- NIO (SGX:NIO)’s 2Q24 total revenue recorded a near one-fold increase to RMB17.4bn (+99% y-o-y, +76% q-o-q), higher than original target (Rmb16.6-17.1bn). This was largely driven by a 144% y-o-y surge in vehicle volume sales to 57.4k, leading to a 118% y-o-y increase in vehicle sales to RMB15.7bn.
Sequential improvements in sales and margins ahead
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- Overall gross margin was at 9.7% (+8.7ppts y-o-y; +3ppts q-o-q), mainly attributable to a 5.9ppt y-o-y expansion in vehicle margins to 12.2% on a decline in per-unit material cost and scale effects. However, SG&A expense was 32% y-o-y higher at RMB3.8bn due to higher sales volume, while R&D expense was lower at RMB3.2bn (-3.8% y-o-y), in line with company’s target of ~Rmb3bn per quarter.
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- As of end of Jun-24, NIO has net cash and cash equivalents of RMB24.3bn.
3Q24 guidance in line.
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