On the evening of November 20th, NIO's US stock fell more than 5% before trading, and as of press time, the decline has narrowed. On the news front, the company released its third quarter 2024 performance on the 20th.
Data shows that in the third quarter, NIO's delivery volume of intelligent electric vehicles reached a historic high of 61900 units, and the gross profit margin of automobiles increased to 13.1%. However, the company's performance deviated from the sales growth trend, with revenue of 18.674 billion yuan, a year-on-year decrease of 2.1%, and an adjusted net loss of 4.413 billion yuan, a year-on-year increase of approximately 460 million yuan.
NIO Announcement
From the perspective of profitability in the third quarter, NIO is already at the bottom of the new car making force "Weixiaoli".
On October 31st, Ideal Auto announced that it achieved a revenue of 42.9 billion yuan in the third quarter, an increase of 23.6% year-on-year; The net profit was 2.8 billion yuan, a year-on-year increase of 0.3%.
Although Xiaopeng Motors has not yet made a profit during the same period, it has significantly reduced its losses. Data shows that in the third quarter, Xiaopeng Motors achieved a revenue of 10.1 billion yuan, a year-on-year increase of 18.4%; Net loss of 1.81 billion yuan, compared to a loss of 3.89 billion yuan in the same period of 2023.
NIO, which is still suffering huge losses, revealed that its automobile sales in the third quarter were 16.698 billion yuan, a year-on-year decrease of 4.1%. Regarding this, the company stated that the main reason for the decrease in average selling price was due to changes in product portfolio, but some of it was offset by an increase in delivery volume.
According to Choice data, NIO has accumulated losses exceeding 90 billion yuan since 2018. CEO Li Bin once stated in a conference call that he hopes to achieve profitability for the entire year of 2024.
Now it seems that NIO, which has clearly fallen behind in performance, still has a long way to go before turning losses around.
However, NIO's Chief Financial Officer, Qu Yu, said, "With continued sales growth and steady improvement in gross profit margin, we achieved positive free cash flow in the third quarter of 2024. Starting next year, our three brands will usher in strong product cycles, driving the company's sales into a faster growth phase. We believe this momentum will further enhance the company's operational and financial performance