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The more cars are sold, the higher the income, but when can the loss stop?

On the evening of April 2, NIO disclosed its delivery performance for March and the first quarter. The next day, NIO’s Hong Kong stock price rose by 2.14%, but it fell by 7.63% and 5.6% respectively in the following two trading days. Its US stock price fell for three consecutive trading days.

Coincidentally, when NIO disclosed its 2022 earnings and February sales in early March, the first feedback from NIO’s dual-stock was equally optimistic. So how did NIO perform in March and the first quarter? What about its performance in 2022?

The first quarter of the first quarter met expectations, and the sales volume was "among the best"

Data show that in March, NIO deliveries were 10,400, an increase of 3.94% year-on-year, down 14.63% month-on-month; among them, 3203 high-end smart electric SUVs were delivered, and 7175 high-end smart electric cars were delivered. In the first quarter of this year, NIO deliveries were 31,000, an increase of 20.46% year-on-year.

In terms of industry level, whether in March or the first quarter, among several new power car companies, NIO’s performance can be regarded as "among the best". In addition to being led by Li Auto, Nezha, Xiaopeng, Zero Run, etc. were all left behind by NIO. It is worth mentioning that the ideal sales volume in March was twice that of NIO.

However, once upon a time, the throne of the new power delivering the championship has been firmly occupied by NIO. Whether the future NIO can regain the championship throne is uncertain, but it seems unlikely this year.

This can be seen from the annual sales target and current sales performance of NIO and Ideal 2023: the former’s goal this year is 250,000 vehicles, the first quarter sales of 31,000 vehicles, to complete the annual sales target of 12.4%; while the latter’s goal is between 250,000 – 300,000 vehicles, the first quarter sales of 52,600 vehicles, to complete the annual sales target of 21.04% -17.53%.

From the current data performance, NIO has suffered a lot.

It is worth noting that although NIO has achieved its sales target for the first quarter of this year, it can only be said to be a near miss.

According to NIO’s previous expectations in the 2022 annual performance report, its delivery volume in the first quarter of this year will be between 31,000 – 33,000 vehicles, an increase of about 20.3% -28.1% year-on-year. It can be said that NIO completed the delivery task in the first quarter.

"The image is from the NIO announcement."

In addition, NIO expects revenue guidance for the first quarter of this year to be 10.62 billion – 11.54 billion yuan, an increase of about 10.2% -16.5% year-on-year. But there is no clear guidance for earnings expectations.

However, it may be reasonable. After all, NIO, which saw a 33.97% year-on-year increase in sales in 2022, has not achieved profitability despite a significant increase in revenue. Instead, its losses have further expanded.

Sales revenue has skyrocketed, so why are there more losses?

According to the financial report disclosed by NIO, in 2022, NIO sales reached 122,500 vehicles, an increase of 33.97% year-on-year; revenue reached 49.269 billion yuan, an increase of 36.34% year-on-year.

From the perspective of sales and revenue data, both have reached new highs, and NIO’s performance last year seems to be good. However, in the face of both sales and revenue growth exceeding 30%, NIO’s overall profitability not only did not rise, but its losses further expanded.

The financial report shows that NIO’s net profit attributable to the parent last year was a loss of 14.559 billion yuan, 10.572 billion yuan from the loss in 2021, an increase of 37.71% year-on-year.

At the same time, NIO’s bicycle net profit also changed from a loss of 115,600 yuan in 2021 to a loss of 118,900 yuan in 2022. That is, in 2022, NIO lost nearly 120,000 yuan for every car sold.

In addition, NIO’s net loss reached 14.437 billion yuan last year, compared with the net loss of 4.017 billion yuan in 2021, and the loss expanded by 2.6 times.

The question is, sales are rising and revenue is increasing, so why are you losing more and more money? Where is the money being spent?

From the financial report, the two largest expenses of NIO are sales costs and research and development expenses, which alone cost nearly 55 billion yuan, directly exceeding revenue.

Specifically, in 2022, NIO’s sales cost reached 44.125 billion yuan, an increase of 50.5% year-on-year. This is not unrelated to last year’s "expensive electricity" and the large-scale laying of replacement stations, charging stations, charging piles, etc., which has become a direct cause of dragging down NIO’s profitability.

In 2022, affected by the skyrocketing price of lithium carbonate, battery costs skyrocketed simultaneously, which also caused the cost of new energy vehicles to rise sharply, which in turn led to a sharp drop in automotive gross profit margins. According to the financial report, NIO gross profit margin has dropped from 20.1% in 2021 to 13.7% in 2022.

"The image is from the NIO announcement."

NIO’s R & D expenses last year were as high as 10.836 billion yuan, up 136% year-on-year from 4.592 billion yuan in 2021, accounting for nearly 22% of revenue. Whether it is from the investment amount or the proportion of revenue, it can be regarded as a big deal in the automotive industry, which shows NIO’s emphasis on R & D.

