Chinese electric vehicle maker NIO Inc. slashed its losses by half in the second quarter as deliveries in the quarter hit record-highs, the company reported in its statement.

  • NIO trimmed its net loss by 50.1% to RMB587.2 million from the RMB1.176-million net loss last year, as net loss per share fell 63.5% to RMB0.42 from RMB1.15. 
  • Total revenues jumped 127.2% to RMB8.448 billion from RMB3.718 billion. Vehicle sales grew 127.0% to RMB7.911 billion from RMB7.405 billion, as deliveries hit a record 21,9896 during the quarter. Year-to-date deliveries hit 125,528 as of end-July.
  • Deliveries for the third quarter are expected to be between 23,000 and 25,000 vehicles, and revenue between RMB8.913 billion and RMB9.613 billion or between $1.380 billion and $1.491 billion.
  • Chairman and Chief Executive William Bin Li said the company will continue to expand its power network, increase service and sales coverage, and accelerate product development. 

NIO will deliver three new products based on its NIO Technology Platform 2.0 next year, including its flagship premium smart electric sedan ET7. NIO is up 0.68% premarket.