NIO Inc.


NIO

reported first-quarter 2022 loss per American Depositary Share (ADS) of 18 cents, narrower than the year-ago loss of 48 cents amid higher operating expenses. The China-based electric vehicle (EV) maker posted revenues of $1,563 million, up 24.4% year over year on the back of robust deliveries.

NIO delivered 25,768 vehicles in the first quarter of 2022, including 4,341 ES8s, 13,620 ES6s, 7,644 EC6s and 163 ET7s. Total deliveries surged 28.5% year over year.

Key Tidbits

Revenues generated from vehicle sales amounted to $1,458.2 million, representing a 24.8% jump from the corresponding quarter of 2021. The increase in vehicle sales was mainly attributable to higher deliveries. Other sales amounted to $105.1 million, up 15.6% from the year-ago period.

Vehicle margin for the reported quarter was 18.1% compared with the year-ago period’s 21.2%. Lower average selling price due to changes in product mix affected vehicle margins. The gross margin was 14.6%, down from 19.5% recorded in first-quarter 2021. Research & development (R&D) and selling, general & administrative (SG&A) costs were $277.9 million and $317.8 million, reflecting a year-over-year surge of 156.6% and 68.3%, respectively.

Cash and cash equivalents totaled $2,508.2 million as of Mar 31, 2022. Long-term debt was $1,753.4 million. NIO — which currently carries a Zacks Rank #2 (Buy) — expects second-quarter 2022 deliveries in the band of 23,000-25,000 vehicles, signaling a year-over-year uptick of 5-14.2%. Revenues are envisioned between $1,473 million and $1,591 million, indicating a year-over-year increase of 10.6-19.4%.

Peer Releases

EV king

Tesla


TSLA

reported first-quarter 2022 results on Apr 20. The company reported earnings of $3.22, which surpassed the Zacks Consensus Estimate of $2.51. Higher-than-expected deliveries and automotive gross profit resulted in this outperformance. Automotive gross profit came in at $5,539 million, topping the consensus mark of $4,113 million. The bottom line also compared favorably with the year-ago earnings of 93 cents a share.

Total revenues came in at $18,756 million, beating the consensus mark of $17,276 million. The top line also witnessed year-over-year growth of 80.5%. Tesla reported record first-quarter 2022 deliveries totaling 310,048 vehicles, up 68% from the prior-year quarter. TSLA generated a free cash flow of $2,228 million during the quarter, up a whopping 660% year on year.

Li Auto


LI

posted first-quarter 2022 results on May 10. Adjusted earnings came in at 7 cents a share against the Zacks Consensus Estimate of a loss of 56 cents. The company’s revenues for the quarter under review were $1.51 billion, up 167.5% year over year. The vehicle margin was 22.4%, improving from 16.9% in the corresponding quarter of 2021. Li Auto sold 31,716 Li ONEs during the quarter under discussion, up 152.1% year over year.

Operating expenses totaled $406.5 million (SG&A and R&D costs of $189.8 million and $216.7 million, respectively) for the first quarter of 2022. Li Auto exited the quarter with cash/cash equivalents, restricted cash, time deposits and short-term investments of $8.07 billion. Free cash flow totaled $79.2 million.

XPeng


XPEV

posted first-quarter 2022 results on May 23. The adjusted loss came in at 28 cents a share. The company’s revenues for the quarter under review were $1.17 billion, up 152.6% year over year. Vehicle margin was 10.4%, improving from 10.1% in the corresponding quarter of 2021. XPeng sold 34,561 units in the first quarter of 2022, representing an increase of 159% year over year.

Operating expenses totaled $451.6 million (SG&A and R&D costs of $259 million and $192.6 million, respectively) for the first quarter of 2022. XPeng Auto exited the quarter with cash/cash equivalents, restricted cash, time deposits and short-term investments of $6.58 billion. XPEV forecasts second-quarter deliveries in the range of 31,000-34,000 units, signaling year-over-year growth of 78.2-95.4%.

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