According to the official delivery time, the 2024 ES8, EC7, ES6, EC6, and ET5T will start delivery in March 2024, the 2024 ET5 will start delivery in April 2024, and the 2024 ES7 will start delivery in May 2024. The 2024 ET7 will be released in April and orders will be opened.

All 2024 NIO models will use the new central computing platform ADAM, equipped with Qualcomm Snapdragon 8295 cockpit chip, and the cockpit computing power will be significantly improved. Among them, compared with the 8155 chip, the 8295 chip has approximately 2 times the CPU computing power, 3 times the GPU computing power, and 8 times the AI computing power. The 2024 model continues to be equipped with 4 NVIDIA Orin

The 2024 models also have upgraded vehicle configurations. The summary of them as follows:

The 2024 ES8 comes with 4 new standard soft pillows, and is available in “Moonlight Silver” color option. The “Multifunctional Executive Desk” customized and developed specifically for the ES8 will be launched in the car mall in March. Users who have already taken delivery of the car can support it. Optional;

The 2024 ES7 adds standard rear seat massage function and 4 soft pillows, adopts a new steering wheel lever, and the enhanced head-up display system (HUD) size is upgraded to 16 inches, with new “Moonlight Silver” and “22-inch Forged High-gloss rims” and “N-Box enhanced entertainment host” options;

The 2024 EC7 now comes standard with 4 soft pillows;

The 2024 ES6 and EC6 have been optimized through software to increase the CLTC cruising range of the standard 75 kWh battery pack and 20-inch rim models to 500 kilometers and 505 kilometers respectively;

The 2024 ET5 has a new optional N-Box enhanced entertainment host.

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This upgrade will bring the following functions:

Newly added steering blind spot images: covering blind spots with a larger field of view, making the scenes clearer on rainy days and at night, ensuring driving safety.

Newly added full-time four-wheel drive: Intelligent full-time four-wheel drive can respond to complex road conditions at any time and meet the needs of more scenarios.

Newly added “Battery Swapping Station Layer”: A new display is added to the battery swapping station, the screen operation is fast, and long-distance travel planning can be completed.

Newly added “exclusive service” for the car version: It is said that “the troubles in the car can be solved in the car”, and communication and feedback will be faster.

New calendar function: Add schedule, car and mobile phone schedule synchronization.

Newly added NOMI Notes and NOMI Listening: can intelligently identify listening and waiting without interrupting NOMI’s “thinking” process. At the same time, NOMI can be used to help record and remind.

New game center: The first batch of 5 games are online. Judging from the official screenshots, they include Happy Xiaoxiaole, 2048, etc.

Newly added NIO Phone unlocking: bring your NIO Phone close to the vehicle and press the door handle to unlock and lock it.

Interface upgrade: Added a new “New Discovery” section in the notification center and brought a new interactive interface design.

NIO officials stated that after this update, the OTA version of NIO’s intelligent system (global) has been updated a total of 106 times, with a total of more than 1,600 new features and optimizations.

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As of press time, NIO officials have not yet announced the news, and official information is expected to be released this afternoon. It is worth mentioning that among the new car-making forces, Lideal and Xpeng both have independent production qualifications, which means they no longer need to rely on other OEMs. However, Weilai is an exception. It is still manufactured by JAC, and the cars sold need to be posted The tail mark of “JAC”.

However, at the end of October this year, JAC Motors announced that the company planned to transfer some of its assets through public listing. Involving the inventory, fixed assets, projects under construction, buildings and land use rights of the Passenger Car Company’s third factory, as well as the structures and equipment assets of the Passenger Car Company’s Xinqiao factory, the proposed listing price is 4.498 billion RMB, with a value added of 286 million RMB , the value-added rate is 6.79%. According to people familiar with the matter, the two factories involved in the asset transfer of JAC are actually the two factories cooperating between JAC and NIO, namely the NIO F1 factory and the NIO F2 factory.

There is a precedent for obtaining independent car manufacturing qualifications through the acquisition of factories. This year, Li Auto acquired Beijing Hyundai Shunyi Factory and finally obtained the production qualifications for new energy passenger vehicles including extended-range models. In the era of the rise of new car-making forces, in order to avoid qualification restrictions, more brands choose the OEM model, including brands such as Peng, Leapmotor and Li. In 2017, Xpeng found Haima Automobile for cooperation in production. As Xpeng’s production bases in Zhaoqing, Guangdong, Guangzhou, Guangdong, and Wuhan, Hubei were completed and put into production, Xpeng gradually bid farewell to the OEM model.

Leapmotor was also produced by Changjiang Automobile. When it was first established, Leapmotor was responsible for completing the stamping, welding, painting and other steps of parts production, and the final process was handed over to Changjiang Automobile. However, Leapmotor has made it clear from the beginning that it will transition from OEM to self-built factories. After obtaining the qualification as expected in 2021, it will get rid of its OEM dependence on Yangtze Motor.

