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In addition to huge losses, NIO is getting deeper and deeper in the vortex of "autophagy" of gross margins.

The new power automakers in the first half of 2023 showed a trend of polarization, both in terms of delivery volume and performance.

Looking at the half-year performance of listed car companies according to the statistics of "Automotive K Line", only three car companies in the passenger car sector have experienced the phenomenon of "loss expansion", NIO and XPeng Motors occupy two of them, and they are also lossmaking. NIO’s situation is somewhat special.

1 Former "boss", today "hip pulling"

With the announcement of NIO’s second-quarter results on August 29, the former three giants of new forces "Wei Xiaoli" and the late-comer Zero Run Car both handed over the first half of 2023. Among the three giants of new forces who used to "remember the hardships and think about changes" together, Li Auto has already taken the lead in turning losses into profits and successfully entered the independent head camp. However, NIO, which was ranked first in new forces, has been left behind by Li Auto by a huge gap, and even inferior to the late IPO Zero Run Car.

The second quarter results show that NIO’s operating income in the second quarter of 2023 reached 8.772 billion yuan, down 14.8% and 17.8% from the same quarter, lower than market expectations. Among them, automobile sales were 7.185 billion yuan, with a decrease of more than 20% from the same quarter.

In this regard, the explanation given by NIO is that the average selling price was reduced mainly due to the increase in the delivery of ET5 and 75kWh standard battery packs, and the decline in delivery also led to the decline in Quarter 1 car sales.

"The image is from the NIO announcement."

From the perspective of deliveries, NIO did experience a short-term slump in the first half of the year.

In the second quarter of this year, NIO delivered 23,520 vehicles, a decrease of 6.14% year-on-year and a decrease of 24.22% month-on-month; in the first half of the year, 54,561 vehicles were delivered, a slight increase of 7.35% year-on-year; after June, NIO deliveries gradually picked up and exceeded 20,000 vehicles in July.

Li Auto has continued to break through this year, and has delivered 139,100 vehicles in the first half of the year alone.

As for profits, it is also the case of "one family is happy and several are worried".

In the second quarter of this year, Li Auto’s net profit reached 2.31 billion yuan, an increase of 147.4% compared with Quarter 1, becoming the third new energy automobile company to maintain consecutive quarterly profits after BYD and Tesla.

NIO is showing a trend of expanding losses. In the second quarter, NIO’s net loss was 6.056 billion yuan, an increase of 119.6% year-on-year and 27.8% month-on-month. In the first half of this year, NIO’s net loss has exceeded 10.90 billion yuan, an increase of 139.07% year-on-year. The degree of loss is about two Xiaopeng and close to five zero runs.

No matter whether it is a single quarter or the entire first half of the year, NIO’s net profit attributable to the parent has hit a record low for the same period in history.

When everyone first "debuted" at the same time, NIO was once the "big brother" of the new car-making force in the limelight, but now its profitability is directly at the bottom of the "Wei Xiaoli" three, and it is even inferior to the zero-run car that came from behind.

Where did NIO’s money "lose"?

2 Continuing the "vicious circle" for the first quarter?

In fact, the previously mentioned problem of falling auto sales due to higher deliveries of low-priced cars did not occur only in the second quarter. According to the first quarter performance report of 2023, NIO’s auto sales revenue in the first quarter was 9.225 billion yuan, down 0.2% and 37.5% respectively from Quarter 1 in 2022 and the fourth quarter of 2022.

In this regard, NIO said that the lower average selling price was mainly due to the higher proportion of ET5 and 75kWh standard battery pack deliveries, which was partially offset by the increase in deliveries.

This is the same as the explanation given by NIO in the 2023 second quarter report mentioned earlier.

It can be seen through public information that the price of ET5 75kWh is about 298,000 yuan, while the price of the 100kWh version is about 356,000 yuan, and the price difference between the two is about 60,000 yuan. Although the first and second quarter results did not disclose the specific model sales ratio, the increase in the proportion of low-priced car deliveries brought more than just the decline in car sales.

