BEIJING, March 24 (TMTPOST)— NIO Inc posted mixed financial results during the last quarter of 2021, when the Omicron coronvavirus variant was raging through the world and hitting the global supply chain. And the growths of sales and delivery that the Tesla’s Chinese rival expected in the current quarter were less than the Wall Street’s expectation.
Source: Visual China
In the fourth quarter of 2021, NIO recorded total revenue of RMB9.9007 billion (US$15.54 billion) with a year-over-year (YoY) 49.1% increase, beating the analysts’ estimate of RMB9.72 billion, while the quarterly net loss widened 54.4% YoY, missing the analysts’ expected shortfall of RMB1.51 billion. There were 25,034 vehicles delivered that quarter, increasing 44.3% YoY and better than analysts’ expectation of 24,945 units. The full year saw NIO’s revenue rose by 122.3% from 2020 to RMB3.614 billion (US$5.6 billion) and net loss decreased by 24.3% in the year to RMB 4.017 billion (US$630.3 million).
Looking forward the current quarter ended on March 31, NIO expected deliveries to be between 25,000 and 26,000 vehicles, representing YoY growth of 24.6% to 29.6%, while the analysts predicted it would ship 27,958 units. NIO estimated the quarterly revenue would up 20.6% to 25.1% YoY to between RMB9.63 billion (US$1.51 billion) and RMB9.987 billion (US$1.57 billion), short of the analysts’ expectation of RMB10.5 billion.
The results underline ongoing supply chain disruptions and inflation pressure in raw materials, the common challenge which the auto industry has been facing in the prolonged COVID-19 pandemic.
New energy vehicle makers in China seemed to launch a new wave of price hikes recently after the previous one in January. Last Thursday, Tesla hiked the price of the Model Y Rear-Wheel Drive (RWD) by RMB15,060, the third price-raising in a week for the U.S. electric vehicle (EV) giant in China. And BYD, a Chinese EV manufacture backed by Warren Buffett’s Berkshire Hathaway, announced an increase up to RMB6,000 the same day. Another Chinese EV maker Xpeng was said to increase between RMB10,000 and RMB20,000 recently. Its domestic competitor Li Auto could increase prices as well since the company’s founder and CEO Li Xiang last Sunday complained battery cost witnessed very unreasonable increase in the second quarter, and said EV brands that didn’t hike prices yet would generally join in right after they finalize the definite price rise.
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