Shulou(Shulou.com)11/24 Report--

CTOnews.com August 29 news, Xilai Motor is now releasing the latest quarterly results as of June 30.

According to the financial report, the total revenue of Lailai in the second quarter was 8.7717 billion yuan, and the market expected 9.254 billion yuan, compared with 10.29 billion yuan in the same period last year, down 14.8 percent from the same period last year and 17.8 percent from the same period last year. The net loss was 6.0558 billion yuan, an increase of 119.6 percent over the second quarter of 2022 and 27.8 percent over the first quarter of 2023.

Lulai expects revenue of 18.9 billion yuan to 19.52 billion yuan in the third quarter, compared with a market forecast of 17.2 billion yuan. Xilai is expected to deliver 55000-57000 vehicles in the third quarter.

Affected by this news, Ulai American stocks rose more than 1% before trading, but as of CTOnews.com, Ulai American stocks have fallen more than 2% before trading, and now have a market capitalization of about 18.599 billion US dollars.

Weilai Financial Summary for the second quarter of 2023

Car sales in the second quarter of 2023 were 7.1852 billion yuan ($990.9 million), down 24.9 percent from the second quarter of 2022 and 22.1 percent from the first quarter of 2023.

Vehicle profit margins were 6.2% in the second quarter of 2023, compared with 16.7% in the second quarter of 2022, 5.1% in the first quarter of 2023.

Total revenue in the second quarter of 2023 was 8.7717 billion yuan ($1.2097 billion), down 14.8 percent from the second quarter of 2022 and 17.8 percent from the first quarter of 2023.

Gross profit in the second quarter of 2023 was 87 million yuan ($12 million), down 93.5% from the second quarter of 2022 and 46.4% from the first quarter of 2023.

The gross margin in the second quarter of 2023 was 1.0%, compared with 13.0% in the second quarter of 2022 and 1.5% in the first quarter of 2023.

The operating loss in the second quarter of 2023 was 6.0741 billion yuan ($837.7 million), an increase of 113.5% over the second quarter of 2022 and 18.8% over the first quarter of 2023. Excluding equity incentives, the adjusted operating loss (non-GAAP) in the second quarter of 2023 was 5.4641 billion yuan ($753.5 million), an increase of 132.0% over the second quarter of 2022 and 20.8% over the first quarter of 2023.

The net loss in the second quarter of 2023 was 6.0558 billion yuan ($835.1 million), up 119.6% from the second quarter of 2022 and 27.8% from the first quarter of 2023. Excluding equity incentive fees, the adjusted net loss (non-GAAP) in the second quarter of 2023 was 5.4457 billion yuan ($751 million), an increase of 140.2% over the second quarter of 2022 and 31.2% over the first quarter of 2023.

As of June 30, 2023, cash and cash equivalents, restricted cash, short-term investments and long-term term deposits were RMB 31.5 billion (US $4.3 billion).

"23520 cars were delivered in the second quarter of 2023. 20462 vehicles were delivered in July 2023, a sharp increase of 103.6% over the same period last year, making it the number one high-end electric vehicle in China (more than 300000 yuan)," said Li Bin, founder, chairman and chief executive.

In July 2023, Weilai completed a $738.5 million strategic equity investment from CYVN Entities, which reflects the unique value of Weilai in the smart electric vehicle industry. This transaction further strengthens our balance sheet and provides impetus for us to continue to accelerate business growth, promote technological innovation and build long-term competitiveness. "at the same time, we will continue to strive to improve operational efficiency while pursuing sustained growth," added Feng Wei, chief financial officer of Ulai. "

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