Nio's Future Secure, Says Co-founder: Company Sees Significant Delivery Growth Despite Market Speculation

Nio Inc NIO co-founder and President Qin Lihong reportedly refuted rumors of the Chinese EV maker going out of business at the Guangzhou auto show.

What Happened: “Nio will not go out of business, and there is absolutely no possibility of it going out of business. Please feel assured to experience and buy Nio’s cars,” Qin said on the first day of the auto show on Friday, as reported by CNEVPOST.

As per the report, Qin said that Nio’s deliveries till the end of October this year grew 40% year-on-year, but given the high bar in the EV industry, the growth might not be deemed fast enough.

Nio delivered 16,074 vehicles in October. From January through October, it delivered 126,067 vehicles, marking an increase of 36.3% from last year’s corresponding period. However, the company is yet to report its third-quarter results.

Why It Matters: The company reported a net loss of 6,055.8 million yuan for the second quarter and vehicle sales of 7,185.2 million yuan.

In August, the company had guided deliveries of 55,000 to 57,000 units for the third quarter, which it achieved by delivering 55,432 vehicles in the three months ended September 2023. The company then also added that it expects a third-quarter revenue of $2.61 billion to $2.69 billion, representing 45-50% year-over-year growth.

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