The performance competition of new car-making forces in the first quarter: NIO has become the "loss king"! Li Auto's earnings fell the most

Girlfriend Finance

2024-06-20 16:44Published in Chongqing Finance and Economics Creator

Summary: Burning money continues (welcome to pay attention to girlfriend finance)

The performance competition of new car-making forces in the first quarter: NIO has become the "loss king"! Li Auto's earnings fell the most

Written by Sister Mi

This is the 1534th original article of @girlfriend finance

This year's 618 seems to be a bit deserted, but the price war between car companies, especially new energy vehicle manufacturers, is fierce.

According to Sina Technology, the price of a new energy model of the luxury car brand Mercedes-Benz even "broke a bone", and the price was reduced to less than 6% off the official guide price.

For many new car-making forces that are still losing money and grabbing the market, how long the brutal price war can last is crucial.

Up to now, six new listed EV manufacturers have disclosed their quarterly reports for the first quarter of this year.

Among them, Cialis, which "holds" Huawei's "thighs", has doubled its revenue and attributable net profit, which can be described as unparalleled.

NIO had a net loss of nearly 5.3 billion yuan in a single quarter, and Leapmotor, Xiaopeng Motors and ZEEKR had a net loss of about 1 billion yuan to 2 billion yuan in a single quarter.

As of the close of trading on June 19, the share price of Cialis was 100.1 yuan per share, with a total market value of 151.1 billion yuan, the highest total market value among the six new car-making forces that have been listed.

In fact, the day before, Cialis had just completed the surpassing of the total market value of rational cars.

In the first quarter of this year, Cialis achieved revenue of 26.56 billion yuan, a year-on-year increase of 421.8% and a month-on-month increase of 38.6%. The growth rate ranked first among the six new automakers.

In the same period, the sales volume of Cialis was 4,065 units, a year-on-year increase of 620.1%. Mainly due to the joint brand AITO Wenjie with Huawei, the sales of its models increased significantly. For example, the total number of units in the first month of the launch of the new M7 exceeded 60,000 units.

As a popular fried chicken, Sailis's stock price has performed well. However, its share price has also fluctuated greatly.

During the year, its stock price reached a low of 54.6 yuan per share and a high of 106.66 yuan per share. This is also the reason why many investors complain that they see it right, but it is difficult to make money or even lose money.

In the first quarter, Leapmotor's revenue was 3.486 billion yuan, a year-on-year increase of 141.7%, ranking second in terms of growth rate. It is also the only two that have doubled their year-on-year growth rate.

In the same period, ZEEKR Automobile's revenue was 14.737 billion yuan, a year-on-year increase of 70.95%; Xpeng Motors' revenue was 6.548 billion yuan, a year-on-year increase of 62.35%. The growth rate of the two companies ranked 3rd and 4th respectively.

followed by Li Auto, with revenue of 25.63 billion yuan, a year-on-year increase of 36.44%.

Among the new car-making forces, the only negative growth was NIO, with revenue of 9.909 billion yuan during the period, a year-on-year decrease of 7.19%.

In the first quarter, in terms of year-on-year growth rate of attributable net profit, Cialis also ranked first, with a year-on-year increase of 135.12%.

However, compared with the revenue of 26.56 billion yuan, the attributable net profit of Cialis is only 220 million yuan, and the proportion of its cooperation with Huawei has not been disclosed.

During the same period, its gross profit margin was 21.51%, which performed better among its peers. The average gross profit margin of the A-share automobile industry was 11.33%.

If you look at it in the long term, after 4 years of losses, it is of great significance to Cialis to turn losses into profits in the first quarter of this year.

The cooperation between Cialis and Huawei began in 2020, when it was evaluated by a big man in the industry as a "soul-selling" cooperation. From a traditional car company, Cialis has paid a lot of price.

From 2020 to 2023, its net losses will be 1.729 billion yuan, 1.824 billion yuan, 3.832 billion yuan and 2.450 billion yuan respectively. The cumulative loss in four years exceeded 9.8 billion yuan. During the same period, its R&D expenses and sales expenses increased significantly, especially the sales expenses increased significantly. In 2022 and 2023 alone, sales expenses will be nearly 10.3 billion yuan.

In the first quarter, the second place in the growth rate of attributable net profit was Xiaopeng Motors, with a year-on-year increase of 41.47%, but still a net loss of 1.368 billion yuan.

Its founder, He Xiaopeng, once said: "Building a car is not a matter of burning money, but a matter of 'burning money'." "The development of Xpeng Motors is very good for its claim.