In the face of the Hong Kong stock market that values delivery volume, NIO sold a large number of low-priced and low-battery models in the first quarter, resulting in gross profit being swallowed up, which is similar to "drinking poison to quench thirst". However, in the second quarter, in addition to the above reasons, the sales of used cars with lower gross margins also increased.

As a result, NIO’s overall gross profit margin fell from 1.5% in the first quarter to 1% in the second quarter, and in 2022, its gross profit margin in the first and second quarters can still be maintained at 14.6% and 13%, which shows that the "side effect" of low-priced models is really obvious.

What needs to be added is that the gross margin of the NIO business alone actually increased by 1.1 percentage points in the second quarter of 2023 due to the decrease in the promotion of the previous generation ES8, ES6 and EC6 models. However, compared with the same period in 2022, the gross margin decreased by more than 10 percentage points due to the previously mentioned product portfolio changes.

It is worth noting that while NIO’s revenue decreased, losses expanded, and overall gross profit margin decreased, investment did not contract. Data show that NIO’s sales, general and administrative expenses in the second quarter of this year were 2.857 billion yuan, which was higher than Li Auto and XPeng Motors 550 million yuan and 1.30 billion yuan respectively.

On the other hand, NIO’s operating expenses are also rising, of which R & D expenses reached 3.345 billion yuan in the second quarter, an increase of 55.6% year-on-year, mainly due to the increase in R & D personnel costs, equity incentive expenses, and new product and new technology design and development.

The poor performance has made the NIO dual shares equally "unfavorable" in the capital markets. In the August list of auto stocks counted by Auto K Line, both NIO dual shares fell from the "red list" in July to the "green list" in August, with a decline of 32.88% (US stocks) and 27.93% (Hong Kong stocks), ranking second and fifth from the bottom of the August total list respectively.

Although the performance and stock price are not satisfactory, NIO is still optimistic. In the third quarter of 2023, NIO expects to deliver 55,000-57,000 new cars, an increase of 74% -80.3% compared with the same quarter in 2022; the revenue guidance is 18.898 billion yuan-19.50 billion yuan, an increase of 45.3% -50.1% year-on-year. Comparing the year-on-year growth rate of deliveries and revenue, it is not difficult to find that in the third quarter, NIO may still be difficult to get out of the whirlpool of gross margin "autophagy".

3 Views ofAutosKline

Looking back at the first half of the year, NIO experienced a period of downturn.

Perhaps the release of the mid-size SUV EC6 on September 15 can help NIO start from "selling more cars" and achieve more profitability.

The victory and defeat of the first half of the year has become history, and a new round of battle between the three Wei Xiaoli families has begun. Li Bin, who has always believed in long-termism, when can NIO climb out of the vortex of "autophagy" of gross profit margins?

The text is original by [Car K Line], some pictures are sourced from the Internet, and the copyright belongs to the original author. The article of this number may not be reproduced without authorization, and violators will be investigated. At the same time, the content of the article does not constitute investment advice to anyone. The stock market is risky, and investment needs to be cautious.

　In recent years, the domestic automobile market has been diversified, new energy vehicles have risen, and consumers’ acceptance of electric vehicles has become higher and higher. As a representative of the joint venture brand, the seven-seat pure electric SUV, SAIC Volkswagen ID6X is manufactured by MEB factory. The 2023 ID6X also brings a new color of Galaxy Blue, and with the help of celebrity spokesperson Leo, it has strong strength. At present, there is a comprehensive discount of up to 50,000 yuan for car purchase, which can be said to be quite worth recommending. How about choosing Volkswagen ID6 for pure electric vehicles? Let’s take a closer look.

How about the Volkswagen pure electric vehicle ID6 — — Yanzhi modeling

The exterior design of SAIC Volkswagen ID6X is different from other models. The front face design of the whole vehicle is very full, with two LED light groups running through the shape of the light strip, and the lens headlights are eye-catching and quite recognizable. The front lip is clearly divided into upper and lower layers, and the lattice grille shape is embedded. Although it is a closed front face, it still creates a rich layering.

