Electric car maker NIO Inc. (NYSE: NIO) reported a net loss for the second quarter of 2023 when the China-based company’s revenues declined by double digits.
Net loss attributable to ordinary shareholders was $844.3 million in the June quarter, which represents a loss of $0.51 per American Depository Shares. On an adjusted basis, the second-quarter net loss was $0.45 per American Depository Shares.
The bottom line was negatively impacted by a 15% fall in revenues to $1.22 billion in the second quarter. The company delivered 23,520 vehicles during the three-month period, down 6% year-over-year.
“NIO delivered 23,520 vehicles in the second quarter of 2023. In July 2023, NIO delivered 20,462 vehicles, representing a substantial increase of 103.6% year-over-year, which propelled NIO to the top position in China’s premium electric vehicle market for vehicles priced above RMB300,000,” said Nio’s CEO William Bin Li.