On the afternoon of February 26th, Ideal Automobile announced its financial reports for the fourth quarter and full year of 2023. According to the financial report, in the fourth quarter of 2023, Ideal Automobile's revenue was 41.73 billion yuan, a year-on-year increase of 136.4%; The quarterly delivery volume was 131805 vehicles, a year-on-year increase of 184.6%.
In 2023, Ideal Automobile achieved a revenue of 123.85 billion yuan, a year-on-year increase of 173.5%; The annual delivery volume was 376030 vehicles, a year-on-year increase of 182.2%. Based on this, Ideal Automobile has also become the first new force car company in China to achieve an annual revenue of over 100 billion yuan.
Recently, in the 2023 Hurun Global 500 list, Ideal Automobile entered the Hurun Global 500 for the first time with a valuation of 311 billion yuan, making it one of the youngest companies on the list and the only newly listed car company.
Thanks to the efficient collaboration of products, research and development, supply manufacturing, and sales delivery organizations, Ideal Automobile's net profit performance in 2023 has reached a new high, becoming a profitable "big player" in the new forces of car manufacturing. According to financial report information, in 2023, the net profit of Ideal Automobile reached 11.81 billion yuan, achieving comprehensive profitability since delivery and breaking the long-term loss trap of new forces in car manufacturing. In terms of cash, in the fourth quarter of 2023, Ideal Automobile's free cash flow reached a new high, reaching 14.64 billion yuan. As of the end of 2023, the company's cash reserves reached 103.67 billion yuan.
Abundant funds on hand give Ideal Automobile more confidence and sustainable development capabilities. It is reported that in 2023, the R&D expenses of Ideal Automobile reached a historic high of 10.59 billion yuan, a year-on-year increase of 56.1%.
With the increase of research and development costs and the structural layout of flat and systematic research and development, the technical strength of Ideal Automobile in the fields of intelligence and electric energy continues to improve, and a total of 20 OTA upgrades were promoted throughout the year. It is expected that in the second quarter of this year, NOA in cities without graphics will be opened to all cities in the country, and OTA will be upgraded to all ADMax vehicles.
On March 1st of this year, Ideal Automobile will launch its first pure electric product - MPV MEGA. From the perspective of Ideal Automobile, as the new energy vehicle market enters the late Volkswagen stage, market share will continue to gather towards top brands. In 2024, with the joint efforts of Extended Range Electric and High Voltage Pure Electric models, Ideal Automobile's market share will further expand.
Looking ahead to the first quarter of 2024, Ideal Automobile is expected to deliver 100000 to 103000 vehicles, a year-on-year increase of 90.2% to 95.9%; The revenue reached 31.25 billion yuan to 32.19 billion yuan, a year-on-year increase of 66.3% to 71.3%.
In terms of energy supplementation, by the end of 2024, Ideal Automobile will launch 2000 supercharging stations nationwide, covering the 18 national highways with the highest traffic volume in the nine vertical and nine horizontal directions, and completing 60% coverage of the core urban areas of third tier and above cities.