Category: Nio

BREAKING: NIO cuts starting prices by $4,200 for all models and makes battery swap service optional

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(Image credit: CnEVPost)

(NYSE: NIO) has significantly lowered the starting prices of its entire lineup of models and made a key free service previously offered as a paid option in an attempt to boost sales.

Starting June 12, the starting prices for all new NIO models will be reduced by RMB 30,000 yuan ($4,200), but the previously free battery swap service, which is offered several times a month, will become a paid option, the company announced today.

Consumers who pay a deposit for an NIO model starting today will receive a 6-year or 150,000 km warranty for the first owner and a 10-year unlimited mileage warranty for the motor, electric control and electric drive systems. They will also receive 6 years of free internet connectivity, 8GB of monthly internet traffic, and free lifetime roadside assistance.

Consumers who pay the deposit for the new ES6 and the new ES8 on or before July 31 will still receive a free home charging pile.

The free battery swap service will no longer be available as a base benefit, and consumers will have the option to get the service for a single payment, NIO said, adding that the company will introduce flexible charging and battery swap service packages.

Customers who pay a deposit for a new NIO vehicle between June 12 and July 31 can pay RMB 30,000 for an upgraded service package, which includes:

Free lifetime battery swap service 4 times a month;

A 10-year unlimited mileage warranty on the vehicle;

Free lifetime car internet connectivity with 8GB of traffic per month;

Lifetime free roadside assistance.

Consumers who pay a deposit for the new ES6 and ES8 on or before July 31, and who also purchase the service package, can choose to forgo the free home charging pile entitlement and upgrade the number of free battery swap services to six per month.

For consumers who have already locked in their orders but have not yet received delivery, NIO will assume that they have purchased the upgrade package and maintain the same purchase price.

However, they can also contact NIO's specialists to cancel the upgrade package before delivery and have the purchase price reduced by RMB 30,000.

For NIO owners who have already received delivery, their benefits remain the same. If they purchase another NIO vehicle, they can choose to transfer the benefits from the original vehicle to the new vehicle.

If they give up the original free battery swap service of 4 or 6 times per month, then they can get a discount of RMB 30,000 when they buy a new NIO model again.

For those owners who originally had unlimited free battery swap for life, they can receive a RMB 50,000 discount on the purchase of a new NIO vehicle if they give up this benefit.

As of today, NIO has 1,484 battery swap stations in China and has provided more than 22.9 million free battery swap services. It also has 15,881 completed charging piles in China.

(1 $= 7.1435 RMB)

NIO keeps goal of doubling sales this year despite price war causing greater challenges

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NIO to launch ET5 Touring and ES6 in Europe on Jun 15

The ES6 is called the EL6 in Europe because of Audi's trademark lawsuit.

(NYSE: NIO) said yesterday that it would launch new "models" in Europe on June 15, but didn't specify which ones. Now the answer has been revealed.

"We are revealing our new NIO models, the ET5 Touring and the EL6, on 15.06.2023, 19:00 CEST in a global online launch event and you are invited!" the Chinese electric vehicle (EV) maker tweeted today.

The ET5 Touring will be NIO's first new model to be launched simultaneously in the global market, and its Chinese launch will start at 19:00 Beijing time (7:00 am US Eastern time) on June 15, a few hours before the European launch.

That European launch event starts at 1:00 pm US Eastern time on June 15, or 1:00 am Beijing time on June 16.

The EL6 is the SUV known in China as the ES6, which is using a new name in Europe because of the Audi lawsuit. Audi believes NIO's ES8 and ES6 infringe on its trademark rights for its S8 and S6 models.

NIO last held a launch event in Europe on October 8, 2022, when the company introduced the ET7, EL7 and ET5 to European consumers. The EL7 is the ES7 sold in China.

The company launched the new ES6 in China on May 24, and its deliveries began the night of the launch.

Earlier today, a message posted by NIO on its mobile app hinted that the ET5 Touring will be released for consumers in China, Norway, Sweden, Denmark, the Netherlands, and Germany.

The ET5 Touring show car and vehicles for test drives have recently arrived at NIO stores, and test drives will be available on June 15, it said.

NIO began accepting pre-orders for the ET5 Touring in China today, although the model's specifications and price have not yet been announced. Its delivery will begin on June 16, NIO said.

