NIO's Q2 2023 Financial Report: What's the outcome?

NIO Announces Q2 2023 Financial Report

I. Q2 2023 Financial Data

  • Total revenue was RMB 8.772 billion, a year-on-year decrease of 15%, and a quarter-on-quarter decrease of 18%;

  • Automotive business revenue was RMB 7.185 billion, a year-on-year decrease of 25%, and a quarter-on-quarter decrease of 22%;

  • Total gross profit was RMB 870 million, a decrease of 94% year-on-year, and a decrease of 46% quarter-on-quarter;

  • The overall gross margin was 1%, down from 13% in the same period last year and 2% in the previous quarter;

  • The gross margin per vehicle was 6%, an increase from the previous quarter (5%);

  • Selling cost was RMB 8.685 billion, a decrease of 3% year-on-year and a decrease of 17% quarter-on-quarter;

  • Net loss was RMB 6.056 billion; the net loss in the previous quarter was RMB 10.514 billion;

  • Company’s cash reserves (cash and cash equivalents, restricted cash and balance of term deposits and short-term investments) were RMB 31.5 billion, compared with RMB 0 billion in the previous quarter;

  • NIO’s R&D expenses in the second quarter were RMB 3.345 billion, an increase of 9% quarter-on-quarter, accounting for 38% of the total quarterly revenue;

  • Selling and administrative expenses were RMB 2.857 billion, a year-on-year increase of 25%, and a quarter-on-quarter increase of 17%.

II. 2023 Q3 Business Expectations

  • Expected vehicle deliveries of 55,000 to 57,000 units, approximately 74% to 80% compared to Q3 2022;

  • Expected total revenue is between RMB 18.898 billion and RMB 19.52 billion, approximately 45% to 50% compared to Q3 2022.

This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email