On April 29 Eastern time, NIO released its latest financials, showcasing staggering revenue growth, narrowing losses and operating efficiency improvement.
Total revenue was CNY 7,982.3 million, an increase of 481.8% from 1Q 2020 and 20.2% from 4Q 2020.
Net losses dropped 73.3% to CNY 451.0 million, compared with 1Q 2020.
Gross margin significantly improved to 19.5% from negative 12.2% in 1Q 2020 and 17.2% 4Q 2020.
Vehicle margin touched 21.2%, implying an improving bargaining power and brand premium.
Vehicle sales were CNY 7.4 billion, a jump of 489.8% from the 1Q 2020 and progress of 20.0% from 4Q 2020.
Other sales also leaped by 395.3% to CNY 576.5 million from 1Q 2020.
Cost of sales reached CNY 6.4 billion with an increase of 317.5%, which is considerably lower than the growth of revenue, meaning a developing sales efficiency.
R&D expenses climbed 31.4% to CNY 686.5 million.
Selling, general and administrative expenses grew by 41.1% to CNY 1.2 billion, representing greater administrative effectiveness.
Positive operating cash flow, with cash or equivalencies rising to CNY 47.5 billion.
NIO also issued a vehicle sales guidance, offering an estimation of 21,000 to 22,000 sales next quarter, a steady growth compared to 1Q 2020.