The production team of British automotive media Top Gear will be involved in the ET5 Touring launch event, according to information shared by the NIO App today.

As of today, the ET5 Touring show cars are available at 248 NIO stores in 48 cities across China.

NIO's stores include the flagship NIO Houses as well as the smaller NIO Spaces, and as of May 30, they numbered 118 and 269 in China, respectively, according to data it released on June 1.

NIO to launch ET5 Touring on Jun 15, delivery in China to start next day

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NIO to launch ET5 Touring on Jun 15, delivery in China to start next day

The launch event of the ET5 Touring will start at 19:00 Beijing time on June 15. Show cars are already available in stores and deliveries in China will start on June 16.

(Image credit: NIO)

NIO (NYSE: NIO) will officially launch the ET5 Touring next Thursday, and like the new ES6, which just went on sale late last month, deliveries of the new model will begin the day after the launch.

The launch of the ET5 Touring will begin at 19:00 Beijing time (7:00 am US Eastern time) on June 15, and it will be a launch event that will span six countries, NIO announced today.

The NIO App release implies that the ET5 Touring will be launched for consumers in China, Norway, Sweden, Denmark, the Netherlands, and Germany.

NIO is accepting pre-orders for the ET5 Touring from consumers in China starting today, although the model's specifications and pricing have not yet been announced.

The ET5 Touring is expected to cost RMB 335,000 ($47,000) - RMB 345,000, which will be slightly higher than the regular ET5's RMB 328,000, according to a June 5 research note by Deutsche Bank analyst Edison Yu's team.

Consumers who pre-order the model now will need to pay RMB 5,000 and they will receive 10,000 NIO Credits, worth RMB 1,000, after locking in their orders.

The offer will no longer be available after the ET5 Touring begins allowing consumers to lock in their orders.

Deliveries of the ET5 Touring will begin June 16 in China, roughly in accordance with consumers' order lock-in schedule, NIO said.

The model's show cars and vehicles for test drives have recently arrived at NIO stores, and test drives will be available on June 15, it said.

In an announcement announcing May delivery figures on June 1, NIO said it plans to launch a new NT 2.0-based model, the ET5 Touring, which will be available for delivery to customers starting in June.

The ET5 Touring will be launched globally in June and start its delivery with the Chinese market, it said at the time in a separate press release.

NIO will launch the ET5 Touring on June 15 and will begin its deliveries this month, William Li, founder, chairman and CEO of NIO, said yesterday during an analyst call following the company's first-quarter earnings announcement.

The ET5 Touring can meet the diverse usage scenarios of individual and family users, greatly enhancing the company's competitiveness in the high-end family car market, he said.

The production team of British automotive media Top Gear will participate in the ET5 Touring launch event, according to information shared by the NIO App today.

Notably, an image on NIO's English website yesterday hinted that the company will launch new models in Europe next week, possibly more than just the ET5 Touring.

"Brand new NIO models are coming. June 15, 19:00 CEST," reads the text of an image on the front page of NIO's English website.

The start time of the European event corresponds to June 15 at 1:00 pm US Eastern time, or June 16 at 1:00 am Beijing time.

($1 = RMB 7.1286)

NIO to launch 'brand new NIO models' in Europe on Jun 15

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NIO Q1 earnings: Deutsche Bank’s first look

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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NIO Q1 earnings call: Live text updates

(Image credit: CnEVPost)

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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Q1 earnings: How does NIO compare to XPeng and Li Auto?

and both saw net losses in the first quarter, while posted net income.

With the release of NIO's (NYSE: NIO) financial results, the trio of US-listed Chinese electric vehicles all reported first-quarter earnings.

With this article, we try to give readers a quick look at how the financials of NIO, XPeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) compare in a few charts.

It should be noted that NIO and XPeng currently offer only battery electric vehicles (BEVs), a fast-growing but small market in China that currently accounts for about 30 percent of all passenger car sales.

Li Auto's full range of vehicles are extended-range electric vehicles (EREVs), essentially plug-in hybrids, targeting a much larger market.

In terms of quarterly deliveries, all three companies are essentially continuing to grow in 2020-2021.

In the first quarter of 2022 so far, NIO and XPeng have had a weak delivery performance, while Li Auto's has continued to grow, especially in the last two quarters.

