Nio (NYSE:NIO) shares rose around 5% in premarket trading Thursday after the electric vehicle (EV) maker issued better-than-expected deliveries forecast for the third quarter.
The Chinese auto manufacturer expects Q3 deliveries to range from 61,000 to 63,000 vehicles, surpassing the consensus estimate of 56,770. Revenue is estimated to be between 19.11 billion yuan and 19.67 billion yuan, while analysts projected 19.32 billion yuan.
For the second quarter, NIO reported revenue of 17.45 billion yuan, a 99% year-over-year increase, slightly ahead of the 17.38 billion yuan estimate.
The company achieved a gross margin of 9.7%, up from 1% in the same period last year and higher than the forecasted 8.74%.
NIO's deliveries for Q2 totaled 57,373 vehicles, significantly up from 23,520 a year earlier and above the estimated 55,332.
Vehicle sales reached 15.68 billion yuan, compared to 7.19 billion yuan last year, and exceeded the estimate of 15.4 billion yuan, while the vehicle margin improved to 12.2%, compared to 6.2% last year and the forecast of 11.5%.
“In the second quarter of 2024, NIO achieved a record-breaking delivery of 57,373 premium smart electric vehicles, securing over 40% of the market share in the battery electric vehicle segment priced above RMB 300,000 in China,” said William Bin Li, founder, chairman and CEO of NIO,
“The total delivery volume for the third quarter is expected to set another record, further solidifying and expanding market share.”