveries Jump 179%, Q2 Sales Exceed Guidance

Nio Inc's (NYSE: NIO) sales momentum continued in June, as the Chinese electric vehicle manufacturer reported deliveries Thursday that nearly doubled year-over-year. 

Nio's Record Month, Quarter: Nio said its deliveries in June increased 179.1% year-over-year to 3,740 units, representing record monthly performance for the company. Nio delivered 2,476 ES6s and 1,264 ES8s during the month.

In May, the company sold 3,436 cars.

For the second quarter as a whole, vehicle deliveries totaled 10,331 units, a 190.8% year-over-year jump and a 169.2% quarter-over-quarter increase.

In its first-quarter earnings report issued May 28, the company guided to second-quarter deliveries of 10,000 units and revenue of $475.7 million to $499.1 million.

The company attributed June's solid results to its competitive products, superior services and expanding sales network.

"In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance. We appreciate the continuous support from our growing and loyal user community," William Bin Li, Nio's chairman and CEO, said in a statement.

The company expressed confidence in meeting its gross margin and operational efficiency goals. 

Nio's Turnaround: After sales bottomed in February, impacted by the COVID-19 pandemic, Nio has been seeing a resurgence along with the broader industry.

The company has beefed up its cash reserves through private placements of debt and cash infusions from strategic investors, while also reeling in costs.

The near-term outlook is positive, with BofA Securities analyst Ming Hsun Lee expecting new order wins to improve with the commercial launch of the EC6 electric SUV in the third quarter and the introduction of a 100kWh battery pack in the fourth quarter.

In premarket trading, Nio shares were rising 16.06% to $9.18.

Related Links:

Tesla Vs. Nio Vs. Xpeng: A Look At The Chinese Electric Vehicle Market

Nio's Outsized June Gains Push Goldman Sachs To The Sideline

Courtesy photo. 

 

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