Nio delivered 55,432 vehicles in the third quarter, slightly above the lower end of the guidance range of 55,000 to 57,000 vehicles.
Nio (NYSE: NIO) will report unaudited financial results for the third quarter on Tuesday, December 5, before the US markets open, the company announced today.
Nio delivered 55,432 vehicles in the third quarter, slightly above the lower end of the guidance range of 55,000 to 57,000 vehicles.
Deliveries for the quarter were up 75.38 percent year-on-year and up 135.68 percent from the second quarter.
Nio had previously guided third-quarter revenue at RMB 18.9 billion ($2.65 billion) to RMB 19.52 billion, implying year-on-year growth of about 45.3 percent to 50.1 percent.
The company’s management will hold an earnings call on December 5 at 7:00 am US Eastern Time (December 5 at 8:00 pm Beijing Time).
At that time, the battery swap network sharing between Nio and Changan Automobile, the progress of its team optimization, and the upcoming Nio Day are expected to be the focus of attention.
Earlier today, Nio announced that it has signed a battery swap business cooperation agreement with Changan in Chongqing, where the latter is headquartered.
The two will jointly facilitate the formulation of standards for swappable batteries, build and share the battery swapping network, develop swappable vehicles, and establish an efficient battery asset management mechanism, Nio said.
Nio founder, chairman, and CEO William Li outlined an organizational optimization plan in a November 3 internal letter that will reduce positions by about 10 percent, to be completed in November.
Li said in an August 29 analyst call after the EV maker reported second-quarter earnings that the Nio brand will have no new product launches next year, but will have regular model refreshes.
The first model of Nio’s mass-market brand, Alps, will be released in the second half of next year, and development of the model was well underway, with the first pilot test vehicle already off the line, Li said at the time.
A second Alps model was already in development, and the brand will not have a large number of models, but will focus more on the sales of each one, Li said earlier.
These words from Li have reduced expectations for the Nio Day event at the end of the year.
However, recent revelations by Nio co-founder and president, Qin Lihong, have renewed the anticipation for the annual event coming at the end of the year.
“On this year’s Nio Day, we will have heavyweight product and model to be unveiled that you can look forward to,” Qin said in a program aired on Nio Radio.
Nio’s local peers Li Auto (NASDAQ: LI) and Xpeng (NYSE: XPEV) have already reported their third-quarter earnings on November 9 and November 15, respectively, with revenue of RMB 34.68 billion and RMB 8.53 billion.
Nio ties up with Changan as it wins 1st partner on battery swap network sharing
