Nio has greatly increased profits and reduced losses in Q3

The Chinese electric car manufacturer Nio has presented its business figures for the third quarter of 2020. Sales between July and September of this year amounted to the equivalent of $666.6 million and the net loss to the equivalent of $154.2 million.

Both figures represent an improvement over the previous quarter and the third quarter of 2019, with Nio reporting a 146.4 per cent year-on-year increase in sales and a 21.7 per cent increase over the second quarter of 2020. The loss was contained by 58.5 per cent and eleven per cent respectively. The delivery figures presented by the Chinese electric car manufacturer for the third quarter of the year are decisive for the recent development of the business. Nio delivered a total of 12,206 vehicles between July and September, including 8,660 ES6, 3,530 ES8 and 16 EC6 – compared with 4,799 vehicles delivered in the third quarter of 2019 and 10,331 in the second quarter of 2020.

According to William Bin Li, founder and CEO of Nio, the 12,206 deliveries represent a new quarterly record. October was also the strongest delivery month to date with 5,055 vehicles. “Given the growing market demand for our competitive products, we are motivated to elevate the production capacity to the next level continuously. We expect to deliver 16,500 to 17,000 vehicles in the coming fourth quarter,” Li predicts.

As highlights of recent weeks, the company’s CEO highlights the introduction of models with a new 100-kWh battery pack onboard and an over-the-air update in October, thanks to which the ‘Navigate on Pilot’ (NoP) function can now be used on freeways in China.

According to Nio, more and more orders are coming in, which the company attributes to its growing brand awareness, expanded distribution network and compelling electric cars. For the current quarter, the manufacturer is expecting 16,500 to 17,000 deliveries, which would correspond to an increase of 100 to 107 per cent compared to the fourth quarter of 2019 and an increase of approximately 35 to 39 per cent compared to the previous quarter. Nio plans to increase sales to a converted figure of around 920 to 950 million US dollars.

Meanwhile, according to a recent report published by Gasgoo, plans for a sales launch in Europe are expected to become more concrete. In a project codenamed ‘Marco Polo’, Nio has apparently recruited many employees for its export business. Apparently, the two E-SUV models ES6 and ES8 will be the main focus of this project, of which 7,000 units are to be sold in Europe within two years. According to the report, the first Nio House could be opened in Copenhagen.

nio.com (Q3), gasgoo.com (Europe sales)