"We are confident in the demand for the L60. Our conversion rate from test drives to orders has been very high" - William Li, CEO
— William Li
03Detailed Report
NIO
NIO Inc
Period
Q3 2024
CurrencyCNY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
NIO Inc's Q3 2024 results reflect a mixed performance amidst significant milestones and strategic shifts. With total revenues of RMB 18.67 billion, NIO experienced a 2.1% decrease year-over-year, while quarter-over-quarter growth was observed at 7.0%. Vehicle deliveries reached a record 61,855 units, establishing NIO as a leader in China's premium battery electric vehicle sector with a 48% market share in the high-end segment. Despite these achievements, the company reported a net loss of RMB 5.14 billion, primarily attributed to increased operating expenses and foreign exchange pressures. Management remains optimistic about future profitability, projecting a vehicle margin of 15% for upcoming quarters, driven by reduced material costs and strategic brand positioning.
Key Performance Indicators
Revenue
Decreasing
18.67B
QoQ: 7.04% | YoY: -2.06%
Gross Profit
Increasing
2.01B
10.75% margin
QoQ: 18.87% | YoY: 31.78%
Operating Income
Decreasing
-5.24B
QoQ: -0.55% | YoY: -8.13%
Net Income
Decreasing
-5.14B
QoQ: -0.30% | YoY: -11.08%
EPS
Increasing
-2.50
QoQ: 0.00% | YoY: 6.37%
Revenue Trend
Margin Analysis
Financial Highlights
Financial Highlights:
- Revenue: RMB 18.67 billion (YoY -2.1%, QoQ +7.0%)
- Gross Profit: RMB 2.01 billion (YoY +31.8%, QoQ +18.9%)
- Net Loss: RMB 5.14 billion (YoY -11.1%, QoQ -0.3%)
- Vehicle Deliveries: 61,855 units (record, implies growth in market share)
- Vehicle Margin: 13.1% (up from 11% YoY and 12.2% QoQ)
- Operating Expenses: R&D - RMB 3.33 billion (+9.2% YoY), SG&A - RMB 4.1 billion (+13.8% YoY)
- Cash Position: Strong balance sheet with RMB 42.2 billion in cash and equivalents, indicating solid liquidity to sustain operations.
Management emphasized that the vehicle margin improvement stems from enhanced component cost efficiencies. The continuous ramp-up in production capacity is essential to meet planned deliveries of 72,000 to 75,000 units for Q4.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
18.67B
-2.06%
7.04%
Gross Profit
2.01B
31.78%
18.87%
Operating Income
-5.24B
-8.13%
-0.55%
Net Income
-5.14B
-11.08%
-0.30%
EPS
-2.50
6.37%
0.00%
Key Financial Ratios
Gross Profit Margin
Weak
10.70%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.28%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.28%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.05%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.45%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.05
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
2.99
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-4.68x
Negative earnings make P/E ratio not meaningful
Price to Book
High Premium
8.49x
Very high premium suggests asset-light business model or lofty expectations
Management Insights Available for Members
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