$NIO Inc.(NIO)$ July 1 — NIO's June delivery day. Here's what I'm watching.
The Q2 math is coming together:
April: ~29.4K
May: 37.7K (+62% YoY)
June: ???
If June comes in around 45K, that's a Q2 total near 112K vehicles. In my view, that's the level that would lock in the Q2 non-GAAP profit thesis.
Deutsche Bank already modeled Q2 non-GAAP net profit of ~180M yuan (+304% QoQ). A strong June delivery figure is the final piece.
The ES9 is ramping up (over 25K non-cancellable orders), Onvo is scaling, and margins are expanding to around 19%. The setup is there.
45K deliveries would be the green light. Let's see the number.
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