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NIO Q4 FY22 Earnings Highlights
[Rewards] NIO Q4 sales were up, while gross margin contracted and losses widening
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● NIO Q4 total revenues were $2,329.0 million, representing an increase of 62.2% YoY (year-over-year).
● The vehicle deliveries were 40,052 in Q4, up 60% YoY. The total deliveries were 122,486 in 2022, representing an increase of 34.0% from 2021.
● Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $734.4 million, representing an increase of 190.0% YoY and an increase of 44.8% from the third quarter same year.
● Gross margin was 3.9% in Q4 2022, compared with 17.2% YoY and 13.3% in the third quarter of 2022.
● Cash and cash equivalents were $6.6 billion as of December 31, 2022.
● For the Q1 2023 Outlook, vehicle deliveries might be between 31,000 and 33,000 vehicles, representing an increase of 20.3% to 28.1% approximately YoY.
● For the Q1 2023 Outlook, total revenues might be between $1,584 million and $1,674 million, up 10.2% to 16.5% approximately YoY.
Source: Nasdaq, Inc. 2023
● NIO has ranked first in the premium electric vehicle market segments priced over RMB 400,000 and RMB 300,000 in China with the market share of 75.8% and 54.8%, respectively in Q4 2022, according to the retail sales data from China Automotive Technology and Research Center.
● NIO launched the EC7, an electric flagship coupe SUV, and the All-New ES8, an all-round smart electric flagship SUV in December. Both models are derived from NIO Technology 2.0 (NT2.0).
● At NIO Day 2022, NIO introduced the third-generation Power Swap station, which achieves more efficient vehicle-station coordination and can complete 400+ swaps daily, a 30% increase compared with the previous station.
● In 2023, NIO plans to deliver 5 new products based on NT 2.0, deploy 1,000 additional Power Swap stations to improve holistic user experience, and continuously strengthen the competitive advantages.
● In 2023, NIO will focus on improving its execution efficiency, and work in an agile and efficient mode to embrace competition in the global electric vehicle market.
● Vehicle and gross margins plunged YoY to only 6.8% and 3.9%, respectively in Q4. The reasons behind might be the high cost of key components like batteries, and old models' inventory cleanup activities.
The KEY in your hands:
By March 1, 2022, NIO shares had dropped more than 9% since the beginning of 2023, behind the S&P 500 (.SPX), which was up about 3% during the same period (Source: moomoo APP).
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