The EV maker NIO released on Thursday its Q1 2022 Earnings results reporting $1.45b from vehicles sales, a 24.8% increase quarter-over-quarter. NIO CEO William Bin Li commented the results saying that the company “witnessed robust demand for our complementary products and achieved an all-time high order inflow in May 2022” despite the pandemic resurgence in China.
For the second quarter of 2022, NIO said that expects to deliver between 23,000 and 25,000 vehicles, representing an increase of approximately 5.0% to 14.2% from the same quarter of 2021.
Considering that the EV maker delivered 5,074 units in April and 7,024 in May (a total of 12,098 units), the company is now expecting to deliver between 10,902 and 12,902 vehicles in June. The guidance indicates that NIO sees the monthly deliveries reaching a new all-time high now that the Shanghai lockdown measures were eased.
NIO‘s bearish case scenario of 23,000 units in Q2 2022 represents a 55.2% increase mont-over-month while the bullish case scenario of 25,000 would represent a 83.7% growth from May.
The company also disclosed that expects the total revenues to be between RMB9,340 million (US$1,473 million) and RMB10,088 million (US$1,591 million) in Q2, representing an increase of approximately 10.6% to 19.4% from the same quarter of 2021.
Earlier this week, NIO surpassed the U.S.-based Lucid Motors in Market cap becoming the third biggest EV maker after Tesla and BYD. On Monday, NIO stock opened higher at $18.99 and immediately saw buy pressure gapping up to a new 6-weeks high of $19.80 resulting in a Market Cap value of $31.482 billion. In parallel, Lucid stock went down to $18.80 per share which, considering the 1.67 billion shares outstanding, results in a market cap value of $31.412 billion.
NIO will hold a conference to officially launch the new SUV model NIO ES7 on June 15, at 20:00 in Shanghai timezone. The company will start receiving reservations on the evening of the conference and the orders will start to be locked in July with the first deliveries expected as soon as the end of August.