NIO (NIO) Q1 2024 earnings summary

Executive summary

• Q1 2024 deliveries reached 30,053 premium smart EVs, down 3.2% year-over-year and 39.9% from Q4 2023.

• Q1 2024 total revenue was CNY 9.9 billion, down 7.2% year-over-year and 42.1% quarter-over-quarter.

• Net loss was CNY 5.2 billion, up 9.4% year-over-year, but down 3.4% quarter-over-quarter.

• Gross margin improved to 4.9% from 1.5% a year ago, but declined from 7.5% in Q4 2023.

• Cash and equivalents stood at CNY 45.3 billion as of March 31, 2024.

Financial highlights

• Vehicle sales revenue was CNY 8.4 billion, down 9.1% year-over-year and 45.7% quarter-over-quarter.

• Other sales reached CNY 1.5 billion, up 5.2% year-over-year, but down 8.2% quarter-over-quarter.

• Gross profit was CNY 487.7 million, up 200.5% year-over-year but down 61.9% quarter-over-quarter.

• Loss from operations was CNY 5.4 billion, up 5.5% year-over-year, down 18.6% quarter-over-quarter.

• Adjusted net loss (non-GAAP) was CNY 4.9 billion, up 18.1% year-over-year and 2.1% quarter-over-quarter.

Outlook and guidance

• Q2 2024 deliveries expected between 54,000 and 56,000 units, up 129.6%-138.1% year-over-year.

• Q2 2024 total revenues expected between CNY 16.59 billion and CNY 17.14 billion, up 89.1%-95.3% year-over-year.

• Vehicle margin expected to return to double digits in Q2 and improve further in Q3 and Q4.

• NT3 platform products target a 20% vehicle margin; ONVO aims for margins above 15% long-term.

• Firefly brand to launch its first compact vehicle in the first half of next year.