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8/11, 12:06 PM (Source: TeleTrader)
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NIO's revenues jump 146.5% YoY in Q2

Chinese electric vehicle company NIO Inc. announced on Tuesday that its revenues in the second quarter of fiscal 2020 stood at 3.7 billion yuan ($526.4 million), skyrocketing by 146.5% from the same time span a year ago.

The net loss dropped by 64.2% year-over-year to 1.18 billion yuan ($166.5 million) in the three month period ending with June 30, 2020, while gross profit stood at 313.1 million yuan ($44.3 million), compared to a gross loss of 504.2 million yuan from the second trimester in 2019. The automaker sold 10,331 vehicles in the second quarter, 191% more on a yearly basis.

"Beyond the strong order growth, we are proud to reach a milestone quarter with respect to the key financial metrics of the Company, highlighted with the historically high vehicle gross margin of 9.7%, lowest-ever operating losses and more importantly, a positive cash flow from operations for the first time in our history," founder, Chairman and CEO William Bin Li said in the press release.

NIO's stock was 8.87% higher in premarket trade following the release of the report.

Breaking the News / MS