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On March 5, NIO announced its unaudited financial results for the fourth quarter and full year of 2023. On the whole, NIO achieved revenue growth in the fourth quarter of last year and the whole year, but at the same time, the annual loss is also further expanding, and the cold is still pervasive.
According to the data, NIO's revenue in the fourth quarter of 2023 was 17103.2 billion yuan, an increase of 65%。Among them, NIO's net loss in the fourth quarter of last year was 5367.7 billion yuan, a year-on-year decrease of 72%, with an adjusted net loss of 4801.7 billion yuan, down 5 percent year-on-year2%。
For the full year of 2023, NIO's total revenue rose to 55617.9 billion yuan, an increase of 129%。The reason why NIO was able to achieve a significant increase in revenue last year was mainly due to the increase in product sales. According to the data, NIO's new vehicle deliveries for the whole year of 2023 increased to 160,038 units, a year-on-year increase of 307%。
Despite double-digit revenue growth, NIO was still in the red last year, and the margin of the loss is widening. According to the data, NIO's net loss in 2023 will be 20719.8 billion yuan, a year-on-year increase of 435%；Adjusted net loss was 18350.7 billion yuan, an increase of 51 percent over the same period in 20221%。
The situation of increasing revenue but not increasing profits has put NIO under great pressure and severe tests. The good news is that in terms of cash flow, NIO is relatively healthy. According to the data, as of the end of 2023, NIO had cash and cash equivalents of about 57.3 billion yuan, an increase of 15.1 billion yuan from 42.2 billion yuan in 2022.
The reason why NIO will show a situation of increasing revenue but not increasing profits in 2023 is mainly due to the following reasons: on the one hand, the expansion of sales channels has increased the cost of sales. According to Cheze, NIO will add 47 NIO centers, 123 NIO spaces, 84 NIO service centers, and 22 NIO delivery centers around the world in 2023.
On the other hand, NIO's investment in R&D is also increasing, and in addition to developing NIO brand models, NIO's new brand Alps is also developing products. According to Cheze, in the fourth quarter of 2023 alone, NIO has invested 39700 million yuan, and the annual R&D expenditure reached 134300 million yuan, an increase of 23 compared with 20229%, which is also the second consecutive year that NIO has spent more than 10 billion yuan on R&D. In addition, in the field of battery swapping and energy supplement, NIO is also accelerating its layout and investing a lot of money. According to the latest plan, it is expected that by the end of 2024, NIO will build a total of 3,310+ battery swap stations and 41,000+ charging piles.
In terms of product planning, although NIO released its flagship sedan NIO ET9 at the end of last year, the delivery of this product is expected to be in 2025. In addition, NIO's new brand Alps will not be released until the second quarter of this year, and the brand's first product is expected to be released in the third quarter of this year, and delivery is not expected to be achieved in the fourth quarter of this year. This means that NIO will have no new products for more than three-quarters of the time this year, which is a big test for NIO.
It is reported that Alps' first product will be benchmarked against Tesla Model Y, and the current road test spy photos have been **. According to Li Bin, CEO of NIO, Alps' first product rolled off the assembly line in the fourth quarter of last year, and the company is very satisfied. The second model will be an SUV for large families, which has entered the mold stage and is scheduled to be launched in 2025.