Electric vehicle maker Nio Inc. has reported a loss of RMB5.1 billion ($953 million) for the 3QFY2024 ended September, up 11.1% y-o-y from the same period last year.
Loss per share for the period stood at RMB2.50, up from a loss per share of RMB2.67 for 3QFY2023.
Meanwhile, revenue for the period saw a 2.1% y-o-y decrease to RMB18,673.5 million. This came on the back of lower vehicle sales, which saw a 4.1% y-o-y decrease to RMB16,697.6 million, due to lower average selling price as a result of changes in product mix.
Gross profit for 3QFY2024 came up at RMB2,007.4 million, up 31.8% y-o-y from 3QFY2023, while gross profit margin saw an increase to 10.7% from 8.0% in 3QFY2023. This was mainly attributed to the increased vehicle margin and increased sales of parts, accessories and after-sales vehicle services with relatively higher margins.
For the period, vehicle deliveries stood at 61,855 vehicles, up 11.6% y-o-y. This comprised of 1,023 vehicles from the group’s premium smart electric vehicle brand NIO NIO and 832 vehicles from the group’s family-oriented smart electric vehicle brand ONVO.
Looking ahead, William Bin Li, chairman and CEO of Nio, says: “Nio’s executive flagship, the ET9, is in the final preparation stage of mass production. The ET9 embodies Nio’s full-stack technological expertise with cutting-edge global innovations, and its mass production will further solidify NIO’s positioning in the premium segment. In addition, firefly, a boutique brand positioned in the compact vehicle segment, will be unveiled at NIO Day 2024, further enriching our product portfolio and catering to a larger user base”.
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Shares in Nio Inc. closed 11 US cents lower, or down 2.27%, at US$4.74 on Nov 20.
