NIO Q2 Revenue Surges 99% YoY

NIO's automotive gross margin increased six percentage points year-over-year, with Q3 delivery guidance exceeding market expectations. Earnings call highlights: long-term goal of selling 40,000 units per month with a 25% gross margin, and a third factory to start production in September next year. Shares jumped 14%.

NIO's Q2 deliveries and revenue hit record highs, with automotive gross margin rising to 12.2%. Net losses narrowed by 16.7%. Q3 deliveries are expected to reach 61,000-63,000 units.

CEO William Li mentioned that the domestic EV market penetration could exceed 80% within two years. Deliveries of the ET60 are set to begin by the end of September, with a total of 20,000 units expected to be delivered in H2 2024.