NIO(09866)2024-09-05 10:06Financial Performance - Total revenue for Q2 2024 reached RMB 17.446 billion (USD 2.4006 billion), an increase of 98.9% year-over-year and 76.1% quarter-over-quarter[2]. - Vehicle deliveries in Q2 2024 amounted to 57,373 units, representing a growth of 143.9% year-over-year and 90.9% quarter-over-quarter[3]. - The automotive sales revenue for Q2 2024 was RMB 15.6796 billion (USD 2.1576 billion), up 118.2% year-over-year and 87.1% quarter-over-quarter[6]. - Gross profit for Q2 2024 was RMB 1.6887 billion (USD 0.2324 billion), a significant increase of 1,841.0% year-over-year and 246.3% quarter-over-quarter[5]. - The gross margin for Q2 2024 improved to 9.7%, compared to 1.0% in Q2 2023 and 4.9% in Q1 2024[5]. - Operating loss for Q2 2024 was RMB 5.2093 billion (USD 0.7168 billion), a decrease of 14.2% year-over-year and 3.4% quarter-over-quarter[5]. - Net loss for Q2 2024 was 5.046 billion RMB (694.4 million USD), down 16.7% year-over-year and 2.7% quarter-over-quarter[15]. - Total revenue for Q3 2024 is projected to be between 19.109 billion RMB (2.630 billion USD) and 19.669 billion RMB (2.707 billion USD), reflecting a year-over-year growth of approximately 0.2% to 3.2%[17]. - Total revenue for the six months ending June 30, 2024, reached RMB 27,354,604, an increase from RMB 19,448,206 for the same period in 2023, representing a growth of approximately 40%[30]. - The net loss for the six months ending June 30, 2024, was RMB 10,230,560, a slight improvement from RMB 10,795,284 in the same period of 2023, reflecting a reduction of approximately 5%[31]. - The total comprehensive loss for the six months ending June 30, 2024, was RMB 10,133,609, compared to RMB 10,522,417 for the same period in 2023, reflecting a decrease of approximately 4%[31]. Vehicle Deliveries and Market Position - In Q2 2024, NIO delivered a record 57,373 high-end smart electric vehicles, capturing over 40% market share in China's pure electric vehicle market priced above 300,000 RMB[10]. - Cumulative vehicle deliveries reached 577,694 units as of August 31, 2024, with July and August deliveries of 20,498 and 20,176 units respectively[7]. - For Q3 2024, NIO expects vehicle deliveries between 61,000 and 63,000 units, representing a year-over-year growth of approximately 10.0% to 13.7%[17]. Research and Development - R&D expenses for Q2 2024 were 3.2185 billion RMB (442.9 million USD), a decrease of 3.8% year-over-year but an increase of 12.4% quarter-over-quarter[13]. - Research and development expenses for the six months ending June 30, 2024, were RMB 6,082,738, a decrease from RMB 6,420,183 in the previous year, indicating a reduction of about 5%[30]. - The company reported a significant increase in research and development expenses compared to the previous period, indicating a focus on new product development[35]. Cash and Liquidity - As of June 30, 2024, cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 41.6 billion (USD 5.7 billion)[5]. - Cash and cash equivalents as of June 30, 2024, were RMB 24,652,488 thousand, down from RMB 32,935,111 thousand as of December 31, 2023, indicating a liquidity decrease[25]. - The total current assets decreased to RMB 55,511,925 thousand as of June 30, 2024, from RMB 70,380,233 thousand as of December 31, 2023, a decline of 21.2%[25]. Corporate Governance and Structure - The Nomination and ESG Committee, composed entirely of independent directors, has been established in compliance with the Hong Kong Listing Rules since March 10, 2022[59]. - The committee has confirmed that the company has taken sufficient governance measures to manage potential conflicts of interest between the group and different voting rights beneficiaries[60]. - The company has committed to ensuring that any transactions with different voting rights beneficiaries are disclosed and handled according to applicable regulations[60]. - The company maintains its secondary listing status on the Hong Kong Stock Exchange during the relevant period, which is defined as the time from the first listing date to the day before the delisting[61]. Future Outlook and Strategy - NIO's future outlook includes the development of attractive vehicles and the feasibility of its battery-as-a-service (BaaS) model[21]. - The company is actively pursuing market expansion and new technology development to enhance its competitive position in the industry[36]. - The company is focusing on improving its operational efficiency to reduce losses and enhance profitability in the upcoming quarters[40].