Nio aims to launch 5 new electric vehicle models by 2023

Nio has published its financial statements for the third quarter of 2022. In the third quarter, the Chinese manufacturer shipped 31,607 electric cars, up from 25,059 in the second quarter of 2022. Nio also announced plans to release five new electric vehicle models in the summer of 2023.

In the third quarter, Nio’s total revenue was 13 billion yuan (about 1.78 billion euros), up 32.6 percent from the third quarter of 2021 and up 26.3 percent from the second quarter of 2022. However, spending also increased, making Nio accumulate a net loss of about 4.1 billion yuan (about 560 million euros) in the third quarter of 2022. That’s 392 percent more than in the same quarter last year and 49.1 percent more than in the second quarter of 2022.

Founder and CEO William Bin Li highlighted that Q3/2022 “represented a new quarterly record in terms of sales”. He added: “Following the delivery of our new product lineup based on NIO Technology 2.0 serving different market segments, we have witnessed strong growth momentum in user demand and strong foot traffic, especially following the debut of ET5 in stores from September. , and expect ET5 shipments to support a substantial acceleration of our overall revenue growth in the fourth quarter of 2022.”

For October, Nio already reported 10,059 vehicles delivered, up 174.3 percent year-on-year. As of October 31, 2022, cumulative deliveries totaled 259,563 vehicles, according to the company.

During an earnings call on its Q3 finances, Nio also announced plans to launch five new models in the first half of 2023, bringing its lineup to eight. The company also hopes to break even in its core business in the fourth quarter of 2023.

In early October, Nio famously celebrated and announced its European launch with the trio ET7, EL7 and ET5. While it was originally said that the electric model would only be offered through a ‘Nio Subscription’, now there will also be a purchase option. The annual report states: “(…) ET7, EL7 and ET5 will gradually become available to users through Nio subscriptions, leasing programs and direct sales”.