A research paper by Carnegie Mellon and Yale University indicates that EVs will dominate the US car market by 2030
Category: eMobility
Zero Carbon Charge To Roll Out Ultra-Fast EV Charging Stations Powered By Large Solar & Battery Storage In South Africa
The founders of Zero Carbon Charge have been involved in the utility-scale solar sector in South Africa since 2011. Anticipating a surge in electricity demand in the long term due to incremental adoption of electric vehicles in South Africa, they decided to leverage their experience in the utility-scale solar sector to come up with a […]
Einride: Saving the Planet, One Truckload at a Time
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Tesla Readies 4680 Battery Cell Production In California
As the Cybertruck is coming to market soon and Tesla is selling a record number of EVs, it's time to ramp up battery production.
NIO Q1 earnings: Deutsche Bank’s first look
NIO reported weak first-quarter underlying results but showed surprising Opex discipline to start the year and also presented a better-than-feared outlook for second-quarter sales, Edison Yu's team said.
NIO (NYSE: NIO) today reported weaker-than-expected first-quarter earnings, but emphasized on the analyst call that more prudent cash management will follow, as well as expressing confidence in delivering 20,000 vehicles per month in the coming months.
As usual, Deutsche Bank analyst Edison Yu's team provided their first impressions of the earnings report.
Here's what the team had to say.
1Q23 Earnings First Look
NIO reported soft underlying 1Q results, largely as previewed but showed surprising opex discipline to start the year, and also initiated a better than feared 2Q volume outlook.
Deliveries for the first quarter were already reported at 31,041 units, leading to revenue of 10.7bn RMB, vs. our/consensus 10.9bn/11.7bn forecasts, hurt by lower ASP.
Gross margin of 1.5% was below our 2.5% forecast (consensus >7%), driven by downside in vehicle margin (5.1% vs. our 6.5%), partially offset by better "other" margin (-21.0% or +870bps QoQ).
Opex of 5.5bn was materially below our expectations, both on R&D and SG&A.
All together, adjusted EPS of (2.51) came in better than our/consensus estimates.
Management provided a stronger than expected outlook for 2Q23, calling for 23,000-25,000 deliveries. This compares to our 23,000 unit forecast and suggests June will be up materially QoQ (~11,000 at mid-point vs. just 6,155 in May) as the new ES6 ramps up quickly.
We suspect there were concerns June may see some supply chain constraints that don't appear to be materializing. This translates into 8.7-9.4bn RMB in revenue, vs. our 9.0bn forecast.
Looking beyond, management is targeting >20,000 deliveries per month in 2H including 10,000 of new ES6 in July. This will likely be difficult to achieve (sustain at least), in our view, given underperformance of the sedans (ET5, ET7) and we don't think management will get credit for this.
On vehicle margin, 2Q will still be under pressure with 3Q recovering back to double digits and 4Q >15%.
R&D is expected to still trend around 3-3.5bn (non-GAAP basis) per quarter and SG&A will step up sequentially in 2Q although the CEO's tone suggested certain incremental spend could potentially get pushed out at least until the performance of core NIO stabilizes.
Lastly, NIO is officially pushing out its operating profit breakeven target by a year (or less), which is long overdue based on our latest modeling.
NIO Q1 earnings miss expectations, gross margin drops to 1.5%
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Porsche Mission X previews electric sports cars, 900V charging
Porsche on Thursday unveiled the Mission X, an electric suoercar concept that could preview a future production model. "As a design study, not offered for sale, with production to be decided in due time, the Mission X is a glimpse into what the sports car of the future could look like," a Porsche press release declared. The automaker sees the... Tern Presents The 2023 HSD Cargo Commuter E-Bike
It boasts a stiffer frame and a Bosch Performance Line motor for improved all-around performance.
Volvo Tripled All-Electric Car Sales In May 2023
Nearly 40 percent of the total volume was rechargeable.
Top-selling cars in May 2023 in China – BYD first, Volkswagen second, Toyota third
According to the data released by the China Passenger Car Association (CPCA), the Chinese market witnessed the sale of 1.742 million new cars in May 2023. This represents a 7% increase compared to the previous month. Notably, among these sales, 388,000 were electric vehicles (EVs), and 192,000 were plug-in hybrid electric vehicles (PHEVs), collectively known […]
The post Top-selling cars in May 2023 in China – BYD first, Volkswagen second, Toyota third appeared first on CarNewsChina.com.
NIO Q1 earnings call: Live text updates
(Image credit: CnEVPost)
NIO is holding a first-quarter earnings analyst call and this article will provide key highlights from the call, with the latest being at the top.
NIO is confident that the gross margin will return to double digits in the third quarter and to 15 percent in the fourth quarter.
NIO ES6's locked-in orders have met expectations and the test drive conversion rate is the highest of any model.
NIO is targeting 10,000 units of the new ES6 for both production and delivery in July.
The other models besides ES6 still have a chance to achieve the target of 20,000 units delivered per month, except that the ET5 faces a greater challenge after the withdrawal of national subsidies.
NIO will launch ET5 Touring on June 15.
The sub-brand ALPS is still on track and will start delivering products in the second half of next year. NIO will be managed more carefully in terms of pace and efficiency.
The development of models for NIO's second-generation platform has been completed, and now we need to think about how the marketing team can better sell the cars.
NIO's goal is to obtain a fair share of the current eight vehicles in their segments.
NIO Q1 earnings miss expectations, gross margin drops to 1.5%
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