In detail, all new cars delivered that month included 6,737 high-end smart electric SUVs and 5,129 high-end smart electric cars. Since March, NIO has begun delivering the 2024 ES8, ES6, EC7, EC6 and ET5T. The new cars are equipped with the 8295 chip and have enhanced configurations and performance. In addition, the 2024 ES7, ET7 and ET5 will also be delivered in the second quarter of this year.

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The track mode launched this time will bring stronger power output, more active steering and cornering directivity to the vehicle. Compared with the sports + mode, the track lap time is shortened by 1.5%. Braking and acceleration responses are more sensitive, and the torque distribution of the front and rear motors is adjusted in real time. There is less intervention by the electronic stability system, and it provides a dedicated interface for track mode, which provides customized sound waves, track videos, and self-recorded driving data such as speed/G value.

In terms of power, ET5 is consistent with ET5T. It is equipped with a front 150kW induction/asynchronous motor and a rear 210kW permanent magnet/synchronous motor. The total system power is 360kW. Currently, the vehicle can provide 5 basic driving modes, including: Sport+Sport+, Sport, Comfort, Eco, and Personalized Individual; 4 scene modes: Snow, Trailer, Sand, and Mud.

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According to the official poster, the “track mode” launched this time is named EP mode. Judging from the name, it is intended to pay tribute to NIO’s first pure electric supercar EP9.

In this mode, ET5 will achieve smoother power output, more positive cornering direction and more flexible steering characteristics. Officials say that compared to the previous “Sports +” mode, the track lap time can be shortened by 1.5%.

In addition, this mode can also bring more sensitive acceleration feedback and more direct braking response, and accurately control the grip of each tire by adjusting the torque distribution of the front and rear motors in real time. At the same time, this mode will also achieve less electronic stability system intervention, which is claimed to release more freedom of driving control and allow users to safely drive to the limit.

This mode also provides an exclusive dashboard and car-machine interface, equipped with customized sound waves, and a new “track recording” function that can automatically record driving data such as speed and G value.

Officially, EP Mode is expected to be launched in December. Since ET5 and ET5T are positioned as “sports coupes”, these two cars will be the first to receive support. For other models, the product development team is continuing to evaluate.

Note: ET5 adopts a dual-motor intelligent four-wheel drive system with a maximum power of 360 kW (front motor 150 kW, rear motor 210 kW), peak torque of 700 Nm, and acceleration from 0 to 100 km/h in 4.0 seconds.

NIO EP9 is equipped with a pure electric system, including four high-performance motors, with a maximum output of 1,360 horsepower (1,000kW), a top speed of over 300km/h, and an acceleration time of 100 kilometers per hour in 2.7 seconds. This supercar has appeared in many games, including “Forza Horizon 5”, “Forza Motorsport”, etc.

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The ET5 Touring Edition is also available for pre-order, with a deposit of 5,000 RMB, and can be pre-ordered through multiple channels including the Nio App / WeChat app “Nio”. The ET5 Touring will be available for pre-order for 10,000 Nio points after the order is locked. The new car will be delivered on June 16 according to the order lock schedule. The show car and test drive will be available in stores on June 15.

The Nio ET5 Touring adopts Nio’s latest family design concept and features a touring version of the car with a large sloping D-pillar and spoiler design and a well-proportioned rear section with run-through taillights for an aesthetically pleasing appearance.

The new car has been declared by the Ministry of Industry and Information Technology, and the certification information indicates that the front design of the Nio ET5 Touring Edition is basically the same as the current Nio ET5 trim-level sedan.

It’s worth noting that the Nio ET5 Premiere is also equipped with a roof-mounted LIDAR as sensing hardware for driver assistance functions. At the rear, the Nio ET5 hunter version is very different from the current ET5 trim, with a fuller overall shape and a larger trunk opening.

The dimensions of the ET5 are 4790/1960/1499 mm in length, width and height, with a wheelbase of 2888 mm, the same as the trim level, with the main difference being the trunk position.

The powertrain of the ET5 Touring is the same as that of the ET5, with a 150kW induction/asynchronous motor in the front and a 210kW permanent magnet/synchronous motor in the rear, with a total system power of 360kW and 70kWh, 75kWh and 100kWh capacity batteries. 610km.

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According to the report of the car emperor, the NIO ET5 Safari Edition exposed this time adopts the aurora green painting. This is the first appearance of the painting. Photos of the real car in three colors of Heyunchuhuang.

