Source: Wall Street See
On Thursday, the financial report for the first quarter of 2024 was released. The report showed that NIO Inc.'s revenue in the first quarter of 2024 declined 7.2% year-on-year and 42.1% quarter-on-quarter, but through effective cost control, the company's gross margin increased to 4.9%, and gross profit surged 200.5% year-on-year.$NIO Inc (NIO.US)$/$NIO-SW (09866.HK)$Specifically, in terms of revenue, NIO Inc.'s total revenue in the first quarter was RMB 9.909 billion, a 7.2% decline compared to the same period in 2023 of RMB 10.677 billion. Among them, vehicle sales revenue was RMB 8.381 billion, a 9.1% year-on-year decrease and a 45.7% quarter-on-quarter decrease. The company explained that the decline in sales revenue was mainly due to a lower average selling price caused by adjustments in user benefits since June 2023, and a decrease in delivery volume. Other sales revenue was RMB 1.527 billion, a 5.2% year-on-year increase but an 8.2% quarter-on-quarter decrease.
In terms of profit, NIO Inc.'s gross profit in the first quarter was RMB 488 million, a year-on-year increase of 200.5% but a quarter-on-quarter decrease of 61.9%. Gross margin rose from 1.5% in the first quarter of 2023 to 4.9%, but was lower than the previous quarter's 7.5%. Vehicle gross margin increased from 5.1% in the same period last year to 9.2%, mainly due to a decrease in material costs per unit. Net loss was RMB 5.185 billion, a year-on-year expansion of 9.4% and a quarter-on-quarter decrease of 3.4%.
In terms of cost, NIO Inc.'s cost in the first quarter was RMB 9.421 billion (approximately USD 1.305 billion), a year-on-year decrease of 10.4% and a quarter-on-quarter decrease of 40.5%.
In terms of vehicle sales, NIO Inc. delivered 30,053 smart electric vehicles in the first quarter, a 3.2% year-on-year decrease and a 39.9% quarter-on-quarter decrease. Among them, 17,809 were smart electric SUVs and 12,244 were smart electric cars.
In terms of research and development expenses, NIO Inc.'s R&D expenses in the first quarter were RMB 2.864 billion, a year-on-year decrease of 6.9% and a quarter-on-quarter decrease of 27.9%. Sales, general and administrative expenses were RMB 2.997 billion, a year-on-year increase of 22.5% and a quarter-on-quarter decrease of 24.6%.
The company's total cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits balance was RMB 45.3 billion (approximately USD 6.3 billion).
NIO Inc.'s founder, director, and CEO William Li stated that despite the increasing market competition, NIO Inc. remains advantaged in brand positioning and technological innovation. NIO Inc. plans to continue to improve operational efficiency, optimize cost management, and accelerate market share growth in the future.
Nio Inc's delivery guidance for the second quarter of 2024 is 54,000 to 56,000 vehicles, a year-on-year increase of 129.6% to 138.1%; revenue guidance is 16.59 billion yuan to 17.14 billion yuan, a year-on-year increase of 89.1% to 95.3%.
After the data was released, NIO Inc. fell in pre-market trading, initially dropping more than 7%, and is now down nearly 5%.
After the data was released, NIO Inc's pre-market trading fell sharply, dropping more than 7% at one point, and now down nearly 5%.
Editor / jayden