On the evening of May 20, ideal released its unaudited financial results for the first quarter.
In the first quarter, the total revenue of ideal car reached 25.
6 billion yuan, an increase of 36.
4% over the same period last year, and the adjusted net profit reached 1.
3 billion yuan, making a profit for six consecutive quarters.
Nevertheless, this achievement did not meet the expectations of the ideal car.
Compared with the fourth quarter of 2023, it can be found that the main financial data of ideal car have declined significantly, of which the month-on-month decline in net profit is even as high as 89.7%. A number of indicators declined month-on-month, and ideal car revenue still achieved good growth in the first quarter, thanks to a sharp increase in new car delivery.
In the first quarter of this year, ideal delivered a total of 80400 new cars, an increase of 52.
9% compared with 52584 in the same period in 2023.
Thanks to this, the total revenue of ideal vehicle sales reached 24.
3 billion yuan in the first quarter, an increase of 32.
3% from 18.
3 billion yuan in the first quarter of 2023.
However, compared with the fourth quarter of last year, many indicators of ideal car showed a decline: total revenue: 38.
6% lower than 41.
7 billion yuan in the fourth quarter of 2023, of which vehicle sales revenue decreased by 39.
9% compared with 40.
4 billion yuan in the fourth quarter of 2023.
Net profit: 590 million yuan, down 89.
7% from 5.
8 billion yuan in the fourth quarter of 2023 The gross profit margin is 20.
6%, compared with 20.
4% in the first quarter of 2023 and 23.
5% in the fourth quarter of 2023, of which the gross profit margin of vehicles is 19.
3%, 19.
8% in the first quarter of 2023 and 22.
7% in the fourth quarter of 2023.
Ideal Motors pointed out that the month-on-month decline in vehicle sales revenue in the first quarter was mainly due to seasonal factors related to the Spring Festival holiday, as well as lower-than-expected sales orders and reduced vehicle deliveries in March.
In March, ideal Automobile officially released its first high voltage pure electric model-MPV ideal MEGA, the flagship of home technology, and launched 2024 replacement models such as ideal L7, ideal L8, ideal L9, etc.
, while further improving the product matrix, through the upgrading of the extended range electric system, chassis system, safety, comfort, intelligence and other configurations of the replacement model, the product strength of the 2024 ideal L series has been fully strengthened.
However, due to the lower-than-expected market performance of the ideal MEGA and the continued fierce competition in the smart electric vehicle market, the overall sales of the ideal car declined significantly in the first quarter.
The decrease in vehicle gross margin compared with the fourth quarter of 2023 was mainly due to a decrease in the average selling price of vehicles due to changes in pricing strategies in the first quarter of 2024 and a partial return of the warranty reserve in the fourth quarter of 2023 based on updated estimates of future warranty costs.
As a result, the operating profit of ideal car once again suffered a loss of 585 million yuan in the first quarter, compared with 410 million yuan in the first quarter of 2023, and continued to grow in the following months, even reaching 3 billion yuan in the fourth quarter of 2023.
However, revenue from other sales and services of ideal car continued to grow in the first quarter, reaching 1.
4 billion yuan, up 2000.
6 percent from 460 million yuan in the first quarter of 2023 and 2.
2 percent from the fourth quarter of 2023.
Ideal Motors pointed out that this was mainly due to the increase in vehicle delivery, resulting in an increase in sales of supporting products and services, including charging piles, as well as accessories and related services.
According to statistics, as of April 30, 2024, ideal Automobile has 481 retail centers in 144cities, operating 361 after-sales maintenance centers and ideal car authorized sheet spray centers in 210cities, and has been put into use with 386 ideal overcharging stations equipped with 1678 charging piles.
In the second quarter, delivery is expected to be 10.
5-110000.
In the first quarter, despite significant fluctuations in delivery volume and financial performance, ideal remains confident about the company’s delivery growth in the next few quarters.
Looking forward to the second quarter, ideal Motor expects vehicle delivery to reach 105000-110000 vehicles, an increase of 21.
3% to 27.
1% over the same period last year.
and total revenue of 29.
9 billion yuan to 31.
4 billion yuan, an increase of 4.
2% to 9.
4% over the same period last year.
Behind this, the ideal L6, which went on sale in mid-April, is undoubtedly an important source of confidence for the pre-growth of ideal car sales.
On April 18, the ideal car officially released the family five-seat luxury SUV– brand new ideal L6.
The new car is available in both Pro and Max versions.
The ideal L6 Pro price is 249800 yuan and the ideal L6 Max price is 279800 yuan.
Then, according to the official data, the order of the ideal L6 exceeded 10, 000 in 72 hours on the market, 20, 000 in 12 days, 30, 000 in 16 days, and more than 41000 in 18 days.
In order to further boost the order demand, consumers who order the ideal L6 from May 6 to May 31 can sell time-limited order rights with a value of 15000 yuan.
According to the previous ideal expectation, the goal of the ideal L6 is to challenge the monthly sales of 30,000 vehicles.
Photo Source: ideal car, May 16, ideal car announced that the 10000 production car of ideal L6 is officially off the line.
Ideal car said that the capacity of the ideal L6 is climbing and will exceed 20,000 units next month.
However, while ideal car sales are too dependent on the ideal L6, the relatively low price of the L6 means that the overall gross margin of the ideal car may continue to be hit, or even lower than in the first quarter.
To this end, ideal car is starting a series of optimization measures, including the launch of new models, organizational upgrading and process optimization, improving the efficiency of internal management, and so on.
For the closely watched pure electric SUV, ideal car CEO Li wants to make it clear on the Q1 earnings call that ideal car will not release pure electric SUV products this year, but will choose to release them in the first half of next year, but will increase the number of overcharge piles and booths to prepare for the upcoming pure electric SUV.
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