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NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO), a frontrunner in the premium smart electric vehicle market, has released its unaudited financial results for the first quarter ending March 31, 2024. The report highlights the company's ongoing efforts to strengthen its market position amidst fluctuating delivery and financial metrics.
Operating Highlights for Q1 2024
In the first quarter of 2024, NIO delivered a total of 30,053 vehicles. This includes 17,809 premium smart electric SUVs and 12,244 premium smart electric sedans. These figures reflect a 3.2% decrease from the first quarter of 2023 and a significant 39.9% decline from the fourth quarter of 2023. The decline underscores the challenges NIO faces in maintaining its delivery momentum.
Financial Performance for Q1 2024
NIO reported vehicle sales of RMB8,381.3 million (US$1,160.8 million) for the first quarter, marking a 9.1% decrease from the same period in 2023 and a 45.7% drop from the fourth quarter of 2023. Despite these declines, the vehicle margin improved to 9.2%, compared to 5.1% in the first quarter of 2023 and 11.9% in the fourth quarter of 2023.
Total revenues for the quarter were RMB9,908.6 million (US$1,372.3 million), representing a 7.2% decrease from the first quarter of 2023 and a 42.1% decline from the fourth quarter of 2023. The gross profit stood at RMB487.7 million (US$67.6 million), reflecting a substantial increase of 200.5% from the first quarter of 2023, but a 61.9% decrease from the previous quarter. Consequently, the gross margin improved to 4.9%, up from 1.5% in Q1 2023, though down from 7.5% in Q4 2023.
NIO's loss from operations for the quarter was RMB5,394.1 million (US$747.1 million), marking a 5.5% increase from Q1 2023 but an 18.6% reduction from Q4 2023. When excluding share-based compensation expenses, the adjusted loss from operations (non-GAAP) was RMB5,112.7 million (US$708.1 million), up 13.1% year-over-year but down 15.6% quarter-over-quarter.
Net loss for the first quarter was RMB5,184.6 million (US$718.1 million), a 9.4% increase from the first quarter of 2023 and a 3.4% decrease from the fourth quarter of 2023. Adjusted net loss (non-GAAP), excluding share-based compensation, was RMB4,903.2 million (US$679.1 million), representing an 18.1% increase from Q1 2023 and a 2.1% increase from Q4 2023. As of March 31, 2024, NIO's cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled RMB45.3 billion (US$6.3 billion).
Business Outlook for Q2 2024
Looking ahead to the second quarter of 2024, NIO is optimistic. The company expects vehicle deliveries to range between 54,000 and 56,000 units, which would represent a significant increase of approximately 129.6% to 138.1% compared to the same quarter in 2023. Total revenues are anticipated to be between RMB16,587 million (US$2,297 million) and RMB17,135 million (US$2,373 million), marking an increase of approximately 89.1% to 95.3% from the second quarter of 2023.
This business outlook reflects NIO's current perspective on market conditions and is subject to change. The company remains committed to navigating the challenges ahead while capitalizing on growth opportunities in the evolving electric vehicle market.
