The electric vehicle maker generated CNY 8.45 billion this quarter, getting closer to break even.
On August 11, 2021, Chinese electric vehicle (EV) maker NIO (NIO:NYSE) released its financial report for the second quarter of 2021, with most key figures improving year on year:
The total revenue hit CNY 8.45 billion, up by 127.2% from Q2 2020 and by 5.8% quarter on quarter.
CNY 7.91 was made from car sales: NIO beat analysts' estimates, completing 21,896 vehicle deliveries in the second quarter.
Net loss reached CNY 587.2 million, shrinking by 50.1% from Q2 2020 but increasing by 30.2% from Q1 2021.
R&D cost grew by 62.1% year on year, reaching CNY 880 million; it now equals 10.4% of the firm's total revenue.
While world-leading EV maker Tesla (TSLA:NASDAQ) is facing demand-side issues in the Chinese market, its local competitors are jumping in to fill the void. Through supply chain optimization and effective marketing messaging, NIO is solidifying its position as the domestic champion in the EV market's premium segment.