Asia Tech Wire (Sep 5) -- Chinese electric car maker Nio on Thursday reported record revenue and deliveries for the second quarter of 2024.

In the second quarter of this year, Nio realized revenue of 17.446 billion yuan ($2.401 billion), up 98.9% year-on-year, and posted an adjusted net loss of 4.535 billion yuan ($624.1 million), compared to a net loss of 5.446 billion yuan in the same period a year earlier.

Nio delivered 57,373 electric vehicles in the quarter, up 143.9% year-over-year and 90.9% quarter-over-quarter.

The company revealed a vehicle gross margin of 12.2% for the quarter, up 6 percentage points year-over-year.

In addition, Nio spent 3.22 billion yuan on research and development in the second quarter and had 41.6 billion yuan in cash reserves.

The Chinese automaker expects third-quarter deliveries of 61,000 to 63,000 units and revenue of 19.11 billion yuan ($2.63 billion) and 19.67 billion yuan ($2.71 billion).