Nio expects sales to surge following lackluster Q2

Chinese EV startup Nio saw its revenue in the second quarter this year fall 14.8 percent year-on-year to 8.77 billion yuan ($1,209.7 million), according to its financial statement released on Tuesday.

The profit of the New York-listed startup in the quarter stood at 6.06 billion yuan, tumbling 119.6 percent from the same period last year and 24.2 percent from the first quarter this year.

The falls in its revenue and profit were mainly attributed to its lackluster sales. Nio delivered only 23,500 vehicles from April to June, down 6.1 percent year-on-year, despite the burgeoning NEV segment in China.

Nio expects its sales in the third quarter to at least double the figure in the second quarter to reach between 55,000 units to 57,000 units thanks to the arrival of new models.

Statistics show that the startup's sales in July already rebounded back to over 20,000 units.

Nio's new ES6 started deliveries in late May and the new ES8, in late June, and it will take a while for their sales to go up. Nio said the new EC6 will be unveiled in September.

William Li, CEO of Nio, said the carmaker is beefing up its sales capabilities.

"We have been working to improve our sales capabilities, and the goal is to secure 30,000 orders a month. The job is expected to be done in September," he said.

Besides, Li said Nio will start to launch vehicles under its volume brand from the second half of 2024. Also, Nio's phone will hit the market in September this year.