NIO's Q1 2024 Financial Report: What's the Take?

NIO Releases 2024Q1 Financial Report

I. 2024Q1 Financial Data

  • Total revenue was RMB 9.909 billion, a decrease of 7% year-on-year, and a decrease of 42% quarter-on-quarter;

  • Revenue from automobile business was RMB 8.381 billion, down 9% year-on-year and 46% quarter-on-quarter;

  • Total gross profit was RMB 488 million, a year-on-year increase of 200%, and a decrease of 62% from the previous quarter;

  • The overall gross margin was 5%, which was 2% in the same period last year and 7% in the last quarter;

  • Single vehicle gross margin was 9%, down from the previous quarter (12%);

  • The cost of sales was RMB 9.421 billion, a decrease of 10% year-on-year and 40% quarter-on-quarter;

  • Net loss was RMB 5.185 billion, compared with a net loss of RMB 5.368 billion in the last quarter;

  • The company’s cash reserve (cash and cash equivalents, restricted cash and the balance of time deposits and short-term investments) was RMB 45.3 billion, compared with RMB 57.3 billion in the last quarter;

  • NIO’s research and development expenses in the first quarter were RMB 2.864 billion, a decrease of 28% quarter-on-quarter, accounting for 29% of the total quarterly revenue;

  • Sales and administrative expenses were RMB 2.997 billion, an increase of 23% year-on-year, and a decrease of 25% quarter-on-quarter.

II. 2024Q2 Business Expectations

  • Expected vehicle deliveries of 54,000 to 56,000 units, approximately Infinity% to Infinity% from 2023Q2;

  • Expected total revenue between RMB 16.587 billion and RMB 17.135 billion, approximately 89% to 95% compared to 2023Q2.

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