NIO(NIO) - 2024 Q1 - Quarterly Report

Financial Performance - Quarterly total revenues reached RMB 17,103.2 million (US $2,408.9 million), a 6.5% increase year-over-year but a 10.3% decrease quarter-over-quarter[1][4][22] - Full year total revenues were RMB 55,617.9 million (US$ 7,833.6 million), representing a 12.9% increase from the previous year[9][10][22] - Vehicle sales for Q4 2023 were RMB 15,438.7 million (US $2,174.5 million), a 4.6% increase year-over-year but an 11.3% decrease quarter-over-quarter[4][22] - Vehicle sales for the full year of 2023 were RMB 49,257.3 million (US$ 6,937.7 million), representing an increase of 8.2% from the previous year[23] - Other sales for the full year of 2023 were RMB 6,360.7 million (US $895.9 million), representing an increase of 69.1% from the previous year[23] - Total revenues for the year ended December 31, 2023, reached RMB 55,617,933, an increase from RMB 49,268,561 in 2022, representing a growth of approximately 12.5%[56] Vehicle Deliveries - Vehicle deliveries for Q4 2023 were 50,045 units, a 25.0% increase from Q4 2022 but a 9.7% decrease from Q3 2023[2][3] - Cumulative vehicle deliveries reached 467,781 as of February 29, 2024, with 10,055 vehicles delivered in January and 8,132 in February 2024[13] - The company expects deliveries of vehicles in Q1 2024 to be between 31,000 and 33,000 vehicles, representing a decrease of approximately 0.1% to an increase of approximately 6.3% from the same quarter of 2023[39] Profitability and Loss - Gross profit for Q4 2023 was RMB 1,279.2 million (US$ 180.2 million), a 105.7% increase year-over-year but a 16.0% decrease quarter-over-quarter[5][22] - Gross profit for the full year of 2023 was RMB 3,051.8 million (US $429.8 million), representing a decrease of 40.7% from the previous year[25] - Gross margin for the full year of 2023 was 5.5%, compared with 10.4% for the full year of 2022[26] - Net loss for Q4 2023 was RMB 5,367.7 million (US$ 756.0 million), a 7.2% decrease year-over-year but a 17.8% increase quarter-over-quarter[6][10] - Net loss for the full year of 2023 was RMB 20,719.8 million (US $2,918.3 million), compared with a net loss of RMB 14,437.1 million in 2022[34] - Total net loss for Q4 2023 was RMB 5,367,745, compared to RMB 4,556,724 in Q3 2023, reflecting an increase in losses[58] - Net loss attributable to ordinary shareholders for Q4 2023 was RMB 5,592,773, up from RMB 4,628,629 in Q3 2023[58] - Total net loss for the year ended December 31, 2023, was RMB 20,719,753, compared to RMB 14,437,104 in 2022[62] Expenses - Research and development expenses for the full year of 2023 were RMB 13,431.4 million (US$ 1,891.8 million), representing an increase of 23.9% from the previous year[29] - Selling, general and administrative expenses for the year ended December 31, 2023, were RMB 12,884,556, compared to RMB 10,537,119 in 2022, indicating a rise of about 22.3%[56] - Total cost of sales for the year ended December 31, 2023, was RMB 52,566,137, compared to RMB 44,124,568 in 2022[61] Cash and Assets - As of December 31, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, and long-term time deposits was RMB 57.3 billion (US $8.1 billion)[37] - Total current assets increased from RMB 59,149,752 thousand in 2022 to RMB 70,380,233 thousand in 2023, representing a growth of approximately 19.5%[52] - Cash and cash equivalents rose significantly from RMB 19,887,575 thousand in 2022 to RMB 32,935,111 thousand in 2023, an increase of about 65.3%[52] - Total assets grew from RMB 96,263,925 thousand in 2022 to RMB 117,383,202 thousand in 2023, reflecting an increase of approximately 22.0%[52] - Total liabilities increased from RMB 68,617,165 thousand in 2022 to RMB 87,787,186 thousand in 2023, marking a rise of about 27.9%[52] - Total shareholders' equity rose from RMB 24,089,539 thousand in 2022 to RMB 25,735,632 thousand in 2023, an increase of approximately 6.8%[53] Strategic Developments - NIO launched the ET9, a smart electric executive flagship, on December 23, 2023, showcasing advanced technologies[14][20] - NIO secured a US$ 2.2 billion strategic equity investment from CYVN, enhancing its competitive positioning in the smart EV market[16][21] - The company plans to enhance its market expansion strategies and invest in new technologies to drive future growth[60]