NIO Inc - CGS-CIMB Research 2023-12-06: Profitability To Further Improve In FY24

• 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.
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• 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.
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• Firefly, a budget-friendly sedan, as well as increased overseas shipments.

FY24F and FY25F VPM set to improve on new production platform

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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/.

Previous report by CGS-CIMB:
2023-09-08 NIO Inc - EV Deliveries Set To Accelerate In 3Q/4Q23.

Price targets by other brokers at NIO Target Prices.

Listing of research reports at NIO Analyst Reports.

Relevant links:
NIO Share Price History,
NIO Announcements,
NIO Dividend Payout Dates & Corporate Actions,
NIO News