Nio Inc. (NYSE:NIO) Q1 2020 Earnings Conference Call - Final Transcript
May 28, 2020 • 08:00 am ET
Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated's First Quarter 2020 Earnings Conference Call. [Operator Instructions] I will now turn the call over to your host, Mr. Rui Chen, Director of Investor Relations of the Company. Please go ahead, Rui.
Thank you, Rachel. Good evening and good morning, everyone. Welcome to NIO's first quarter 2020 earnings conference call. The Company's financial and operating results were published in the press release earlier today and are posted at the Company's IR website. On today's call, we have Mr. William Li, Founder, Chairman of the Board and CEO; Mr. Steven Feng, Chief Financial Officer; Mr. Stanley Qu, VP of Finance.
Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the Company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain filings of the Company with the US Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statement, except as required under applicable law.
Please also note that NIO's earnings press release and this conference call include discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Please refer to NIO's press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.
With that, I will now turn the call over to our CEO, Mr. William Li. William, go ahead please.
Hello, everyone. Thank you for joining NIO's 2020 Q1 earnings call.
In the first quarter of 2020, NIO delivered an aggregate of 3,838 ES8s and ES6s. Starting from April, our sales and deliveries have witnessed a solid recovery. We delivered a total of 3,155 ES8s and ES6s in April, representing a robust 105.8% month-over-month growth.
We are extremely proud that since October 2019, NIO ES6 has outperformed others and ranked as the top-selling electric SUV in China auto market for seven consecutive months. It is the only electric vehicle among the top 10 best-selling luxury midsize SUVs.
Due to the impact of COVID-19, the overall passenger vehicle sales in China has slumped by 41% year-over-year. Yet, our Q1 deliveries decreased only by 3.8% compared with the same period of 2019. Our bucking the trend performance is mainly attributable to the end-to-end direct sales business process and the cloud-based service system. Our products and services systems have withstood the arduous test during this unprecedented outbreak and won wide recognition from the market and users.
On April 19, the all-new ES8 commenced deliveries to users. It boasts over 180 improvements with the NEDC range reaching up to 580 kilometers. With further enhancement on its comprehensive competitiveness, the all-new ES8 has received rave reviews across the board from the users and media after the -- after deliveries.