The first quarter of 2023 witnessed a decline in gross margins for leading automobile manufacturers, which can be attributed to various factors including intense price competition and the withdrawal of subsidies for new energy vehicles. To cope with the highly competitive smart electric vehicle market, NIO has been accelerating the development and launch of new products and improving after-sales service, to reduce costs and increase efficiency.
NIO Inc. (hereinafter referred to as "NIO", Chinese: 蔚来, NASDAQ: TOUR), with international headquarter in Shanghai, recently announced its unaudited financial results for the first quarter ended March 31, 2023. The financial results show that, in Q1 2023, NIO reported revenue of CNY 10.68 billion (USD 1.55 billion), up 7.7% year-over-year, with revenue exceeding CNY 10 billion for four consecutive quarters. and a net loss of CNY 4.74 billion, an increase of 66% from a net loss of CNY 1.83 billion in the same period last year.
In terms of vehicle deliveries, NIO delivered 31,041 units in the first quarter of 2023, including 10,430 premium smart electric SUVs and 20,611 premium smart electric sedans, representing an increase of 20.5% year-over-year. In April and May 2023, NIO delivered 6,658 and 6,155 units respectively. From January to May 2023, 43,854 new vehicles were delivered, an increase of 15.8% year-over-year.
Founded in 2014, NIO is the world's leading smart electric vehicle company with major products including NIO ES6, NIO ES8, NIO EC6, NIO EVE, NIO EP9 and NIO ET7. In addition to providing the premium smart electric technology experience, NIO has also established a complete and innovative service model, including NIO Power, NIO Service, NIO BaaS, NIO Certified, etc., creating a closed-loop service for the entire life cycle of NIO products.
In terms of overseas business, NIO is actively promoting its globalization strategy. In May 2021, NIO announced its official entry into the overseas market - the Norwegian market. In 2022, NIO held the NIO Berlin event, officially announcing the opening of its services in the four markets of Germany, the Netherlands, Denmark, and Sweden. According to the company's development plan, NIO will enter 25 European countries and regions by 2025. As of May 24, NIO has laid out a total of 116 NIO Centers, 247 NIO Spaces, 300 NIO Service Centers, and 53 NIO Delivery Centers worldwide.
The major competitors of NIO include Chinese companies such as BYD (Chinese: 比亚迪), Xpeng (Chinese: 小鹏), and Li Auto (Chinese: 理想汽车), as well as international players such as Tesla from the US and Toyota from Japan.
As of press time, NIO closed at USD 8.41 apiece, with a market cap of USD 14.18 billion.