On February 26th, Ideal Automobile announced its financial report for the fourth quarter and full year of 2023.
Ideal stated that thanks to the expansion of scale and continuous improvement in operational efficiency, it achieved its best-ever financial performance during the reporting period.
In the fourth quarter, revenue reached 41.73 billion CNY, a year-on-year increase of 136.4%; with 131,805 vehicles delivered, the market share of new energy vehicles priced above 200,000 CNY reached 16%, ranking first among Chinese automotive brands.
For the full year 2023, revenue hit 123.85 billion CNY, a year-on-year increase of 173.5%. Ideal Automobile became the first new force in China's automotive industry with annual revenue exceeding 100 billion CNY.
Total deliveries for the year were 376,030 vehicles, up 182.2% year-on-year, ranking first among China's new energy vehicle manufacturers.
Net profit for the fourth quarter was 5.75 billion CNY, with a gross profit margin of 23.5% and free cash flow of 14.64 billion CNY. The full-year net profit for 2023 was 11.81 billion CNY, achieving healthy profitability since delivery began.
Simultaneously, after eight years, Ideal Automobile achieved revenue of over 100 billion CNY and profit of over 10 billion CNY, creating a miracle in the growth of Chinese automotive brands.
As of the end of 2023, the company's cash reserves stood at 103.67 billion CNY, indicating ample liquidity.
Regarding the outlook for the first quarter of 2024, Ideal also set new records. It expects to deliver 100,000 to 103,000 vehicles, a year-on-year increase of 90.2% to 95.9%, with revenue reaching 31.25 billion CNY to 32.19 billion CNY, a year-on-year increase of 66.3% to 71.3%.
Additionally, the issue of recharging remains a pain point for long-distance travel of new energy vehicles. Therefore, by the end of 2024, Ideal Automobile will launch 2,000 supercharging stations nationwide.
These stations will cover the eighteen national high-speed trunk lines with the highest traffic in the country, achieving a 60% coverage in the core areas of cities with a Tier Three or higher classification.
As of the end of 2023, Ideal Automobile had 467 retail centers nationwide, covering 140 cities, making it the largest automotive direct sales system in China.