In the first quarter of the year, Li Auto delivered 52,584 vehicles, while NIO and XPeng delivered 31,041 and 18,230, respectively.

Since all three companies derive their revenue primarily from car sales, the change in deliveries essentially corresponds to the change in revenue.

In the first quarter, Li Auto's revenue was RMB 18.8 billion, NIO was RMB 10.7 billion and XPeng was RMB 4.03 billion.

Their gross margins have been relatively stable over the past two years, with NIO and XPeng declining significantly over the past two quarters due to promotional activities.

Li Auto's gross margin has rebounded over the past two quarters after seeing a decline in the third quarter of last year.

NIO and XPeng has been continuing to face net losses while Li Auto has been profitable for multiple quarters.

In the first quarter, NIO had a net loss of RMB 4.74 billion, XPeng had a net loss of RMB 2.34 billion, and Li Auto achieved net income of RMB 934 million.

NIO Q1 earnings miss expectations, gross margin drops to 1.5%

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NIO reports weaker-than-expected Q1 earnings, gross margin falls to 1.5%

reported revenue of RMB 10.68 billion in the first quarter, below market expectations of RMB 12.275 billion, compared to RMB 9.911 billion in the same period last year.

Previous data showed that NIO delivered 31,041 vehicles in the first quarter, slightly above the lower end of the guidance range of 31,000 to 33,000 vehicles.

NIO's previous revenue guidance for the first quarter was between RMB 10.93 billion and RMB 11.54 billion.

Below is its press release, as the CnEVPost article is being updated.

otal revenues in the first quarter of 2023 were RMB10,676.5 million (US$1,554.6 million), representing an increase of 7.7% from the first quarter of 2022 and a decrease of 33.5% from the fourth quarter of 2022.

Vehicle sales in the first quarter of 2023 were RMB9,224.5 million (US$1,343.2 million), representing a decrease of 0.2% from the first quarter of 2022 and a decrease of 37.5% from the fourth quarter of 2022. The decrease in vehicle sales over the first quarter of 2022 was mainly due to lower average selling price as a result of higher proportion of ET5 and 75 kWh standard-range battery pack deliveries, partially offset by an increase in delivery volume.

The decrease in vehicle sales over the fourth quarter of 2022 was mainly due to a decrease in delivery volume, and lower average selling price as a result of higher proportion of ET5 and 75 kWh standard-range battery pack deliveries.

Other sales in the first quarter of 2023 were RMB1,452.0 million (US$211.4 million), representing an increase of 117.8% from the first quarter of 2022 and an increase of 11.3% from the fourth quarter of 2022.

The increase in other sales over the first quarter of 2022 was mainly due to the increase in sales of accessories, provision of repair and maintenance services, provision of auto financing services, sales of used cars and provision of power solutions, as a result of continued growth of our users.

The increase in other sales over the fourth quarter of 2022 was mainly due to the increase in provision of auto financing services, sales of accessories, provision of repair and maintenance services, provision of power solutions and sales of used cars, as a result of continued growth of our users, and partially offset by a decrease in revenue from rendering of research and development services.
Cost of Sales and Gross Margin

Cost of sales in the first quarter of 2023 was RMB10,514.2 million (US$1,531.0 million), representing an increase of 24.2% from the first quarter of 2022 and a decrease of 31.9% from the fourth quarter of 2022.

The increase in cost of sales over the first quarter of 2022 was mainly driven by the increase in (i) delivery volume, and (ii) cost from the sales of accessories, provision of repair and maintenance services, sales of used cars and provision of power solutions, associated with increased vehicle sales and expanded power and service network. The decrease in cost of sales over the fourth quarter of 2022 was mainly attributed to (i) the decrease in delivery volume, (ii) the decrease in average material cost per vehicle as a result of higher proportion of ET5 and 75 kWh standard-range battery pack deliveries, and (iii) the inventory provisions, accelerated depreciation on production facilities, and losses on purchase commitments related to the previous generation of ES8, ES6 and EC6 in the fourth quarter of 2022.

Gross profit in the first quarter of 2023 was RMB162.3 million (US$23.6 million), representing a decrease of 88.8% from the first quarter of 2022 and a decrease of 73.9% from the fourth quarter of 2022.

