NIO Q3 revenues skyrocket 3095.3% over Q2 to RMB1.47 billion

Shanghai (Gasgoo)- Chinese EV startup NIO announced that its revenues in the third quarter (Q3) tremendously surged 3095.3% over the previous quarter to RMB1.47 billion. However, the EV maker still took on a net loss of RMB2.81 billion in Q3, 56.6% more than that of the second quarter (Q2), with the deliveries of the NIO ES8 gradually growing.

From July to September, NIO handed over 3,268 ES8s in total, while its deliveries in Q2 were only 100 units. The company forecasts that the sales in the fourth quarter (Q4) may lie between 6,700 units and 7,000 units.

The startup saw its quarterly gross margin jump to -7.9% in Q3 from -333.1% in Q2. The Q3 revenues and operation costs from the automotive arm were RMB1.427 billion and RMB1.489 billion, thus NIO still faced a loss on car business of RMB62 million. The loss assigned on a per-car basis should be around RMB18,900, much less than the RMB1.4113 million in Q2.

The revenues from other businesses in Q3 were RMB43 million, zooming up 2581.8% compared with Q2, thanks to the growth of private charging piles, said the startup.

NIO predicts that it will see its revenues in Q4 shoot up 95.6% to 103.8% from the previous quarter.

By the end of September 30, NIO's cash, cash equivalents, restricted cash and short-term investment were valued at RMB9.1534 billion in total.

NIO revealed in the financial report that the assembly line of the NIO ES6 is expected to be put into operation at the end of 2018. The ES6, positioned as a 5-seat electric SUV, is likely to hit the market in June or July next year.