On March 18th, Xiaoniu Electric, listed on NASDAQ, released its financial reports for the fourth quarter and full year of 2023 as of December 31st. The report shows that the sales of Xiaoniu electric vehicles in the fourth quarter were 137476 units, with a revenue of 478.7 million yuan and a revenue of 2.6518 billion yuan in 2023.
Xiaoniu Electric CEO Li Yan stated that the new products launched by Xiaoniu Electric in 2023 are developing rapidly in the domestic market. Among them, the flagship product MQiL has become the best-selling product of the year with enhanced performance and classic intelligent design, and the high-performance product RQi is leading the transformation of the "oil to electricity" industry.
Our products not only make Xiaoniu Electric a leader in urban transportation, but also a pioneer in shaping an ideal lifestyle. In 2023, XQi3 successfully expanded the company's overseas product matrix. We believe that the company has overcome the most severe challenges and will win wider market recognition in 2024. In the micro transportation market, we continuously strengthen Xiaoniu Electric's brand awareness with diversified products. We are ready to seize the huge market opportunity of the 'oil to electricity' transformation. " Li Yan said.
Despite facing market challenges, the company maintains a stable gross profit margin by launching high-end products, and its balance sheet remains stable, providing a solid foundation for future development. For 2024, Xiaoniu Electric has provided positive performance guidance, with an expected revenue of 438 million to 480 million yuan in the first quarter of 2024, a year-on-year increase of 5% to 15%. Xiaoniu Electric is expected to have a total vehicle sales volume of 1 million to 1.2 million vehicles in 2024, with a corresponding year-on-year growth of approximately 41% to 69%.
According to the latest statistics, the sales volume of the new product "new generation performance flagship" launched by Xiaoniu Electric in 2024 has exceeded 100 million yuan since the first launch of NXT, ranking first in the category of JD, Tmall and Tiktok electric bicycles.