Chinese electric vehicle startup NIO, Inc (NYSE:NIO) reported fourth-quarter revenue of 17.10 billion yuan ($2.41 billion), up by 6.5% year-over-year and down by 10.3% from the previous quarter. Analysts, on average, estimated revenue of $2.29 billion for the quarter.
Excluding share-based compensation expenses, the company reported an adjusted loss of (2.81) yuan or ($0.39) compared to (3.07) yuan in the year-ago quarter and (2.28) yuan in the third quarter of 2023. Analysts had called for a loss of $(0.51) per share.
Vehicle deliveries were 50,045 in the quarter, up by 25% Y/Y and down by 9.7% Q/Q. Consequently, vehicle revenue climbed 4.6% Y/Y and down by 11.3% Q/Q.
Gross margin for the quarter expanded to 7.5%, up from the year ago's 3.9% and down from the previous quarter's 8.0%, as vehicle margin expanded from 6.8% a year ago to 11.9%.
Cash and cash equivalents, restricted cash, short-term investment, and long-term time deposits were 57.3 billion yuan ($8.1 billion) as of December 31, 2023.
William Bin Li, founder, Chair and CEO of NIO, "At NIO Day 2023, we unveiled ET9, our smart electric executive flagship, showcasing a suite of our latest technologies, including our self-developed AD chip, full-domain 900V architecture, advanced intelligent chassis system and various other industry-leading innovations."
"We will soon start deliveries of 2024 NIO products equipped with the highest computing power among production vehicles and constantly enhance users' driving and digital experience. Meanwhile, we plan to release Navigate on Pilot Plus (NOP+) for urban roads to all NT2.0 users in the second quarter."
NIO's Forward Outlook: The company guided deliveries of 31,000 – 33,000 units for the first quarter, or (0.1)% – 6.3% Y/Y.
The company expects first quarter revenue of $1.48 billion – $1.56 billion, representing (1.7)% – 3.8% Y/Y growth and below the consensus of $2.28 billion.
Investors can gain exposure to NIO via KraneShares MSCI China Clean Technology Index ETF (NYSE:KGRN) and Invesco Golden Dragon China ETF (NASDAQ:PGJ).
Price Action: NIO shares traded lower by 0.94% at $5.28 premarket on the last check Tuesday.
NIOの創業者であり、会長兼CEOのWilliam Bin Li氏は、「NIO Day 2023で、自社開発のADチップ、フルドメイン900Vアーキテクチャ、先進的なインテリジェントシャシーシステムなど、当社の最新技術を展示した、スマートな電気自動車エグゼクティブフラッグシップET9を披露しました。」と語っています。
"2024 NIO製品の納品を間もなく開始し、市販車の中で最高のコンピューティングパワーを搭載し、ユーザーの運転およびデジタル体験を常に向上させる予定です。同時に、都市部道路向けのNavigate on Pilot Plus(NOP+)を、第2四半期には全てのNT2.0ユーザーにリリースする予定です。"
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会(ASIC)の管理を受けております(AFSL No. 224663)。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。