Key Takeaways From NIO's Q1 Earnings Call

NIO Inc NIO founder, Chairman, and CEO made key revelations during the Q1 earnings call.

The EV maker reported first-quarter FY23 sales growth of 7.7% year-on-year to RMB10.7 billion ($1.56 billion), missing the consensus of $1.63 billion. EPS loss of $(0.36) beat the consensus loss of $(0.41).

JD Power's 2023 China New Energy Vehicle Initial Quality Study came out on June 1. NIO ES6 bagged the first position in the premium BEV segment for the fourth consecutive year.

NIO prepared to launch the NIO ET5 Touring on June 15 to cover diversified scenarios for individual and family users, significantly improving the brand's competitiveness in the market segment.

In June, NIO will upgrade its smart system Banyan to version 2.0, encompassing over 120 new features and enhancements.

On April 13, the first NIO Power Swap Stations 3.0 batch started operation, making it faster than the previous generation with higher service capacity and more intelligent experiences.

As of June 9, 2023, NIO has installed 1,474 swap stations globally, including 119 third-generation power swap stations, and has completed over 23 million swaps for users.

NIO R&D expenses will remain stable at ~$500 million per quarter.

The session volume surged to 103 million versus the 100-day average of 46 million.

Price Action: NIO shares are trading higher by 1.03% at $7.87 on the last check Friday.

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