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EV race heats up: Overtake or be out
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As the Q4 earnings season enters the midpoint, EV companies' earnings are rolling out. On March 01, EST, NIO announced its financial results Show More
As the Q4 earnings season enters the midpoint, EV companies' earnings are rolling out. On March 01, EST, NIO announced its financial results for Q4. The vehicle sales were $2,139.9 million, representing an increase of 60.2% YoY. The vehicle deliveries were 122,486 in 2022, representing an increase of 34.0% from 2021. Earlier, Tesla reported full-year deliveries of more than 1.3 million vehicles, achieving a 17% operating margin and 51% revenue growth. Lucid disclosed that it produced 7,180 vehicles in 2022, well below its initial expectation of 20,000.

Looking ahead to 2023, Tesla plans to manage the business with a strong balance sheet and continue to execute on innovations to reduce manufacturing and operating costs. Lucid announces annual production guidance of 10,000 to 14,000 while focusing on cost reductions.

Competition in U.S. EV market is intensifying as automakers entering the game one after another. Tesla announced price cuts of up to $13,000 across its model line in January, prompting companies like Mercedes-Benz and Ford to cut EV prices. "We question whether competitors can keep up in this EV race," Morgan Stanley auto analyst Adam Jonas wrote in Jan.

● Which EV company's Q4 performance are you most satisfied with?
● What's your next move on EV stocks?

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