NIO Inc. Reports Unaudited First Quarter 2024 Financial Results
NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the first quarter ended March 31, 2024.
Operating Highlights for the First Quarter of 2024
Vehicle deliveries were 30,053 in the first quarter of 2024, consisting of 17,809 premium smart electric SUVs and 12,244 premium smart electric sedans, representing a decrease of 3.2% from the first quarter of 2023, and a decrease of 39.9% from the fourth quarter of 2023.
| Key Operating Results | ||||||
| 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | |||
| Deliveries | 30,053 | 50,045 | 55,432 | 23,520 | ||
| 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | |||
| Deliveries | 31,041 | 40,052 | 31,607 | 25,059 | ||
Financial Highlights for the First Quarter of 2024
Vehicle sales were RMB8,381.3 million (US$1,160.8 million)i in the first quarter of 2024, representing a decrease of 9.1% from the first quarter of 2023 and a decrease of 45.7% from the fourth quarter of 2023.
- Vehicle marginii was 9.2% in the first quarter of 2024, compared with 5.1% in the first quarter of 2023 and 11.9% in the fourth quarter of 2023.
- Total revenues were RMB9,908.6 million (US$1,372.3 million) in the first quarter of 2024, representing a decrease of 7.2% from the first quarter of 2023 and a decrease of 42.1% from the fourth quarter of 2023.
- Gross profit was RMB487.7 million (US$67.6 million) in the first quarter of 2024, representing an increase of 200.5% from the first quarter of 2023 and a decrease of 61.9% from the fourth quarter of 2023.
- Gross margin was 4.9% in the first quarter of 2024, compared with 1.5% in the first quarter of 2023 and 7.5% in the fourth quarter of 2023.
- Loss from operations was RMB5,394.1 million (US$747.1 million) in the first quarter of 2024, representing an increase of 5.5% from the first quarter of 2023 and a decrease of 18.6% from the fourth quarter of 2023. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB5,112.7 million (US$708.1 million) in the first quarter of 2024, representing an increase of 13.1% from the first quarter of 2023 and a decrease of 15.6% from the fourth quarter of 2023.
- Net loss was RMB5,184.6 million (US$718.1 million) in the first quarter of 2024, representing an increase of 9.4% from the first quarter of 2023 and a decrease of 3.4% from the fourth quarter of 2023. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB4,903.2 million (US$679.1 million) in the first quarter of 2024, representing an increase of 18.1% from the first quarter of 2023 and an increase of 2.1% from the fourth quarter of 2023.
- Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB45.3 billion (US$6.3 billion) as of March 31, 2024.
| Key Financial Results for the First Quarter of 2024 |
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