Nio beats Wall Street's expectations as second-quarter vehicle sales surge 127%.
Nio (NIO) -Get Report posted better-than-expected second-quarter earnings Wednesday as the Chinese electric vehicle company reported a jump in revenue and raised its guidance.
Shares of the Shanghai company were essentially flat at $43.99 in after-hours trading.
Revenue totaled $1.31 billion, up 127.2% from a year ago. The FactSet consensus called for revenue of $1.30 billion.
The company said the increase in vehicle sales in the quarter was mainly attributed to higher deliveries achieved from more product mix offered to Nio's users.
Niodelivered 7,931 vehicles in July, up 124.5% year-over-year, but down 1.9% from 8,083 in June.
Revenue for the third quarter is expected to range from $1.38 billion to $1.49 billion, up 96.9% to 112.8% from a year ago. FactSet is calling for revenue of $1.32 billion.
William Bin Li, Nio's founder, chairman and CEO, said in a statement that the company achieved a record-high quarterly delivery of 21,896 vehicles in the second quarter of 2021:
"While the global supply chain still faces uncertainties, we have been working closely with our partners to improve the overall supply chain production capacity," Bin said. "We aim to deliver three new products based on the NIO Technology Platform 2.0 in 2022, including ET7, a flagship premium smart electric sedan."
Steven Wei Feng, Nio's chief financial officer, said vehicle margin and gross margin reached 20.3% and 18.6% respectively.
The increase of vehicle margin was mainly driven by the increase of vehicle delivery volume, higher average selling price, as well as lower material cost, the company said.
Last month, Nio saidthat by the end of 2025it planned to add 3,700 battery-swap stations, which would give it 4,000.