It is worth noting that more and more new car-making forces are choosing to abandon OEM. The main reason is that the OEM model has disadvantages such as high costs, and OEM is also subject to the production and quality control capabilities of traditional automobile companies. Of course, there are still some consumers who have concerns about the cognitive bias of the original OEM brand. For manufacturers, taking the initiative in the entire car-making process into their own hands not only facilitates rapid iteration of models, but also improves efficiency if major and in-depth reforms are carried out in the future.

There have been a lot of big events in Nio Auto recently. We can take a look below:

At the beginning of the month, NIO announced delivery data for November, with a total of 15,959 new cars delivered, a year-on-year increase of 12.6% and a month-on-month decrease of 0.7%. In the 2023 sales data, delivery peaks were reached from July to August, which were 20,462 and 19,329 units respectively. This part of the factor benefited from the strong sales performance of the new ES6 after its launch. Since then, the delivery results have declined. From January to November 2023, NIO delivered a total of 142,026 new cars, a year-on-year increase of 33.1%. NIO has delivered a total of 431,582 new cars.

“NIO ES6 (panoramic car viewing)”

“NIO ES8”

On November 21st and 29th, NIO signed power exchange cooperation agreements with Changan Automobile and Geely Holding respectively. Next, NIO will continue to promote battery swap cooperation with car companies. In addition to battery swapping, NIO currently has more than 20,000 charging piles, making it the car brand with the most charging piles in the Chinese market. NIO charging piles are open to all new energy users, and 80% of the charging capacity is provided to non-NIO users.

“NIO ET7”

“NIO ET5”

As of November 29, NIO has a total global layout of: 2,163 battery swapping stations; 3,419 charging stations (including supercharging + multi-purpose charging); 20,074 charging piles (including super charging + multi-purpose charging); access to the 3rd Three-party charging piles: 960,000+.

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From January to November 2023, NIO delivered a total of 142,026 new cars, a year-on-year increase of 33.1%. NIO has delivered a total of 431,582 new cars.

“NIO ES6 (panoramic car viewing)”

“NIO ES8”

On November 21st and 29th, NIO signed power exchange cooperation agreements with Changan Automobile and Geely Holding respectively. Next, NIO will continue to promote battery swap cooperation with car companies. In addition to battery swapping, NIO currently has more than 20,000 charging piles, making it the car brand with the most charging piles in the Chinese market. NIO charging piles are open to all new energy users, and 80% of the charging capacity is provided to non-NIO users.

“NIO ET7”

“NIO ET5”

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Prior to this, the Nio phone has passed the radio approval of the Ministry of Industry and Information Technology. This model will support 2G (GSM), China Unicom 3G (WCDMA), CDMA, China Mobile + China Unicom 4G (TD-LTE / LTE FDD) and 5G network standards. And it supports UWB ultra-wideband technology, which means that the Nio mobile is expected to be used as the digital key of the Nio car, or form a short-distance linkage with other smart devices.

▲ Nio ES8 car posters have appeared on phones

According to previous reports, Li Bin, the founder of Nio, mentioned Nio phone products more than once. As early as July last year, Li Bin revealed that the company was advancing the phone business. At the NIO Day 2022 event held in December last year, Li Bin once again stated that Nio phones are already in production and plan to develop a new phone every year, like Apple.

At the 100 Electric Vehicle Forum held this spring, Li Bin revealed that Nio phones will be released in the third quarter of this year and delivered. With the completion of Nio phone network access in the Ministry of Industry and Information Technology, Li Bin is one step closer to this goal.

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It was previously reported that the price of all NIO models will be reduced by 30,000 yuan on June 12, and the life-long free battery replacement rights of new car owners will be cancelled. The new generation of ES8 delivered today is naturally included. The current prices of different models are as follows:

As the flagship model of the brand, the new Nio ES8 has a length, width and height of 5099/1989/1750mm, a wheelbase of 3070mm, and a wheel hub equipped with six-piston calipers.

The new car has 7 body colors: Dawn Gold, Cloud White, Space Blue, Star Grey, Star Green, Antarctic Star Blue, and Space Gray; 5 interior colors: Yunbei White, Chogory Grey, Tortoiseshell Brown, and Pine Green, Yuan Shandai.

The front of the new car is equipped with split LED headlights, embedded with 100 micron-level high-brightness LED lamp beads, and the windows and roof are blackened to create the look and feel of a suspended roof;

In terms of interior, the car offers two optional seat layouts. Equipped with dynamic light waterfall ambient light + 16.3-inch HUD, equipped with panoramic digital cockpit, standard N-Box enhanced entertainment console, supports up to four people to share AR giant screen viewing, and can quickly connect to game consoles, tablets and other devices.

