2025-06-03 11:53Vehicle Deliveries - In Q1 2025, the company delivered 42,094 vehicles, a 40.1% increase year-over-year, but a 42.1% decrease from Q4 2024[7] - In April and May 2025, the company delivered 23,900 and 23,231 vehicles respectively, bringing total deliveries for 2025 to 89,225 vehicles[11] - The company expects total deliveries in Q2 2025 to reach between 72,000 and 75,000 vehicles, representing a year-over-year growth of 25.5% to 30.7%[17] Financial Performance - Total revenue for Q1 2025 was RMB 12.0347 billion (USD 1.6584 billion), a 21.5% increase year-over-year, but a 38.9% decrease from Q4 2024[9] - Q1 2025 automotive sales revenue was RMB 9.9393 billion (USD 1.3697 billion), up 18.6% year-over-year, but down 43.1% from Q4 2024[9] - The gross profit for Q1 2025 was RMB 919.6 million (USD 126.7 million), an 88.5% increase year-over-year, but a 60.2% decrease from Q4 2024[9] - The company reported a net loss of RMB 6.750 billion (USD 930.2 million) in Q1 2025, a 30.2% increase year-over-year, but a 5.1% decrease from Q4 2024[13] - Operating loss for Q1 2025 was RMB 6.4181 billion (USD 884.4 million), an increase of 19.0% year-over-year and 6.4% compared to Q4 2024[23] - Other sales revenue for Q1 2025 was RMB 2.0954 billion (USD 288.8 million), an increase of 37.2% year-over-year, but a decrease of 5.9% from Q4 2024[20] Cash and Assets - As of March 31, 2025, the company had cash and cash equivalents totaling RMB 26 billion (USD 3.6 billion)[13] - Cash and cash equivalents as of March 31, 2025, were RMB 8,075,457 thousand (USD 1,112,828 thousand), down from RMB 19,328,920 thousand as of December 31, 2024[38] - Total assets decreased to RMB 98,163,707 thousand (USD 13,527,321 thousand) as of March 31, 2025, from RMB 107,604,612 thousand as of December 31, 2024[39] - Total liabilities as of March 31, 2025, were RMB 90,849,054 thousand (USD 12,519,335 thousand), a decrease from RMB 94,098,069 thousand as of December 31, 2024[39] Research and Development - R&D expenses for Q1 2025 were RMB 3.1814 billion (USD 438.4 million), an increase of 11.1% year-over-year, but a decrease of 12.5% from Q4 2024[24] - Research and development expenses for the same period were RMB 2,914,356,000, representing a significant investment in innovation and technology[42] - The company has been actively investing in research and development, with R&D expenses reaching RMB 3,291,738,000 for the three months ended December 31, 2024[44] Future Outlook - The company expects to continue improving operational efficiency and cost control measures starting from Q2 2025[18] - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[40] - The company is actively pursuing new technologies and product development to improve operational efficiency and customer satisfaction[40] - Total revenue is projected to be between RMB 19.513 billion (approximately $2.689 billion) and RMB 20.068 billion (approximately $2.765 billion), reflecting a growth of about 11.8% to 15.0% year-over-year compared to the same quarter in 2024[30] Product Launches - The company launched the Firefly model in April 2025 and began deliveries, with plans for gradual global market entry[15] - In May 2025, the company launched four upgraded products, including the new ES6, EC6, ET5, and ET5T[16]