The shape of the rear of the car is also very brilliant, especially the expression of the taillights. When stepping on the brake pedal, the rear light group will present an "X" shape, which is a very novel lighting language expression. At the same time, in order to fit the layered design of the front face, the tail shape retains the gentle texture of the medium and large SUV, and still divides the paragraphs hierarchically to strengthen the visual impact.

How about the Volkswagen pure electric vehicle ID6 — — Cockpit design

The space of SAIC Volkswagen ID6X adopts a simple design style, without too much fancy treatment and need not be too fancy. With the prevalence of pragmatism, such a refreshing cockpit is rare. However, the large area of leather inside the car brings full high-grade texture, while the large suspended central control screen is matched with the small screen on the side, and the decoration of science and technology is also indispensable. The traditional bar is cancelled and the knob shift is adopted, which really adds a lot of storage space in the front row, which also helps drivers or passengers to better store items and alleviate the problem of space anxiety.

The flat-bottomed three-spoke steering wheel is the latest model of the Volkswagen family. The multi-function buttons are touch-controlled and embedded with a vibration motor. Every touch will bring clear and full feedback, ensuring that the driver can detect whether it is touched by mistake or whether the function is in place. Many people say that touch buttons are easy to touch by mistake, but SAIC Volkswagen ID6X has reserved enough space distance, and it is quite difficult to touch them by mistake.

How about the Volkswagen pure electric vehicle ID6 — — Performance level

In terms of battery life, SAIC Volkswagen ID6X provides various versions, including the entry-level pure version with 460km battery life, the four-wheel drive version with 555km battery life and the long battery life version with 617km battery life. The entry-level pure version of 460km is very cost-effective. Although the guide price is 259,800 yuan, there are very powerful discounts at present, and it is still very fragrant. Such a large seven-seat SUV, at this price, is still blessed by the popular brand, and it is really fragrant.

The 555km four-wheel drive version is for friends with performance requirements. If you want to feel the passion and driving pleasure, then this four-wheel drive version can bring full happiness while carrying family and friends, and it is also a good option. The long battery life version of 617km is the first choice range for most consumers. After all, it is very important to run for a long time, and the battery life of 617km can also meet the long-distance demand. If it is a city commute, it is quite convenient without too much charging anxiety.

Finally: How about the pure electric vehicle Volkswagen ID6? The comprehensive strength of this car is still quite outstanding, with a high degree of appearance recognition. The cockpit design is not fancy but very exquisite and practical. The battery life is up to 617KM, and now it has a comprehensive discount of up to 50,000 yuan. If you are choosing a pure electric medium and large SUV, you may wish to Get this Leo model, which will not let you down.

Tomorrow (December 28th), the related technology of Xiaomi Automobile will be announced, and Lei Jun has also revealed some mental experiences of building a car in Weibo in recent days. Although this Xiaomi Automobile Conference only talks about automobile technology, it will not actually release a new car, but consumers are often most concerned about the price issue, and Lei Jun also responded on Weibo.

On December 26th, Lei Jun answered some questions about Xiaomi SU7 at the Weibo. When he mentioned "When will Xiaomi SU7 go on the market and how much will it be priced", he said that Xiaomi SU7 is in the trial production and climbing stage, and it will take several months for it to go on the market officially. There is no final decision on pricing, but Xiaomi SU7 is indeed a little expensive, but please believe that what we are doing is "reasonable and expensive" and the experience will definitely exceed everyone’s expectations.

It seems that it is impossible for Xiaomi SU7 to make friends at a price of 180,000 yuan, but Lei Jun also said that the price has not been finalized, and the possibility of persuading executives overnight is not ruled out.

