Chinese EV maker Nio narrows Q2 loss margin

[Asia Economy Reporter Yujin Cho] Chinese electric vehicle company Nio reported a net loss of 587.2 million yuan (approximately 105.3 billion KRW) in the second quarter of this year, narrowing the deficit compared to the same period last year (1.18 billion yuan).

During the same period, sales reached 8.45 billion yuan, exceeding Bloomberg's estimated forecast of 8.29 billion yuan.

Nio's vehicle deliveries in the second quarter totaled 21,896 units, about twice the amount compared to the same period last year when the impact of COVID-19 began to subside.

Deliveries for the third quarter of this year are expected to increase by 88-104% year-on-year, reaching between 23,000 and 25,000 units.

The projected sales revenue for the third quarter is estimated to be between 8.91 billion and 9.63 billion yuan.

William Bin Li, founder and CEO of Nio, stated, "Although the global supply chain still faces uncertainties, we will work with our partners to improve the overall production capacity of the supply chain."

This content was produced with the assistance of AI translation services.