NIO Cancels Q2 Earnings Call Without Explanation

NIO ES8 (Source: NIO)

NIO, one of few Chinese publicly traded EV companies, unexpectedly canceled their second-quarter earnings conference call scheduled to be held on September 24. The company did not explain the reasons behind this decision.

SEE ALSO: Chinese EV Maker NIO Launches Paid Membership Subscription

NIO’s financial report shows that the company delivered a total of 3,553 vehicles in the second quarter of the year including 3,140 units of the ES4 model and 413 units of ES6, amounting to total revenue of 1.508 billion yuan. The reported revenue is higher than the market expectations of 1.309 billion yuan, and way above the 46 million yuan the company earned during the same period last year.

Nevertheless, NIO’s net loss for the second quarter reached 3.3 billion yuan, with market expectations set at 2.9 billion yuan. According to statistics, this means that since its founding in 2014, NIO has accumulated losses of roughly $5.7 billion (about 40 billion yuan). In contrast, it took Tesla about 15 years to reach a loss of $5 billion.

NIO’s market cap was at a record high of $11.9 billion last year. However, cost overruns, weak sales and recalls have caused the market value of the automaker to plummet by 74% since then.