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NIO Q1 Earnings Surprise? Expectation vs. Reality
What It Means for NIO Stock
Have you ever wondered how an electric vehicle giant navigates through market shifts?
$NIO Q1 report
— NIO (@NIO_Worldwide)
10:26 AM • Jun 6, 2024
Operating Highlights
In Q1 2024, NIO delivered 30,053 vehicles, comprising 17,809 SUVs and 12,244 sedans. While this marks a decrease of 3.2% year-over-year and a 39.9% drop from Q4 2023, the numbers tell a broader story of seasonal fluctuations and market dynamics.
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Financial Insights
Vehicle Sales: NIO reported vehicle sales of RMB 8,381.3 million (USD 1,160.8 million), a 9.1% decline from Q1 2023 and a 45.7% dip from Q4 2023. The decrease reflects lower average selling prices and reduced delivery volumes.
Total Revenues: Total revenues stood at RMB 9,908.6 million (USD 1,372.3 million), down 7.2% year-over-year and 42.1% quarter-over-quarter.
Gross Profit and Margin: Gross profit saw a significant year-over-year increase of 200.5%, reaching RMB 487.7 million (USD 67.6 million), although it dropped 61.9% from Q4 2023. Gross margin improved to 4.9% from 1.5% a year ago but fell from 7.5% in Q4 2023.
Net Loss: NIO's net loss for Q1 2024 was RMB 5,184.6 million (USD 718.1 million), up 9.4% year-over-year but a 3.4% improvement from the previous quarter.
Strategic Moves
Vehicle Deliveries: Despite Q1 challenges, April and May 2024 saw strong recovery with 15,620 and 20,544 vehicles delivered, respectively, marking significant year-over-year growth.
ONVO Launch: NIO introduced ONVO, a new brand focusing on family-oriented smart electric vehicles. The first model, L60, aims to strengthen NIO's presence in the mainstream market.
Investment in NIO Power: NIO secured an investment of RMB 1 billion in NIO Power, highlighting a commitment to enhancing its power and service network.
Executive Commentary
CEO William Bin Li emphasized NIO's competitive edge through its premium brand positioning and advanced technologies. CFO Steven Wei Feng highlighted ongoing efforts to improve operational efficiency and market expansion.
Looking Ahead
NIO projects robust growth for Q2 2024, expecting vehicle deliveries between 54,000 and 56,000 units and total revenues between RMB 16,587 million (USD 2,297 million) and RMB 17,135 million (USD 2,373 million).
To dive deeper into NIO's financial performance and future prospects, don't miss our latest video! Just click this video right here!
So, what's next for NIO in the fast-evolving EV market?
June 5, 2024: $NIO = $5.27
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