From 2018 to 2023, Xpeng Motors will have a net loss of 2.255 billion yuan, 4.643 billion yuan, 4.890 billion yuan, 4.863 billion yuan, 9.139 billion yuan and 10.38 billion yuan respectively. Xpeng Motors has a cumulative loss of 36.17 billion yuan in six years.

Although it has not yet turned losses into profits, in the first quarter of this year, Xpeng Motors' gross profit margin was 12.9%, although the net loss was 1.368 billion yuan, a year-on-year decrease of about 970 million yuan compared with the first quarter of 2023.

The second is ZEEKR Automobile, which was only listed on the US stock market in May this year, and the first quarterly report is also its first financial report released after listing. During the period, its net loss was 2.014 billion, similar to the situation of Xiaopeng Motors, and it was also reducing losses, with a year-on-year increase of 15.87%.

In the first quarter of this year, ZEEKR delivered a total of 330.59 million units, a year-on-year increase of 117%, and its delivery volume and revenue hit a new high, with a gross profit margin of about 14%.

ZEEKR is a new energy vehicle brand owned by Geely, which can be said to have been born with a golden spoon. Founded in 2021, compared with other new car-making forces, ZEEKR has been throwing money hard since birth.

From 2021 to 2023, ZEEKR Automobile will have a net loss of 4.363 billion yuan, 7.934 billion yuan and 8.34 billion yuan respectively, with a cumulative net loss of more than 20.6 billion yuan.

In the first quarter, the remaining three new EV manufacturers all had negative year-on-year growth in attributable net profit.

Among them, NIO had the highest loss in a single quarter among the six companies, with a net loss of 5.258 billion yuan, an increase of 9.46% year-on-year; The gross profit margin of the whole vehicle was 9.2%, and the overall gross profit margin was 4.9%.

NIO has always dared to lose money. From 2018 to 2023, the net loss will be 23.33 billion yuan, 11.41 billion yuan, 5.611 billion yuan, 10.57 billion yuan, 14.56 billion yuan and 21.15 billion yuan respectively, with a cumulative loss of more than 86.6 billion yuan.

NIO's large losses are closely related to its business model. For example, the construction of a large number of battery swap stations, which has been controversial.

On the one hand, it has created a better user experience, and is even regarded as a trump card that can help NIO bottom out.

According to media reports, in November last year, NIO reached cooperation agreements with Changan Automobile, Geely Holdings, Jiangqi Group, Chery Automobile, Wanneng Group, Anhui Traffic Control Group, China Southern Power Grid Energy Storage Technology, Lotus, FAW and other enterprises to form a "battery swap alliance".

On the other hand, due to the high cost of building a battery swap station, its asset-heavy operation attribute is also regarded as one of the important factors dragging down NIO's profitability.

In the process of development, NIO has made a variety of business attempts, such as making mobile phones, battery research and development, and "large car keys".

However, as the "price war" in the industry intensifies, NIO has also had to cut some unimportant businesses, "optimize" employees, and reduce prices.

In the first quarter, Leapmotor had a net loss of 1.013 billion yuan, down 10.6% year-on-year, and its gross profit margin was -1.4%.

Similar to other new car-making forces, Leapmotor also lost a lot of money while its sales and revenue increased.

From 2019 to 2023, Leapmotor will have net losses of 901 million yuan, 1.1 billion yuan, 2.846 billion yuan, 5.109 billion yuan and 4.216 billion yuan respectively. The cumulative net loss in five years was 14.172 billion yuan.

In the first quarter, the new car-making force with the largest decline in attributable net profit growth was Li Auto, with a net profit of 593 million yuan, a year-on-year decrease of -36.26%, and a gross profit margin of 20.61%.

Li Auto will develop rapidly in 2023, with annual revenue exceeding 100 billion yuan, reaching 123.9 billion yuan, a year-on-year increase of about 173%; The attributable net profit turned into a profit for the first time, achieving a profit of 11.7 billion yuan, a significant increase of about 682% year-on-year.

From 2018 to 2022, Li Auto has a cumulative net loss of nearly 8.3 billion yuan. In 2023, it has made a beautiful turnaround, and it has also justified the name of the new car-making force, which has made people in the industry excited.

However, under the current tide of price reductions in the industry, Li Auto's earnings should maintain positive growth on a high base last year, which is quite stressful.

On the whole, most of the new car-making forces are still in a state of continuous loss, and under the dual pressure of performance and profitability, the industry will only be more involuted.

The data not indicated in this article are from the company's financial reports and announcements, and we hereby explain and thank you! This article is for discussion and analysis only and does not constitute investment advice.

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