Ideal Financial Report for Q3 2022
I. Financial Data for Q3 2022
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Total revenue was RMB 9.34 billion, an increase of 20% YoY and 7% QoQ;
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Revenue from automotive business was RMB 9.05 billion, an increase of 22% YoY and 7% QoQ;
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Total gross profit was RMB 1.18 billion, a decrease of 35% YoY and 37% QoQ;
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The overall gross profit margin was 13%, compared to 23% in the same period last year and 22% in the previous quarter;
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The gross profit margin per vehicle was 12%, which is lower than the previous quarter (21%);
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Sales costs were RMB 8.16 billion, an increase of 37% YoY and 19% QoQ;
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Net loss was RMB 1.65 billion, compared to a net loss of RMB 0.641 billion in the previous quarter;
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The company’s cash reserves (cash and cash equivalents, restricted cash, and balances of fixed deposits and short-term investments) were RMB 55.83 billion, compared to RMB 53.65 billion in the previous quarter;
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Research and development expenses for Ideal in the third quarter were RMB 1.8 billion, an increase of 18% QoQ, accounting for 19% of total quarterly revenue;
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Sales and management expenses were RMB 1.51 billion, an increase of 48% YoY and 14% QoQ.
II. Business Expectations for Q4 2022
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Expected delivery of 45,000 to 48,000 vehicles, representing a growth of approximately 28% to 36% compared to Q4 2021;
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Expected total revenue between RMB 16.51 billion and RMB 17.61 billion, representing a growth of approximately 55% to 66% compared to Q4 2021.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.