NIO Inc. (NIO) is down 4.22% in the pre-market trading session at the price of $37.65 after the release of August 2021 delivery updates and the third-quarter revised guidance.
NIO Released August 2021 Delivery Updates
NIO is a leading company in the premium smart electric vehicle market. On 1st September 2021, it announced its delivery results for August 2021. The company delivered 5,880 vehicles in August 2021. It represents a 48.3% year-over-year growth. NIO’s new order reached an all-time high in August. It was primarily due to the increasing demand, vehicle production, and manufacturing of the ES6 and EC6. However, the growth was disrupted by supply chain constraints resulted from the COVID-19 pandemic. The deliveries comprised 1,738 ES8s. The total deliveries of the ES8, ES6, and EC6 reached 131,408 vehicles by 31st August 2021.
NIO adjusted the vehicle production and delivery report due to continued uncertainty and volatility of semiconductor supply. A revised report expects to deliver 22,500 to 23,500 vehicles in the third quarter of 2021. The previous guideline has an estimation of 23,000 to 25,000 vehicle deliveries.
Second Quarter 2021 Financial Results
On 11 August 2021, NIO declared its unaudited financial results for the second quarter ended on 30th June 2021. CEO of NIO, William Bin Li, remarked that they had achieved a record-high quarterly delivery of 21,896 vehicles in the second quarter of 2021. The cumulative deliveries of NIO vehicles are now 125,528 as of 31st July 2021. They have been working closely with their partners to improve the overall supply chain production capacity. They are committed to expanding their power network, increasing their service and sales coverage, and accelerating their product and technology development.
Financial Highlights
NIO reported total revenues of RMB8,448.0 million (US$1,308.4 million) in the second quarter of 2021. It represents an increase of 5.8% from the first quarter of 2021 and an increase of 127.2% from the second quarter of 2020. The operating loss was RMB763.3 million (US$118.2 million) in the second quarter of 2021. It represents a decrease of 34.2% from the second quarter of 2020 and an increase of 158.0% from the first quarter of 2021.
NIO reported a net loss of RMB587.2 million (US$90.9 million) in the second quarter of 2021. It represents a drop of 50.1% from the second quarter of 2020 and a rise of 30.2% from the first quarter of 2021. Gross profit was RMB1,573.9 million (US$243.8 million) in the second quarter of 2021. An increase of 402.7% from the second quarter of 2020 and 1.2% from the first quarter of 2021. Basic and diluted net loss per share (ADS) were both RMB0.42 (US$0.07) in the second quarter of 2021. It excluded share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value.
