We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
NIO Q1 Loss Wider Than Expected, Vehicle Margin Declines
Read MoreHide Full Article
NIO Inc. (NIO - Free Report) incurred a loss per American Depositary Share (ADS) of 42 cents in the first quarter of 2023, wider than the Zacks Consensus Estimate of a loss of 22 cents. The reported loss is also wider than the year-ago loss of 18 cents due to lower vehicle margins and higher operating expenses, despite improved deliveries.
This China-based electric vehicle (EV) maker posted revenues of $1,554.6 million, lagging the Zacks Consensus estimate of $1,692 million but rising 7.7% year over year on the back of robust deliveries.
NIO delivered 31,041 vehicles in the first quarter, up 20.5% year over year, including 10,430 SUVs and 20,611 sedans.
The revenues generated from vehicle sales amounted to $1,343.2 million, declining 0.2% year over year. The decrease in vehicle sales was mainly led by a lower average selling price. Other sales amounted to $211.4 million, up 117.8%. Strong sales of accessories, provision of repair & maintenance services, provision of auto financing services, sales of used cars and provision of power solutions contributed to the increase.
Gross profit came in at $23.6 million, decreasing 88.8% year over year. The vehicle margin in the reported quarter declined to 5.1% from 18.1% in the first quarter of 2022. The gross margin was 1.5%, down from 14.6% in first-quarter 2022.
Research & development and selling, general & administrative costs were $447.8 million and $356.2 million, respectively, reflecting a year-over-year surge of 74.6% and 21.4%, respectively.
Cash and cash equivalents totaled $2,149.7 million as of Mar 31, 2023 and long-term debt was $1,224.9 million as of the same date.
For the second quarter of 2023, NIO expects deliveries in the range of 23,000-25,000 vehicles, signaling a year-over-year decline of 8.2-0.2%. Revenues are envisioned between $1,273 million and $1,364 million, indicating a year-over-year decrease of 15.1-9%.
General Motors is one of the world’s largest automakers. The Zacks Consensus Estimate for GM’s 2023 sales indicates year-over-year growth of 4.5%.
Stellantis, an Italian-American automaker, is one of the noted names in the auto space. The Zacks Consensus Estimate for STLA’s 2023 sales indicates year-over-year growth of 13.4%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
NIO Q1 Loss Wider Than Expected, Vehicle Margin Declines
NIO Inc. (NIO - Free Report) incurred a loss per American Depositary Share (ADS) of 42 cents in the first quarter of 2023, wider than the Zacks Consensus Estimate of a loss of 22 cents. The reported loss is also wider than the year-ago loss of 18 cents due to lower vehicle margins and higher operating expenses, despite improved deliveries.
This China-based electric vehicle (EV) maker posted revenues of $1,554.6 million, lagging the Zacks Consensus estimate of $1,692 million but rising 7.7% year over year on the back of robust deliveries.
NIO Inc. Price, Consensus and EPS Surprise
NIO Inc. price-consensus-eps-surprise-chart | NIO Inc. Quote
Key Details
NIO delivered 31,041 vehicles in the first quarter, up 20.5% year over year, including 10,430 SUVs and 20,611 sedans.
The revenues generated from vehicle sales amounted to $1,343.2 million, declining 0.2% year over year. The decrease in vehicle sales was mainly led by a lower average selling price. Other sales amounted to $211.4 million, up 117.8%. Strong sales of accessories, provision of repair & maintenance services, provision of auto financing services, sales of used cars and provision of power solutions contributed to the increase.
Gross profit came in at $23.6 million, decreasing 88.8% year over year. The vehicle margin in the reported quarter declined to 5.1% from 18.1% in the first quarter of 2022. The gross margin was 1.5%, down from 14.6% in first-quarter 2022.
Research & development and selling, general & administrative costs were $447.8 million and $356.2 million, respectively, reflecting a year-over-year surge of 74.6% and 21.4%, respectively.
Cash and cash equivalents totaled $2,149.7 million as of Mar 31, 2023 and long-term debt was $1,224.9 million as of the same date.
For the second quarter of 2023, NIO expects deliveries in the range of 23,000-25,000 vehicles, signaling a year-over-year decline of 8.2-0.2%. Revenues are envisioned between $1,273 million and $1,364 million, indicating a year-over-year decrease of 15.1-9%.
Zacks Rank & Key Picks
NIO currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space are General Motors (GM - Free Report) , Stellantis N.V. (STLA - Free Report) and Wabash National (WNC - Free Report) , all of which sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
General Motors is one of the world’s largest automakers. The Zacks Consensus Estimate for GM’s 2023 sales indicates year-over-year growth of 4.5%.
Stellantis, an Italian-American automaker, is one of the noted names in the auto space. The Zacks Consensus Estimate for STLA’s 2023 sales indicates year-over-year growth of 13.4%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.