Nio Inc (NIO) 2nd quarter 2021 earnings report overview
Category: Nio Inc (NIO)
Date: 17 August 2021 Stock price of Nio Inc (NIO): $38.68 Market Capital of Nio Inc (NIO): $63.4 billion We take a look at the 2nd quarter 2021 earnings release from Nio Inc (NIO) in which they announced they announced that they reached record vehicle deliveries for a quarter, topping over 21 000 vehicles delivered. While they are still loss making their losses are starting to shrink as delivery numbers starts to increase.
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We achieved a record-high quarterly delivery of 21,896 vehicles in the second quarter of 2021, followed by 7,931 vehicles in July, bringing the cumulative deliveries of NIO vehicles to 125,528 as of July 31, 2021 -William Bin Li, founder, chairman and chief executive officer of NIO."
More About Nio Inc (NIO)
NIO Inc. is a pioneer in China’s premium smart electric vehicle market. Founded in November 2014, NIO’s mission is to shape a joyful lifestyle by offering premium smart electric vehicles and being the best user enterprise. NIO designs, jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next generation technologies in connectivity, autonomous driving and artificial intelligence. Redefining the user experience, NIO provides users with comprehensive, convenient and innovative charging solutions and other user-centric services. NIO began deliveries of the ES8, a 7-seater flagship premium electric SUV in China in June 2018, and its variant, the 6-seater ES8, in March 2019. NIO officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began the first deliveries of the ES6 in June 2019. NIO officially launched the EC6, a 5-seater premium smart electric coupe SUV, in December 2019 and plans to commence deliveries in 2020.
Overview of Nio Inc (NIO) 2nd quarter 2021 earnings report
SHANGHAI, China, Aug. 11, 2021 (GLOBE NEWSWIRE) -- NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market in China, today announced its unaudited financial results for the second quarter ended June 30, 2021.
Operating Highlights for the Second Quarter 2021
Q22021 Q12021 Q42020 Q32020 Q22020 Q12019 Q42019 Q32020
Financial Highlights for the Second Quarter of 2021
CEO and CFO Comments
"We achieved a record-high quarterly delivery of 21,896 vehicles in the second quarter of 2021, followed by 7,931 vehicles in July, bringing the cumulative deliveries of NIO vehicles to 125,528 as of July 31, 2021," said William Bin Li, founder, chairman and chief executive officer of NIO. "While the global supply chain still faces uncertainties, we have been working closely with our partners to improve the overall supply chain production capacity. Encouraged by the growing user demand, we remain committed to further expanding our power network, increasing our service and sales coverage, and more importantly, accelerating our product and technology development.
"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. As the EV adoption begins to reach a tipping point worldwide, we believe it is imperative to speed up the launch of new products to provide more premium smart EV offerings with superior holistic services to the growing user base in the global market."
"Driven by another record-high quarterly deliveries in the second quarter of 2021, we have achieved solid financial performance with vehicle margin and gross margin reaching 20.3% and 18.6% respectively," added Steven Wei Feng, NIO's chief financial officer. "As we expand our horizon to more markets, we will continue to make decisive investments in product and core technology development and sales and service network expansion while improving our overall organizational efficiency and capabilities to support the long-term vision of NIO."
Operating Highlights for the Second Quarter 2021
- Deliveries of vehicles were 21,896 in the second quarter of 2021, including 4,433 ES8s, 9,935 ES6s and 7,528 EC6s, representing an increase of 111.9% from the second quarter of 2020 and an increase of 9.2% from the first quarter of 2021.
Q22021 Q12021 Q42020 Q32020 Q22020 Q12019 Q42019 Q32020
- Deliveries 21,896 20,060 17,353 12,206 10,3313 8388 2244 799
Financial Highlights for the Second Quarter of 2021
- Vehicle sales were RMB7,911.8 million (US$1,225.4 million) in the second quarter of 2021, representing an increase of 127.0% from the second quarter of 2020 and an increase of 6.8% from the first quarter of 2021.
- Vehicle marginii was 20.3%, compared with 9.7% in the second quarter of 2020 and 21.2% in the first quarter of 2021.
- Total revenues were RMB8,448.0 million (US$1,308.4 million) in the second quarter of 2021, representing an increase of 127.2% from the second quarter of 2020 and an increase of 5.8% from the first quarter of 2021.
