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on september 5, nio released its second quarter financial report for 2024. the financial report showed that in the second quarter of this year, nio's revenue was 17.45 billion yuan, a year-on-year increase of 98.9% and a month-on-month increase of 76.1%, setting a record high.

while revenue hit a new high, nio's delivery volume in the second quarter was also impressive, with a total of 57,400 vehicles delivered in the quarter, a year-on-year increase of 143.9% and a month-on-month increase of 90.9%.

as of press time, nio's u.s. stocks had risen by more than 8% at one point.

li bin, founder, chairman and ceo of nio, said that in the second quarter of 2024, the company's deliveries hit a record high and it occupied more than 40% of the market share in china's pure electric vehicle market with a price of more than 300,000 yuan.

in his opinion, it is nio's core competitive advantages in technology, products, services and communities that have gradually gained popularity and promoted the good sales of the company's products. public data shows that in july and august 2024, nio delivered 20,498 and 20,176 vehicles respectively. li bin believes that in the third quarter, nio's total deliveries are expected to set a new record, further consolidating and expanding its market share.

in terms of gross profit, in the second quarter, nio's gross profit was rmb 1.689 billion, a year-on-year increase of 1,841% and a month-on-month increase of 246.3%. the gross profit margin reached 9.7%, a significant increase from the same period last year and last month. specifically, nio's vehicle gross profit margin has reached 12.2%, an increase of 6 percentage points year-on-year and 3 percentage points month-on-month.

nio cfo qu yu said that thanks to continuous cost optimization, nio's vehicle gross profit margin increased significantly in the second quarter. next, nio will continue to focus on efficient r&d and investment in infrastructure, fully utilize the growth potential of the mass market, adopt flexible market strategies, and continuously optimize its product portfolio.

as of june 30, 2024, nio had cash and cash equivalents, restricted cash, short-term investments and long-term time deposits of rmb 41.6 billion.

it is worth mentioning that li bin announced at the second quarter 2024 earnings conference call that the l60, the first model of the ledao brand for the mainstream family market, will be officially launched on september 19 and will start delivery at the end of september. it is reported that ledao l60 has been opened for tasting in 105 stores across the country.

industry insiders said that after the initial large-scale investment, nio has now entered the harvest period of technology dividends. public data shows that since 2016, nio has invested 50 billion yuan in research and development, and has built 12 full-stack technology layouts, from control systems to chips to intelligent chassis, all of which are independently controllable. as of now, nio has a global r&d team of more than 11,000 people.

the above-mentioned person said that with the advancement of nio's multiple brands, the company's early accumulated technological dividends can be quickly released through scale.

based on the current outstanding performance and optimistic expectations for the future, when the second quarter report was released, nio also gave the strongest single-quarter delivery and revenue guidance in history. it is expected that the delivery guidance for the third quarter of this year will be 61,000 to 63,000 vehicles, and the revenue guidance will be 19.11 billion yuan to 19.67 billion yuan. both guidances are record highs.