NIO (NYSE:NIO) shares plunged more than 14% intra-day today subsequent to the disclosure of its financial performance for the second quarter. In this period, the company reported an adjusted operating loss of 5.46 billion yuan, which exceeded the projected loss of 4.78 billion yuan. While revenue for the quarter amounted to 8.77 billion yuan, it fell short of the consensus figure of 9.16 billion yuan.

Nio accomplished a total delivery of 23,520 vehicles during the second quarter of 2023, consisting of 10,492 premium smart electric SUVs and 13,028 premium smart electric sedans. These statistics showcase a 6.1% decrease from the equivalent timeframe in 2022 and a 24.2% decline from the previous quarter in 2023.

Regarding future guidance, NIO foresees a Q3/23 revenue surge of 45.3-50.1% to a range of 18.898-19.52 billion yuan, surpassing analysts’ estimates of 17.2 billion yuan.

The company also anticipates delivering 55,000 to 57,000 vehicles during the same quarter, signifying a significant rise of approximately 74.0% to 80.3% compared to the corresponding period in 2022. This forecast exceeds analysts’ projection of 48,465 deliveries.

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