Red Star Capital Bureau reported on March 5 that before the U.S. stock market on March 5, Weilai (09866.hk；nio.US) announced its financial results for the fourth quarter and full year 2023.
In the fourth quarter of 2023, NIO delivered 50,045 vehicles, up 25% year-on-year and down 97%。Deliveries of vehicles in 2023 reached 160038, up 30% year-on-year7%。
Sales growth led to a new record in revenue. In the fourth quarter of 2023, NIO's revenue was 1710.3 billion yuan, a year-on-year increase of 65%, down 103%；Net loss of 5367.7 billion yuan, down 72%, an increase of 178%；The gross profit margin of automobiles was 119%, and the overall gross margin was 75%。
For the full year of 2023, NIO's total revenue will be 5561.8 billion yuan, a year-on-year increase of 129%；Net loss of 20719.8 billion yuan, a year-on-year increase of 435%；The gross profit margin of automobiles for the full year was 95%, and the overall gross margin was 55%, compared to 13 last year7% and 104%。
Gross vehicle margin in the fourth quarter was year-over-year**, mainly due to lower unit bill of materials and inventory provisions, accelerated depreciation of production facilities and purchase commitment losses incurred in the fourth quarter of 2022 related to the previous generation ES8, ES6 and EC6 models. The sequential increase in gross profit margin of automobiles was mainly due to the decrease in unit material costs. Overall gross margin decreased sequentially in the fourth quarter, primarily due to a decrease in the provision of energy solutions due to the expansion of the energy network, partially offset by an increase in the automotive gross margin.
It is worth mentioning that NIO's other sales revenue in 2023 will be 6360.7 billion yuan, an increase of 69 percent year-on-year1%。Other sales revenue is revenue from the sale of accessories and the provision of energy solutions.
NIO's R&D expenses have exceeded 10 billion yuan for two consecutive years. R&D expenses in 2023 are $13431.4 billion yuan, a year-on-year increase of 239%。
As of December 31, 2023, NIO's cash and cash equivalents, restricted cash, short-term investments and long-term time deposits amounted to RMB57.3 billion.
Looking ahead to the first quarter of this year, NIO expects vehicle deliveries to be in the range of 310,000 to 330,000 units, a decrease of about 01% to an increase of about 63%。Total revenue ranged from 1049.9 billion yuan to 1108.7 billion yuan, a year-on-year decrease of about 17% to an increase of about 38%。
NIO delivered 10,055 vehicles in January and 8,132 units in February this year, and based on this calculation, the March delivery volume is expected to be 1280,000 to 1480,000 units, a significant increase from the previous month.
Li Bin, Founder, Chairman and CEO of NIO, said, "We are about to start delivering NIO's 2024 model with the most powerful computing power among production vehicles, and continue to improve users' driving and digital experience. At the same time, we plan to provide a new supply to all NT20 users push the NOP+ urban pilot assistance function. Continued investment in technology, battery swapping networks and user communities will strengthen our competitive edge in the future. ”
Our automotive gross margin continued to grow, reaching 11"In December 2023, we completed a US$2.2 billion strategic equity investment from CYVN, demonstrating our unique positioning and competitiveness in the global smart electric vehicle industry. Looking ahead to 2024, we will focus on high-priority business objectives, improve system capabilities, and further optimize cost management efficiency. ”
Before the market on March 5, as of the press release of the Red Star Capital Bureau, NIO rose 113% to 5$39 shares.
Red Star News reporter Wu Danruo.
Edited by Deng Lingyao.
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