Lei Jianping reported on February 25
Ideal Car (NASDAQ: LI; HKEX: 2015) today announced its fourth quarter and full year 2021 financial results. According to the financial report, ideal automobile's revenue in 2021 was 27.01 billion yuan (US$4.24 billion), an increase of 185.6% from 9.46 billion yuan in 2020.
Ideal Auto's operating loss in 2021 was 1.02 billion yuan (US$159.6 million), an increase of 52% from 669.3 million yuan in 2020, and a net loss of 321.5 million yuan, an increase of 111.9% from 151.7 million yuan in 2020.
Ideal ONE deliveries reached 90,491 units in 2021, up 177.4% from 32,624 units in 2020.
As of December 31, 2021, Ideal Auto had 206 retail centers covering 102 cities, and operated 278 aftermarket repair centers and Ideal Auto Authorized Sheet Metal Spray Centers in 204 cities.
In December 2021, Ideal Automobile signed a strategic cooperation framework agreement with the Chongqing Municipal Government to build a manufacturing base in Chongqing in Liangjiang New Area.
Ideal Auto announced today that the company's chief technology officer Wang Kai resigned due to personal reasons, and Ma Donghui, chief engineer of Ideal Automobile, will be responsible for the research and development of the company's intelligent car related technologies.
Li Xiang, founder, chairman and CEO of Ideal Automobile, said: "Under the premise of significantly increasing R&D investment and accelerating sales network expansion, we still achieved profitability in the fourth quarter, with operating cash flow of 3.8 billion yuan. ”
Li Tie, chief financial officer of Ideal Auto, said, "Ideal Auto achieved a total revenue of 27 billion yuan in 2021, an increase of 185.6% year-on-year. Driven by operational efficiencies in production and supply chain management, our vehicle gross margin increased to 22.3% in the fourth quarter and 20.6% for the full year. ”
"As we continue to expand our delivery scale and focus on execution efficiency, our annual operating cash flow reached 8.3 billion yuan, which supported our R&D investment and business growth," Li said. ”
Ideal Auto Q4 revenue of 10.62 billion yuan, up 156.1% year-on-year
Ideal Auto's fourth-quarter 2021 revenue was $10.62 billion ($1.67 billion), up 156.1 percent from $4.15 billion in the fourth quarter of 2020 and up 36.6 percent from $7.78 billion in the third quarter of 2021.
Ideal's vehicle sales revenue for the fourth quarter of 2021 was 10.38 billion yuan (US$1.63 billion), an increase of 155.7% from 4.06 billion yuan in the fourth quarter of 2020 and an increase of 40.5% from 7.39 billion yuan in the third quarter of 2021. The increase in vehicle sales revenue compared to the fourth quarter of 2020 and the third quarter of 2021 was mainly attributable to the increase in vehicles delivered in the fourth quarter of 2021.
Ideal's other sales and service revenue for the fourth quarter of 2021 was RMB244.7 million (US$38.4 million), an increase of 174.5% from RMB89.2 million in the fourth quarter of 2020 and a decrease of 37.1% from RMB389.4 million in the third quarter of 2021.
In the fourth quarter of 2021, the Ideal ONE delivered 35,221 units, up 40.2% sequentially and 143.5% year-over-year.
Ideal Car Q4 cost 8.24 billion, up 140.8% year-on-year
Ideal's cost of sales for the fourth quarter of 2021 was 8.24 billion yuan (US$1.29 billion), an increase of 140.8% from 3.42 billion yuan in the fourth quarter of 2020 and an increase of 38.2% from 5.96 billion yuan in the third quarter of 2021.
Ideal Auto Q4 gross profit of 2.38 billion gross margin of 22.4%
Ideal Auto's gross profit for the fourth quarter of 2021 was RMB2.38 billion (US$373.5 million), an increase of 228.5% from RMB724.6 million in the fourth quarter of 2020 and an increase of 31.3% from RMB1.81 billion in the third quarter of 2021.
Ideal Auto's gross margin for the fourth quarter of 2021 was 22.4%, compared to 17.5% in the fourth quarter of 2020 and 23.3% in the third quarter of 2021.
Ideal Car Q4 expense of 2.36 billion yuan, up 193.2% year-on-year
Ideal Auto's fourth-quarter 2021 expenses were $2.36 billion ($369.7 million), up 193.2 percent from $803.5 million in the fourth quarter of 2020 and 23.4 percent from $1.91 billion in the third quarter of 2021.
Ideal Auto's R&D expenses for the fourth quarter of 2021 were 1.23 billion yuan (US$193 million), an increase of 228.7% from 374.2 million yuan in the fourth quarter of 2020 and an increase of 38.4% from 888.5 million yuan in the third quarter of 2021. The increase in R&D expenses compared to the fourth quarter of 2020 and the third quarter of 2021 was mainly due to an increase in employee compensation due to the increase in R&D personnel and an increase in related expenses due to the increase in the Company's research and development activities for new models.
Ideal Auto's sales, general and administrative expenses for the fourth quarter of 2021 were $1,130 million ($176.7 million), an increase of 162.2% from $429.3 million in the fourth quarter of 2020 and an increase of 10.2% from $1,020 million in the third quarter of 2021.
Ideal Auto Q4 operating profit of 24.1 million operating margin of 0.2%
Ideal Automobile's operating profit for the fourth quarter of 2021 was 24.1 million yuan (US$3.8 million), compared with an operating loss of 78.9 million yuan in the same period last year and an operating loss of 97.8 million yuan in the third quarter of 2021.
Ideal Auto's operating margin for the fourth quarter of 2021 was 0.2%.
Ideal Auto's Q4 net profit of nearly 300 million yuan expanded year-on-year
Ideal's net profit for the fourth quarter of 2021 was 295.5 million yuan ($46.4 million), compared to a net profit of 107.5 million yuan for the fourth quarter of 2020 and a net loss of 21.5 million yuan for the third quarter of 2021.
As of December 31, 2021, cash and cash equivalents, restricted cash, time deposits and short-term investments totalled $50.16 billion ($7.87 billion).
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