Undoubtedly, Xiaomi SU7 is definitely not behind some contemporary flagship electric cars in terms of technology. Lei Jun even boasted that Xiaomi SU7 hopes to rival Porsche Taycan Turbo in mechanical qualities such as drivability. Intelligently, I hope to be comparable to Tesla ModelS; At the same time, there is the most advanced technology and the richest ecology, but whether a mule is a horse or not, we have to wait until it is listed and tested before we can draw a conclusion.

When Lei Jun announced that he would build a car, whether it was rice noodles or not was boiling, because everyone knew that the "first new energy vehicle for young people" was coming, and the price butcher was coming. But how to price is a big deal for the brand’s first car, especially for Xiaomi, which is still hitting the high-end road.

However, rice noodle people can understand that the name Xiaomi is always labeled as "low price", "cost-effective" and "flat replacement". They also want to watch Xiaomi go to the high end, but just like the sentence "I am afraid that my brother will have a hard time and my brother will drive a Land Rover", this feeling is very tangled. Who doesn’t want to spend less money on a high-end product, but wants to make more money on that product, which is unrealistic. Cars are also the best proof that a brand shows its strength and impacts the high end. Xiaomi’s investment in SU7 is dozens of times the resources of other car companies, and this kind of effort is also to get rid of Xiaomi’s "low-end image".

Of course, Xiaomi car will definitely not be too scary. It should be impossible to price 400,000 to 500,000 yuan. The target model of Xiaomi SU7 is also the ceiling of electric new energy vehicles, and their price is also the same. Therefore, it is reasonable for Lei Jun to say that "it is expensive for a reason". The reason why Xiaomi’s mobile phone can be sold cheaply is mainly because the mobile phone has a large shipment volume and can share part of the cost, and it is extremely difficult for the car to share the cost through sales in a short time.

All major auto companies of new energy electric vehicles within 300,000 yuan have killed their eyes. Xiaomi SU7 is a difficult start in hell. It is hard to imagine how much pressure it has. Judging from the current news, Xiaomi SU7 is not a low-end car, so it will cost less in cost control and materials, and it is not allowed to lower the gear position too much in brand positioning. Do you want to take a cost-effective approach? I guess it’s a little difficult.

In [car home Dongying Preferential Promotion Channel], we now bring you a very noteworthy model. This model is currently being promoted in Dongying, with a maximum discount of 10,000 yuan. The minimum starting price is 279,800 yuan, which allows you to own this luxury SUV at a more affordable price. If you are interested in learning more about the preferential details of Zhiji LS7, please click "Check the car price" in the quotation form to get a higher discount and make your car purchase more relaxed and enjoyable.

Zhiji LS7 is a stylish and dynamic SUV with a unique front face design. The car adopts a large-size air intake grille, and the grille adopts a black grid design, which is in sharp contrast with the color of the car body. The headlights of Zhiji LS7 adopt LED light source, with unique shape and smooth lines, which is impressive. The body lines are smooth, and the overall style is fashionable and dynamic, showing a strong sporty atmosphere. The tail design of Zhiji LS7 is simple and generous, the taillights are unique in shape, and the overall style echoes the front face. The body size is large and impressive. Generally speaking, Zhiji LS7 is an SUV with excellent design, which leaves a deep impression on people.

Zhiji LS7 is a medium and large SUV with excellent performance and luxurious configuration. The body size is 5049mm long, 2002mm wide and 1731mm high, with a wheelbase of 3060mm, a front track of 1700mm and a rear track of 1715mm, providing drivers with spacious and comfortable driving space. The smooth lines on the side of the car highlight the sense of movement and fashion of Zhiji LS7, and at the same time show its unique design style. In terms of tires, the former tyre size is 255/55 R20, and the latter tyre size is 275/50 R20, providing better handling and stability. The car uses high-performance tires and rims, which further improves the sports performance and driving experience of the vehicle. Whether it is daily driving or long-distance travel, Zhiji LS7 can bring excellent driving experience to drivers.

