NIO(09866)2024-03-05 10:11Vehicle Deliveries - 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 achieved a record delivery of 160,038 vehicles in 2023, leading the high-end electric vehicle market in China with an average transaction price above RMB 300,000[16]. - In January 2024, NIO delivered 10,055 vehicles, and in February 2024, delivered 8,132 vehicles, bringing the cumulative delivery total to 467,781 vehicles as of February 29, 2024[10]. 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]. - For the full year 2023, total revenue was RMB 55.6179 billion (USD 7.8336 billion), a 12.9% increase from 2022[9]. - The full year gross profit was RMB 3.0518 billion (USD 429.8 million), a decrease of 40.7% compared to the previous year[8]. - The operating loss for 2023 was RMB 22.6552 billion (USD 3.1909 billion), an increase of 44.8% year-over-year[8]. - 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]. - For the full year 2023, the net loss was RMB 20.7198 billion (USD 2.9183 billion), compared to a net loss of RMB 14.4371 billion in 2022[24]. Profitability Metrics - 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 gross margin for Q4 2023 was 7.5%, compared to 3.9% in Q4 2022 and 8.0% in Q3 2023[5]. - The automotive gross margin for Q4 2023 reached 11.9%, up from 6.8% in Q4 2022 and 11.0% in Q3 2023[19]. - The adjusted net loss for Q4 2023 was RMB 4.8017 billion (USD 676.3 million), a 21.5% increase compared to Q3 2023[5]. - The full year adjusted net loss was RMB 18.3507 billion (USD 2.5846 billion), reflecting a 51.1% increase from the previous year[9]. 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]. - Cash and cash equivalents increased to RMB 32.94 billion from RMB 19.89 billion, reflecting a growth of about 65% year-over-year[34]. - The total current assets rose to RMB 70.38 billion, up from RMB 59.15 billion, indicating an increase of approximately 19%[34]. - The total assets of NIO Group amounted to RMB 117.38 billion, an increase from RMB 96.26 billion as of December 31, 2022, representing a growth of approximately 22%[34]. Research and Development - R&D expenses for Q4 2023 were RMB 3.9721 billion (USD 0.5595 billion), a decrease of 0.2% year-over-year but an increase of 30.7% from Q3 2023[20]. - Research and development expenses for the year ended December 31, 2023, were RMB 3,972,127, compared to RMB 3,980,578 in 2022, indicating a slight decrease of about 0.2%[36]. - Research and development expenses rose to RMB 13,431,399, up 24.3% from RMB 10,836,261 in 2022[38]. Future Outlook - The company expects Q1 2024 vehicle deliveries 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]. - Future outlook includes continued investment in R&D and potential market expansion, although specific guidance was not provided in the earnings call[42][43]. Strategic Initiatives - NIO completed a strategic equity investment of USD 2.2 billion from CYVN Investments, increasing CYVN's ownership to approximately 20.1% of the company[12]. - The company has introduced new products and technologies, including BaaS and ADaaS, which are expected to enhance growth potential and market presence[1]. - NIO aims to expand its market presence and improve production capacity through strategic partnerships and technological advancements[1]. - The company emphasizes the importance of non-GAAP financial metrics to provide a clearer understanding of its operational trends and future outlook[31].