Chinese EV maker NIO sees record delivery in Q3

HEFEI - Chinese electric carmaker NIO said Wednesday that it had delivered 24,439 vehicles in the third quarter (Q3) this year, an increase of 100.2 percent from the previous year, setting a quarterly record.

The company posted a 116.6 percent year-on-year revenue growth in the period, raking in around 9.8 billion yuan ($1.5 billion), according to the company's financial statement.

The auto gross margin reached 18 percent, with the research and development expenses hitting approximately 1.19 billion yuan for the period, up 101.9 percent year-on-year, said the company.

"The number of new orders have continued to grow, reaching a new high in October. The total delivery in the fourth quarter of 2021 is expected to reach 23,500 to 25,500 vehicles," said Li Bin, founder of NIO.