Gross margin in the first quarter of 2023 was 1.5%, compared with 14.6% in the first quarter of 2022 and 3.9% in the fourth quarter of 2022. The decrease of gross margin from the first quarter of 2022 and the fourth quarter of 2022 was mainly attributed to the decreased vehicle margin.

Vehicle margin in the first quarter of 2023 was 5.1%, compared with 18.1% in the first quarter of 2022 and 6.8% in the fourth quarter of 2022. The decrease in vehicle margin from the first quarter of 2022 was mainly attributed to changes in product mix and increased battery cost per unit.

The decrease in vehicle margin from the fourth quarter of 2022 was mainly due to (i) changes in product mix, and (ii) increased promotion discount for the previous generation of ES8, ES6 and EC6, which were partially offset by (iii) the inventory provisions, accelerated depreciation on production facilities, and losses on purchase commitments for the previous generation of ES8, ES6 and EC6 in the fourth quarter of 2022.

Operating Expenses

Research and development expenses in the first quarter of 2023 were RMB3,075.6 million (US$447.8 million), representing an increase of 74.6% from the first quarter of 2022 and a decrease of 22.7% from the fourth quarter of 2022.

Excluding share-based compensation expenses, research and development expenses (non-GAAP) were RMB2,711.6 million (US$394.8 million), representing an increase of 79.1% from the first quarter of 2022 and a decrease of 23.7% from the fourth quarter of 2022. The increase in research and development expenses over the first quarter of 2022 was mainly attributed to the increased personnel costs in research and development functions and the increased share-based compensation expenses recognized in the first quarter of 2023.

The decrease in research and development expenses over the fourth quarter of 2022 reflected fluctuations due to different design and development stages of new products and technologies.

Selling, general and administrative expenses in the first quarter of 2023 were RMB2,445.9 million (US$356.2 million), representing an increase of 21.4% from the first quarter of 2022 and a decrease of 30.7% from the fourth quarter of 2022.

Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) were RMB2,239.3 million (US$326.1 million), representing an increase of 24.3% from the first quarter of 2022 and a decrease of 31.2% from the fourth quarter of 2022.

The increase in selling, general and administrative expenses over the first quarter of 2022 was mainly attributed to (i) the increase in personnel costs related to sales and general corporate functions, and (ii) the increase in expenses related to the Company's sales and service network expansion. The decrease in selling, general and administrative expenses over the fourth quarter of 2022 was mainly due to the decrease in sales and marketing activities and professional services.
Loss from Operations

Loss from operations in the first quarter of 2023 was RMB5,111.8 million (US$744.3 million), representing an increase of 133.6% from the first quarter of 2022 and a decrease of 24.1% from the fourth quarter of 2022. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,522.4 million (US$658.5 million) in the first quarter of 2023, representing an increase of 163.6% from the first quarter of 2022 and a decrease of 24.8% from the fourth quarter of 2022.
Net Loss and Earnings Per Share/ADS

Net loss in the first quarter of 2023 was RMB4,739.5 million (US690.1 million), representing an increase of 165.9% from the first quarter of 2022 and a decrease of 18.1% from the fourth quarter of 2022. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB4,150.1 million (US604.3 million) in the first quarter of 2023, representing an increase of 216.9% from the first quarter of 2022 and a decrease of 18.1% from the fourth quarter of 2022.

Net loss attributable to NIO's ordinary shareholders in the first quarter of 2023 was RMB 4,803.6 million (US$699.5 million), representing an increase of 163.2% from the first quarter of 2022 and a decrease of 17.8% from the fourth quarter of 2022. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO's ordinary shareholders (non-GAAP) was RMB 4,141.8 million (US$603.1 million) in the first quarter of 2023.

Basic and diluted net loss per ordinary share/ADS in the first quarter of 2023 were both RMB2.91 (US$0.42), compared with RMB1.12 in the first quarter of 2022 and RMB3.55 in the fourth quarter of 2022. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per share/ADS (non-GAAP) were both RMB2.51 (US$0.36), compared with RMB0.79 in the first quarter of 2022 and RMB3.07 in the fourth quarter of 2022.

Balance Sheet

Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was RMB37.8 billion (US$5.5 billion) as of March 31, 2023.

