2024-06-06 10:48Financial Performance - In Q1 2024, the company delivered 30,053 vehicles, a decrease of 3.2% year-over-year and a decline of 39.9% from Q4 2023[3] - Q1 2024 automotive sales amounted to RMB 8.3813 billion (USD 1.1608 billion), down 9.1% year-over-year and down 45.7% from Q4 2023[4] - The total revenue for Q1 2024 was RMB 9.9086 billion (USD 1.3723 billion), representing a 7.2% decrease year-over-year and a 42.1% decline from Q4 2023[4] - The gross profit for Q1 2024 was RMB 487.7 million (USD 67.6 million), an increase of 200.5% year-over-year but a decrease of 61.9% from Q4 2023[4] - The operating loss for Q1 2024 was RMB 5.3941 billion (USD 747.1 million), an increase of 5.5% year-over-year but a decrease of 18.6% from Q4 2023[5] - The net loss for Q1 2024 was RMB 5.184 billion (USD 718.1 million), an increase of 9.4% year-over-year but a decrease of 3.4% from Q4 2023[16] - The gross margin for Q1 2024 was 4.9%, up from 1.5% in Q1 2023 but down from 7.5% in Q4 2023[13] - R&D expenses for Q1 2024 were RMB 2.864 billion (USD 396.7 million), a decrease of 6.9% year-over-year and a decline of 27.9% from Q4 2023[14] - The total operating loss for the first quarter of 2024 was RMB 5,112,662, down from RMB 5,394,073 in the previous quarter, indicating a decrease of approximately 5.2%[30] - The adjusted net loss for the first quarter of 2024, according to non-GAAP measures, was RMB 4,903,166, compared to RMB 4,801,696 in the previous quarter, indicating a slight increase of about 2.1%[30] Vehicle Deliveries - In April 2024, the company delivered 15,620 vehicles, followed by 20,544 vehicles in May 2024, bringing total cumulative deliveries to 515,811 vehicles by May 31, 2024[7] - The company expects vehicle deliveries in Q2 2024 to be between 54,000 and 56,000 units, representing a year-over-year growth of approximately 129.6% to 138.1%[17] - In April and May 2024, the company delivered 15,620 and 20,544 vehicles respectively, representing significant year-over-year increases of 134.6% and 233.8%[11] Cash and Assets - As of March 31, 2024, the company had cash and cash equivalents totaling RMB 45.3 billion (USD 6.3 billion)[5] - As of March 31, 2024, NIO Group reported total assets of RMB 104.19 billion, a decrease of 11.3% from RMB 117.38 billion as of December 31, 2023[26] - Cash and cash equivalents decreased to RMB 23.82 billion as of March 31, 2024, down 28.0% from RMB 32.94 billion as of December 31, 2023[26] - The company’s total current assets as of March 31, 2024, were RMB 59.01 billion, a decrease of 16.2% from RMB 70.38 billion as of December 31, 2023[26] - NIO Group's total equity attributable to shareholders decreased to RMB 20.59 billion as of March 31, 2024, down 19.4% from RMB 25.55 billion as of December 31, 2023[27] Strategic Developments - The company launched its second electric vehicle brand, "Ladao," on May 15, 2024, with the first model, the L60, now available for pre-order[8] - The company entered a securities lending program on May 21, 2024, allowing the lending of up to 2 million shares of Class A common stock[9] - On May 31, 2024, the company finalized an investment agreement for RMB 1 billion in its subsidiary, NIO Energy, with the investor acquiring a 10% stake[10] - NIO Group is a pioneer in the high-end smart electric vehicle market, established in November 2014, focusing on creating a joyful lifestyle through smart electric vehicles[21] - The company launched its second smart electric vehicle brand, "Ladao," in May 2024, aimed at enhancing family life and providing better brand and product experiences for family users[21] Future Outlook - Total revenue for Q2 2024 is projected to be between RMB 16.587 billion (USD 2.297 billion) and RMB 17.135 billion (USD 2.373 billion), reflecting a year-over-year growth of approximately 89.1% to 95.3%[17] - NIO's future outlook includes the potential for growth in battery swapping and smart driving subscription services, which are seen as key areas for expansion[22] - The company is committed to expanding its manufacturing capacity and ensuring the quality and attractiveness of its vehicles to meet customer demands[22] - NIO aims to maintain sufficient vehicle bookings and sales while controlling operational costs effectively[22] Risks and Financial Metrics - The company utilizes non-GAAP financial metrics to assess operational performance, including adjusted operating loss and adjusted net loss, which exclude stock-based compensation expenses[23] - The company encourages investors to review its financial data comprehensively rather than relying solely on non-GAAP financial metrics[23] - The company faces inherent risks and uncertainties that could lead to significant differences between actual performance and forward-looking statements[22]