NIO Inc Reports Third Quarter 2024 Financial Results
Intellectia.AI
NIO Inc. Reports Third Quarter 2024 Financial Results
NIO Inc. (NYSE: NIO, HKEX: 9866, SGX: NIO), a leading company in the global smart electric vehicle market, announced its unaudited financial results for the third quarter ended September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Q2 2024 | YoY Change (%) | QoQ Change (%) |
|---|---|---|---|---|---|
| Total Revenue | $2,661.0 million | - | - | -2.1% | +7.0% |
| Vehicle Sales | $2,379.4 million | - | - | -4.1% | +6.5% |
| Gross Profit | $286.0 million | - | - | +31.8% | +18.9% |
| Gross Margin | 10.7% | 8.0% | 9.7% | +2.7% pts | +1.0% pts |
| Net Loss | $721.0 million | - | - | +11.0% | +0.3% |
| EPS (Basic & Diluted) | $0.36 | $0.38 | $0.36 | -5.3% | 0.0% |
NIO demonstrated a strong quarterly improvement with a 7.0% increase in total revenues driven by higher delivery volumes, though year-over-year revenues decreased moderately due to a shift in product mix and pricing strategies. The gross margin enhancement to 10.7% reflects effective cost optimizations and stronger vehicle margins.
Segment Revenue Performance
| Segment | Q3 2024 Revenue ($) | YoY Change (%) | QoQ Change (%) |
|---|---|---|---|
| Vehicle Sales | 2,379.4 million | -4.1% | +6.5% |
| Other Sales | 281.6 million | +19.2% | +11.9% |
Vehicle sales saw an increase sequentially due to higher delivery volumes. Meanwhile, other sales increased significantly year-over-year, bolstered by growing after-sales services and power solutions.
Key Developments and Operational Highlights
- Deliveries in October 2024 reached 20,976 vehicles.
- Launch of the ONVO L60, a mid-size family smart electric SUV, with ramped-up production.
- Strategic investment in NIO China with major investors injecting RMB 3.3 billion.
Executive Comments
CEO William Bin Li highlighted record delivery achievements and market leadership in China for vehicles over RMB 300,000. Li emphasized the upcoming mass production of the ET9 and the new Firefly brand, both poised to expand NIO's market footprint. CFO Stanley Yu Qu remarked on improved vehicle gross margins, indicating positive free cash flow and robust future sales cycles across NIO’s brand portfolio.
Forward Guidance
For Q4 2024, NIO projects vehicle deliveries between 72,000 and 75,000 units, reflecting a significant year-over-year increase and estimating total revenues between $2,804 million and $2,904 million. This forecast outlines an optimistic outlook based on current market conditions.
Stock Price Movement
Post-earnings release, NIO's stock price showed a modest increase of 0.43%, reflecting investor reassurance in the company's strategic direction and financial performance correction efforts.
This comprehensive summary encapsulates NIO’s financial standing and strategic ambitions, outlining a promising path for sustained growth and market expansion within the electric vehicle sector.
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