Summary by Futu AI
ULAI ANNOUNCED UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2023 ON DECEMBER 31, 2023. Car deliveries in the fourth quarter amounted to 50,045 vehicles and 160,038 vehicles over the year, an increase of 25.0% and 30.7%, respectively, from the same period last year. The total revenue for the fourth quarter was RMB171,032 billion, and the total annual revenue was RMB556,179 billion. Fourth quarter auto sales amounted to RMB154.387 billion, automotive gross margin was 11.9% and gross margin was 7.5%. Operating loss was RMB66.253 million and net loss was RMB53.677 billion. As of the end of 2023, cash and cash equivalents, restricted cash, short-term investments and long-term fixed deposits were RMB573 billion. Inlai delivered 10,055 vehicles and 8,132 vehicles in January and February 2024, respectively. In addition, the Company completed a $22 billion strategic equity investment from CYVN in December 2023 and completed a repurchase agreement related to the Convertible Preferred Notes due 2026 in February 2024. ULAI also changed its Board of Directors in February 2024 and signed a technical licensing agreement with a subsidiary of CYVN Holdings L.L.C.