On June 21st, Ideal Automobile announced on its official Weibo account that in 54 months, the cumulative delivery volume of Ideal Automobile exceeded 800000 units, becoming the first Chinese new force brand to achieve this milestone.
Data shows that in May 2024, Ideal Automobile delivered 35020 new cars, a year-on-year increase of 23.8%. As of May 31, 2024, Ideal Automobile has delivered a total of 774571 vehicles. The cumulative delivery of Ideal L6 has exceeded 15000 vehicles.
As of May 31, 2024, Ideal Automobile has 487 retail centers nationwide, covering 144 cities; 374 after-sales repair centers and authorized sheet metal spray centers covering 214 cities. Ideal Automobile has put 426 Ideal Supercharging Stations into use nationwide, with 1888 charging stations.
In terms of performance, Ideal Automobile achieved a net profit of 11.81 billion yuan in 2023, turning losses into profits for the first time throughout the year. In the first quarter of this year, Ideal Automobile achieved a revenue of 25.6 billion yuan, a year-on-year increase of 36.4%; The net profit is 591 million yuan.
In terms of product release, Ideal Automobile has slowed down its pace in 2024. At present, Ideal Automobile has launched five products, including MEGA and four extended range products: L6, L7, L8, and L9.
On April 22nd, Ideal Automobile announced a price reduction across the entire lineup, with the 2024 Ideal L7, L8, and L9 models offering a price reduction of 18000 to 20000 yuan, and the Ideal MEGA offering a maximum price reduction of 30000 yuan.
Looking ahead to the second quarter, the quarterly delivery volume of Ideal Automobile is expected to reach 105000 to 110000 vehicles, a year-on-year increase of 21.3% to 27.1%; The total revenue was 29.9 billion to 31.4 billion yuan, a year-on-year increase of 4.2% to 9.4%. On May 21st, Morgan Stanley released an updated valuation report for Ideal Auto, which clearly expressed confidence in its orders and gross profit margin, and set the target price for Ideal Auto's US stock market at $53 and Hong Kong stock market at $205.