On February 26th, Ideal Automobile announced its financial results for the fourth quarter and full year of 2023, achieving a total annual revenue of 123.85 billion RMB, marking a remarkable 173.5% year-over-year increase.
In terms of profitability, Ideal Automobile reported a net profit of 11.81 billion RMB in 2023, a significant turnaround from a net loss of 2.03 billion RMB in 2022.
Chairman and CEO of Ideal Automobile, Li Xiang, attributed the company's success in 2023 to the outstanding performance of the Ideal L series, consisting of three models, amidst fierce competition in the new energy vehicle market.
The company achieved a remarkable 182.2% year-over-year growth in annual deliveries, totaling 376,030 units, securing its position as the top-selling new energy vehicle priced above 300,000 RMB in the Chinese market.
The significant expansion in scale, continuous deepening of research and development efforts, and sustained improvement in operational efficiency were cited as key drivers behind Ideal Automobile's historic financial performance in 2023.
Official statements from Ideal Automobile indicate that as of the end of 2023, the company had cash reserves totaling 103.67 billion RMB. With ample cash on hand and continuously improving self-sufficiency, Ideal Automobile is poised to expand its research and development investments, scale up its business operations, and realize its vision of becoming a global leader in artificial intelligence by 2030.
