Car stuff (public number: chedongxi)
The author | Earthway Alice Haohan
Edit the | Xiao Han
Just now, NIO released its unaudited financial results for the fourth quarter and full year of fiscal 2021.
Throughout 2021, NIO delivered more than 90,000 vehicles in total, only one step away from the mark of 100,000 vehicles sold annually.
However, the hot sales of vehicles have not given Weilai Automobile a profit, and the entire 2021 Weilai Automobile is still in a state of loss, with a net loss of more than 4 billion yuan for the whole year, but the net loss has decreased compared with 2020.
▲Key data of NIO's 2021 annual report
In addition, INO's R&D expenditure exceeded 4 billion yuan in 2021, almost doubling from 2020. As a well-known user experience, Weilai Automobile is also willing to spend "blood" on marketing and administrative management expenditure, and the total marketing and administrative expenditure in 2021 reached 6.878 billion yuan, which is also almost double that of 2020.
In the subsequent conference call, Li Bin, CEO of NIO, said that NIO's mass-market brand is progressing smoothly, the core team has been formed, and the development direction has been clarified, and it has now entered the key product research and development stage.
Chedong first collected the key data from the unaudited financial report of NIO in the fourth quarter of fiscal 2021 and the whole year into a table, so that you can systematically see the development of NIO from many aspects such as delivery volume, revenue, cost, marketing and R&D expenditure scale.
First, the annual delivery volume exceeded 90,000 units, and the automobile revenue exceeded 33 billion yuan
In terms of car deliveries, NIO delivered a total of 91,429 vehicles in 2021, while the delivery volume for the whole year of 2020 was 43,728 vehicles, and the delivery volume in 2021 increased by 109.1% compared with the same period in 2020.
Of the 91,429 vehicles delivered in 2021, including 20,050 ES8, 41,474 ES6s and 29,905 EC6s, the delivery of EC6 models in 2021 surged 730% year-on-year compared to 4,096 units in 2020, while the ES6 remains the most delivered model.
▲Nio's SUV model delivery data
In terms of revenue, NIO's total revenue in 2021 was RMB36.136 billion, an increase of 122.3% over RMB16.26 billion in the same period of 2020.
Among them, automobile sales were 33.169 billion yuan, compared with 15.183 billion yuan in 2020, an increase of 118.5% year-on-year.
NIO's net loss in 2021 was 4.016 billion yuan, compared to a net loss of 5.304 billion yuan in 2020. Net loss narrowed compared to the same period in 2020, down 24.3%.
In terms of R&D expenses, NIO's R&D expenses for the whole year of 2021 were RMB4.591 billion, an increase of 84.6% compared with RMB2.49 billion in the same period of 2020.
▲NIO ET7
NIO said the increase in R&D expenses was mainly due to an increase in personnel costs for research and development functions, as well as an increase in the design and development costs of new products and technologies.
In terms of marketing and administrative expenditure, NIO invested a total of 6.878 billion yuan in 2021, compared with 3.932 billion yuan in 2020, an increase of 74.9% year-on-year. NIO said that due to the increase in personnel costs and other costs of sales and service functions, while the expansion of sales and service networks and increased marketing expenses led to an increase in this expenditure.
Li Bin said that although there are challenges such as supply chain fluctuations in 2021, NIO's delivery volume for the whole year still exceeded 90,000 units, an increase of 109% year-on-year.
In 2021, NIO made a decisive investment in products, technologies, and charging and swapping networks and service infrastructure, and this year NIO is also rapidly iterating technology, expanding production capacity and improving the level of systematic quality management operations. At the same time, 2021 also marks the beginning of NIO's entry into the international market, launching and delivering NIO in Norway in September 2021.
In 2022, NIO will accelerate again, and three new cars based on nio's NT2.0 platform will be delivered this year, and the NIO ET7 model will be delivered on March 28, and the ET5 will be delivered in September.
Li Bin expects NIO to deliver between 25,000 and 26,000 units in the first quarter of 2022.
Second, Wei Xiaoli comprehensive comparison Six quarters of data are here
After watching the performance of the whole year of 2021, Che dong also specially summarized the key data of Weilai, Xiaopeng and Ideal in each quarter since their listing, and you can intuitively understand the different development methods and achievements of the three companies. Some of these companies have not released their 2021 Q4 financial reports, and the data in the charts has been temporarily left blank.
In terms of quarterly deliveries, NIO delivered a total of 25,034 vehicles in the fourth quarter of 2021, including 5,683 ES8, 12,180 ES6s and 7,171 EC6s, an increase of 44.3% over the fourth quarter of 2020 and a 2.4% increase over the third quarter of 2021.
As of the fourth quarter of 2021, NIO has delivered more than 20,000 vehicles for four consecutive quarters, but because of the transformation of the NIO factory in the third quarter of 2021, it only ran at full capacity for 10 days in October, and the car was built less, so the delivery was relatively small.
