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a few days ago, nio released its second quarter performance announcement for 2024. now, the latest performance of "nio, xiaoli, and li auto" has been released.

leverage game thinks that nio has made some progress in this financial report: for example, the gross profit margin has increased. although it is still a loss overall, the gross profit has increased significantly. of course, nio is still some distance away from profitability.

today, let’s talk about nio.

1

although the second quarter was loss-making, performance improved

let’s start with nio’s performance in the second quarter of 2024.

nio delivered 57,373 vehicles in a single quarter, including 32,562 high-end smart electric suvs and 24,811 high-end smart electric sedans, an increase of 143.9% from the second quarter of 2023 and 90.9% from the first quarter of 2024.

it should be said that the same-month and month-on-month sales performance is still good.

in the second quarter, nio recorded revenue of 17.446 billion yuan (us$2.4006 billion), an increase of 98.9% from the second quarter of 2023 and 76.1% from the first quarter of 2024.

among them, automobile sales were 15.6796 billion yuan (2.1576 billion us dollars), an increase of 118.2% from the second quarter of 2023 and 87.1% from the first quarter of 2024.

the automotive gross margin is 12.2% in the second quarter of 2024, compared with 6.2% in the second quarter of 2023 and 9.2% in the first quarter of 2024.

automotive gross margin increased compared to the second quarter of 2023, mainly due to lower unit material costs, partially offset by lower average selling prices due to user benefit adjustments since june 2023

gross profit in the second quarter was rmb 1.689 billion (us$232.4 million), an increase of 1,841.0% from the second quarter of 2023 and 246.3% from the first quarter of 2024.

the company's gross margin was 9.7% in the second quarter, 1.0% in the second quarter of 2023 and 4.9% in the first quarter of 2024.

gross profit margin increases compared to the second quarter of 2023 and the first quarter of 2024, primarily due to the increase in automotive gross profit margin.

after looking at the above two sets of gross profit margin data, leverage game believes that nio's progress is obvious.

of course, nio's operating loss in the second quarter was 5.209 billion yuan (us$716.8 million), a decrease of 14.2% from the second quarter of 2023 and 3.4% from the first quarter of 2024.

excluding share-based incentive expenses, the adjusted operating loss (non-gaap) in the second quarter of 2024 was rmb 4.699 billion (us$646.5 million), a decrease of 14.0% from the second quarter of 2023 and 8.1% from the first quarter of 2024.

the net loss in the second quarter of 2024 was 5.046 billion yuan (us$694.4 million), a decrease of 16.7% from the second quarter of 2023 and 2.7% from the first quarter of 2024.

excluding share-based incentive expenses, the adjusted net loss (non-gaap) for the second quarter of 2024 was rmb 4.535 billion (us$624.1 million), a decrease of 16.7% from the second quarter of 2023 and 7.5% from the first quarter of 2024.

sales costs in the second quarter of 2024 were rmb 15.7573 billion (us$2.1683 billion), an increase of 81.4% from the second quarter of 2023 and 67.3% from the first quarter of 2024.

cost of sales increased compared to the second quarter of 2023, primarily due to:

the increase in deliveries was partially offset by lower unit material costs.

cost of sales increased compared to the first quarter of 2024, primarily due to increased deliveries.

2

revenue increased by more than 40% in the first half of the year and losses were reduced

in the first half of 2024, nio's revenue was 27.355 billion yuan, a year-on-year increase of 40.65%; the net loss in the first half of 2024 was 10.384 billion yuan, compared with a loss of more than 10.9 billion yuan in the same period of 2023. the loss has decreased, a year-on-year change of 4.95%.

in the first half of 2024, leverage game noticed that nio's gross profit was 2.176 billion yuan, compared with less than 300 million yuan in the same period of 2023, a year-on-year increase of 773.22%.

in addition, in terms of gross profit margin, it reached 7.96% in the first half of 2024, compared to only 1.28% in the same period of 2023, a very obvious improvement.

bocom international pointed out that nio has reached a turning point and its auto gross margin will further improve in the third quarter. as ledao begins mass delivery in the fourth quarter, the bank believes that there is still room for improvement in auto gross margin.

in the first half of 2024, nio's r&d expenses were 6.083 billion yuan, compared with 6.420 billion yuan in the same period of 2023, a slight decrease.

sales, general and administrative expenses were 6.754 billion yuan, compared with 5.303 billion yuan in the same period of 2023. nio has cut quite a bit in this area.

as of the end of june 2024, nio had cash and cash equivalents, restricted cash, short-term investments and long-term time deposits of rmb 41.6 billion (us$5.7 billion).

at the same time, as of the end of june 2024, nio had cash and cash equivalents of 24.652 billion yuan, and the figure was 32.935 billion yuan at the end of 2023.

in the first two months of the third quarter, nio delivered 20,498 and 20,176 vehicles in july and august 2024, respectively. as of august 2024, nio's cumulative deliveries reached 577,694 vehicles.

in the third quarter of 2024, nio expects vehicle deliveries to be between 61,000 and 63,000 units, an increase of approximately 10.0%-13.7% from the same quarter of 2023.

total revenue is expected to be between rmb19.109 billion (us$2.630 billion) and rmb19.669 billion (us$2.707 billion), an increase of approximately 0.2% to 3.2% from the same quarter in 2023.

looking ahead, nio announced its “electricity in every county” plan on august 20, 2024, to provide electric vehicles in all county-level administrative regions in china.

the dense charging and battery swapping network layout provides a more convenient and efficient charging experience for nio, ledao and all electric vehicle users.

on september 1, 105 stores of nio's ledao brand opened simultaneously. the first model, the l60, has been on public display and is expected to be officially launched and delivered within this month.

nio hopes that the l60 "new brand will help us gain a favorable position in the mass market," li bin added.

i wish nio good luck. after ideal auto becomes profitable, nio can become the next new force in car manufacturing. for example, can it achieve profitability in 2025?