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NIO (NYSE:NIO) has reported strong earnings for the first quarter of 2021 despite the ongoing global chip shortage and the attendant slowdown in production.

NIO (NYSE: NIO) Q1 2021 Financial Scorecard

For the three months that ended on the 31st of March 2021, NIO earned $1.2183 billion in revenue, exceeding consensus expectations by 14.93 percent and corresponding to annual growth of over 481.8 percent.

NIO’s Quarterly Revenue

Revenue

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Q1 2020 193

Q4 2020 1k

Consensus Expectation 1.1k

Q1 2021 1.2k

(All figures are in millions of dollars)

On a more granular level, NIO earned $1,130.3 million in revenue through vehicle sales. For additional context, the company’s quarterly deliveries for 2020 and Q1 2021 are detailed below.

NIO’s Quarterly Deliveries

Deliveries

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Q1 2020 3.8k

Q2 2020 10.3k

Q3 2020 12.2k

Q4 2020 17.4k

Q1 2021 20.1k

(All figures represent EV units delivered)

NIO has been working diligently to increase its production capacity. At present, the JAC-NIO facility can produce 10,000 EVs per month (120,000 units per year) on a 2-shift schedule. However, as a result of the ongoing capacity ramp-up, this facility would be capable of producing 300,000 units per year by the end of 2021, based again on a 2-shift schedule. Additionally, NIO has now begun the construction of the gigantic NeoPark in collaboration with the Heifei municipal government. Once complete, the industrial park will bring the company’s total annual production capacity to 1.3 million units.

In Q1 2020, the company recorded $45.2 million in adjusted loss from operations and possessed cash and cash equivalents of $7.3 billion.

Other Key Financial Metrics

Q1 2020

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Q1 2021

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Loss from Operations (adj.) -221

-142

-45

Cash and Cash Equivalents 338

6.5k

7.3k

(All figures are in millions of dollars)

Finally, the company earned -$0.04 in non-GAAP EPS, exceeding consensus expectations by $0.11.

EPS Comparison

EPS

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Q1 2020 0

Q4 2020 0

Consensus Expectations 0

Q1 2021 0

(All figures are in dollars)

As far as Q2 2021 is concerned, NIO expects to deliver between 21,000 and 22,000 EVs. Moreover, the company expects to earn a revenue of between $1.243 billion and $1.298 billion in the second quarter of the year.

As mentioned earlier, NIO has now initiated the construction of the first phase of NeoPark at the cost of RMB 50 billion ($7.7 billion). The industrial park will accommodate over 10,000 R&D personnel and 40,000 technical workers. Moreover, the facility will have an annual production capacity of 1 million electric vehicles and 100 GWh of batteries, thereby producing a gross annual output of RMB 500 billion ($77 billion)!

In another major development, NIO is finally entering the EU via Norway. To this end, the company plans to hold a press conference in Oslo on the 06th of May 2021.