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NIO Inc. Announces Q1 2024 Financial Results: Key Highlights and Future Outlook
Shanghai, June 06, 2024 – NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO), a leader in the premium smart electric vehicle market, has released its unaudited financial results for the first quarter ending March 31, 2024. Despite challenging market conditions, NIO continues to demonstrate resilience and strategic growth.
Key Operating Highlights for Q1 2024
- Vehicle Deliveries: NIO delivered a total of 30,053 vehicles in Q1 2024, including 17,809 premium smart electric SUVs and 12,244 premium smart electric sedans. This represents a 3.2% decrease from Q1 2023 and a 39.9% decrease from Q4 2023.
Financial Highlights for Q1 2024
- Vehicle Sales: RMB 8,381.3 million (US$1,160.8 million), a 9.1% decrease from Q1 2023 and a 45.7% decrease from Q4 2023.
- Vehicle Margin: 9.2%, compared to 5.1% in Q1 2023 and 11.9% in Q4 2023.
- Total Revenues: RMB 9,908.6 million (US$1,372.3 million), a 7.2% decrease from Q1 2023 and a 42.1% decrease from Q4 2023.
- Gross Profit: RMB 487.7 million (US$67.6 million), a significant increase of 200.5% from Q1 2023 but a 61.9% decrease from Q4 2023.
- Gross Margin: 4.9%, compared to 1.5% in Q1 2023 and 7.5% in Q4 2023.
- Net Loss: RMB 5,184.6 million (US$718.1 million), an increase of 9.4% from Q1 2023 and a decrease of 3.4% from Q4 2023.
In response to these results, NIO's stock price fell by 2.7% in pre-market trading.
Recent Developments
- Vehicle Deliveries for April and May 2024: NIO delivered 15,620 vehicles in April and 20,544 in May 2024, bringing cumulative deliveries to 515,811 as of May 31, 2024.
- Launch of ONVO and L60 Model: ONVO, NIO’s second smart electric vehicle brand, debuted on May 15, 2024, along with its first model, the family-oriented L60 SUV, now accepting pre-orders in China.
- SGX Securities Lending Program: On May 21, 2024, CHJ Limited, a special purpose vehicle of NIO, commenced participation as a lender in the SGX Securities Lending Program.
- Investment in NIO Power: On May 31, 2024, NIO entered into agreements with Wuhan Guangchuang Emerging Technology for an initial RMB 1.0 billion investment in NIO Power, with an option for an additional RMB 500 million investment.
CEO and CFO Comments
William Bin Li, NIO’s founder, chairman, and CEO, highlighted the company’s strategic positioning and robust technology, contributing to substantial growth in recent vehicle deliveries. The introduction of ONVO and the ET7 Executive Edition are key steps in enhancing NIO's market presence and competitiveness.
Steven Wei Feng, CFO, emphasized ongoing efforts to improve operational efficiency and expand the service network, including partnerships with seven automakers in China to standardize battery swapping technologies.
Business Outlook for Q2 2024
NIO forecasts:
- Vehicle Deliveries: Between 54,000 and 56,000 units, an increase of approximately 129.6% to 138.1% from Q2 2023.
- Total Revenues: Between RMB 16,587 million (US$2,297 million) and RMB 17,135 million (US$2,373 million), representing an increase of approximately 89.1% to 95.3% from Q2 2023.
Despite the competitive market landscape, NIO remains focused on leveraging its premium brand positioning, innovative technology, and expanding product lineup to drive future growth and deliver value to shareholders.
(Source: NIO)
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