On November 29, Ideal Auto announced its 2021 Q3 financial report. Key points include:
1) Q3 revenue of $7.78 billion, +209.7% year on year, and non-GAAP net profit of $336 million, all exceeding market expectations;
2) The Q3 comprehensive gross profit margin was 23.3%, up 4.4pct from month to month, once again surpassing NIO and Xiaopeng;
3) Guidance Q4 delivered 30,000 to 32,000 units, and 853-88,300 units for the whole of 2021.
The financial report explained that Q3 revenue and profit exceeded expectations, mainly due to price increases in new ONE, sales of new energy credits & accessories sales. Overall, the ideal Q3 earnings report exceeded expectations, while the Q4 guidance was in line with expectations.
Furthermore, construction of the Beijing plant began in October 2021 and is expected to be put into operation in 2023, and will be used for BEV model production.
2021 Q3 delivery reached a new high, and the price increase of the facelift ONE boosted the gross profit margin
Ideal ONE is positioned as a medium to large dad SUV, and continued to achieve very good delivery performance after the May facelift.
The ideal delivery of 25,116 cars in Q3 2021 was +190% year-on-year, in line with expectations. As for the month, there was a significant month-on-month decline in September, mainly due to a shortage of chips.
In fact, the demand side is currently quite strong, and even some users pick up cars early and return to the store to refill related chips later.
In a horizontal comparison, Ideal Q3 delivery performance is superior to NIO, slightly inferior to Xiaopeng. Lack of core has always been one of the factors disrupting the delivery of new forces, but Xiaopeng Q4 Music...