On March 5th, NIO released its financial reports for the fourth quarter and full year of 2023. In the fourth quarter, NIO's revenue was 17.10 billion yuan, a year-on-year increase of 6.5%; The gross profit margin of the entire vehicle is 11.9%, reaching double digits for two consecutive quarters; Cash reserves amounted to 57.3 billion yuan, a significant increase of 12.1 billion yuan compared to the previous quarter; Research and development expenditure reached 3.97 billion yuan, exceeding 3 billion yuan for five consecutive quarters. In 2023, NIO's total revenue reached a record high of 55.62 billion yuan, a year-on-year increase of 12.9%; The annual R&D expenditure was 13.43 billion yuan, exceeding 10 billion yuan for two consecutive years.