Total revenue 49.27 billion yuan NIO released 2022 financial results

2024年9月1日 | admin | xwxq

　　[Autohome Industry] On March 1, NIO released its fourth quarter and full year financial results for 2022. NIO’s fourth quarter revenue was 16.06 billion yuan, an increase of 62.2% year-on-year, and positive growth for 11 consecutive quarters. The total revenue for the year reached 49.27 billion yuan, both hitting a new high; the fourth quarter R & D expenditure was 3.98 billion yuan, and the total R & D expenditure for the year was 10.84 billion yuan; the cash reserve was 45.50 billion yuan. The delivery guide for Q1 in 2023 is 31,000 – 33,000 units, and the revenue guide is 10.62 billion yuan – 11.54 billion yuan.

NIO NIO EC7 2023 100kWh First Edition

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　　With the increase in investment in R & D, sales and services, power station replacement, overseas layout, etc., NIO’s loss in 2022 also further expanded, reaching 14.437 billion yuan, an increase of 259.4% compared with the loss of 4.017 billion yuan in 2021. Gross margin is also further under pressure, falling from 18.9% in 2021 to 10.4%.

NIO’s 2022 Annual Financial Results annual 2022 2021 percentage change Auto sales revenue 45.507 billion yuan 33.17 billion yuan 37.2% Automotive gross margin 13.7% 20.1% -640 basis points Other sales revenue 3.762 billion yuan 2.967 billion yuan 26.7% total revenue 49.269 billion yuan 36.136 billion yuan 36.3% Cost of car sales 39.272 billion yuan 26.517 billion yuan 48.1% Other cost of sales 4.852 billion yuan 2.798 billion yuan 73.4% Total cost of sales 44.125 billion yuan 29.315 billion yuan 50.5% R & D expenses 10.836 billion yuan 4.592 billion yuan 136.0% Selling, general and administrative expenses 10.537 billion yuan 6.878 billion yuan 53.2% Total operating expenses 20.784 billion yuan 11.318 billion yuan 83.6% gross profit 514 million yuan 682 million yuan -24.6% gross margin 10.4% 18.9% -840 basis points operating loss 15.641 billion yuan 44.96 247.9% net loss 14.437 billion yuan 4.017 billion yuan 259.4% Data Source: NIO Financial Reports; Tabulation: Autohome Industry Channel

　　In terms of new model launch, the smart electric flagship SUV EC7 and the all-scene smart electric flagship SUV new ES8 unveiled on NIO Day 2022 will be delivered in the first half of 2023. In addition, three new cars from the second-generation technology platform will be released one after another to meet the high-quality and diverse needs of users. This year, all NIO models will be switched to the second-generation technology platform, and the total number of models on sale will reach 8. While the product force is further enhanced, sales are expected to further increase, driving rapid revenue growth.

　　At the subsequent earnings conference, Li Bin, chairperson of NIO, said that this year NIO will accelerate the rhythm from product release to user delivery. Four new cars will be delivered in Q2, and the fifth car will be delivered in July. NIO’s self-research system layout has taken shape, and the quarterly R & D expenses will remain stable at about 3 billion yuan for a period of time in the future, while improving the efficiency of R & D system. Throughout the year, the pressure on parts supply has dropped significantly and will not become a capacity constraint.

　　NIO’s sales target for 2023 is to double that of 2022, when NIO delivered a total of 122,486 new vehicles, an increase of 34% year-on-year, which means that it will achieve sales of about 250,000 vehicles this year.

　　Li Bin expects a lot of pressure in the first quarter, mainly due to the transition period of product sales from NT1 to NT2 platform; the existing ES8, ES6, and EC6 models have measures such as vehicle clearance, national subsidies, and financial discounts; F1 is in the transformation stage in Q1, with lower output; the main delivery model in Q1 is ET5, which is a model with lower gross profit.

　　Under the growth target of doubling for the whole year, Li Bin said that he is confident that the gross profit will climb to 18-20% in the fourth quarter of 2023. In terms of product portfolio, high gross profit products will be delivered in Q2; the cost of lithium carbonate is falling rapidly recently, and the output of lithium will increase this year. Overall, Q4 has the opportunity to drop to 200,000/ton or even lower; Q3 starts to see a significant increase in deliveries, and fixed cost sharing has been improved.

　　"If the price of raw materials reaches the rate of decline we expect according to the current trend, we will not change the goal of achieving break-even for the Q4 NIO brand in 2023. After all NT2 products are released, all products can be divided into three categories: ET5, ET5 Touring, ES6, with a target monthly sales of 20,000 units; ET7, ES7, ES8, 2000-4000 units per month for each car, a total of about 8,000-10,000 units; EC6, EC7 mainly express design, the pursuit of taste, and monthly sales of 1000-2000 units. The current product portfolio can support the monthly sales target of 30,000 units."

NIO NIO ET7 2022 75kWh

"NIO ET7"

　　Li Bin summarized NIO’s growth drivers into three aspects. The first is product. This year, five new NT2 models will be delivered, and all products will be switched to the NT2 platform, covering the market segments where 80% of BBA’s main sales models are located. The product force has a rolling advantage. The overall product line will enter a strong cycle and avoid the simultaneous sale of two generations of models.

　　The second growth driver is the charging and swapping system, with 1,000 new swapping stations added this year. This provides support for NIO to enter more markets, such as third- and fourth-tier cities. At present, more than 50% of users are distributed in Jiangsu, Zhejiang and Shanghai, and there is still much room for expansion in the national market.

　　The third growth driver comes from the intelligent experience. The total mileage of NOP + in the past week is 1.75 million kilometers, and it is the first in many third-party reviews. The experience of other cockpits and audio is also very competitive. The intelligence system hardware of each generation of NIO platform is standard, so as more functions are released, the competitiveness of all products on the entire generation platform will continue to increase.

　　In addition, NIO also announced deliveries for February 2023:12,157 new cars delivered, an increase of 42.9% month-on-month and 98.3% year-on-year; of which 5,037 were delivered for high-end smart electric SUVs and 7,120 for high-end smart electric sedans. From January to February 2023, NIO delivered a total of 20,663 new cars, an increase of 30.9% year-on-year. A total of 310,219 new cars delivered by NIO have been delivered. Deliveries in the first quarter of 2023 are expected to be 31000-33000 units, an increase of 20.3% -28.1% year-on-year.

　　On February 21, NIO announced the construction target of 2023 power stations, from the original 400 new ones to 1,000 new ones, and a total of more than 2,300 power stations will be built in 2023; of which, about 400 are high-speed power stations, which will accelerate the layout speed of high-speed power exchange networks in 9 vertical, 9 horizontal and 19 large urban agglomerations; about 600 are urban power stations.

　　In 2023, the NIO third-generation power station and 500kW ultra-fast charging will be launched one after another. Among them, the NIO third-generation power station laid in March 2023 has 21 battery positions, which can realize three-station coordinated power exchange, the power exchange time is shortened by 20%, and the service capacity enhancement of the second-generation power station is 30%. 500kW ultra-fast charging pile, the maximum current can reach 660A, the maximum power can reach 500kW, 400V models from 10% to 80%, the fastest only 20 minutes, 800V models only 12 minutes.