Ideal Motors Q1 2023 Financial Report: Soaring Revenues and Expanding Vehicle Deliveries

Ideal Q1 2023 Earnings Release

I. Q1 2023 Financial Data

  • Total revenue of RMB 187.9 billion, YoY increase of 97%, QoQ increase of 6%;

  • Automotive business revenue of RMB 183.3 billion, YoY increase of 97%, QoQ increase of 6%;

  • Total gross profit of RMB 38.3 billion, YoY increase of 77%, QoQ increase of 7%;

  • Overall gross margin of 20%, compared to 23% in the same period last year, and 20% in the previous quarter;

  • Per vehicle gross margin 20%, slightly down from the previous quarter (20%);

  • Sales cost of RMB 149.6 billion, YoY increase of 102%, QoQ increase of 6%;

  • Net profit of RMB 9.34 billion, compared to RMB 2.65 billion in the previous quarter;

  • Company cash reserves (cash and cash equivalents, restricted cash, term deposits, and short-term investment balances) of RMB 650 billion, compared to RMB 584.5 billion in the previous quarter;

  • Ideal’s first-quarter R&D expenses totaled RMB 18.5 billion, down 11% QoQ, accounting for 10% of the quarter’s total revenue;

  • Sales and management expenses were RMB 16.5 billion, YoY increase of 38%, QoQ increase of 1%.

II. Q2 2023 Business Outlook

  • Vehicle deliveries expected to be 76,000 to 81,000 units, approximately 165% to 182% growth from Q2 2022;

  • Total revenue expected to be between RMB 242.2 billion and RMB 258.6 billion, approximately 177% to 196% growth from Q2 2022.

This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email