- NIO (SGX:NIO)’s non-GAAP net loss in 3Q23 narrowed to RMB3.95bn (vs. RMB5.44bn loss in 2Q23) due to record-high EV deliveries. 3Q23 revenue totalled RMB19.1bn (+117% q-o-q, +47% y-o-y), driven by a 136% q-o-q increase (+75% y-o-y) in EV deliveries.
- - Read this at SGinvestors.io -
- 3Q23 R&D expenses fell 9% q-o-q to RMB3.0bn as the company completed the migration of all its models to the NT2.0 platform.
EV deliveries to grow 50% in FY24F and 29% y-o-y in FY25F
- Despite increased competition, we expect NIO to deliver 49k units in 4Q23F (+22% y-o-y, - 12% q-o-q; representing 17k EVs in Dec 23) and 55k units in 1Q24F (+77% y-o-y, +12% q-o-q), driven by the ET5 Touring sedan and all-new mid-sized coupe EC6 SUV.
- - Read this at SGinvestors.io -
- Firefly, a budget-friendly sedan, as well as increased overseas shipments.
FY24F and FY25F VPM set to improve on new production platform
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Ray KWOK CGS-CIMB Research | https://www.cgs-cimb.com 2023-12-06
Previous report by CGS-CIMB:
2023-09-08 NIO Inc - EV Deliveries Set To Accelerate In 3Q/4Q23.
Price targets by 2 other brokers at NIO Target Prices.
Listing of research reports at NIO Analyst Reports.
Relevant links:
NIO Share Price History,
NIO Announcements,
NIO Dividends & Corporate Actions,
NIO News Articles
