NIO's Second-Quarter Net Loss Narrowed on Sales Boost

By Jiahui Huang

NIO's net loss narrowed in the second quarter, thanks to robust sales that the Chinese EV maker expects to continue in the current quarter.

The Shanghai-based automaker's net loss was 5.13 billion yuan, equivalent to $721.2 million, narrowing from 6.12 billion yuan a year earlier, it said Thursday. That missed the consensus estimate of a 5.02 billion yuan loss in a Visible Alpha poll of analysts.

Excluding share-based compensation expenses and other items, adjusted net loss narrowed to 4.53 billion yuan.

Revenue nearly doubled to 17.45 billion yuan, matching the estimate by Visible Alpha, as vehicle deliveries more than doubled to 57,373 units during the period, topping its guidance of 54,000-56,000 units.

For the third quarter, the EV maker guided for 61,000 to 63,000 vehicle deliveries, up 10% to 14% from a year earlier, and revenue to rise slightly to between 19.11 billion yuan and 19.67 billion yuan.

Its gross margin was 9.7% in the second quarter, compared with 1.0% a year ago, and its vehicle margin climbed to 12.2%.

Write to Jiahui Huang at jiahui.huang@wsj.com