NIO(09866)2024-03-05 10:11Vehicle Deliveries and Sales - In Q4 2023, NIO delivered 50,045 vehicles, including 33,679 high-end smart electric SUVs and 16,366 high-end smart electric sedans, representing a 25.0% increase year-over-year but a 9.7% decrease quarter-over-quarter[2] - NIO delivered 10,055 vehicles in January 2024 and 8,132 vehicles in February 2024, with a cumulative delivery of 467,781 vehicles as of February 29, 2024[10] - In 2023, NIO achieved a record delivery of 160,038 vehicles, leading the high-end electric vehicle market in China with an average transaction price above RMB 300,000[16] Financial Performance - Total revenue for Q4 2023 reached RMB 17.1032 billion (USD 2.4089 billion), a 6.5% increase compared to Q4 2022, but a 10.3% decrease from Q3 2023[4] - The gross profit for Q4 2023 was RMB 1.2792 billion (USD 180.2 million), up 105.7% year-over-year, but down 16.0% quarter-over-quarter[4] - The operating loss for Q4 2023 was RMB 6.6253 billion (USD 933.2 million), a 1.6% decrease year-over-year and a 36.8% increase quarter-over-quarter[5] - For the full year 2023, total revenue was RMB 55.6179 billion (USD 7.8336 billion), a 12.9% increase from the previous year[9] - The full year 2023 net loss was RMB 20.7198 billion (USD 2.9183 billion), an increase of 43.5% year-over-year[9] Profitability Metrics - The vehicle gross margin for Q4 2023 was 11.9%, compared to 6.8% in Q4 2022 and 11.0% in Q3 2023[3] - The gross margin for Q4 2023 was 7.5%, up from 3.9% in Q4 2022, primarily due to an increase in automotive gross margin[19] - The automotive gross margin for Q4 2023 reached 11.9%, compared to 6.8% in Q4 2022, driven by lower material costs[19] Expenses and Losses - In Q4 2023, the sales, general and administrative expenses were RMB 3.9727 billion (USD 559.5 million), an increase of 12.6% year-over-year and 10.1% quarter-over-quarter[21] - For the full year 2023, the sales, general and administrative expenses totaled RMB 12.8846 billion (USD 1.8148 billion), up 22.3% from the previous year[21] - The net loss for Q4 2023 was RMB 5.3677 billion (USD 756 million), a reduction of 7.2% year-over-year and an increase of 17.8% quarter-over-quarter[23] Cash and Assets - As of December 31, 2023, cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 57.3 billion (USD 8.1 billion)[5] - Total assets rose to RMB 117,383,202 (approximately USD 16,533,078) as of December 31, 2023, up from RMB 96,263,925 (approximately USD 13,646,000) as of December 31, 2022, indicating a growth of 22.0%[34] - The company reported a total current assets increase to RMB 70,380,233 (approximately USD 9,912,849) from RMB 59,149,752 (approximately USD 8,370,000), reflecting an increase of 19.0%[34] Research and Development - R&D expenses for Q4 2023 were RMB 3.9721 billion (USD 0.5595 billion), a 0.2% decrease year-over-year and a 30.7% increase from Q3 2023[20] - The company plans to continue investing in research and development to enhance its product offerings and technology advancements, although specific future projections were not detailed in the call[44] Future Outlook - The company expects vehicle deliveries in Q1 2024 to be between 31,000 and 33,000 units, reflecting a year-over-year change of approximately -0.1% to +6.3%[26] - Total revenue for Q1 2024 is projected to be between RMB 10.499 billion (USD 1.479 billion) and RMB 11.087 billion (USD 1.562 billion), indicating a year-over-year change of approximately -1.7% to +3.8%[26] Strategic Initiatives - The company is focusing on expanding its Battery as a Service (BaaS) and Autonomous Driving as a Service (ADaaS) offerings, which are expected to drive future growth[1] - The company aims to improve its vehicle production capacity and ensure timely delivery to meet customer demand, which is critical for maintaining market competitiveness[1] - The overall economic conditions in China and globally are being monitored closely, as they may impact future performance and strategic decisions[1]