According to the previous declaration information, the front face design of the NIO ET5 Safari Edition is basically the same as the current NIO ET5 sedan, with rounded front lines, split headlights and air intakes on both sides of the bumper, sporty full. It is worth noting that the Weilai ET5 hunting suit is also equipped with a roof lidar as the perception hardware for driving assistance functions. At the rear of the car, there is a big difference between the NIO ET5 Safari and the current ET5 sedan. The overall shape is fuller and the trunk opening is larger. In terms of size, the length, width, and height of the NIO ET5 Safari Edition are 4790/1960/1499 mm, and the wheelbase is 2888 mm. It is the same as the sedan version, and the main difference lies in the position of the trunk.

In addition, the NIO ET5 Safari Edition can also be equipped with a roof rack and a trailer set, which improves the practicality of the car. In terms of power, the NIO ET5 Safari Edition will continue to use the powertrain of the sedan version. The maximum power of the front motor is 150 kW, and the maximum power of the rear motor is 210 kW. In terms of batteries, the NIO ET5 Safari Edition will provide 75 kWh ternary lithium iron battery and 100 kWh ternary lithium battery as options. At the same time, NIO’s 150 kWh semi-solid battery is expected to be launched by the end of this year, but the specific battery life information Not announced.

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Depending on the length of the subscription, European users can choose to rent a 75kWh battery pack at a price ranging from 1,199 euros (currently about 8,981 RMB) to 1,295 euros (currently about 9,700 RMB) per month. For NIO ET7, EL7 (ES7) and ET5 cars, the minimum subscription period is one month.

Complete vehicle buyout service:

• ET7 75kWh battery version is 81,900 Euros (Currently about 613,000 RMB)
• The ET7 100kWh battery version is 90,900 euros (currently about 681,000 RMB)
• EL7 75kWh battery version is 85,900 Euros (Currently about 643,000 RMB)
• EL7 100kWh battery version is 94,900 Euros (Currently about 711,000 RMB)
• ET5 75kWh battery version is 61,900 Euros (Currently about 464,000 RMB)
• The ET5 100kWh battery version is 70,900 euros (currently about 531,000 RMB)

BaaS battery rental service:

• The starting price of ET7 is 69,900 euros (the current price is about 524,000 RMB)
• The starting price of EL7 is 73,900 euros (the current price is about 554,000 RMB)
• The starting price of ET5 is 49,900 euros (the current price is about 374,000 RMB)
• The monthly rent for a 75 kWh battery is 169 Euros (Currently about 1266 RMB)
• The monthly rent for a 100 kWh battery is 289 euros (currently about 2165 RMB)

In terms of performance, NIO claims that dual motors are the standard for high-end smart electric vehicles. The ET5 uses a dual motor intelligent four-wheel drive system with a maximum power of 360 kilowatts and a peak torque of 700 Nm. It can accelerate from 100 kilometers in 4.3 seconds and has the longest battery life of over 1,000 kilometers. The front and rear five-link suspension of the ET5 car has an axle-to-load ratio of 50:50. The length, width, and height of the vehicle body are 4790, 1960, and 1499 mm respectively, and the wheelbase reaches 2888 mm.

In March 2023, Nio will deliver 10,378 new cars, a year-on-year increase of 3.9%, including 3,203 high-end smart electric SUVs and 7,175 high-end smart electric cars. In the first quarter of 2023, Nio delivered a total of 31,041 new cars, a year-on-year increase of 20.5%; so far, Nio has delivered a total of 320,597 new cars.

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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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Weibo blogger @De love cars found that Nio ET5 is ready to be shipped to the European market, and the first batch of vehicles is expected to be delivered in March this year.

Depending on the length of the subscription, European users can choose to rent a Nio ET7 with a 75 gigawatt-hour battery pack at a price of 1,199 to 1,295 euros (about 8,801 to 9,505 RMB) per month. For EL7 (ES7) and ET5 cars, the minimum subscription period is one month.

