.September 5, 2024 04:34 PM

Nio (NYSE:NIO) saw a 14% surge in shares after announcing a strong delivery forecast for Q3. The company expects to deliver between 61,000 and 63,000 vehicles, surpassing the Street estimate of 56,770. Revenue for the quarter is projected to range from 19.11 billion yuan to 19.67 billion yuan, slightly above analysts’ expectations.

In Q2, Nio reported revenue of 17.45 billion yuan, a 99% year-over-year increase, beating estimates. The company’s gross margin improved significantly to 9.7% from 1% in the prior year, higher than the forecasted 8.74%.

Nio delivered 57,373 vehicles in Q2, well above the 23,520 vehicles delivered a year earlier and exceeding estimates. Vehicle sales doubled to 15.68 billion yuan, with the vehicle margin increasing to 12.2%, surpassing projections.