Executive Summary
NIO posted a materially higher top line in QQ2 2024, with revenue of 17.4457 billion CNY, representing YoY growth of 98.89% and QoQ growth of 76.07%. The gross profit rose to 1.689 billion CNY, producing a gross margin of 9.68%, a meaningful improvement from the prior period but still well below historical peak profitability. The company continues to incur substantial operating losses, with operating income of -5.209 billion CNY and a net loss of -5.127 billion CNY, driven by sustained investments in R&D, selling, general and administrative activities, and network expansion. Despite negative profitability, liquidity remains robust: cash and cash equivalents plus short-term investments stand at 36.27 billion CNY, while total debt is 33.12 billion CNY and net debt is approximately 8.47 billion CNY. This combination indicates substantial liquidity runway to fund growth initiatives and market expansion, albeit with the caveat that cash flow from operations has not yet shown positive normalization in the reported period. The near-term narrative hinges on volume growth, cost discipline, and the trajectory toward sustainable profitability as NIO monetizes scale and leverages its energy-services ecosystem, including Power Swap and charging offerings. Management commentary for QQ2 2024 did not publish formal guidance in the provided data, underscoring the need to monitor quarterly deliveries, battery costs, and competitive dynamics in the rapidly evolving China EV landscape.
Key Performance Indicators
QoQ: 246.24% | YoY:1 842.03%
Key Insights
Revenue: 17,445,968,000 CNY | YoY 98.89% | QoQ 76.07% | Gross Profit: 1,688,715,000 CNY | Gross Margin: 9.68% | YoY Gross Profit growth: 1,842.03% | QoQ Gross Profit growth: 246.24% | Operating Income: -5,209,298,000 CNY | Operating Margin: -29.86% | YoY operating income change: 14.24% (loss narrowed) | QoQ: 3.43% | Net Income: -5,126,370,000 CNY | Net Margin: -29.38% | YoY Net income change: 16.26% | QoQ: 2.50% | EPS: -2.50 CNY | YoY: 32.43% | QoQ: 2.72% | EBITDA: -4,867,823,000 CNY | EBITDA Ma...
Financial Highlights
Revenue: 17,445,968,000 CNY | YoY 98.89% | QoQ 76.07% | Gross Profit: 1,688,715,000 CNY | Gross Margin: 9.68% | YoY Gross Profit growth: 1,842.03% | QoQ Gross Profit growth: 246.24% | Operating Income: -5,209,298,000 CNY | Operating Margin: -29.86% | YoY operating income change: 14.24% (loss narrowed) | QoQ: 3.43% | Net Income: -5,126,370,000 CNY | Net Margin: -29.38% | YoY Net income change: 16.26% | QoQ: 2.50% | EPS: -2.50 CNY | YoY: 32.43% | QoQ: 2.72% | EBITDA: -4,867,823,000 CNY | EBITDA Margin: -27.90% | Gross Profit Margin: 9.68% | Operating Margin: -29.86% | Net Margin: -29.38%
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
17.45B |
98.89% |
76.07% |
| Gross Profit |
1.69B |
1 842.03% |
246.24% |
| Operating Income |
-5.21B |
14.24% |
3.43% |
| Net Income |
-5.13B |
16.26% |
2.50% |
| EPS |
-2.50 |
32.43% |
2.72% |
Key Financial Ratios
operatingProfitMargin
-29.9%
Management Commentary
Note: The dataset provided contains no earnings call transcript or management quotes for QQ2 2024. As a result, no management quotes or theme-based transcript highlights can be reported from the earnings call in this version. The synthesis below relies on quantitative results and standard market interpretation; please supply the earnings transcript to extract verbatim quotes and theme-driven highlights.
Forward Guidance
No explicit quarterly or annual guidance was included in the QQ2 2024 data provided. In a typical NIO cycle, investors should monitor: (1) unit volumes and delivery pace in China, (2) mix of vehicle models and ASPs, (3) battery cost trends and supplier arrangements affecting gross margin, (4) utilization and monetization of Power solutions (Power Swap, Power Home, Power Charger, etc.), and (5) macro demand for EVs, regulatory shifts, and competitive dynamics (BYD, XPeng, Tesla). The achievability of a path to profitability will hinge on sustained topline growth, cost control, and the degree to which operating leverage materializes as volumes scale. Key factors to watch include delivery growth rates, gross margin trajectory (targeting low-teens or higher if battery costs stabilize), and any capital expenditure that accelerates charging/network expansion without eroding cash efficiency.