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Xilai, which has experienced the "worst" term in 2019, seems to have performed well in 2020. According to the latest financial data released by NIO a few days ago, it is better than the expectations given by analysts.

Specific financial data show that total revenue in the first quarter of this year was 1.372 billion yuan, down 15.9% from the same period last year; the net loss belonging to the common shareholders of Lulai was 1.7228 billion yuan, down 35.0% from the same period last year; the net loss was 1.6918 billion yuan, down 40.9% from the previous month and 35.5% from the same period last year; and the overall gross profit margin was-12.2%.

Of this total, automobile sales revenue was 1.26 billion yuan, accounting for 92% of the total revenue in the quarter, down 18.2% from the same period last year; other sales revenue was 116.4 million yuan, an increase of 21.2% over the same period last year; and the company's sales and management expenses decreased by 45.1% month-on-month.

Although it is said that in the first quarter of this year, Xilai still did not achieve the performance of regular revenue, but in the market shrouded by COVID-19 in 2020, the decline in performance is the norm for all car companies, and in the new energy market, which is more depressed, Ulai has shown to be better than the market average.

According to its first-quarter sales figures, two of its models delivered a total of 3838 vehicles in the first quarter, down 3.8% from a year earlier, with 3643 for ES6 and 195 for ES8. For such a decline, it is significantly lower than the 42% decline in the domestic passenger car market in the first quarter compared with the same period last year, and also reflects the improvement in sales performance of Lulai.

After the release of the financial data, senior executives of the company also analyzed and interpreted the data, saying that the performance loss was mainly due to the continuous shutdown of production affected by the COVID-19 epidemic, resulting in a reduction in the number of vehicles delivered and a decline in sales revenue.

However, the financial report also mentioned that by the end of April this year, Xilai had delivered a total of 6993 vehicles, which increased along with the pick-up in market performance. Deliveries from Xilai have rebounded positively since April, when it delivered a total of 3155 vehicles, up 105.8 per cent from a month earlier.

Li Bin, CEO of Xilai Motor, is also confident about the performance in the second quarter, saying that new orders have returned to pre-epidemic levels, and delivery in the second quarter may reach 9500 to 10000 vehicles, or even reach an all-time high of quarterly delivery.

But for the current Xilai, better sales may not make it profitable, and it is also because the gross profit margin is relatively low, although it has narrowed to-12.2% from-15.3% in 2019, but it is still in a state of "more and more losses". In this regard, Li Bin has previously said that raising the gross profit margin is one of the core goals of NIO in 2020, and he is confident that the gross profit margin will become a regular employee in the second quarter of 2020.

Revenue is expected to reach 3.3684 billion yuan to 3.5342 billion yuan in the second quarter of this year, an increase of about 145.5% to 157.6% from the previous quarter and about 123.3% to 134.3% over the same period last year. The gross profit margin of vehicle sales in the second quarter is expected to exceed 5%.

In any case, from the point of view of the current development of Ulai Automobile, it is in a state of narrowing losses and catching up with delivery schedule, it can also be said to be in a good state of development, but it still has certain challenges for the goals of Ulai. Up to now, the cumulative loss of Xilai Motor has exceeded 23 billion yuan.

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