The automaker posted a net loss of 6.06 billion yuan in the three months ended June 30, it said in a statement Tuesday. That was wider than the average analyst estimate of 4.73 billion yuan, according to data compiled by Bloomberg, and more than double a 2.76 billion yuan loss in the same period last year.
While senior executives earlier this year claimed to be “very confident” of doubling sales to 250,000 vehicles in 2023, Nio only managed to ship 54,561 cars in the first half — just over 20% of its annual goal. It also missed its annual target last year, and has been forced to delay investments in fixed assets, postpone research and development plans, and be more cautious on its overseas expansion.
More recent figures point to some improvement. Nio delivered a record 20,462 units last month after the company cut prices, joining the price war engulfing the Chinese market, and rolled out two new versions of its cars in the space of a month. More than 10,000 of the cars shipped in July were the revamped ES6 unveiled in late-May.
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