In the third quarter of 2023, NIO delivered a total of 55,432 premium smart electric vehicles, up 75.4% year-over-year.
— William Li
03Detailed Report
NIO
NIO Inc
Period
Q3 2023
CurrencyCNY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
In Q3 2023, NIO Inc reported remarkable financial strides juxtaposed with evident challenges in profitability and operational efficiency. The company generated revenue of RMB 19.07 billion, marking a robust 46.6% increase year-over-year and a staggering 117.4% surge quarter-over-quarter. However, NIO continues to grapple with net losses, reporting a net loss of RMB 4.63 billion. Management emphasized the increase in vehicle deliveries, particularly with the launch of the All-New EC6, which solidified NIO's position as a leader in the Chinese EV segment with a market share of over 45%. Executive commentary projected a continued focus on operational efficiencies amidst intensifying competition, underscoring NIO's commitment to stabilizing vehicle margins while navigating price wars in the pulsating EV market.
### Other Financial Metrics
- Cash and Cash Equivalents: RMB 45.2 billion
- Debt: Total Debt at RMB 32.24 billion, with a debt-to-equity ratio of 2.05.
The significant increase in both revenue and unit deliveries, despite a decline in profitability indicates management's strategic shift and emphasis on capturing market share.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
19.07B
46.64%
117.36%
Gross Profit
1.52B
-12.21%
1 651.83%
Operating Income
-4.84B
-25.16%
20.25%
Net Income
-4.63B
-12.60%
24.39%
EPS
-2.67
-6.37%
27.84%
Key Financial Ratios
Gross Profit Margin
Weak
7.99%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.25%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.24%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.05%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.30%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.09
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
2.05
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-6.19x
Negative earnings make P/E ratio not meaningful
Price to Book
High Premium
7.29x
Very high premium suggests asset-light business model or lofty expectations
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