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Annual revenue exceeds RMB 100 billion, NIO releases 2023 financial results

On February 26, NIO released its fourth quarter and full year 2023 financial results.
NIO described it as its “best financial results in history.

” According to financial data, NIO delivered a total of 376,030 new vehicles throughout the year, representing annual growth of 182.2%.
The company achieved total revenue of 123.85 billion yuan, an increase of 173.5% over the previous year.

NIO attributed this exceptional financial report to its rapid expansion in scale and improvement in operating efficiency.
It is worth noting that NIO has become the first Chinese new energy vehicle company to achieve annual revenue exceeding 100 billion yuan.

In 2023, NIO achieved a net profit of 11.81 billion yuan for the entire year.
In the fourth quarter of 2023, the company generated free cash flow of 14.64 billion yuan.

At the end of 2023, NIO's cash reserves reached 103.67 billion yuan.
In terms of financial expenses, NIO's research and development expenses for the whole of 2023 reached 10.59 billion yuan, a record high and an increase of 56.1% year-on-year.
Additionally, NIO actively implements strict cost controls.

According to the financial report, selling, general and administrative expenses in the fourth quarter were 3.27 billion yuan, accounting for 7.8% of the expense ratio, continuing to decrease compared to the same period in the fourth quarter of last year.

At the same time, NIO also gave its outlook for the first quarter of 2024.
Deliveries of 100,000 to 103,000 vehicles are expected, representing annual growth of 90.2% to 95.9%.
The company expects its revenue to reach 31.25 billion yuan to 32.19 billion yuan, an annual growth of 66.3% to 71.3%.
With net profit exceeding 10 billion yuan, NIO became the third new energy vehicle company globally to achieve profitability, after Tesla and BYD.
Recently, NIO debuted on the "2023 Hurun Global 500" list with an estimated valuation of 311 billion yuan, making it one of the youngest companies on the list and the only new company participate in the automobile industry.

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