NIO Inc., a Chinese smart electric vehicle (EV) manufacturer, showed strong growth in its unaudited financial results for the third quarter ended Sept. 30.
NIO accomplished total revenues of 4.5 billion yuan ($687.7 million) this quarter, up 146.4% from the third quarter of 2019 and 21.7% from the second quarter this year.
Quarterly deliveries of the ES8, ES6 and EC6 came in at 12,206 vehicles, compared with 4,799 vehicles delivered in the third quarter of 2019, and 10,331 in the second quarter this year. The vehicles delivered this year include 8,660 ES6s, 3,530 ES8s and 16 EC6s.
Vehicle sales in this quarter increased 146.1% year-on-year to 4.3 billion yuan ($657.1 million), up 22.4% from the second quarter of 2020.Quarterly vehicle margin and quarterly gross margin reached 14.5% and 12.9%.
This year’s third quarter gross profit was 585.8 million yuan ($89.5 million), representing an increase of 807.4 million yuan from a gross loss of 221.6 million yuan in the third quarter of 2019 and an increase of 272.7 million yuan from the second quarter of 2020.
“We achieved positive cash flow from operating activities for the second sequential quarter,” NIO’s CFO Steven Wei Feng said.
In October, the company delivered a total of 5,055 ES8, ES6 and EC6 vehicles, up 100.1% year-over-year. As of Oct. 31, 2020, cumulative deliveries of the ES8, ES6 and EC6 reached 63,343 vehicles, of which 31,430 were delivered in 2020.
NIO also launched the 100kWh battery pack with battery upgrade plans on Nov. 6. The 100kWh cell-to-pack battery pack realized 37% higher energy density than the 70kWh battery. Powered by the 100kWh battery, the NEDC (New European Driving Cycle) range of the NIO EC6 can reach up to 615 km.
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“In view of the growing market demand for our competitive products, we are motivated to continuously elevate the production capacity to the next level,” said NIO founder and CEO William Bin Li. “We expect to deliver 16,500 to 17,000 vehicles in the coming fourth quarter.”
Additionally, following the release of the NIO OS 2.7.0 via firmware-over-the-air (FOTA) upgrade in October, users can now apply the Navigate on Pilot (NoP) feature of NIO Pilot on highways and urban expressways in China.
“Going forward, we remain committed to deploying more resources into our core technology innovations and delivering the best holistic product and service experiences to our user community in the pursuit of fortifying our long-term competitiveness in the market,” Li said.