William Li: 'Our delivery results in February were particularly strong, reflecting the effectiveness of our salesforce as we refine our operational strategies.'
— William Li
03Detailed Report
NIO
NIO Inc
Period
Q4 2023
CurrencyCNY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
In Q4 2023, NIO Inc reported a total revenue of approximately CNY 17.1 billion, marking a 6.5% increase year-over-year despite a quarter-over-quarter decline of 10.3%. The company's vehicle deliveries totaled 50,045, improving 25% year-over-year, but revenues from vehicle sales saw a slight decrease due to a changing product mix and seasonality effects.
Management indicated that while the overall business remains under pressure, particularly in margins due to high operational costs, strategic focus on new model launches and battery swapping innovations offers potential for recovery and growth in 2024. With the recent injection of capital from strategic investors amounting to CNY 2.2 billion, the company aims to strengthen its balance sheet and enhance R&D. NIO anticipates delivering between 31,000 and 33,000 vehicles in Q1 2024, positioning itself for a rebound following the traditional low season in January and February.
### Key Ratios
- Current Ratio: 1.218
- Debt to Equity Ratio: 2.972
- Return on Equity: -21.9%
Management attributes the increase in gross profit margin from previous theoretical difficulties to improved vehicle margins and substantial R&D efforts, leading to an increased delivery volume despite a fluctuating average selling price. The company's sustained focus on innovation and product enhancements will play a critical role in maintaining competitive advantage.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
17.10B
6.47%
-10.30%
Gross Profit
1.28B
105.74%
-16.02%
Operating Income
-6.63B
1.65%
-36.78%
Net Income
-5.59B
3.34%
-20.83%
EPS
-3.18
9.40%
-19.10%
Key Financial Ratios
Gross Profit Margin
Weak
7.48%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.39%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.33%
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
-0.22%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.22
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
1.97
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-5.07x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
4.44x
Trading at premium to book value, reflects strong intangibles or growth
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