In addition, the new car also provides an “administrative central island” layout. The upper layer of the central armrest in the second row can provide wireless fast charging, and the lower layer is a large-sized storage space, which can be equipped with a car heating and cooling refrigerator.

In terms of power, the new car is equipped with front and rear dual motors, with a total power of 480kW and a torque of 850N m. The acceleration time from 100 kilometers can reach 4.1s, and the shortest braking time per 100 kilometers is 34.3m. The car offers three battery life versions, CLTC battery life is 465km, 605km and 900km respectively.

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In response to the fact that several car companies and even fuel cars have started to reduce prices, NIO said that its store visits have hit a new high in the past 12 weeks. Pu Yang said that it’s not NIO’s style to cut prices on simple features, and that they won’t be taking away LIDAR, Orin X, ambient lighting, etc. (meaning, there won’t be a simple version of the ET5).

He said that the new EC7 and ES8 will be officially launched at the Shanghai Auto Show on April 18, and will be accelerated to fast payment.

▲ Photo source: NIO official website

The company said it will create a “cost effective” product, but its technical core and car service are of the same standard as NIO.

He said that the ET5 is already the cheapest model in the brand system, and there will be no cheaper models in the future, at least not in NT2.0; and the product within 300,000 yuan that we have been talking about will be undertaken by the sub-brand codenamed “Alps”. meet with consumers. We guess it will probably be the end of this year.

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Following the earnings release, Nio Founder, Chairman and CEO Bin Li, CFO Wei Feng, VP of Finance Yu Qu and VP of Capital Markets Jade Wei attended a subsequent conference call to explain the results and answer questions from analysts.

The following is a transcript of the analyst Q&A session.

Tim Hsiao, Analyst, Morgan Stanley: The first question is about the parts supply chain. At the end of last year, Nio vehicle deliveries were hampered by shortages of some parts, including camera chips, and according to the quarterly guidance provided by the company, our deliveries in March were still weak, is there still a bottleneck in the supply of key supply chain? Could you ask management to share an update on the situation? What is the approximate monthly and weekly output of vehicles that are currently the best overall match for components? What kind of improvement will we see in the second quarter?

Li Bin: The supply of parts did affect the delivery of some cars in the fourth quarter of last year, but with the end of the epidemic in China in the first quarter of this year, the supply of parts is no longer a bottleneck for us in general. In the second quarter, with the delivery of new vehicles, there will be initial climbing challenges, but for the whole year, if we can maintain the current situation, we think the pressure on the supply side will be greatly reduced and will not be a constraint.

Tim Hsiao: The second question is about gross margin and battery prices. The company’s gross margin dropped more significantly in the fourth quarter, how much of the 6.7 point impact on gross margin mentioned in the earnings report was one-time and how much will carry over into the first quarter? In addition, this year’s good news may be the battery price reduction, and long-term procurement cooperation with Ningde Times, as well as battery cost reduction, is a contribution to the group’s profits because the company also mentioned that lithium carbonate into a ternary, may affect the next two points gross margin, through our negotiations with the battery factory, the management expects for the whole year will probably have how much contribution?

Qu Yu: First of all, I would like to clarify a question about the gross margin in the fourth quarter. The new ES8, ES6 and EC6 will be delivered to customers in the second quarter of this year, so we have lowered our order forecast for the current ES8, ES6 and EC6 for the fourth quarter, so the loss in inventory provision and purchase commitments related to these products are included in the fourth quarter earnings report, totaling $985 million. Excluding this impact, the margin on vehicle sales was 13.5 percent in the fourth quarter, with the year-over-year decline due to changes in product mix, particularly higher sales of the lower-margin ET5 models in the fourth quarter. Regarding the outlook for the full-year gross margin this year, we asked Bin Li to answer.

Li Bin: By the fourth quarter of this year, we are confident that the gross margin will climb to 18%-20%, for several reasons. The first is our product portfolio, from the second quarter onwards, relatively high gross margin products will be delivered one after another. The second is the decline in lithium prices and raw material prices that you mentioned, as well as the decline in chip costs, which still has a relatively large impact on us. Currently, there is a relatively rapid decline in the price of lithium carbonate, the general view of the market, including our first two days with many upstream materials companies to do very close communication, but also to understand their production capacity and production situation, we expect a large number of (carbonate) lithium-related projects will be put into production this year. Demand is certainly not as strong as last year, last year’s situation is really more than we expected, in general, we think that by the fourth quarter, (lithium carbonate) prices have the opportunity to fall to 200,000 or below. Third, we think the overall delivery volume will rise significantly from the third quarter onwards, because from the second quarter onwards, our new products will be delivered one after another, and with the rise in sales volume and delivery volume, a lot of fixed cost sharing will be able to be improved very well. So we think it is our goal to return to an 18%-20% gross margin level, and we are confident to achieve it.