You know, Li Auto and XPeng Motors invested 6.78 billion and 5.215 billion yuan in research and development last year, respectively, while accounting for 14.97% and 19.42% of revenue respectively.

To sum up, NIO’s sales revenue has increased, but it still loses money "for a reason", but for a for-profit company, this is obviously not "reasonable", but exposes its lack of cost control and profitability.

So, is the NIO that loses money really bad? Please continue to pay attention to "Automotive K Line", and we will look for answers in the next article of the NIO 2022 financial analysis article.

The text is original by [Car K Line], some pictures are sourced from the Internet, and the copyright belongs to the original author. The article of this number may not be reproduced without authorization, and violators will be investigated. At the same time, the content of the article does not constitute investment advice to anyone. The stock market is risky, and investment needs to be cautious.

　　CCTV News(Focus interview): On January 2, the city of Korla in Xinjiang received a sincere thank-you letter from Peixian County, Jiangsu Province, 4,700 kilometers away. The letter thanked Mansour Patar, 38, and Maimaiti Nurdong, 42, of Korla City, for their nearly 10,000-mile "free chauffeur" from Xinjiang to Jiangsu. The letter said: "This kind act of righteousness has almost crossed the whole of China, warmed this winter, and vividly explained the deep friendship between brothers and sisters of all ethnic groups." One east and one west, the journey is long, why is this "free chauffeur" so affectionate and dreamy?

　　Zhao Xulei, a truck driver recovering at home in Peixian County, Jiangsu Province, is video chatting with Mansour and Maimaiti, who are far away in Korla, Xinjiang. They chat like brothers, but they didn’t know each other a few months ago.

　　"My name is Mansour Pattal, I’m 38 years old, I live in Korla, Xinjiang, and I’m a truck driver," said Mansour Pattal.

　　"I am a truck driver from Korla, Xinjiang," says Mr. Nurdon. "We are busiest from July to November. We pull boxes of grapes in July, grapes in August and cotton, cottonseed and husks in November. We usually go to Aksu, Kashgar and southern Xinjiang a little more."

　　Last October, Zhao Xulei, a truck driver from Jiangsu Province, rushed to Xinjiang with his wife, Wang Cui, to join the cotton caravan during the cotton harvest season. During this time, he met local Uighur truck drivers Mansour and Maimaiti, and the three became good friends because of their similar temperaments.

　　However, the accident suddenly happened to Zhao Xulei. On November 17, 2021, Zhao Xulei was hit in the head by an iron chain while unloading, and his eyes were seriously injured. His wife Wang Cui was very anxious. They had no relatives in Xinjiang, only Mansour and Maimaiti, who had just known each other for 11 days. With the idea of giving it a try, Wang Cui asked them for help.

　　Zhao Xulei’s wife, Wang Cui, said: "I called Mansour. He arrived at the scene immediately and arranged for us to stay in the hospital. He also took me to the responsible party and the court.

　　When we first met, our eyes were fine, and Zhao Xulei was also quite handsome. Suddenly, after more than ten days, our eyes could not be seen. We felt very uncomfortable, because we were friends. "

　　With the help of two Xinjiang friends who were very affectionate and righteous, Zhao Xulei was rescued in time. More than half a month later, because his injury was too serious, his treatment encountered new difficulties.

　　Liu Jie, an eye, nose and throat doctor at Korla Hospital of the Second Division of the Corps, said: "When he was brought in, the trauma to his left eye was very serious, and he could no longer see anything in his eye. After our treatment, his vision did not recover. We suggested that he go to a better hospital in Beijing for treatment."

　　It is urgent to go to Beijing for treatment. In addition to the treatment fee, what worries Zhao Xulei is that the source of the family’s livelihood – the large truck bought with a loan – is still in Xinjiang, who can drive it back to Xuzhou?

　　"He’s under a lot of pressure," said Mr. Nurdon. "He has a loan for this car, and he can’t pay it back if he stops. The key is that he has four people in his family and two children."

　　Zhao Xulei said: "At that time, I also called the old watch in my hometown and wanted to ask him to go to Xinjiang. He said that the journey was too long, and he had never run that far by himself."

　　"Zhao Xulei is also in a hurry to use money, and his living conditions are average," said Mansoor Patar. "He also spent a lot of money, more than 100,000 yuan at Korla Hospital."

　　Zhao Xulei’s unfortunate experience made Maimaiti and Mansour anxious in their eyes. If a friend is in trouble, they have to help. They decided on the spot that they would help Zhao Xulei send the car back to Jiangsu no matter what.

　　Zhao Xulei said, "I was very surprised. They directly said that we will drive your truck back, not a penny, but send it to you. When they said this, they were moved to tears.

