Nio gives lower-than-expected guidance for Q1 2023 - PingWest

Nio gives lower-than-expected guidance for Q1 2023

Nio gives lower-than-expected guidance for Q1 2023

22 hours ago

Chinese electric car maker Nio on Wednesday reported a bigger-than-expected Q4 loss and lower-than-expected guidance for Q1 2023.

Total revenues for Q4 2022 were 16.06 billion yuan ($2.33 billion), up 62.2% year-over-year and 23.5% from Q3 2022.

Net loss for the quarter widened significantly to 5.79 billion yuan ($839 million), an increase of 169.9% year-over-year and 40.8% over Q3 2022.

Vehicle sales for Q4 were 14.76 billion yuan ($2.14 billion), an increase of 60.2% over Q4 2021 and 23.7% over Q3 2022.

The vehicle margin for Q4 was 6.8% compared to 20.9% for the same period in 2021 and 16.4% for Q3 2022.

Cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits were 45.5 billion yuan ($6.6 billion) as of December 31, 2022.

The company delivered 40,052 vehicles in Q4, representing a growth of 60% year-over-year and achieving a record-breaking quarterly delivery. For the full year of 2022, it delivered 122,486 vehicles, representing a growth of 34% year-over-year.

Citing data from the China Automotive Technology Research Center, Nio said that it ranked No. 1 in the premium battery electric vehicle segment with prices over 400,000 yuan and 300,000 yuan in Q4, with market shares of 75.8% and 54.8%, respectively. 

For Q1 2023, the company expects to deliver between 31,000 and 33,000 vehicles, up 20% year-over-year but well below Q4's deliveries. The company projected Q1 sales of $1.6 billion, which was significantly below the $2.5 billion predicted by Wall Street.

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