China’s Nio forecasts record EV sales in second quarter as incentives lure buyers

Name: Chinese smart-battery swap stations can change EV batteries automatically
Uploaded: 2024-06-06T13:08:33.000Z
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The Shanghai-based carmaker said deliveries could reach 54,000 to 56,000 units, up as much as 86.3 per cent, which would top its previous record

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Nio plans to begin mass production and delivery of the L60 (pictured) to mainland customers in September. Photo: Daniel Ren

Daniel Renin Shanghai

Published: 9:08pm, 6 Jun 2024

Chinese electric vehicle (EV) assembler Nio has forecast a strong improvement in car sales with deliveries between April and June expected to hit an all-time high.

The Shanghai-based carmaker said on Thursday that second-quarter deliveries could reach 54,000 to 56,000 units, up 79.7 to 86.3 per cent from the previous quarter in its earnings report for the three months ending March.

The top end of the projection would beat its record of 55,432 cars sold in the third quarter of last year.

Nio posted a net loss of 5.18 billion yuan (US$715.6 million) in the first three months of this year, narrowing 3.4 per cent from the previous quarter. The performance fell short of the consensus estimate of a 4.98 billion yuan loss in a Bloomberg survey of analysts.

Revenue plunged 42.1 per cent on a quarterly basis to 9.9 billion yuan.

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Chinese smart-battery swap stations can change EV batteries automatically

“After a slow start this year, Nio showed its resilience as deliveries bounced up in the second quarter,” said Zhou Ling, a hedge fund manager with Shanghai Shiva Investment. “In a cutthroat market, it is important for Nio to keep a high delivery volume and retain its market share.”