Nio has reported its financials for Q2 2022, showing that the Chinese manufacturer shipped 25,059 electric cars from April to June, up 14.4 percent year-on-year but down 2.8 percent from Q1 2022. The financials are a testament to the investment-heavy build-up of the business.
Nio continued to grow in revenue, but remains in the red. Specifically, the Chinese company turned over 10.29 billion yuan (about 1.48 billion euros) in the period under review, but had to absorb a net loss of 2.76 billion yuan (about 400 million euros) on the bottom line. While revenue increased by 21.8 percent compared to the second quarter of 2021, the deficit multiplied by 369.6 percent amid huge investments in several product launches at once. Compared to the first quarter of the year, there was a 3.9 percent increase in revenue and a 54.7 percent increase in the loss.
The annual report also mentions that production and delivery of the ES7 began in August. The model is a five-seat premium e-SUV. Deliveries of the smaller ET5 e-sedan are also scheduled to begin as early as the end of September. Nio then calls the second half of 2022 a "critical period to ramp up production and delivery of several new products."