This article is a live update of the main takeaways from Nio's third-quarter 2024 earnings call.
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Category: Earnings
Nio's net loss was essentially flat in the third quarter compared to the second quarter, and gross margins improved to 10.7 percent.
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Xpeng reported revenue of RMB 10.1 billion in the third quarter, with a record gross margin of 15.3 percent, beating analysts' expectations.
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Leapmotor is targeting sales of 500,000 vehicles for the full year in 2025, with a gross margin of more than 10 percent, its management said.
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Leapmotor said it expects to exceed its full-year sales target of 250,000 units this year, with gross margin lifting further and net losses narrowing in the fourth quarter.
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Nio delivered a record 61,855 vehicles in the third quarter, within the guidance range of 61,000 to 63,000 vehicles.
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Li Auto reported record revenue of RMB 42.9 billion in the third quarter, beating analysts' expectations as it delivered a record number of vehicles.
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BYD reported net income of RMB 11.607 billion in the third quarter, up 11.47 percent year-on-year and 28.08 percent from the second quarter.
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During the third quarter, Xpeng delivered 46,533 vehicles, exceeding the upper end of its guidance range of 41,000 to 45,000 units.
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Tesla said it expects to achieve slight growth in vehicle deliveries in 2024 despite ongoing macroeconomic conditions.
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