Chinese electric vehicle maker Nio (NIO) reported that it lost $409.8 million U.S. in this year’s
second quarter as ongoing COVID-19 lockdowns hurt its production capacity.
Nio reported Q2 revenue of $1.54 billion U.S. versus $1.31 billion U.S. a year earlier. The
company also reported an adjusted loss per share of $0.20 U.S. compared to a loss of $0.03
U.S. in the second quarter of 2021.
Nio also announced that it had cash on hand of $8.1 billion U.S. at the end of the quarter, down
from $8.4 billion U.S. at the end of this year’s first quarter. Gross margins for the April through
June period were 13%, significantly lower than the 14.6% gross margin it reported last quarter.
In all, Nio reported a net loss for Q2 of $409.8 million U.S., an increase of 316% from the same
period last year.
The company said its earnings were impacted by “cost volatilities” as it and its suppliers
scrambled to keep production running through COVID-19 shutdowns in China during April and
May.
With its production back at full capacity, Nio said it expects to deliver between 31,000 and
33,000 vehicles in the current third quarter, and to generate revenue of between $1.9 billion
U.S. and $2 billion U.S. in the period.
Nio’s stock is down 49% this year and trading at $17.11 U.S. per share.
