Nio second quarter revenue exceeded CNY10 billion (USD1.4 billion) for the first time, growing 21.8% from the year-ago quarter. The electric gross margin on vehicle sales was 16.7 percent, exceeding market expectations.
The electric vehicle maker’s research and development spending (CNY2.1 billion) more than doubled from the year-ago quarter, and its losses widened more than three-and-a-half times in the second quarter from a year earlier to -CNY2.7 billion (-USD388 million).
Nio expects to deliver as many as 33,000 cars in the third quarter. Its latest model, the RT5, will begin deliveries on Sept. 30 and it expects to ship more than 10,000 units in December.