NIO Inc. (NYSE:NIO) (HKEX:9866) (SGX:NIO) released on Wednesday that its unaudited financial results for the Q2 ended June 30, 2022.
The firm reported that vehicle sales were US$1,428.9 million in the second quarter of 2022 that is surge of 21.0% from the Q2 of 2021 and jump of 3.5% from the Q1 of 2022. The Vehicle margin was 16.7% in the Q2 of 2022 that is 20.3% in the Q2 of 2021 and 18.1% in the Q1 of 2022. Total revenues were $1,536.6 million in the Q2 of 2022, representing an increase of 21.8% from the Q2 of 2021 and an surge of 3.9% from the Q1 of 2022.
The firm reveals that gross profit was $200.1M in the Q2 of 2022 that a decrease of 14.8% from the Q2 of 2021 and a drop of 7.4% from the Q1 of 2022. Gross margin was 13.0% in the second quarter of 2022, compared with 18.6% in the second quarter of 2021 and 14.6% in the first quarter of 2022.
The chief executive officer of NIO, William Bin Li stated that they delivered 25,059 vehicles in the Q1 of 2022, representing a growth of 14.4% year-over-year despite the COVID-19 related challenges. With the teams’ concerted efforts, their deliveries started to recover and achieved 10,052 and 10,677 units in July and August, respectively.
Mr. Li concluded that second half of 2022 is a vital time for NIO to ramp up production and delivery of several new goods. With its better performance, comfort, and digital experience, the ES7, their first mid-large five-seater smart electric SUV based on NIO Technology 2.0 (NT2.0), has become a new market favorite. We had a strong order inflow for the ES7, which began mass production in August. We also anticipate beginning mass manufacturing and delivery of the ET5 in late September. NIO will attract a bigger user base and embrace rapid growth in the next quarters thanks to its enticing product line and well-established brand awareness.
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