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

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 2023. The net loss for the company increased by 9.4% year-over-year to RMB 5.18 billion but decreased by 3.4% from the previous quarter. NIO's cash and cash equivalents, along with other liquid assets, stood at RMB 45.3 billion as of March 31, 2024. The company also highlighted the launch of its second smart electric vehicle brand, ONVO, and its first model, the L60, which is now open for pre-orders in China. Additionally, NIO's subsidiary, NIO China, and its subsidiary NIO Power, entered into definitive agreements for an investment of RMB 1.0 billion from an investor, with the potential for an additional RMB 500 million investment before the next financing round. Looking ahead, NIO anticipates vehicle deliveries between 54,000 and 56,000 units in the second quarter of 2024, which would represent a significant increase from the same quarter in 2023.