On the evening of March 5th, NIO (HK09866, stock price of HKD 42.5, market value of HKD 87.824 billion) released financial report data showing that in 2023, NIO's total revenue was about HKD 55.62 billion, a year-on-year increase of 12.9%; The net loss was 20.7198 billion yuan, an increase of 43.5% year-on-year. Among them, in the fourth quarter of 2023, NIO's revenue was about 17.1 billion yuan, a year-on-year increase of 6.5%; The net loss was 5.3677 billion yuan, a year-on-year decrease of 7.2%.
NIO Financial Report
Looking ahead to the first quarter of this year, NIO expects its new car delivery volume to be between 31000 and 33000 units; The expected revenue ranges from 10.499 billion to 1.1087 billion yuan.
The gross profit margin of NIO brand will reach 15%~18% this year
The financial report shows that in 2023, NIO's sales revenue was 49.257 billion yuan, an increase of 8.2% compared to the previous year. Among them, the automobile sales in the fourth quarter of 2023 were 15.438 billion yuan, a year-on-year increase of 4.6%, and a month on month decrease of 11% compared to the third quarter of 2023.
"In the fourth quarter of 2023, automobile sales revenue achieved year-on-year growth, mainly due to an increase in delivery volume, but partially offset by a decrease in average selling price caused by changes in product portfolio," explained NIO.
Official data shows that in 2023, NIO's cumulative delivery volume was about 160000 vehicles, a year-on-year increase of 30.7%. Among them, in the fourth quarter of 2023, NIO's delivery volume was about 50000 vehicles, a year-on-year increase of 25%, and a month on month decrease of 9.7% compared to the third quarter of 2023.
NIO Financial Report
In the third quarter of last year, NIO completed a comprehensive switch of products based on the NT2.0 platform, with a total of 8 models built on the second-generation technology platform being sold simultaneously, covering a price range of 300000 to 600000 yuan.
The financial report shows that in the fourth quarter of 2023, NIO's gross profit margin was 7.5%, while this figure was 3.9% in the fourth quarter of 2022 and 8% in the third quarter of 2023; In the fourth quarter of 2023, NIO's gross profit margin was 11.9%, an increase of 5.1 percentage points from 6.8% in the fourth quarter of 2022.
NIO explained that its gross profit margin has increased compared to the fourth quarter of 2022, mainly due to the increase in automotive gross profit margin; The decrease in gross profit margin compared to the third quarter of 2023 is mainly due to the expansion of the energy network leading to a decrease in gross profit margin for providing energy solutions, partially offset by the increase in gross profit margin for automobiles.
According to the financial report, NIO's gross profit margin for the entire year of 2023 was 5.5%, compared to 10.4% in the previous year; In 2023, NIO's gross profit margin for automobiles was 9.5%, while in 2022 it was 13.7%. "In the second quarter of this year, we will gradually launch the 2024 upgraded models on the market, and the annual gross profit margin of the NIO brand will reach 15% to 18%. In the long run, the company is confident that the NIO brand can achieve a gross profit margin of 20%," said Li Bin, Chairman of NIO.
In terms of research and development, NIO has invested a total of 13.43 billion yuan in 2023, an increase of 23.9% compared to 2022, and has exceeded 10 billion yuan for two consecutive years. Among them, in the fourth quarter of last year, NIO R&D invested 3.9721 billion yuan, exceeding 3 billion yuan for five consecutive quarters. Official data shows that as of the end of 2023, NIO's investment in research and development has exceeded 40 billion yuan.
Li Bin has publicly stated that "in the future, the company will continue to maintain a research and development investment of about 3 billion yuan per quarter.".
As of December 31, 2023, NIO's cash and cash equivalents, restricted cash, short-term investments, and long-term fixed deposits amounted to RMB 57.3 billion, an increase of RMB 12.1 billion from the previous quarter. "At the capital market level, NIO has gained recognition from internationally renowned capital, which has significantly increased NIO's cash reserves and provided sufficient funds to welcome the 2025 'finals'." NIO stated.
New brand's first car benchmarking Model Y
"NIO's new brand for the mass consumer market will be released in the second quarter of this year, with the first model being released in the third quarter and large-scale delivery starting in the fourth quarter." Li Bin revealed that the second car under the new brand is an SUV designed for large families and has entered the mold stage. It will be launched to the market in 2025, and the third car is also under development.
It is reported that the above-mentioned NIO new brand will mainly focus on the household car market. Li Bin introduced that the first model under the new brand will directly benchmark against Tesla Model Y, and the cost will be reduced by about 10% compared to Tesla Model Y. In addition, the new brand will also differentiate itself from the NIO brand in terms of strategic positioning.
"The NIO brand prioritizes gross profit margin, while new brands focus more on sales. The selling price of NIO's models will not be lower than ET5 (starting at 298000 yuan), and they will not increase sales through a 'price war'," said Li Bin.
Regarding the establishment of new brand marketing channels, Li Bin stated that the new brand will use a separate sales network, but the after-sales service will use some of the existing after-sales systems of the NIO brand. "The company's goal for 2024 is to build an offline network of no less than 200 new brands." Li Bin said that since only one model of the new brand is sold this year, the company will reserve sales personnel in advance in the NIO brand system, so that more models can be quickly invested in the sales work of the new brand after they are launched.
In terms of battery swapping networks, NIO stated that the company will have two sets of battery swapping networks, namely NIO's dedicated network and shared battery swapping network. Among them, new brand models will use a shared battery swapping network.
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