At noon on August 31, the official official account of the Ministry of Justice of Weilai said that it noticed the false information of "Weilai declared bankruptcy" suddenly appeared on the Internet yesterday, which was then widely spread maliciously and suspected of serious violations of the law. NIO has reported this matter to the police and will take other legal measures to hold the illegal personnel responsible for planning, manufacturing, and spreading this rumor legally accountable. Regarding this, NIO officials told the Shanghai Stock Exchange reporter that the false information was released by an unknown self media outlet.
NIO Legal Department Statement
NIO's Vice President of Brand and Communication, Ma Lin, responds
In the first quarter of 2024, NIO's total revenue decreased by 7.2% year-on-year to 9.909 billion yuan, and its loss increased by nearly 10% year-on-year to 5.258 billion yuan. After deducting equity incentive expenses, the company's adjusted net loss for the first quarter was 4.903 billion yuan, which increased both year-on-year and month on month.
However, NIO has recently achieved over 20000 new car deliveries for three consecutive months. In July, NIO delivered 20500 new cars, a year-on-year increase of 0.18%. From January to July 2024, NIO delivered 107900 new cars, a year-on-year increase of 43.85%. As of now, NIO has delivered a total of 557500 new cars.
Actually, I feel a little ashamed in my heart. We have put in so much effort and recently (monthly delivery volume) has just stabilized at 20000 vehicles. This is something we are pleased with, but I don't think it is something our team should be proud of. "On August 30th, Qin Lihong, co-founder and president of NIO, said at the 27th Chengdu International Auto Show that for NIO, the monthly delivery volume of 20000 vehicles is a bit late to climb, but it is the height that NIO should reach now.
NIO Chairman Li Bin previously stated that from 2024 to 2025, China's high-end intelligent electric vehicle market will enter an explosive growth stage, and the long-standing "oil to electric" high-end market will also enter an explosive stage.
At present, NIO is the only car company among the new forces that adopts the battery swapping mode, and its rechargeable, replaceable, and upgradable energy service network is regarded as one of the important "moats" by the company.
Recently, NIO Power Up Day and NIO Energy Partner Conference were held. NIO has released the "Power Up County Connection" and partner plan, with the goal of covering county-level administrative regions with NIO charging stations by June 30, 2025, and achieving full coverage of battery swapping stations in 27 provincial-level administrative regions and over 2300 county-level administrative regions by December 31, 2025. In order to accelerate the implementation of the "Electricity Connect Every County" plan, NIO has opened up cooperation with charging and swapping stations to the whole society and launched a partnership plan to achieve joint construction and shared benefits.
At the beginning of 2024, NIO announced plans to add 1000 battery swapping stations in 2024. But so far, NIO has built less than 200 battery swapping stations this year. Regarding this, Shen Fei, Senior Vice President of NIO Energy, admitted that the goal of building 1000 battery swapping stations throughout the year may be completed by January or February 2025.
NIO Energy's charging services are approaching breakeven, but its battery swapping business is still in a loss making state. Li Bin said that from NIO Energy's perspective, whether it is charging or swapping, there must be its own business model. In the long run, battery swapping stations are a business that requires investment in building a network in the early stages. However, once the network is established and the number of users increases, it will become a profitable business. Our battery swapping stations can achieve breakeven with just 60 orders per station, and currently 20% of them have met this standard, "said Li Bin.
Qin Lihong revealed that NIO's second brand, Ledao, will release products in September with a price range of 200000 to 300000 yuan. Its positioning is for home use. NIO's third brand, Firefly, will debut in the first half of 2025. This brand will be younger, more fashionable, and have a relatively lower price. In the future, we will use three brands to cover different market segments, "said Qin Lihong.