NIO Unaudited First Quarter 2023 Financial Results: Key Insights

NIO 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, 2023.

  • NIO press release (NYSE:NIO): Q1 Non-GAAP EPADS of -$0.36 beats by $0.05.
  • Revenue of $1.55B (+7.7% Y/Y) misses by $80M.
  • Q2 Outlook: Deliveries of vehicles to be between 23,000 and 25,000 vehicles, representing a decrease of approximately 8.2% to 0.2% from the same quarter of 2022; Total revenues to be between RMB8,742 million (US$1,273 million) and RMB9,370 million (US$1,364 million), representing a decrease of approximately 15.1% to 9.0% from the same quarter of 2022.

Operating Highlights for the First Quarter of 2023

  • Vehicle deliveries were 31,041 in the first quarter of 2023, consisting of 10,430 premium smart electric SUVs and 20,611 premium smart electric sedans, representing an increase of 20.5% from the first quarter of 2022, and a decrease of 22.5% from the fourth quarter of 2022.

NIO’s Founder and CEO William Li on the Q1 2023 Financial Results :

“NIO delivered 31,041 vehicles in the first quarter of 2023, ranking first in the premium battery electric vehicle market priced over RMB400,000 in China for 12 consecutive quarters,” said William Bin Li, founder, chairman and chief executive officer of NIO.

“On May 24, 2023, NIO launched the All-New ES6, an all-round smart electric SUV and started its deliveries the next day. With exquisite design, high performance, superior comfort, and advanced digital systems, the All-New ES6 has received overwhelmingly positive feedback from our users.”

“With the volume ramp-up of our new models including the All-New ES6, our teams are well prepared for a solid growth in vehicle deliveries,” added Mr. Li.

“In the face of the changing market environment, we will observe and analyze the dynamics of the operating environment and competition landscape promptly, and continue to strengthen our competitive advantages in an agile and efficient manner,” added Steven Wei Feng, NIO’s chief financial officer, “Meanwhile, we will stay focused on execution, optimize cost structure, and further improve our operating efficiency.”

“We plan to launch NIO ET5 Touring on June 15th and the deliveries start this month.

Also, the second generation of the NIO EC6 will be launched and delivered in the third quarter.”

  • William Li, NIO’s Founder and CEO at the Q1’23 Earnings Conference Call.
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