NIO expects average monthly sales to exceed 20,000 vehicles in the second half of the year and has sufficient cash reserves

News on June 9, NIO announced its financial data for the first quarter of 2023. Data show that NIO’s revenue in the first quarter of this year was 106.8 billion yuan, lower than market expectations of 122.75 billion yuan, and an increase from 99.11 billion yuan in the same period last year. However, NIO performed poorly in terms of net losses, with net losses reaching 48.036 billion yuan, slightly lower than market expectations of 51.56 billion yuan and much higher than the 18.25 billion yuan in the same period last year. Meanwhile, NIO delivered 31,000 vehicles in the first quarter.

According to the editor’s understanding, NIO CEO Li Bin said in the first quarter financial report conference call that the market is currently changing drastically and competition is becoming increasingly fierce. The market performance of NIO's ET7, ES7 and ET5 models was not as good as expected, and rights and subsidies have declined this year, resulting in an average increase in actual prices of 20,000 yuan. As market competition becomes more intense, NIO has lost some of its target users.

Li Bin also admitted that NIO not only faces huge challenges in the external market, but also internal competition does exist. For example, users of ES7 may switch to other models such as ES6.

Li Bin revealed that despite the oversupply of the new energy vehicle market this year, the Volkswagen brand Alps will begin delivery in the second half of next year as planned. NIO will closely manage and improve efficiency, especially in the market investment cycle. NIO has completed the research and development of its second-generation technology platform and is about to fully promote it in the market.

As of March 31, 2023, NIO’s cash reserves were 37.8 billion yuan. Li Bin said that the current cash flow is sufficient to support the company's operations and the financing channels are open. However, he also stressed the need to manage cash carefully. Despite this, NIO's overall R&D investment will remain at a high level. Li Bin said that R&D investment in each quarter of this year will remain between 30 billion and 35 billion yuan, because the next few years will still be an important stage for the development and mass production of core technologies and new products for high-performance smart electric vehicles. Li Bin believes that there will be fewer external disturbances in the market this year than last year, and NIO will be more stable in terms of new car delivery quality and delivery pace, and is confident that it will achieve the goal of average monthly sales of more than 20,000 vehicles in the second half of the year.

The above is the detailed content of NIO expects average monthly sales to exceed 20,000 vehicles in the second half of the year and has sufficient cash reserves. For more information, please follow other related articles on the PHP Chinese website!