The interior design of Zhiji LS7 is simple and elegant, with advanced materials, creating a luxurious and comfortable driving environment. The steering wheel is made of genuine leather, which makes it feel comfortable. The electric up-and-down+front-and-back adjustment function enables drivers to make personalized adjustments according to their body size, providing a better driving experience. The 26.3-inch central control screen has a large size, clear display effect, and supports multimedia system, navigation, telephone and air conditioning voice recognition control, which is convenient and quick to operate. The front row and rear row are equipped with USB/Type-C interface, which is convenient for passengers to charge. The seat is made of imitation leather and genuine leather. The main driver’s seat has the functions of fore-and-aft adjustment, backrest adjustment, height adjustment (4-way) and lumbar support (4-way). The co-pilot seat has the functions of fore-and-aft adjustment, backrest adjustment, height adjustment (2-way) and lumbar support (2-way). The front seat is also equipped with heating function. The rear seats support proportional tilting, which increases the flexibility of space. The overall interior design is both practical and comfortable, providing a pleasant driving experience for drivers and passengers.

The engine of Zhiji LS7 has a maximum power of 250 kW and a maximum torque of 475 N m.. This engine can provide strong power output for the vehicle, so that the driver can feel excellent acceleration performance and power performance during driving. Its high-performance engine design makes the vehicle run more stably and smoothly, and also brings more exciting driving experience to drivers.

In the test drive of Zhiji LS7, we found that the characteristics of linear acceleration and good control of braking effect mentioned by car home car owners have indeed been reflected. In addition, Zhiji LS7 performed well in cornering, with stable posture and no unnecessary swing at the rear, which was also affirmed by the owner. The chassis adjustment of Zhiji LS7 is really commendable, which makes drivers feel a smooth and comfortable driving experience during driving. I believe that in the future, Zhiji LS7 will continue to make breakthroughs in handling and bring better driving experience to car owners.

　　Lectra 05, the ultimate masterpiece of CMA basic module architecture of Lectra Auto, was officially launched today, and five models were launched, with a price range of 17.58-212,800 yuan. In order to thank the users for their support and trust, Lectra Auto provides the following exclusive rights and interests for the top 10,000 Lectra 05 owners: the owners of time limited edition enjoy exclusive benefits worth 4,000 yuan; Jin Halo/ Yao Halo owners enjoy a bonus of 4,000 yuan; Jin Plus/ Yao Plus owners enjoy a bonus of 4,000 yuan and a smart optional package. At the same time, Lectra firmly and continuously builds a user brand with temperature. The first owner of Lectra 05 enjoys the "three exemptions" policy of lifetime free warranty, lifetime free road rescue and lifetime free data traffic, and the financial courtesy can enjoy up to 36 interest-free periods.

　　Linke 05 has achieved an advanced and breakthrough in brand design language. The front grille shape of the city latitude and longitude, with the North Pole light daytime running lights, has a three-dimensional sense of design. The roof line inclines downward at a golden angle after passing through the B-pillar, creating a slip-back curve with great sense of speed and comfortable space. The length, width and height of the LECK 05 body are 4592mm/1879mm/1628mm, and the wheelbase has reached 2734mm, which is excellent in the same class. The unique tail pillar trim of the extremely bright wing of the car body has a strong visual impact, and the energy matrix taillight further strengthens the unique product image. The electric trunk adopts the unique touch opening of the same level, and the trunk opening sensing area perfectly integrates design and practical functions.

　　In terms of interior, Linke 05 adopts a brand-new design language to build a driver-centered urban sensory cockpit. The air outlet of penetrating air conditioner is rich in layering, characterized by straight lines of urban architectural style, and the cockpit presents a stronger sense of modernity and strength. The center console leans towards the driver, effectively reducing the driver’s visual pressure and increasing the lateral visual width in the car. The application of high-end materials, such as 30 customized imported genuine aluminum decorative plates, North American top NAPPA leather and NUBUCK suede leather, gives drivers the luxury of vision and touch. At the same time, LECK 05′ s unique endless streamer atmosphere lights are distributed in 20 places in the car, which can adjust more than 16 million colors, and support diversified light effect linkage to create a light and luxurious atmosphere with distinctive personality.

