Chinese electric vehicle maker Nio reported RMB 10.29 billion ($1.54 billion) in revenue, a 21.8% increase from last year, beating analysts’ estimate compiled by Yahoo Finance. But the company’s net loss drastically increased 316.4% from last year to RMB 2.74 billion, due to Covid-related challenges and “cost volatilities.” Nio delivered 25,059 cars for the second quarter of 2022, exceeding the top end of its guidance. Nio aims to deliver record numbers of electric vehicles “every month” in the current quarter, as the Chinese automaker has made “sufficient preparations” to produce its highly-anticipated ET5 sedan, chief executive William Li said on Wednesday. The new model, the company’s second sedan, is scheduled to begin delivery this month. The EV maker expects to hand over more than 10,000 ET5s to customers in December while maintaining its annual delivery target of 100,000 vehicles, Li said during an earnings call. [Nio statement]
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