- NIO (SGX:NIO)’s 1Q24 total revenue reached RMB9.9bn in 1Q24 (-7.2% y-o-y, -42% q-o-q), 8% below consensus, largely due to a 9% y-o-y drop in vehicle sales to RMB8.4bn, as the company migrated to the 2024 model cycle. This resulted in a 3% y-o-y decline in volume sales to 30.1k units and ASP fall of ~6%.
- - Read this at SGinvestors.io -
1Q24 net loss missed expectations due to higher than expected price promotion & selling expenses.
- Other sales business (including after-sales services, power solutions services, auto financing services) posted substantially narrower losses sequentially (gross margin +2.6% y-o-y and 15.2% q-o-q), attributable to an increase in after-sales vehicle services and provision of power solutions. See NIO's announcement dated 06 Jun.
- - Read this at SGinvestors.io -
- As of end of 1Q24, NIO has net cash and cash equivalents of RMB27.9bn.
Strong 2Q24 guidance largely attributable to low base & BaaS scheme incentives
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rachel Miu DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-06-12
Read also DBS's most recent report:
2024-09-10 NIO Inc - Banking On New Brand 'ONVO L60' To Drive Growth.
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 Dividends & Corporate Actions,
NIO News Articles
