AutoBeta(AutoBeta.net)03/03 Report--

On February 26, ideal Automobile announced its results for the fourth quarter and the whole year of 2023. According to the financial report, ideal Motor had revenue of 41.73 billion yuan in the fourth quarter, up 136.4 percent from the same period last year, and revenue of 123.85 billion yuan in 2023, an increase of 173.5 percent over the same period last year, making it the first new car company in China with revenue of 100 billion yuan.

Specifically, the net profit of ideal car in the fourth quarter is 5.75 billion yuan, gross profit margin is 23.5%, and free cash flow is 14.64 billion yuan. The net profit for the whole year of 2023 is 11.81 billion yuan, realizing the healthy profit since delivery. It has become the third new energy automobile company in the world to make a profit after Tesla and BYD.

In terms of R & D expenses, the R & D cost of ideal car in the fourth quarter was 3.49 billion yuan, an increase of 68.6% over the same period last year, while sales, general and management expenses were 3.27 billion yuan, accounting for 7.8%. The annual R & D expenditure was 10.59 billion yuan, an increase of 56.1% over the same period last year, a record high. By the end of 2023, the ideal car cash reserve is 103.67 billion yuan. Ideal Motors said that ample capital on hand and increasing self-hematopoietic capacity will support it to continuously expand its R & D investment and business scale and achieve its goal of becoming a leading artificial intelligence company in the world by 2030.

In terms of new car delivery, ideal cars delivered 131805 in the fourth quarter, with a market share of more than 200000 of new energy, ranking first among Chinese car brands. The annual delivery volume was 376030, an increase of 182.2% over the same period last year.

Officials described ideal car's full-year 2023 and fourth-quarter results as "the best financial performance in history". Ideal Motors said: "thanks to the expansion of scale and the continued improvement of operating efficiency, ideal achieved the best financial performance in history during the reporting period."

Up to now, ideal car models on sale include ideal L9 with 40-500000 yuan, ideal L8 with 30-400000 yuan and ideal L7 with ideal L7. All three models are hot-selling products. Retail data show that ideal L7, ideal L8 and ideal L9 sales in 2023 are 134100, 118000 and 114400, respectively.

According to the plan, this year will be the product year of the ideal car, and four extended-range models and four pure electric models will be launched this year. Among them, the ideal MEGA model will be delivered on March 1st, which is the fourth model of the ideal car and the first MPV model, and is expected to sell for less than 600000 yuan. The following April will also launch the ideal new SUV-- ideal L6 model, which will have the same appearance and shape as the current ideal car, and will be equipped with lithium iron phosphate batteries produced by Ningde Times, and will be equipped with a 1.5L engine produced by Sichuan ideal Xinchen Technology Co., Ltd., with a maximum power of 113kW.

Earlier, ideal Motors said it would challenge the annual delivery of 800000 vehicles this year to achieve the goal of top sales of luxury car brands in the Chinese market. It should be noted that after entering 2024, ideal cars also face strong competitors. Data show that in January 2024, ideal delivered 31165 new cars, an increase of 105.83% over the same period last year and a month-on-month decline of 38.11%. For comparison, the company delivered 32973 new cars, an increase of 636.83% over the same period last year and 34.76% month-on-month growth, becoming the monthly sales champion of new power brands in the Chinese market for the first time. In other words, the sales status of ideal cars has been taken away.

For deliveries in the first quarter of this year, ideal said it expected revenue to reach 31.25 billion yuan to 32.19 billion yuan, up 66.3% to 71.3% year-on-year, and 100000 to 103000 new car deliveries, up 90.2% to 95.9% over the same period last year. In terms of 100000 vehicles, it means that the ideal car needs to deliver 68835 vehicles in the remaining two months of the first quarter, with an average of about 34000 vehicles per month.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat