Editor’s note: This story has been updated to correct a missing word in the headline.

Shares of NIO Inc. ( NIO ) are trading higher Thursday following the company's release of second-quarter financial results for 2024 and a promising outlook for the third quarter. Here’s what you need to know.

Key Highlights of Q2 Performance

Total revenues: RMB 17,446.0 million (USD 2,400.6 million), representing:

98.9% year-over-year increase

76.1% quarter-over-quarter growth

Overall gross margin: Rose to 9.7%, up from:

1.0% in Q2 2023

4.9% in Q1 2024

Net loss: RMB 5,046.0 million (USD 694.4 million), a:

16.7% reduction year-over-year

2.7% decrease from Q1 2024

Adjusted net loss (excluding share-based compensation): RMB 4,535.2 million (USD 624.1 million), reflecting a:

16.7% reduction year-over-year

7.5% decrease quarter-over-quarter

Strategic Initiatives and Future Outlook

NIO’s strategic initiatives, such as the "Power Up Counties" plan aimed at expanding its charging and swapping network across county-level administrative divisions in China, are expected to enhance its market presence and user convenience. Additionally, the company's CEO, William Bin Li, highlighted NIO's significant market share in China's premium electric vehicle segment and the continued recognition of its technological and service excellence.

Looking ahead, NIO anticipates further growth in third-quarter 2024, projecting vehicle deliveries between 61,000 and 63,000 units and total revenues between RMB 19,109 million (USD 2,630 million) and RMB 19,669 million (USD 2,707 million).

NIO Price Action: NIO shares were up by 8.37% at $4.59 according to Benzinga Pro.

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