NIO achieves highest-ever quarterly revenues in Q3 2023

Shanghai (Gasgoo)- In the third quarter of 2023 (Q3 2023), NIO recorded total revenues of 19,066.6 million yuan (US$2,613.3 million), reflecting a year-on-year (YoY) jump of 46.6% and a quarter-on-quarter (QoQ) spike of 117.4%.

NIO stressed that the revenues achieved in Q3 2023 hit the highest-ever level on a quarterly basis.

Photo credit: NIO

NIO's vehicle sales in Q3 2023 amounted to 17,408.9 million yuan (US$2,386.1 million), leaping 45.9% from the previous year and rocketing 142.3% from the previous quarter. The company said the YoY and QoQ growth was primarily credited to higher vehicle deliveries.

In Q3 2023, NIO delivered 55,432 vehicles, which consisted of 37,585 SUVs and 17,847 sedans, representing a 75.45% YoY hike and a 135.7% QoQ spike.

NIO reported a gross margin of 8% for Q3 2023, versus the 13.3% for the year-ago period and the 1% for the quarter-ago period. 

The company also said its vehicle margin stood at 11% in Q3 2023, compared with the 16.4% in Q3 2022 and the 6.2% in Q2 2023.

NIO still revealed a net loss of 4,556.7 million yuan (US$624.6 million) in Q3 2023, showing an increase of 10.8% from a year earlier and a decrease of 24.8% from a quarter earlier. 

As of September 2023, NIO’s cash and cash equivalents, restricted cash, short-term investment and long-term time deposits amounted to 45.2 billion yuan (US$6.2 billion).

During the Jul.-Sept. period of this year, NIO logged R&D expenses of 3,039.1 million yuan (US$416.5 million), reflecting a 3.2% YoY rise and a 9.1% QoQ growth.