NIO(09866)2023-06-09 10:00Financial Performance - Total revenue for Q1 2023 reached RMB 10.6765 billion (USD 1.5546 billion), a 7.7% increase year-over-year but a 33.5% decrease quarter-over-quarter[2] - Automotive sales for Q1 2023 amounted to RMB 9.2245 billion (USD 1.3432 billion), down 0.2% year-over-year and down 37.5% quarter-over-quarter[4] - Gross margin for Q1 2023 was 1.5%, significantly lower than 14.6% in Q1 2022 and 3.9% in Q4 2022[4] - Operating loss for Q1 2023 was RMB 5.1118 billion (USD 744.3 million), a 133.6% increase year-over-year but a 24.1% decrease quarter-over-quarter[6] - Net loss for Q1 2023 was RMB 4.7395 billion (USD 690.1 million), a 165.9% increase year-over-year and an 18.1% decrease quarter-over-quarter[6] - Gross profit for Q1 2023 was RMB 162.3 million (USD 23.6 million), an 88.8% decrease year-over-year and a 73.9% decrease from Q4 2022[11] - The net loss attributable to NIO Group's ordinary shareholders for Q1 2023 was RMB 4,803,629, compared to RMB 5,847,079 in Q1 2022, indicating a reduction in losses by approximately 17.9%[27] - The adjusted net loss (non-GAAP) for the three months ended March 31, 2023, was RMB 4,150,129, compared to RMB 5,065,621 for the same period in 2022, showing a reduction of about 18%[30] - The company reported a total comprehensive loss of RMB 4,795,468 for the three months ended March 31, 2023, compared to RMB 5,944,562 for the same period in 2022, indicating a decrease of about 19.3%[29] Vehicle Deliveries - Vehicle deliveries in Q1 2023 totaled 31,041 units, a 20.5% increase from Q1 2022 but a 22.5% decrease from Q4 2022[3] - Cumulative vehicle deliveries reached 333,410 units as of May 31, 2023[8] - In April 2023, vehicle deliveries were 6,658 units, followed by 6,155 units in May 2023[8] - NIO delivered 31,041 vehicles in Q1 2023, maintaining the top position in China's high-end electric vehicle market for 12 consecutive quarters[9] - For Q2 2023, the company expects vehicle deliveries to be between 23,000 and 25,000 units, representing a decline of approximately 8.2% to 0.2% compared to Q2 2022[16] Cash and Assets - Cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 37.8 billion (USD 5.5 billion) as of March 31, 2023[6] - Cash and cash equivalents as of March 31, 2023, were RMB 14,763,443, down from RMB 19,887,575 as of December 31, 2022, a decrease of about 25.5%[25] - As of March 31, 2023, the total assets of NIO Group amounted to RMB 89,327,374, equivalent to USD 13,007,073[25] - The total liabilities decreased from RMB 68,617,165 to RMB 65,865,236, representing a reduction of approximately 3.6%[26] - The total current assets decreased from RMB 59,149,752 to RMB 51,651,048, a decline of approximately 12.6%[25] - The company’s inventory as of March 31, 2023, was RMB 6,376,311, down from RMB 8,191,386, indicating a reduction of about 22.1%[25] - NIO Group's short-term investments as of March 31, 2023, were RMB 17,842,478, a decrease of 6.9% from RMB 19,171,017 as of December 31, 2022[25] Research and Development - R&D expenses in Q1 2023 were RMB 3.0756 billion (USD 447.8 million), a 74.6% increase year-over-year but a 22.7% decrease from Q4 2022[12] - Research and development expenses for Q1 2023 were RMB 3,075,611, which is a decrease of 22.7% compared to RMB 3,980,578 in Q1 2022[27] Future Outlook and Strategy - The company plans to enhance its competitive advantage by analyzing market changes and optimizing cost structures[9] - The company plans to continue its market expansion and product development strategies to enhance future performance and profitability[32] - The company is focusing on reducing operating expenses, with selling, general, and administrative expenses for the three months ended March 31, 2023, at RMB 2,445,928, down from RMB 3,527,371 in the previous year, a reduction of approximately 30.7%[30] - The company is a pioneer in the high-end smart electric vehicle market, focusing on innovation in autonomous driving, digital technology, and battery systems[20] - The product lineup includes six-seat flagship SUV ES8, mid-large five-seat SUV ES7, five-seat all-scenario SUV ES6, and several other models, showcasing a diverse range of offerings[20] - The company emphasizes its leading battery swapping technology and Battery as a Service (BaaS) model as key competitive advantages[20] Earnings Conference Call - The management will hold an earnings conference call on June 9, 2023, to discuss performance and future outlook[17] Financial Reporting and Risks - The company uses non-GAAP financial measures to assess operational performance, excluding stock-based compensation expenses[22] - The company acknowledges inherent risks and uncertainties that may cause actual results to differ significantly from forward-looking statements[21] - The company encourages investors to review its financial data comprehensively rather than relying solely on non-GAAP financial indicators[22]