Revenues and deliveries

Nio released its second-quarter financial report on Wednesday, announcing an expansion of production capacity and plans to launch three new electric vehicles in 2022.

Chinese electric car maker Nio (NIO) on Wednesday released its second quarter 2021 delivery, revenue and profit report after the close of trading.

Shares in Nio, up 238.5 per cent over the last year and 30.5 per cent over the last quarter, were up 1.1 per cent after the close of trading on Wednesday.

Report from NIO

For the second quarter ended 30 June, Nio's deliveries stood at 21,896 vehicles. The figure indicates a growth of 111.9 per cent compared to the second quarter of 2020 and a growth of 9.2 per cent compared to the first quarter of 2021.

In July 2021, NIO delivered 7,931 vehicles, an increase of 124.5% compared to a year earlier. As of 31 July 2021, combined deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.

Nio's quarterly revenues beat Wall Street analysts' estimates of $1.3 billion, up 127.2% on the second quarter of 2020 and 5.8% on the first quarter of this year.

Loss per share fell to -$0.07, which was also better than analysts' average expectations.

Nio's cash and cash equivalents balance stood at $7.5 billion as of 30 June.

NIO's third-quarter outlook

The company expects vehicle deliveries to be between 23,000 and 25,000 units, up about 88.4% to 104.8% from the same quarter in 2020 and about 5.0% to 14.2% from the second quarter of 2021. Total revenues will be $1.38 billion to $1.49 billion, an increase of approximately 96.9% to 112.8% compared to the same quarter in 2020 and an increase of approximately 5.5% to 14.0% from the second quarter of 2021.

Production expansion

In May 2021, NIO entered into agreements for the production of NIO vehicles at JAC and Jianglai production facilities. Under these arrangements, JAC will continue to produce ES8, ES6, EC6, ET7 and possibly other NIO models under development from May 2021 to May 2024. In addition, JAC will expand its annual production capacity to 240,000 units to meet the growing demand for NIO vehicles. Nio executives have stated that they are preparing to launch vehicles under a "new mass-market brand that will be positioned similarly to Volkswagen and Toyota".