Summary by Moomoo AI
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