Nio Posts $9.7 Million Q1 Operating Profit as Q2 Deliveries Seen at 115,000
Updated
Updated · CnEVPost · May 21
Nio Posts $9.7 Million Q1 Operating Profit as Q2 Deliveries Seen at 115,000
7 articles · Updated · CnEVPost · May 21
66.8 million yuan in adjusted operating profit gave Nio its second straight non-GAAP profitable quarter, after a 5.95 billion yuan adjusted operating loss a year earlier.
83,465 first-quarter deliveries and a 112.2% revenue jump to 25.53 billion yuan were powered by the high-margin ES8, which made up 54.14% of deliveries and helped lift vehicle margin to 18.8%.
Cost cuts also supported the turnaround: adjusted R&D expense fell 41.4% year over year, while gross margin widened to 19.0% from 7.6%.
For the second quarter, Nio forecast 110,000 to 115,000 deliveries and 32.78 billion to 34.44 billion yuan in revenue, betting new launches including the Onvo L80 and Nio ES9 will revive momentum after April's 29,356 deliveries.
The company still posted a 332 million yuan GAAP net loss, but cash and other fund balances stood at 48.2 billion yuan as investors await management's outlook on full-year profitability.
Can NIO's costly battery-swap model sustain profitability against leaner rivals after its first adjusted profit?
Will NIO's new budget brands dilute its premium image or successfully conquer the competitive mass market?