　　With the help of a good friend, Zhao Xulei, accompanied by his wife, went to Beijing for treatment with peace of mind. Mansour and Maimaiti also immediately began to prepare for this special "driving". This time it was a long journey, and the decision was made in a hurry, and the family was unaware of it.

　　Mansour Pattal said: "I said a word, and my wife also supported me. After that, I called my family. After calling, I was worried that if she didn’t agree, my friend would be embarrassed."

　　"I said of course I agree," said Mr. Mansour’s wife, Patiguri Kurban. "What if it’s not Zhao Xulei or you in this situation? Can I go and fetch you back by myself? Can you handle this by yourself? It’s okay, if you can help, please help, and then I asked him how the travel expenses were solved?"

　　Mansour and Maimaiti’s family are not well-off. This is the time of year in Xinjiang when there are many goods and busy cars to make money. Not only do they not care about making money, but they also post money to send cars to Zhao Xulei. It is estimated that the cost on the road is 10,000 to 20,000 yuan, which is indeed a big burden for them.

　　Because of the delivery to Wuxi, this trip spanned 10,000 miles. He and Maimaiti shared the insufficient freight. The two of them had an idea not to let Zhao Xulei, who was still recovering, add a penny to the burden. On December 9, 2021, they set off. In order to save money and time, Mansour and Maimaiti ate and stayed in the car all the way, using the instant noodles and naan they brought when they left to satisfy their hunger.

　　From Korla, Xinjiang to Peixian County, Xuzhou, Jiangsu, running through most of China. In the early morning of December 17, 2021, after a long journey of 8 days and 8 nights, Mansour and Maimaiti finally delivered the car to the agreed location with Zhao Xulei: Xuzhou, Jiangsu. As agreed, the car was safely delivered to Zhao Xulei’s hometown. Mansour and Maimaiti fulfilled their promise, and then they went to the hotel to have a good night’s sleep.

　　Mr. Mansour’s wife, Patiguri Kurban, said: "My husband said the car has been delivered safely and we should go back to Xinjiang. I said don’t forget that my birthday is next week, and my husband said he will be back on time for your birthday."

　　Just as they were about to buy tickets back to Xinjiang, Zhao Xulei, who was being treated in Beijing, stopped them. Zhao Xulei has not yet healed his eye injury, but he is in a hurry to return to Xuzhou despite the doctor’s dissuasion.

　　Zhao Xulei said: "They put their truck there and drove my car back. During this period of more than half a month, they also lost more than 20,000 yuan. After arriving at their hometown, they called to leave, and I said you can’t leave. We haven’t met yet, and the family hasn’t thanked them yet."

　　"He said never to go back. It would be best to have a meal before leaving. His father, mother and friends all look at their Xinjiang friends," said Mr. Nurdon.

　　Vote for me with a wooden peach, and repay it with Qiongyao. In order to thank the two righteous good friends, Zhao Xulei took them to see his parents.

　　Patiguri Kurban said, "Zhao Xulei’s mother was so moved that she cried. She hugged my husband and his friend Maimaiti and said that you are also my son. My husband was very touched when he said this.

　　Considering their first visit to Jiangsu, Zhao Xulei’s family repeatedly asked them to stay for a few more days to see the scenery of Jiangsu. Zhao Xulei also endured the pain of his eye injury and insisted on guiding them throughout the journey. During his stay in Xuzhou, Zhao Xulei was most worried about the two Xinjiang brothers not having a good time, while the Xinjiang brothers were worried about Zhao Xulei’s injury.

　　Wanli car delivery by Zhao Xulei’s friends after the praise by the media reports, won widespread praise.

　　Huang Houli, director of the Rong Media Center in Peixian County, Jiangsu Province, said: "After the Rong Media Center reported the incident, the county party committee and county government immediately sent a thank you letter and took out rewards from the Peixian Good People Fund to reward the two Uighur brothers for their kind deeds."

　　On December 27, 2021, Mansour and Maimaiti returned to Korla. On December 30, Mansour fulfilled his promise to his wife and celebrated her birthday.

　　The three brothers’ love that spans nearly 10,000 miles has now become the link between the two cities, and the story of ethnic unity and one family continues: on January 12, more than a dozen media from Jiangsu and Xinjiang joined forces to launch a live broadcast to help Xinjiang Ruoqiang red dates sell, and the Peixian Rong Media Center invited the injured driver Zhao Xulei to help on the spot. Zhao Xulei said: "The righteous deeds of the Xinjiang brothers have made me realize the family love that spans thousands of miles. I hope more people can learn about Xinjiang through us. Xinjiang not only has red dates, but also Korla fragrant pears, Aksu apples, Xinjiang cotton, etc., and there are many good people." Seeing the little things, all ethnic groups are tightly hugged like pomegranate seeds, hand-in-hand matchmaking, watching and helping each other, so that we can share a beautiful life.