Complete vehicle buyout service:

• The ET7 75kWh battery version is 81,900 euros (currently about 597,000 RMB)
• ET7 100kWh battery version is 90,900 Euros (currently about 663,000 RMB)
• The EL7 75kWh battery version is 85,900 euros (currently about 626,000 RMB)
• The EL7 100kWh battery version is 94,900 euros (currently about 692,000 RMB)
• The ET5 75kWh battery version is 61,900 euros (currently about 451,000 RMB)
• The ET5 100kWh battery version is 70,900 euros (currently about 517,000 RMB)

BaaS battery rental service:

• ET7 starts at 69,900 euros (currently about 510,000 RMB)
• EL7 starts at 73,900 euros (currently about 539,000 RMB)
• ET5 starts at 49,900 euros (currently about 364,000 RMB)
• The monthly rent for 75 kWh battery is 169 Euros (currently about 1232 RMB)
• 100 kWh battery monthly rent is 289 euros (currently about 2107 RMB)

In terms of performance, NIO claims that dual motors are the standard for high-end smart electric vehicles. The ET5 uses a dual motor intelligent four-wheel drive system with a maximum power of 360 kilowatts and a peak torque of 700 Nm. It can accelerate from 100 kilometers in 4.3 seconds and has the longest battery life of over 1,000 kilometers.

The front and rear five-link suspensions of the car have an axle-to-load ratio of 50 to 50. The length, width, and height of the car are 4790, 1960, and 1499 mm respectively, and the wheelbase reaches 2888 mm.

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According to the recall, the vehicles in the scope of this recall in a serious frontal collision, the front cabin shock tower impact deformation may squeeze the high-voltage wiring harness, extreme cases may cause the high-voltage wiring harness breakage and short circuit with the body, there are safety risks.

Azure also said it will add a high-strength insulation protection cover for the high-voltage harness for the vehicles in the recall area for free.

Designed for autonomous driving, the Azera ET5 comes standard with Aquila Azera SuperSense System and ADAM Azera SuperComputing Platform across the lineup and is equipped with Azera’s latest generation autonomous driving system, NAD, for a safe and relaxing point-to-point autonomous driving experience.

The ET5 also features Azera’s panoramic digital cockpit, PanoCinema, with a large 12.8-inch central touchscreen and full LCD instrument cluster, for a full sensory immersion experience in a pure and futuristic space.

The Azera ET5 is available in up to nine body colors, including three exclusive colorways (Mirror Sky Pink, Cloud Primrose Yellow and Aerospace Blue).

In terms of performance, Azera says dual motors are the standard for high-end smart electric vehicles, and the ET5 features a dual-motor intelligent four-wheel drive system with a maximum power of 360 kW, peak torque of 700 Nm, 100 km acceleration in 4.3 seconds and a maximum range of over 1,000 km. The vehicle has a front and rear five-link suspension, a 50 to 50 axle load ratio, a body length, width and height of 4790, 1960 and 1499 mm respectively, and a wheelbase of 2888 mm.

The Azera ET5 starts at RMB 328,000 before subsidies and has a battery rental program.

ET5 whole vehicle purchase plan with Battery.

75kWh: RMB 328,000

100kWh: RMB 386,000

BaaS battery rental program.

75kWh: RMB 258,000, with a monthly battery fee of RMB 980

100kWh: RMB258,000, monthly battery fee: RMB1,480

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This year’s NIO Day event is divided into infield and outfield, and the tickets drawn are set tickets. Local users in Anhui will also be invited to participate in outfield activities.

At the NIO Day ticket drawing experience salon, Nio CEO Li Bin revealed that they will release two new cars. Li Bin said that the performers of this event should be the biggest stars born in Anhui

At present, some bloggers speculate that the two new cars are the EC7 and the new ES8, but they cannot be confirmed. In addition, in addition to the two new cars that will be released on NIO Day, Nio will release three other new cars next year, and Nio will also hold a special press conference for Nio mobile phones in the first half of the year.

In addition, NIO’s 150 kWh semi-solid-state battery is expected to be launched around the second quarter of next year. It is currently undergoing testing work, and the specific pricing has not yet been determined.

Wei Lai said that NIO Day is its annual gathering to share joy with users, and it is also a stage for it to release new products of the year. At the NIO Day 2021 held in December last year, the Nio ET5 and the mass-produced version of the Nio ET7 were officially unveiled.

▲ Nio ET7 | Source: Nio official website

Judging from the delivery data, NIO hit a new high in monthly deliveries in November 2022, with a total of 14,178 new cars delivered, a year-on-year increase of 30.3% and a month-on-month increase of 40.9%. Among them, the delivery volume of the three new models ET7, ES7 and ET5 of the second-generation technology platform NT2 all increased steadily, reaching 11,072 units.

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