收入表现: 2024年Q4总收入达197.03亿元(26.99亿美元)，同比增长15.2%；全年收入657.32亿元(90.05亿美元)，同比增长18.2%；In Q4, 72,689 vehicles were delivered, setting a new record with a year-on-year growth of 45.2%, while the net loss was 7.112 billion yuan, an increase of 32.5% year-on-year. The delivery guidance for the first quarter of 2025 is between 41,000 and 43,000 vehicles, representing a year-on-year growth of approximately 36.4% to about 43.1%.
In the fourth quarter, amidst increasingly fierce competition in the domestic Asia Vets electric vehicle market, $NIO Inc (NIO.US)$ at least secured a foothold in sales, with deliveries reaching a historic high in the fourth quarter and revenue achieving double-digit growth against the trend, while the gross margin for complete vehicles continued to improve.
On the afternoon of the 21st, NIO announced its Q4 and full-year performance report for 2024.
Revenue performance: Total revenue for Q4 2024 reached 19.703 billion yuan (2.699 billion USD), a year-on-year increase of 15.2%; full-year revenue was 65.732 billion yuan (9.005 billion USD), a year-on-year increase of 18.2%;
Sales situation: Q4 deliveries reached 72,689 vehicles, setting a new record, with a year-on-year increase of 45.2%; full-year deliveries were 221,970 vehicles, a year-on-year increase of 38.7%;
Gross margin: Overall gross margin for Q4 was 11.7%, an increase of 420 basis points year-on-year; gross margin for the complete vehicle steadily improved: Q4 vehicle gross margin was 13.1%, an increase of 120 basis points year-on-year;
Loss situation: Net loss for Q4 was 7.112 billion yuan, a year-on-year increase of 32.5%; full-year net loss was 22.402 billion yuan, a year-on-year increase of 8.1%;
Cash reserves: As of the end of 2024, cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled 41.9 billion yuan;
R&D investment: In Q4, R&D investment was 3.64 billion yuan. The total R&D investment for the year was 13.037 billion yuan.
Guidance situation: The delivery guidance for the first quarter of 2025 is between 0.041 million and 0.043 million vehicles, an increase of approximately 36.4% to about 43.1% year-on-year.
Sales volume increased significantly but the average selling price is under pressure.
NIO's Q4 delivery reached 72,689 vehicles, a year-on-year increase of 45.2% and a quarter-on-quarter increase of 17.5%, setting a new historical high. Among them, the LeDao brand contributed 19,929 vehicles in Q4, accounting for nearly 28%.
However, although the delivery volume increased significantly, the automotive sales revenue only grew by 13.2%, indicating that as the product mix changes, particularly after the mass production of the LeDao brand, NIO's average selling price has decreased.
Gross margin has significantly improved, and cost control has shown initial results.
In Q4, the overall gross margin reached 11.7%, a significant increase of 420 basis points compared to 7.5% in the same period last year, and a 100 basis point increase from the previous quarter's 10.7%. The vehicle gross margin remained at 13.1%, with a year-on-year increase of 120 basis points and stability quarter-on-quarter. This achievement is particularly remarkable, especially given that the ONVO L60 is in the early production stage as a new product.
Li Bin pointed out in the Earnings Reports, "Although the LeDao L60 is in the early stages of production, we still achieved a 13.1% automotive gross margin. The continuous enhancement of after-sales service scale and profitability, as well as the growth in technical services, have driven other sales to generate positive quarterly gross margin."
The improvement in gross margin mainly comes from three aspects: reduced material costs per vehicle, increased proportion of high gross margin technical services and after-sales Business, and a decrease in losses from charging solutions. This indicates that NIO has made positive progress in product cost control and Business structure optimization.
Net losses have expanded, with investment losses and foreign exchange losses being the main causes.
Despite the improvement in gross margin, the net loss in the fourth quarter reached 7.112 billion yuan, an increase of 32.5% year-on-year and 40.6% quarter-on-quarter. The non-GAAP net loss, excluding Stock-based Incentive expenses, was 6.622 billion yuan, up 37.9% year-on-year.
The main reasons for the expanded losses include:
Investment income turned to losses: the fourth quarter investment net loss was 0.17 billion yuan, while the same period last year and the previous quarter had investment gains of 1.368 billion yuan and 0.31 billion yuan, mainly affected by the fair value changes of Private Equity.
Increased foreign exchange losses: the fourth quarter other net loss was 0.528 billion yuan (mainly due to foreign exchange losses), compared to other net gains of 0.254 billion yuan and 0.31 billion yuan in the same period last year and the previous quarter.
Increased sales and administrative expenses: fourth quarter sales, general and administrative expenses reached 4.878 billion yuan, up 22.8% year-on-year and 18.7% quarter-on-quarter, mainly used for the marketing activities of new brands and products.
These factors collectively led to a significant increase in net losses, offsetting the positive impact brought by the improvement in gross margin.
Business Global Strategy and Future Outlook.
According to Li Bin, founder, Chairman, and CEO of NIO, 2024 marks the beginning of a new product cycle for the company, which will focus on three brand strategies in the future:
NIO Brand: Continue to consolidate its leadership in the market for pure electric vehicles priced above 0.3 million yuan (currently holding a 40% market share), focusing on technology and experience-driven products.
ONVO Brand: Positioned for the mainstream mass market, with a focus on increasing sales and enriching the product portfolio.
Firefly Brand: Set to be officially launched and begin deliveries this April, serving as a key driver for future international expansion.
In addition, the company is continuously advancing assistive and Asia Vets capabilities, with breakthroughs achieved in its NIO WorldModel architecture, which will gradually be rolled out to all driving scenarios.
On the financial side, the company predicts it will deliver 0.041-0.043 million vehicles in Q1 2025, achieving revenue of 12.367 billion to 12.859 billion yuan, with a year-on-year growth of approximately 24.8% to 29.8%. CFO Stanley Yu Qu emphasized that in 2025, the company will "focus more on reducing costs through technological advancements, optimizing Operation efficiency, and accelerating scalable growth to improve profitability."
Funding Status.
As of the end of 2024, NIO holds a total of 41.9 billion yuan (approximately 5.7 billion USD) in cash, cash and cash equivalents, restricted cash, short-term investments, and long-term deposits. Although current liabilities exceed current assets, the company believes that existing financial resources are sufficient to support normal business operations for the next 12 months.
In addition, the company is promoting the Global Strategy for NIO China. As of the announcement date, strategic investors have injected 2.8 billion yuan in cash into NIO China, while NIO has injected 10 billion yuan in cash.
Editor/rice
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