　　Link 05 comes standard with dual 12+ inch full LCD instruments and central control display screen. The 12.3-inch all-LCD intelligent instrument supports full coverage of navigation maps, and the resolution of the 12.7-inch central touch screen can reach 1920*1080P. The Corning Gorilla glass is flexible and delicate, showing the luxurious atmosphere of science and technology. In order to meet the advanced needs of the younger generation for intelligent configuration in vehicles, the LEICK 05 Halo version is equipped with a 7.5-inch full-color HUD head-up display, which can display driving-related information such as speed, navigation, ADAS and vehicle safety warnings in real time to improve driving quality and safety.

　　In terms of power, the LEICK 05 comes standard with the Drive-E series 2.0TD high-power turbocharged engine, with a maximum power of 187kW at 5500rpm and a peak torque output of 350N·m at 1800-4800rpm. With the low inertia turbocharger, it can output 90% peak torque within 2 seconds at the earliest, so as to satisfy the carefree driving feeling of power. With the "exquisite sports" style adjustment of the chassis, the Lectra 05 has an acceleration performance of 6.7 seconds and a braking performance of 35 meters sports car class of 100 kilometers, with a top speed of 230 km/h.

　　Sina Auto News On February 27, 2017, two new cars of BYD were officially listed in Shenzhen. Compared with the current models, the cruising range of these two new cars in pure electric mode will be increased to 100km. The two new cars are Qin 100 and Tang 100 upgraded from plug-in hybrid models Qin and Tang respectively, and the price is 209,900 yuan and 299,900 yuan (subsidized price: 173,900 yuan and 263,900 yuan).

　 　 Qin 100

　 　 This time, the appearance of Qin 100 is still only changed in details. The blue decorative strip on the front face runs through the air intake grille, and the new Chinese character LOGO is adopted in the center.In addition, the new car also uses a two-color five-spoke sports wheel rim, and the tail penetrating taillight is replaced by a single LED light source.

　 　 Qin 100 has made great adjustments in the interior. The materials of the center console and seat are made of two colors, and a large number of metal decorative strips are added to the details of the center console panel. The most obvious change is that the center console is equipped with an oversized LCD screen and a new style of multi-function steering wheel and gear shifting mechanism.

　 　 In terms of power, Qin 100 is still equipped with a hybrid system consisting of a 1.5T engine and a motor, with the emphasis on upgrading the battery capacity, so that the pure electric cruising range is increased from 80km to 100km.

　 　 Tang 100

　 　 The appearance of Tang 100 has only been slightly modified, the LOGO has been changed from BYD to Chinese character "Tang", the engine hood has been decorated with cooling holes, and tyre size has also been upgraded to 245/45 R20, but these minor upgrades can’t bring us much freshness.

　 　 There is little difference between the interior and the old style. The layout of some buttons in the central control is optimized and equipped with a new style steering wheel. In terms of configuration, Tang 100 is equipped with ACC adaptive cruise for the first time. The system has the functions of following and automatic braking, and can automatically stop in an emergency, but it can’t follow the curve.

　 　 Like Qin 100, Tang 100′ s power upgrade has also expanded its battery capacity. All of them are equipped with ternary lithium-ion batteries, with a pure electric cruising range of 100km, and the pure electric cruising range has been expanded from 80km to 100km, which can meet the daily commute.

　 　 summary

　 　 In the face of the decline of national new energy subsidies year by year, BYD responded to this situation by upgrading the pure electric cruising range of its hybrid vehicles. However, by 2020, the state and local subsidies will come to an end, and how new energy vehicles attract consumers through their own strength rather than financial subsidies will be a severe test for manufacturers. In addition, with the great development of new energy vehicles, there are also problems such as poor driving experience, imaginary cruising range and declining battery life. Only by achieving the same experience or even better experience as traditional gasoline vehicles is the foundation for new energy vehicles to stand in the future.