Summary by Futu AI
Ideal Cars-W (“Ideal Cars” or the “Company”) announces unaudited consolidated results for the year ended December 31, 2023. Revenue for the year reached RMB128.5 billion, an increase of 173.5% over the previous year; gross profit was RMB275.0 billion, an increase of 212.8%; operating profit changed from a loss of RMB36.5 billion in the previous year to a profit of RMB74.1 billion. The profit before tax was RMB104.5 billion and the net profit was RMB118.1 billion. In addition, non-US GAAP net profit was RMB121.9 billion, up 58,494.3% year-on-year. The company delivered 376,030 new energy vehicles during the reporting period, an increase of 182.2% year-on-year, and delivered 31,165 vehicles in January 2024, an increase of 105.8% year-on-year. Ideal Cars terminated the ATM expansion program on September 27, 2023 and was included in the Hang Seng Index from December 4, 2023. The company said it will continue to increase its R&D investment, enhance its technological capabilities in the smart driving, smart space and smart electric fields, and expand its sales and service network.