On June 6th, NIO released its Q1 2024 financial report. According to financial report data, NIO's revenue in the first quarter was 9.91 billion yuan, with a gross profit margin of 9.2% for the entire vehicle.
As of March 31, 2024, NIO's cash and cash equivalents, restricted cash, short-term investments, and long-term fixed deposits amounted to RMB 45.3 billion.
Li Bin, founder, chairman, and CEO of NIO, stated that despite increasingly fierce market competition, NIO's established high-end brand positioning, industry-leading technology, and innovative "rechargeable, interchangeable, and upgradable" replenishment experience have gained market recognition, and delivery volume has steadily increased in recent months. With Ledao joining NIO's brand lineup, the company is ready to enter a wider mainstream mass market and embark on the next phase of high-quality growth.
In the financial report conference held that evening, NIO management stated that the company's gross profit margin for vehicles is expected to return to double digits in the second quarter, and will continue to improve in the third and fourth quarters.
In addition, NIO also released several big news during this conference call. Firstly, NIO Energy has an independent financing plan and will continue to open up investments in the future.
"We are very optimistic about the sustainability of NIO Energy's long-term operation. We are currently in the investment stage and need to establish a network first, which requires some advanced investment. However, the overall profitability is very clear," said Li Bin.
It is reported that on May 31st, NIO Energy has just received an investment. Wuhan Guangchuang Fund has invested 1.5 billion yuan in strategic investment for NIO. According to the plan, this round of strategic investment will be used for technology research and development, manufacturing, operation and maintenance in the fields of charging, power exchange, energy storage, battery service, energy Internet, etc., the layout and development of Weilai Energy's charging and power exchange infrastructure, and support the investment in vehicle network interactive innovation business.
The most noteworthy aspect is that this investment fund is a market-oriented fund initiated and established by Wuhan Optics Valley Industrial Investment Co., Ltd., with a background in local government. NIO's ability to obtain this investment not only further consolidates its existing business, but also opens an important window for subsequent financing.
In terms of the layout of the battery swapping station, NIO has revealed that the deployment of the fourth generation station will officially begin next week, which can be compatible with the Ledo and NIO brands.
In addition, NIO also revealed the research and development progress of the third-party brand IREFLY during this conference call. NIO stated that the research and development progress of IREFLY has been very smooth. In China, it is positioned as a boutique small car, priced at over 100000 RMB, but it is set up according to very high safety and quality standards. At present, we plan to share a sales network with NIO, similar to BMW and MINI, and strive to start delivery in the first half of next year, but the release time has not been determined yet.
Looking ahead to the second quarter, NIO's delivery guidelines were 54000 to 56000 vehicles, a year-on-year increase of 129.6% to 138.1%; The revenue guidance was 16.59 billion to 17.14 billion yuan, a year-on-year increase of 89.1% to 95.3%.