Summary:What will happen after building a car independently (welcome to pay attention to girlfriend finance).
Written by |Honey Girl
This is the 1417th original article of @闺蜜Finance
After a series of big moves, NIO's third-quarter financial report arrived as scheduled.
On December 5, NIO disclosed its financial report for the third quarter of 2023, and it is a little regrettable that this time the surprise is a bit insufficient.
NIO's third quarterly report showed that its total revenue in the third quarter was 190700 million yuan, a year-on-year increase of 466%, an increase of 117 month-on-month4%。The revenue growth rate was impressive, but the total was slightly lower than the previous market expectation of 193700 million yuan.
Horizontal comparison of Li Auto and Xiaopeng Motors, this data of Weilai is considered to be at the midstream level, and the former "little brother" Ideal has been unbeatable, with a revenue of 346 in the third quarter800 million yuan significantly surpassed NIO, a year-on-year increase of 271211%；Xpeng Motors is facing a more dangerous situation, with a revenue of 85 in the same period300 million yuan, an increase of 25% year-on-year.
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On the other hand, Weilai's total loss is the highest in "Wei Xiaoli". In the third quarter, NIO posted a net loss of 45600 million yuan, and Xiaopeng was 38 in the same period900 million yuan. Li Auto made a profit of 282.3 billion yuan, and the data in the same period of 2022 is still a net loss of 16400 million yuan, the scale advantage of ideal car has been fully revealed.
For Weilai, Mimei calculated that it has accumulated losses of nearly 15.5 billion yuan in the first three quarters of this year, of which the net loss in the first quarter was about 480.4 billion yuan, with a net loss of about 61 percent in the second quarter2.2 billion yuan. In this way, the third quarter was 45The net loss of 600 million yuan was narrowed month-on-month, but it was still expanding year-on-year.
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NIO's huge losses are mainly caused by the following aspects. First, R&D is willing to spend money. NIO's R&D investment has always been the highest in "Wei Xiaoli", and this year is no exception.
According to the financial report, in the third quarter of 2023, NIO's R&D expenses will be 309.1 billion yuan, higher than Li Auto's 28200 million yuan, higher than Xpeng Motors' 13100 million yuan. NIO's R&D expenses were higher in the second quarter, at 33400 million yuan, but an increase of 32%。
According to NIO, R&D expenses increased year-on-year in the third quarter, mainly due to higher personnel costs for R&D functions, while the sequential decrease was mainly due to local** support for scientific and technological innovation in the third quarter of 2023.
Second, the total cost of sales is growing rapidly. In the third quarter of 2023, NIO's total cost of sales was approximately 175400 million yuan, compared with the same period in 2022 112700 million yuan, an increase of about 556%, higher than 46 in the current period6% revenue growth. As a result, the gross profit for the current period did not increase but declined: from 17. in the same period of 20223.5 billion yuan to 152.3 billion yuan.
The high cost of sales may be one of the reasons why NIO wants to build cars independently.
On December 4, 2023, the credit information management system of the Ministry of Industry and Information Technology (MIIT) showed that NIO Automotive Technology (Anhui)** entered the catalog of vehicle manufacturers of the Ministry of Industry and Information Technology. This means that NIO has obtained the qualification to make cars independently.
On the evening of December 5, JAC and NIO successively announced that NIO would acquire the production equipment and assets of the first advanced manufacturing base and the second advanced manufacturing base from JAC, with a total price of about 31 excluding tax600 million yuan.
Regarding the consideration behind the acquisition of JAC factory assets to obtain independent production qualifications, CEO Li Bin responded that from a manufacturing point of view, if NIO is completely independent manufacturing, manufacturing costs will drop by 10%.
At present, all eight models on sale are produced at the two factories that NIO and JAC have cooperated, and the profit margin is expected to increase after switching to independent production.
However, the premise of all this needs to be built on a steady increase in sales. Judging from sales, NIO is not without hidden concerns. In the third quarter, NIO delivered 55,432 vehicles, up 75% year-on-year4%, the increase in the previous quarter was: 5%。
It can be seen that NIO's performance in the first half of the year was not satisfactory, especially in the second quarter, with a year-on-year decline in deliveries, which directly dragged down its total deliveries in the first three quarters.
In the first three quarters, NIO delivered a total of 119993 vehicles, an increase of about 45 year-on-year6%。In the same period, Li Auto increased by about 180 year-on-year95, Xpeng Motors was the worst, down about 19 year-on-year8%。
In November, the situation changed a little. Xpeng Motors is very strong, and the delivery volume in November exceeded 20,000 units again, a year-on-year increase of 245% and a slight increase of 019%, ranking second in the new car delivery list of new car manufacturers in the month.
NIO saw a slight month-on-month decline from the previous month, with deliveries of about 160,000 units, and a total of 14 new cars have been delivered in the first 11 months of this year20,000 units.
How high is this delivery volume of NIO?There is a data to refer to. Previously, the Federation of Passenger Cars comprehensively estimated that the wholesale sales of new energy passenger car manufacturers in November would be 940,000 units, a year-on-year increase of 29% and a month-on-month increase of 6%. From January to November, it was estimated that the cumulative wholesale volume was 7.74 million vehicles, a year-on-year increase of 35%.
That is to say, no matter in a single month or in the first 11 months, NIO has underperformed, especially in a single month, although it has delivered more than 10,000 vehicles again, it is obviously slower than the average of its peers.
It can be seen that today, with the intensification of the reshuffle and involution of new energy vehicles, NIO is facing greater sales pressure.
To survive peers, on the one hand, spending money on research and development cannot be stopped;On the other hand, it is necessary to reduce costs and increase efficiency, and to put it bluntly, it is to lay off employees.
At the beginning of November, Weilai announced a plan to lay off about 10% of its employees, and at the meeting, Li Bin said: After several years of development, there are indeed some inefficiencies and duplicate construction in Weilai's internal organization.
He revealed that the basic principle of internal organizational adjustment, some projects that cannot improve the company's gross profit within three years will be cut or postponed.
Later, a person familiar with the matter said that NIO may carry out further layoffs. Some departments have been asked to prepare a "reserve layoff list", and may expand the original layoff ratio within the unit to 20%-30%, which was also reported by foreign media Peng.
In the face of rumors of an increase in the proportion of layoffs, Jiemian News reported on December 7 that NIO responded to its statement that it was "untrue news" and that the company had no further layoff plans and would continue to carry out "dynamic adjustments" in the markets in which it operates. ”
However, in terms of cash flow, NIO is not short of money, at least for now. As of the end of September 2023, its cash and cash equivalents were approximately 2408.4 billion yuan, up from 198 at the end of 20228.8 billion yuan is more than 4 billion yuan. Perhaps this is also the confidence that it can buy factories.
In Mimei's view, NIO is a resilient company. After all these ups and downs, there are highlights, and there are even darkest, and it is not easy to get all the way to the present. In a word: you can bear it.
Now that it seems to be at a crossroads again, can NIO go further?Very much looking forward to it.
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