AutoBeta(AutoBeta.net)09/07 Report--

Today, NIO released its results for the second quarter of 2022. According to the financial report, the total revenue of NIO in the second quarter was 10.29 billion yuan, an increase of 21.8 percent compared with the second quarter of 2021 and 3.9 percent compared with the first quarter of 2022. Car sales in the second quarter were 9.5708 billion yuan, an increase of 21.0% over the second quarter of 2021. The net loss in the second quarter was 2.7575 billion yuan, an increase of 369.6% over the same period last year, and a loss of 659 million yuan in the same period last year. The net loss attributable to NIO common shareholders in the second quarter of 2022 was 2.745 billion yuan, an increase of 316.4 per cent over the second quarter of 2021 and 50.4 per cent over the first quarter of 2022. In addition, R & D expenditure in the second quarter was 2.15 billion yuan, an increase of 143.2% over the same period last year. As of June 30, 2022, cash and cash equivalents, restricted cash and short-term investments are 54.4 billion yuan.

In terms of delivery volume, a total of 21896 vehicles were delivered in the second quarter of 2021, including 3681 ES8, 9914 ES6, 4715 EC6 and 6749 ET7, an increase of 14.4 per cent compared with the second quarter of 2021 and a decrease of 2.8 per cent compared with the first quarter of 2022. At present, from January to August in 2022, a total of 71600 new cars were delivered, an increase of 28.3% over the same period last year. Xilai expects to deliver 31000 to 33000 vehicles in the third quarter of 2022, with revenue of 12.85 billion to 13.6 billion yuan in the third quarter. After the announcement of the results, Xilai fell more than 6% to US $17.11 per share as of press time, with a total market capitalization of 28.27 billion yuan.

It is worth noting that the financial results of Xilai Automobile are similar to the 2022Q2 results announced earlier by Xiaopeng Motor and ideal Motors, both with year-on-year increase in revenue and a month-on-month decrease in profit margins, in other words, thanks to more sales. According to the NIO financial report, the gross profit margin of vehicles in the second quarter of 2022 was 16.7%. It was 20.3% in the second quarter of 2021 and 18.1% in the first quarter of 2022. Xilai said in the first quarter that the year-on-year decline in gross profit margin was mainly due to a drop in the average selling price due to changes in the proportion of the company's product portfolio, and the month-on-month decline was mainly due to an increase in the cost of bicycle batteries.

Li Bin, chairman of Xilai Automobile, said: "the industry is facing rising prices of batteries, raw materials and chips, and our vehicle gross profit margin has also been affected." In order to ease the pressure of rising costs, Xilai Motor has previously announced that it will adjust the price of its products, but most of the price-adjusted products began to be delivered in the third quarter, so the gross profit margin in the second quarter of this year will still face greater challenges. As for when the gross profit margin will return to growth, Li Bin said: battery prices are linked with raw material prices, basically it is last month's raw material prices that determine this month's battery package cost. The increase in battery costs in the second quarter is much higher than that in the first quarter, although there is a certain decline in May compared with April, but it is true that the gross profit pressure is relatively large in the second quarter. The cars with price increases will not be delivered until the third quarter, and the orders delivered now are basically before the price increases, while the increase in product prices will be reflected in the gross profit margin of cars in the third quarter, which is expected to rebound from the third quarter.

Judging from the delivery volume of Lulai in 2022, the performance of Lulai has been lagging behind Xiaopeng and ideal cars in the past few months, but according to the delivery volume announced by the major new car-building forces in August, Xilai is ahead of Xiaopeng and ideal cars with a delivery volume of 10677 vehicles, an increase of 81.6% over the same period last year. It is the only car company among "Wei Xiaoli" to maintain delivery of 10,000 vehicles. At present, six listed models have been released, including ES8, ES6, EC6, ET7, ET5 and ES7, all of which are priced at more than 300000 yuan. According to official news, delivery of ES7 began at the end of August, and ET5 will be delivered on September 30th. Qin Lihong, president of Lulai ET5, which made its public debut at the 2022 Chengdu auto show, also said at the Chengdu auto show press conference: the order volume of Lulai ET5 is very large, far exceeding our expectations. In the past year, the average monthly sales of the BMW 3-Series is more than 12000 vehicles. With the delivery of the ET5, the ET5 will sell more than the 3-Series within a year.

On the longer-term new car planning, Li Bin has said that the planned new brand models will start delivery in the second half of 2024, and the price of the main products will be in the range of 20-300000 yuan. The model will be equipped with third-generation NT3.0 technology, power exchange architecture, and equipped with self-made battery packs. For the time being, all the models under NIO are positioned as high-end models, and the price of the products is not less than 350000 yuan. The launch of a new 200000 model with a lower positioning can complement the existing product system of NIO. This may also help NIO to further increase the scale of sales and seize more market share. On August 2, it was reported that Lai Automobile plans to launch a third brand car brand in addition to the two brands, Ulai and Alps, to cover the middle and low-end market of less than 200000 yuan. However, for the news, NIO responded: "there is no information to disclose at present."

With regard to the continuous expansion of the product matrix of Lai Automobile, some industry insiders said that the layout of four SUV and ET7/5 cars has been initially formed, and its competitiveness in the high-end pure electricity market will also be gradually strengthened. in the short term, it is still expected to drive its brand sales up gradually.

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