Business Outlook

For the second quarter of 2023, the Company expects:

Deliveries of vehicles to be between 23,000 and 25,000 vehicles, representing a decrease of approximately 8.2% to 0.2% from the same quarter of 2022.

Total revenues to be between RMB8,742 million (US$1,273 million) and RMB9,370 million (US$1,364 million), representing a decrease of approximately 15.1% to 9.0% from the same quarter of 2022.

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NIO offers new options for ET5, ES7 and new ES8

ET5 and ES7 add gold exterior option, ET5, ES7 and new ES8 all add front wiper defrost feature.

(Image credit: )

NIO (NYSE: NIO) today began offering more options for three models in an attempt to increase their appeal.

Both the ET5 sedan and ES7 SUV are adding a gold exterior option effective immediately, with the option both priced at RMB 10,000 ($1,400), according to an article posted today by the NIO App.

ET5, ES7 and the new ES8 all have a new front wiper defrost function, all priced at RMB 1,000.

In cold weather, the front wiper defrost feature helps the wipers return to normal operation more quickly to clear snow and maintain clear visibility, the article said.

Vehicles with the optional front wiper defrost feature will receive an OTA update to get the software that works with it.

NIO has also updated the ET5 with optional wheel and tire combinations. The 19-inch five-spoke wheels are standard on the model, while other options are available for a fee ranging from RMB 3,500 to RMB 9,500.

The NIO ET5 was launched on NIO Day 2021 in December 2021, with the first delivery on September 30, 2022.

NIO ES7 was launched on June 15, 2022, with the first delivery on August 28, 2022.

The new ES8 was launched on NIO Day 2022, December 24, 2022, with deliveries to begin later this month.

NIO will report first-quarter earnings later today and hold an analyst call afterward.

The company delivered 31,041 vehicles in the first quarter, slightly above the lower end of its guidance range of 31,000 to 33,000 vehicles.

($1 = RMB 7.1248)

NIO to launch 'brand new NIO models' in Europe on Jun 15

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NIO to launch ‘brand new NIO models’ in Europe on Jun 15

could bring the ET5 Touring and the new ES6 to European customers at a launch event next week.

NIO (NYSE: NIO) will launch new models in Europe next week, and the latest information suggests it may be more than just the ET5 Touring.

"Brand new NIO models are coming. June 15, 19:00 CEST," reads the text of a picture on the front page of NIO's English-language website.

"Join us online and get a preview experience of the brand new NIO models www.nio.com #inspiredbylife," NIO says in the text included in the "Add to Calendar" button on its website.

The event's European start time corresponds to June 15 at 1:00 pm US Eastern Time, or June 16 at 1:00 am Beijing Time.

Recent information indicates that NIO is expected to launch the ET5 Touring at the event, a model that has been seen frequently in Europe as well as China over the past two months.

The ET5 Touring has been quietly arriving at NIO stores in China, longtime NIO follower and car blogger @肉肉爸比ev said on Weibo yesterday.

The model will enter NIO's showrooms on the evening of June 9, and those interested can check it out on June 10, the blogger said, without providing any further information.

NIO will report first-quarter earnings before the US stock market opens on June 9 and then hold an analyst call.

NIO's management had previously mentioned that this variant of the ET5 would debut in Europe, and the model was developed primarily for European customers.

It's not clear if NIO will hold a separate launch for the model in China, as the company said on June 1 that the ET5 Touring will be launched globally in June and start its delivery with Chinese market.

NIO used the word "models" instead of "model" in the event preview on its English website, suggesting that it will launch more than one model at next week's event.

In addition to the ET5 Touring, NIO may also launch the new ES6 to local customers at the European event.

NIO launched the new ES6 in China on May 24, and deliveries began that night.

The new ES6 has a starting price in China of RMB 368,000 ($51,740) including batteries, making it the cheapest NIO SUV.

NIO last held a launch event in Europe on October 8, 2022, when the company introduced the ET7, EL7 and ET5 to European customers.

The EL7 is the ES7 sold in China, and that new name is due to NIO's lawsuit with Audi. The ES6 is expected to be similarly known as the EL6 in international markets.

($1 = RMB 7.1122)

ET5 Touring said to be available at NIO showrooms in China starting Jun 10

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