Nio released its Q3 2022 earnings report, and overall,Revenue broke through the 10 billion yuan mark again, reaching 13.002 billion yuan, with a year-on-year growth rate of 32.6%, slightly exceeding expectations. However, losses reached 4.111 billion yuan, also surpassing expectations. Therefore, Nio's main issue remains the widening losses, a problem currently faced by all new EV makers, and one that will be difficult to solve in the short term.After all, battery costs are a significant factor, and Nio’s lineup is among the most extensive within new EV makers. Fortunately, the company still has more than 50 billion yuan in cash on hand, an advantage that pre-IPO new EV makers lack. Before establishing itself firmly in the high-end market and resolving battery cost issues, this pain point is likely to persist for a long time. Of course, other manufacturers will also face challenges, and it’s a matter of who can endure the longest.
1. Revenue Aspect
Nio's Q3 revenue was 13.002 billion yuan, a year-on-year increase of 32.6% and a quarter-on-quarter rise of 26.4%,setting another record high for quarterly revenue. In Q3, 31,607 vehicles were delivered, with an average selling price per vehicle reaching 370,000 yuan, nearly twice that of Xpeng. While the growth rate appears solid, let's recall the delivery guidance of 31,000 to 33,000 vehicles proposed during Nio’s Q2 earnings call—Nio barely met the target. Pressure will mount in Q4, specifically in November and December.
2. Gross Profit Aspect
Nio achieved a gross profit of 1.734 billion yuan in Q3, with a gross margin of 13.3%, up 0.3% from the previous quarter but down 7% year-on-year. The automotive gross margin stood at 16.4%., it has also been declining in recent quarters, mainly due to...