Before the US stock market closed on February 26th Beijing time, Ideal Automobile announced its fourth quarter and full year financial reports for 2023, with quarterly revenue of 41.73 billion yuan, a year-on-year increase of 136.4%, and full year revenue of 123.85 billion yuan.
On February 26, 2024, Ideal Automobile announced its financial reports for the fourth quarter and full year of 2023. Thanks to the expansion of scale and continuous improvement of operational efficiency, Ideal Automobile achieved its best financial performance in history during the reporting period.
The fourth quarter revenue was 41.73 billion yuan, a year-on-year increase of 136.4%; Quarterly delivery of 131805 vehicles, with a new energy market share of over 200000 yuan reaching 16%, ranking first among Chinese automotive brands. The annual revenue reached 123.85 billion yuan, a year-on-year increase of 173.5%; The annual delivery volume was 376030 vehicles, a year-on-year increase of 182.2%.
The net profit for the fourth quarter was 5.75 billion yuan, with a gross profit margin of 23.5% and free cash flow of 14.64 billion yuan. The net profit for the whole year of 2023 was 11.81 billion yuan, achieving a healthy profit since delivery.
Ideal Automobile took 8 years to achieve a revenue of 100 billion yuan and a profit of 10 billion yuan. As of the end of 2023, the company's cash reserves were 103.67 billion yuan.
Ideal Automobile's performance outlook for the first quarter of 2024 reached a new high for the same period, with an expected delivery volume of 100000 to 103000 vehicles, a year-on-year increase of 90.2% to 95.9%; The revenue reached 31.25 billion yuan to 32.19 billion yuan, a year-on-year increase of 66.3% to 71.3%.
According to Li Xiang, Chairman and CEO of Ideal Automobile, according to First Financial, the competition in the new energy vehicle market will be fierce in 2023. Ideal Automobile has achieved excellent results with three models of the Ideal L series, and its annual delivery volume has increased by 182.2% year-on-year, reaching 376030 units, becoming the sales champion of new energy vehicles worth over 300000 yuan in the Chinese market. Due to significant growth in scale, continuous progress in research and development, and continuous improvement in operational efficiency, Ideal Automobile achieved its historical best financial performance in 2023.
After the financial report was released, as of the time of publication, Ideal Automobile's US stock market surged by over 12% before the market.