NIO Q2 EARNINGS: REVENUE OF $1.53BN, EXPECTS TO DELIVER 31-33K VEHICLES IN Q3

The electric vehicle maker NIO announced on Wednesday its Q2 earnings results reporting a revenue of $1.536 billion, an increase of 21.8% from the second quarter of 2021. As of June 30, the company had cash and cash equivalents of RMB54.4 billion ($8.1 billion).
The company reported an increase in revenue of 21.8% year over year and an increase of 3.9% from the first quarter of 2022. The vehicle margin was 16.7%, down from the 20.3% achieved in Q2 2021 and from the 18.1% in the first quarter of the year.
Regarding the decrease of vehicle margin over the second quarter of 2021 and the first quarter of 2022 was “mainly attributed to the increased battery cost per unit, which was partially offset by favorable changes in sales mix of the ET7”.
The EV manufacturer said the increase in cost of sales over the second quarter of 2021 was “mainly driven by the increase of delivery volume and higher material cost per vehicle in the second quarter of 2022”. NIO added that the increase in cost of sales over the first quarter of 2022 was attributed “to the higher material cost per vehicle”.
$NIO Inc(NIO.US)$