Chinese EV maker NIO released its unaudited financial report for the third quarter of 2021 on Wednesday. Its total revenues were 9,805.3 million yuan ($1,521.8 million) in Q3, representing an year-on-year increase of 116.6%, while its net loss attributable to its ordinary shareholders was 2.86 billion yuan in Q3, representing an increase of 140.7% from the third quarter of 2020.
Deliveries of vehicles were 24,439 in the third quarter of 2021, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s, representing an increase of 100.2% from the third quarter of 2020. As of October 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 145,703 vehicles.
Its vehicle sales were 8,636.8 million yuan in the third quarter of 2021, representing an increase of 102.4% from the third quarter of 2020. Vehicle margin was 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021.
NIO’s vehicle margin in the third quarter of 2021 was 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021. The increase of vehicle margin compared to the third quarter of 2020 was mainly driven by the higher average selling price, as well as lower material costs. The decrease of vehicle margin compared to the second quarter of 2021 was mainly driven by an increase in financing deals at subsidized rates for vehicle purchases which then resulted in a deduction of vehicle revenue and an increase in depreciation costs.
“Despite the continued supply chain volatilities, our teams and partners are working closely together to secure the supply and production for the fourth quarter of 2021. Meanwhile, we are fully dedicated to accelerating our products and technologies development and bringing the three new products based on NIO Technology Platform 2.0 to users in 2022 to lead the smart EV transformation and adoption,” concluded Li Bin, founder, Chairman and Chief Executive Officer of NIO.
For the fourth quarter of 2021, the company expects deliveries of the vehicles to be between 23,500 and 25,500 vehicles, and total revenues to be between 9.38 billion yuan and 10.1 billion yuan.