NIO Earnings Summary: Revenue Down 7.2% YoY Despite Growing EV Demand

Written By Ben Broadwater

Posted June 6, 2024

NIO Inc. Reports Unaudited First Quarter 2024 Financial Results

SHANGHAI, June 06, 2024NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the first quarter ended March 31, 2024.

NIO earnings update

NIO Earnings: Operating Highlights

  • Vehicle deliveries were 30,053 in the first quarter of 2024, a decrease of 3.2% year-over-year and 39.9% from the fourth quarter of 2023.
  • Vehicle margin improved to 9.2% from 5.1% in the first quarter of 2023.

NIO Earnings: Financial Highlights

  • Total revenues were RMB9,908.6 million (US$1,372.3 million), a decrease of 7.2% year-over-year and 42.1% from the fourth quarter of 2023.
  • Gross profit increased to RMB487.7 million (US$67.6 million) from RMB162.3 million in the first quarter of 2023.
  • Net loss was RMB5,184.6 million (US$718.1 million), an increase of 9.4% year-over-year.
  • Cash and cash equivalents remained strong at RMB45.3 billion (US$6.3 billion) as of March 31, 2024.

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Recent Developments

  • Achieved solid growth in vehicle deliveries in April and May 2024, with 15,620 and 20,544 vehicles delivered respectively.
  • Launched the 2024 ET7 Executive Edition and the all-new ONVO brand with its first model, the L60, a family-oriented smart electric mid-size SUV.
  • Secured investment in NIO Power to further expand its comprehensive power network.

Management Comments

“Despite intensifying market competition, NIO’s strong brand, industry-leading technologies, and innovative power solutions continue to attract customers,” said William Bin Li, founder, chairman and chief executive officer of NIO. “We are confident that the launch of new products and the expansion of our brand portfolio will position us for continued growth.”

NIO Earnings: Financial Outlook

The Company expects deliveries of vehicles to be between 54,000 and 56,000 units in the second quarter of 2024, representing an increase of approximately 129.6% to 138.1% from the same quarter of 2023.

Conference Call

A live webcast of the earnings conference call will be available on June 6, 2024 at

About NIO Inc.

NIO Inc. designs, develops, manufactures and sells premium smart electric vehicles, pushing the boundaries of electric vehicle technology. The company also provides comprehensive power solutions and user-centric services through its innovative digital ecosystem.

Read The Full NIO Earnings News Release Here:

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