NIO’s third-quarter revenue soars, flagship new car will be released within the month, Li Bin reveals more news about Alps

Tonight, NIO held a third-quarter earnings conference call.

After the meeting began, NIO CEO Li Bin first introduced NIO’s delivery and financial situation in the third quarter:

NIO's revenue in the third quarter reached 19.07 billion yuan, a year-on-year increase of 46.6%, and the month-on-month growth was as high as 117.4%. At the same time, thanks to the increase in average selling price, the continuous reduction of vehicle costs and the scale effect, NIO's overall third quarter revenue Vehicle gross profit margin returned to double digits, reaching 11%, returning to a leading position in the pure electric field.

For R&D, NIO is still willing to spend money. In the third quarter, R&D investment was 3.04 billion yuan, exceeding 3 billion yuan for four consecutive quarters. The good news is that Weilai's net losses began to narrow, falling 24.8% month-on-month. Currently, Weilai's cash reserves reach 45.2 billion yuan, an increase of 13.7 billion yuan from the previous quarter.

It can be said that the third quarter of this year was the best quarter for Weilai. NIO said that with the breakthrough in revenue, a number of core indicators including gross profit margin will be comprehensively improved.

In terms of delivery, NIO has also achieved good results. NIO delivered a total of 55,432 cars in the third quarter, a month-on-month increase of 135.7% and a year-on-year increase of 75.4%. With the launch and delivery of the new EC6, NIO has formed a relatively complete product matrix in the price range of 300,000-600,000 yuan.

NIO is also very optimistic about the fourth quarter. NIO expects car delivery volume in the fourth quarter to be between 47,000 and 49,000 vehicles, a year-on-year increase of 17.3-22.3%; its fourth-quarter revenue is expected to be between 16.079-16.701 billion yuan. , a year-on-year increase of approximately 0.1% to 4.0%.

In addition, the Dong Auto Association also compiled other content in the earnings call, including the flagship new car to be released this month, as well as the subsequent corporate adjustments .

1. About R&D and products

At the beginning of the third quarter, NIO held its first Innovation and Technology Day, NIO IN, and released a mobile phone "born for NIO car owners", as well as 12 technologies including chips and in-vehicle intelligent hardware, batteries, electric drives, and vehicle engineering. "Full stack of Weilai technology" in key technology fields.

Weilai will insist on using research and development in exchange for long-term gross profits.

At that time, at the press conference, Li Bin not only emphasized the importance of self-research for NIO, but also talked about NIO’s self-research results in various fields, including NIO’s first self-developed lidar main control chip NX6031, which also It is "Yang Jian" and SkyOS Tianshu, China's first full-vehicle operating system.

In tonight’s conference call, Li Bin also mentioned NIO’s smart driving, saying that NIO’s smart driving will be rapidly iterated over the next period of time. “All NIO cars have the same configuration, so wait and see. After we establish the data closed-loop system, our subsequent iteration capabilities will be very fast."

At present, NIO has opened the use of global navigation assistance NO P+ to pioneer users in some major cities. The number of urban route coverage and cities reached is also increasing, which has greatly exceeded the goals set by Innovation and Technology Day. At the same time, NIO also launched the pilot power swap function in high-speed service areas in November. Currently, a total of 29 power swap stations across the country support this function, realizing full process automation for high-speed power swap scenarios.

NIO, which uses software and hardware simultaneously, also needs a new flagship car to carry these configurations.

On the 23rd of this month, NIO will release a new flagship model at NIO Day 2023. Li Bin said that the new car will become the technical benchmark for global smart electric vehicles, and "many technologies are world-leading."

In addition, Li Bin also revealed some news about the Alps. He said that Alpine's first car has recently completed the VB car (Verification Build verification prototype manufacturing) trial production. "The condition is very good. NIO is very confident in this car." At the same time, he also clarified the position of the Alpine brand in NIO’s battery replacement network.

In the future, NIO's power swap network will be divided into two types: "dedicated network" and "shared network". The former is a dedicated network for NIO users and cannot be used by Alps users; the latter is a power swap network shared by NIO, Alps and other brands. network .

Similarly, on the sales side, Alps will not use NIO’s sales network, but will share part of the service network.

2. About sales and service

Up to now, including pop-up stores, NIO has opened a total of 460 NIO centers and NIO spaces, covering 152 cities; it has 314 service centers and 62 delivery centers, covering 217 cities.

Li Bin said that the establishment of sales and service networks has a very high priority within NIO, second only to technology research and development. "If we do not expand our sales network, it will not be enough for us to cope with market competition."

According to Li Bin’s input, Weilai currently has about 5,700 sales consultants, more than 3,000 of whom have joined the company in recent months, and Weilai’s onboarding training lasts for one and a half months, “So if they want to develop sales capabilities, they still need Some time." He believes that it will take about 6 months from onboarding to achieving good performance.

Li Bin mentioned that in October this year, NIO had surpassed BMW and Mercedes-Benz in terms of sales of models over 300,000 yuan in Shanghai. Although this may be related to local policies, NIO has also improved rapidly in Jiangsu and Zhejiang. The cumulative sales in the above three provinces have accounted for 50% of NIO's national sales.

But from another perspective, NIO still has a long way to go in some markets with more conservative consumer awareness.

The sales gap between us and Mercedes-Benz and BMW is still very huge, so we will continue to expand our sales and service network to increase our opportunities for continued sales growth.

Because of this, the two brands Alps and Firefly also have high hopes. Next, NIO will continue to reform internal work processes and division of labor on the premise that 3 brands and 9 core products will be launched as scheduled, focusing on project investments that can improve the company's financial performance, and improve organizational efficiency and resource utilization efficiency.

3. About power exchange and cooperation

In terms of charging and swapping networks, as of now, NIO has deployed a total of 2,226 battery swapping stations around the world, with more than 9,400 supercharging piles and 11,000 destination charging stations. Today, the battery swap system has been in actual operation for 5 years and has provided more than 32 million battery swap and energy replenishment services.

Li Bin said that it is time for NIO's power swap network to be opened up, not only because NIO already has the ability to open up, but also because the power swap model has been fully verified and meets user needs.

"The vast majority of urban users live in apartments, so many users, in fact more than half of new energy users, have difficulty installing charging piles." This point is very important for the Alpine brand, which is positioned lower than Weilai. This is especially true for users. If users do not have a home charging station, battery replacement will also be a good solution.

Because of this, in addition to continuously expanding NIO's own exclusive power swap stations, NIO also needs to actively build a shared power swap network shared by multiple brands. The good news is that Weilai has reached cooperation with Changan and Geely to jointly develop battery packs and build battery swap networks. "There are several others still in negotiation," Li Bin said.

Brands that are connected to NIO's battery swap network will modify their models based on NIO's battery packs . In terms of cost, Li Bin said it is "not particularly high."

In order to further reduce the construction and operating costs of power swap stations, NIO has actually been trying a new model – investors fund the construction of power swap stations, and NIO is responsible for subsequent operations. In addition, Li Bin said that there are also some investors who are interested in NIO Power's independent financing, and he does not rule out the possibility of NIO Power's independent financing.

As for NIO’s charging pile business, it is basically breaking even.

The next two years will undoubtedly be the most fiercely competitive stage in the automotive industry's transformation period. Although it still faces huge uncertainties in the external environment, the road to battery replacement has become increasingly clear.

Anyone with wheels is interested and welcome to communicate. Email: [email protected]

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