In NIO's third quarter 2021 financial report, NIO also made an outlook for the fourth quarter of business. NIO expects vehicle deliveries in the fourth quarter to be between 23,500 and 25,500 vehicles.
Now, NIO's fourth-quarter deliveries have reached expectations in the third quarter of last year.
Judging from the delivery trend chart of the three car companies, on the whole, the delivery volume of the three car companies has shown a significant upward trend, but the delivery volume of Xiaopeng Automobile and ideal car has risen even more, and the quarterly delivery volume has surpassed Weilai Automobile in the third quarter of 2021, and with the imminent delivery of Weilai ET7 and the delivery within ET5 years, it is believed that the delivery volume of Weilai Automobile will be significantly improved this year.
▲Quarterly comparison chart of delivery data (Xiaopeng 2021 Q4 data is not released)
In terms of total revenue, NIO's total revenue in the fourth quarter of 2021 was RMB9,900.7 million, an increase of 49.1% compared with the fourth quarter of 2020, while the total revenue was basically flat compared with the third quarter of 2021, up only 1%. In recent quarters, NIO's quarterly total revenue capacity has been performing well, most of the time ahead of Xiaopeng Automobile and Ideal Automobile.
▲Comparison chart of total quarterly revenue (Xiaopeng 2021 Q4 data was not released)
In terms of automotive gross margin, it was 20.9% in the fourth quarter of 2021, compared to 17.2% in the same period in 2020.
Overall, although there is still a certain gap between Xiaopeng Automobile and ideal and WEILAI Automobile in terms of the gross profit margin of the automobile business, the gap has been narrowing. The gross profit margins of Weilai Automobile and Ideal Automobile are comparable, and the overall situation is in a state of glue.
Similar to revenue, NIO and Ideal's gross profit margin is higher and significantly more than Xiaopeng's, mainly due to the higher price of its vehicles.
In addition, although NIO's business outside of automobiles has high revenue, it certainly has corresponding costs. In particular, businesses such as substation replacement and door-to-door service have always been considered to be high-cost operations, and the cost of these businesses will also reduce the overall gross profit margin level of Weilai Automobile to a certain extent.
▲Quarterly comparison chart of gross profit margin of automobile business (Xiaopeng 2021 Q4 data was not released)
In terms of net profit, NIO still did not achieve profitability in the fourth quarter of 2021, with a loss of 2.143 billion yuan in the fourth quarter, compared with a net loss of 1.388 billion yuan in the fourth quarter of 2020 and a net loss of 835 million yuan in the third quarter of 2021.
Interestingly, only the ideal one of the three briefly achieved a positive net profit in the fourth quarter of 2020. Overall, the ideal is more prominent in controlling losses.
▲Quarterly net profit comparison chart (Xiaopeng 2021 Q4 data was not released)
In terms of R&D expenditure, NIO reached a new high, with R&D expenditure of RMB1.8285 billion in the fourth quarter of 2021, compared with RMB829 million in the fourth quarter of 2020 and RMB1.193 billion in the third quarter of 2021.
In the fourth quarter of 2021, NIO also released a new model, the NIO ET5, which is expected to start delivery in September 2022.
The car has a handsome appearance that is extremely in line with the aesthetics of young people, a CLTC endurance of 4.3 seconds of zero hundred acceleration, 550 to 1000 kilometers, lidar, full-scene L2 autonomous driving capabilities covering high speeds and cities, and immersive enhancement and virtual reality experience through customized AR/VR glasses.
▲Quarterly R&D expenditure comparison chart (Xiaopeng 2021 Q4 data was not released)
In addition to R&D expenditure, Weilai Automobile, which has always been known for its focus on customer experience, has also been "bloody" in marketing expenses.
In the fourth quarter of 2021, NIO's marketing and administrative expenditure exceeded RMB2 billion for the first time, reaching RMB2.378 billion, while NIO's marketing and administrative expenditure in the fourth quarter of 2020 was only RMB1.206 billion, and NIO's marketing and administrative expenditure in the third quarter of 2021 was RMB1.824 billion.
In contrast, Xiaopeng Automobile and Ideal Automobile are more diligent and thrifty, and the marketing and administrative expenditure in recent quarters has basically remained within 1.5 billion yuan.
▲ Quarterly comparison chart of marketing and administrative expenditure (Xiaopeng 2021 Q4 data was not released)
Conclusion: Weilai Automobile is stable and good
Overall, NIO's revenue in the fourth quarter and the whole year is growing rapidly, and the gross profit margin of the whole year has also increased. At the same time, Weilai Automobile is also growing in R & D expenditure, and it is believed that with the continuous pursuit of technology by Weilai Automobile, it will gain the love of more and more consumers and occupy more market share.
In addition, NIO's net loss is also narrowing, and its strong cash reserves have also given investors and consumers more confidence. In addition, with the year-on-year growth in sales in the first quarter of this year and the increase in the market's acceptance of electric vehicles, it is believed that NIO can continue to win sales growth in the next quarter, thereby achieving improvement in all aspects.