Summary by Futu AI
NIO Inc., a leader in the premium smart electric vehicle market, reported its unaudited financial results for the first quarter ended March 31, 2024. The company experienced a decrease in vehicle deliveries by 3.2% year-over-year and 39.9% from the previous quarter, totaling 30,053 vehicles. Financially, vehicle sales dropped by 9.1% from the first quarter of 2023 and 45.7% from the fourth quarter of 2023, amounting to RMB 8.38 billion. Despite the decrease in vehicle sales, the vehicle margin improved to 9.2% from 5.1% in the same quarter of the previous year. Total revenues saw a 7.2% decrease year-over-year and a 42.1% decrease from the last quarter of 2023, reaching RMB 9.91 billion. Gross profit, however, increased significantly by 200.5% compared to the first quarter of 2023, but fell by 61.9% from the fourth quarter of...Show More