Nio Inc (NYSE:NIO) delivered 10,331 vehicles in Q2 2020. It represents a QoQ growth of 169.2% and YoY growth of 190.8%. The company reported a growth of 179.1% YoY to 3,740 vehicles in June this year.
ES6 dominates vehicle deliveries
In June 2020, the 5-seater smart electric SUV – ES6 accounts for 2,476 out of the total delivery of 3,740 vehicles. The delivery of 7-seater electric SUV – ES8 and 6-seater variant accounted for 1,264 vehicles in June.
The company supplied a record 10,331 vehicles in Q2 2020. The cumulative deliveries of ES6 and ES8 are 46,082 vehicles as of June 30, 2020. Nio delivered a total of 14,169 vehicles so far this year.
CEO, Chairman, and founder of Nio, William Bin Li, said the company achieved a milestone in June 2020 by delivering a record of 3,740 vehicles. It is on the backdrop of support from loyal users and strong execution teams.
CFO of Nio, Steven Feng said its competitive products, vast sales network, and high-quality services helped the company to post strong results. He said the deliveries in June exceeded its earlier projections. The company is optimistic about improving operational efficiencies and realizing higher margins going forward.
Receives first two installments of RMB 4.8 billion
Nio received RMB 4.8 billion towards the first two installments of a cash injection from the investors. The company will get a balance of 200 million investments before September 30, 2020.
Nio will spend the proceeds on maintaining a lead in the technology and developing premium category smart electric vehicles. The company will focus on improving network coverage and production capacity to expedite growth.
The investments are on the backdrop of agreements signed on April 29, 2020, with strategic investors for a cash injection into Nio.
Q1 2020 financial results
Nio realized revenues of $193.8 million from the sale of vehicles in Q1 2020. It represents a drop of 15.9% compared to Q1 2019. The company’s margins are also declined by 12.2% in Q1 2020.
Completes the offering of ADSs
Nio completed an offering of 72 million American Depository Shares at $5.95 per ADS. The underwriters are granted an option to acquire an additional 10.8 million ADSs within 30 days. The book-running managers to this offering are Hong Kong Securities Limited, Credit Suisse Securities (USA) LLC, and Morgan Stanley & Co. LLC.