- Gross profit was RMB1,573.9 million (US$243.8 million) in the second quarter of 2021, representing an increase of 402.7% from the second quarter of 2020 and an increase of 1.2% from the first quarter of 2021.
- Gross margin was 18.6%, compared with 8.4% in the second quarter of 2020 and 19.5% in the first quarter of 2021.
- Loss from operations was RMB763.3 million (US$118.2 million) in the second quarter of 2021, representing a decrease of 34.2% from the second quarter of 2020 and an increase of 158.0% from the first quarter of 2021. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB511.9 million (US$79.3 million) in the second quarter of 2021, representing a decrease of 54.1% from the second quarter of 2020 and an increase of 156.7% from the first quarter of 2021.
- Net loss was RMB587.2 million (US$90.9 million) in the second quarter of 2021, representing a decrease of 50.1% from the second quarter of 2020 and an increase of 30.2% from the first quarter of 2021. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB335.8 million (US$52.0 million) in the second quarter of 2021, representing a decrease of 70.3% from the second quarter of 2020 and a decrease of 5.3% from the first quarter of 2021.
- Net loss attributable to NIO’s ordinary shareholders was RMB659.3 million (US$102.1 million) in the second quarter of 2021, representing a decrease of 45.4% from the second quarter of 2020 and a decrease of 86.5% from the first quarter of 2021. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB335.7 million (US$52.0 million).
- Basic and diluted net loss per American Depositary Share (ADS)iii were both RMB0.42 (US$0.07) in the second quarter of 2021. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB0.21 (US$0.03).
- Cash and cash equivalents, restricted cash and short-term investment were RMB48.3 billion (US$7.5 billion) as of June 30, 2021
CEO and CFO Comments
"We achieved a record-high quarterly delivery of 21,896 vehicles in the second quarter of 2021, followed by 7,931 vehicles in July, bringing the cumulative deliveries of NIO vehicles to 125,528 as of July 31, 2021," said William Bin Li, founder, chairman and chief executive officer of NIO. "While the global supply chain still faces uncertainties, we have been working closely with our partners to improve the overall supply chain production capacity. Encouraged by the growing user demand, we remain committed to further expanding our power network, increasing our service and sales coverage, and more importantly, accelerating our product and technology development.
"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. As the EV adoption begins to reach a tipping point worldwide, we believe it is imperative to speed up the launch of new products to provide more premium smart EV offerings with superior holistic services to the growing user base in the global market."
"Driven by another record-high quarterly deliveries in the second quarter of 2021, we have achieved solid financial performance with vehicle margin and gross margin reaching 20.3% and 18.6% respectively," added Steven Wei Feng, NIO's chief financial officer. "As we expand our horizon to more markets, we will continue to make decisive investments in product and core technology development and sales and service network expansion while improving our overall organizational efficiency and capabilities to support the long-term vision of NIO."
Nio Inc (NIO) stock price chart over the last 5 years
The image below shows the stock price history of Nio Inc (NIO) over the last 5 years. And its been a very good time for NIO Inc (NIO) stockholders with the stock increasing sharply by 483.6% over the last 5 years.
The stock of NIO Inc is trading at closer to its 52 week high than it is to its 52 week low which is a clear indication that the short term sentiment and momentum of NIO Inc stock is positive at this point in time.
The stock of NIO Inc is trading at closer to its 52 week high than it is to its 52 week low which is a clear indication that the short term sentiment and momentum of NIO Inc stock is positive at this point in time.
Nio Inc (NIO) vs Tesla (TSLA) stock comparison over the last 5 years
The image below shows the stock price comparison of Nio Inc (NIO) and Tesla (TSLA) over the last 5 years. Both these electric vehicle manufacturers have seen significant increases in their stock prices over the last couple of years. Below the summary of the returns provided over the last 5 years
The stock of Tesla has easily outperformed that of Nio Inc over the last 5 years
- Tesla: 1624%
- Nio Inc (NIO): 483.6%
The stock of Tesla has easily outperformed that of Nio Inc over the last 5 years
Next earnings release of Nio Inc (NIO)
It is expected that Nio Inc (NIO) will release their 3rd quarter 2021 earnings report in late November 2021
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