NIO's Q1 Revenues Were $1,554.6 Million; Net Loss Was $690.1 Million

Tiger Newspress2023-06-09

NIO today announced its unaudited financial results for the first quarter ended March 31, 2023.

Vehicle deliveries were 31,041 in the first quarter of 2023, consisting of 10,430 premium smart electric SUVs and 20,611 premium smart electric sedans, representing an increase of 20.5% from the first quarter of 2022, and a decrease of 22.5% from the fourth quarter of 2022.

Vehicle sales were RMB9,224.5 million (US$1,343.2 million) in the first quarter of 2023, representing a decrease of 0.2% from the first quarter of 2022 and a decrease of 37.5% from the fourth quarter of 2022.

Vehicle margin was 5.1% in the first quarter of 2023, compared with 18.1% in the first quarter of 2022 and 6.8% in the fourth quarter of 2022.

Total revenues were RMB10,676.5 million (US$1,554.6 million) in the first quarter of 2023, representing an increase of 7.7% from the first quarter of 2022 and a decrease of 33.5 % from the fourth quarter of 2022.

Gross profit was RMB162.3 million (US$23.6 million) in the first quarter of 2023, representing a decrease of 88.8% from the first quarter of 2022 and a decrease of 73.9% from the fourth quarter of 2022.

Gross margin was 1.5% in the first quarter of 2023, compared with 14.6% in the first quarter of 2022 and 3.9% in the fourth quarter of 2022.

Loss from operations was RMB5,111.8 million (US$744.3 million) in the first quarter of 2023, representing an increase of 133.6% from the first quarter of 2022 and a decrease of 24.1% from the fourth quarter of 2022. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,522.4 million (US$658.5 million) in the first quarter of 2023, representing an increase of 163.6% from the first quarter of 2022 and a decrease of 24.8% from the fourth quarter of 2022.

Net loss was RMB4,739.5 million (US$690.1 million) in the first quarter of 2023, representing an increase of 165.9% from the first quarter of 2022 and a decrease of 18.1% from the fourth quarter of 2022. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB 4,150.1 million (US$604.3 million) in the first quarter of 2023, representing an increase of 216.9% from the first quarter of 2022 and a decrease of 18.1% from the fourth quarter of 2022.

Net loss attributable to NIO’s ordinary shareholders was RMB4,803.6 million (US$699.5 million) in the first quarter of 2023, representing an increase of 163.2% from the first quarter of 2022 and a decrease of 17.8% from the fourth quarter of 2022. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB4,141.8 million (US$603.1 million) in the first quarter of 2023, representing an increase of 222.3% from the first quarter of 2022 and a decrease of 18.0% from the fourth quarter of 2022.

Basic and diluted net loss per ordinary share/American Depositary Share (ADS)iii were both RMB2.91 (US$0.42) in the first quarter of 2023, compared with RMB1.12 in the first quarter of 2022 and RMB3.55 in the fourth quarter of 2022. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per share/ADS (non-GAAP) were both RMB2.51 (US$0.36), compared with RMB0.79 in the first quarter of 2022 and RMB3.07 in the fourth quarter of 2022.

Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB37.8 billion (US$5.5 billion) as of March 31, 2023.

Stocks fell over 4% in premarket trading.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

a4xrbj1
2023-06-09
a4xrbj1
Who cares about range as long as it's over 300 km. No one needs those huge batteries that promise 600 or more km
a4xrbj1
2023-06-09
a4xrbj1
Replace Nio with Tesla and imagine the shit storm and minimum 20% stock price decline. Market always overreacts with Tesla, in both directions IMO
SherryVJ
2023-06-09
SherryVJ
Ok
telurbenedic
2023-06-09
telurbenedic
Q2 may have negative gross margin. stock dilution coming soon
Furqan
2023-06-09
Furqan
Nio seems to be going south :-(
- a4xrbj1:
  Yes, seems their strategy is wrong and they will be one if the culprits when consolidation phase comes
lowmy
2023-06-09
lowmy
Should ditch the Baas since EVs have much better range nowadays
- telurbenedicReplyYonhuat:
  
  dont be naive. china market super competitive. there is no time
- YonhuatReplytelurbenedic:
  appreciation and adoption takes time, timing is key. Nio will mature and consumer will realize what they are paying for.
- telurbenedic:
  consumers have made their choices. no need to argue that Nio is not well received
- Yonhuat:
  Which EVs have better range? How many EV has 800V capable charging? With 800V power chargers which are hard to find, it takes 15mins to charge a pack to use 180km-200km.