NIO Inc., a leading company in the premium smart electric vehicle market, reported financial results for the fiscal year ended December 31, 2023. The company's total revenues increased by 12.9% to RMB 55.6 billion (US$7.8 billion), driven by a 30.7% increase in vehicle delivery volume and diversified product offerings, despite a 15.7% decrease in average selling price due to product mix changes. Cost of sales rose by 19.1% to RMB 52.6 billion (US$7.4 billion), primarily due to increased vehicle delivery volume and expanded investment in power and service networks. Gross profit decreased by 40.7% to RMB 3.1 billion (US$429.8 million), with a gross margin of 5.5%, down from 10.4% the previous year. The decrease in gross margin was mainly attributed to lower vehicle margins. Research and development expenses increased by 23.9% to...Show More

NIO Inc., a leading company in the premium smart electric vehicle market, reported financial results for the fiscal year ended December 31, 2023. The company's total revenues increased by 12.9% to RMB 55.6 billion (US$7.8 billion), driven by a 30.7% increase in vehicle delivery volume and diversified product offerings, despite a 15.7% decrease in average selling price due to product mix changes. Cost of sales rose by 19.1% to RMB 52.6 billion (US$7.4 billion), primarily due to increased vehicle delivery volume and expanded investment in power and service networks. Gross profit decreased by 40.7% to RMB 3.1 billion (US$429.8 million), with a gross margin of 5.5%, down from 10.4% the previous year. The decrease in gross margin was mainly attributed to lower vehicle margins. Research and development expenses increased by 23.9% to RMB 13.4 billion (US$1.9 billion) due to increased personnel costs. Selling, general, and administrative expenses rose by 22.3% to RMB 12.9 billion (US$1.8 billion) because of higher employee compensation and marketing activities. The company incurred a net loss of RMB 20.7 billion (US$2.9 billion), a 43.5% increase from the previous year. The net cash used in operating activities was RMB 1.4 billion (US$194.6 million). As of December 31, 2023, NIO Inc. had RMB 55.4 billion (US$7.8 billion) in cash and cash equivalents, restricted cash, and short-term investments.