I would like to add that we will still face more pressure in the first quarter, because the first quarter is still a conversion period for us, and as you can see, our sales are also in a conversion period because we have to wait to switch to the second generation platform. On the other hand, for the 866 models that have been produced, we have some financial discount policies in order to subsidize the retreat of the state subsidy and the liquidation of the show cars, which has an impact on the short-term gross profit. In addition, because our F1 plant has to prepare for the production of the second generation of 866 models, the output of the F1 plant in the first quarter is also relatively low, which will also have some impact on the amortization of our single-vehicle. The other reason is the product mix, the delivery in the first quarter is mainly ET5, and the gross margin is relatively lower.

Ming Hsun Lee, Analyst, Bank of America Merrill Lynch: I have two questions, the first one is about the guidance on expenses, last quarter the management mentioned that they want to control the R&D expenses to about 3 billion per quarter in the future, is there any update on the operating expense guidance? In addition, the management also mentioned that one of the goals of this year is to increase the efficiency of capital utilization, so I would like to know if the company has any new guidelines for marketing and R&D expenses this year.

Qu Yu: There are no adjustments to the company’s outlook for R&D expenses, which will average RMB 3 to 3.5 billion on a quarterly basis this year on a non-GAAP basis. In terms of selling and general expenses, as Bin Li said, as the NT2.0 platform starts to deliver new vehicles to customers in the second quarter, our sales efficiency will gradually improve and selling and general expenses as a percentage of sales revenue are expected to decrease significantly.

Bin Lee: The sales and general expenses also include the investment in the European business, which is still in the early stages of sales in Europe, and the investment will be a bit larger, so when it comes to sales efficiency, we may also have to take the global market entry aspect into consideration.

Ming Hsun Lee: The second question is about product launch, the new cars this year are mainly the 866, EC7 and ET5 hunter versions, can you ask the management to confirm that the EC6 and ES6 will be delivered around the same time as the ES8, and will there be minor changes or upgrades to the ES7 and ET7 this year? What are the company’s product launch plans for next year? Is there any plan to release the second brand?

Li Bin: According to the latest plan, we will deliver four cars in the second quarter of this year, including the ES6, the most important model, and the fifth car of this year in July, a month later than the original plan, which was to deliver five cars in the second quarter. However, we have since realized that we need to give each vehicle a little more time to ensure the quality of the launch, including the marketing rhythm. In addition, we continue to promote product iteration and improvement, and will also communicate with the market in a timely manner. What I can say is that Nio product planning has always been very rigorous, and we have been following the plan strictly.

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According to the Caixin News Agency, in response to the rumors of the “Jianghuai Nio Factory for several days”, Nio Automobile responded that “the factory operates normally.” Nio also responded to the interface news: Hefei’s advanced manufacturing base is currently in normal production and operation. At the same time, some products (ES8, ES6, and EC6) have entered the technical platform switching period. The factory is preparing for the introduction of new platform models.

In fact, there was news that Nio was discontinued by Nio in November last year. At that time, some media reports said that the Nio plant has been facing challenges since mid -October; the vehicle production line of Hefei Second Factory has also been suspended.

With reference to the sales data reported, Nio delivered 8506 new cars in January this year. Specific delivery data include 2,190 high-end smart electric SUVs and 6,316 high-end smart electric cars. As of January 31, 2023, Nio Automobile had delivered a total of 298,062 new cars.

Nio said that from January 13, 2023 to January 31, 2023, during the peak of the Chinese New Year holiday during the Chinese New Year holiday, Nio provided users with more than 1 million power replacement services, of which more than 300,000 power replacements were on highways on highways The Nio power station along the way was completed, and more than 11,000 power replacement was upgraded to the battery flexible upgrade to enhance the long-distance travel experience.

Nio delivered 15,815 new cars in December 2022, a month-on-month delivery, an increase of 50.8%year -on -year. In addition, Nio 2022 delivered a total of 12,2486 new cars throughout the year, an increase of 34%year -on -year.

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In this regard, NIO said, “The German District Court in Munich made a first-instance judgment on the case of Audi suing NIO for trademark infringement disputes. We regret this judgment. We will resolutely appeal and use legal means to protect our legitimate rights and interests. At present, NIO’s business in Europe is being carried out in an orderly manner, EL7 and ET5 will be delivered in the near future, and the construction of charging and swapping facilities is also accelerating.”

A German judge agreed that Nio’s model name is actually different from Audi’s, but even so, the additional letter E wasn’t enough to distinguish them enough to make them “psychologically related, at least in terms of sound.”

“There is a risk that consumers will perceive the ES6 as an electric version of the S6 and that the two vehicles are from the same manufacturer,” the judge said. “Thus, by association beyond pure association, there is a danger of confounding transference.”

Nio can sell the ES7 car in Germany, which it renamed the EL7 last October.

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