The second quarter revenue of Weilai automobile was 3.72 billion yuan, and the gross profit turned positive, exceeding the expectation

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 The second quarter revenue of Weilai automobile was 3.72 billion yuan, and the gross profit turned positive, exceeding the expectation


It is worth noting that Weilai achieved positive gross profit in the second quarter, with vehicle profit of 9.7%, negative 24.1% in the second quarter of 2019 and negative 7.4% in the first quarter of 2020; the gross profit rate is 8.4%, negative 33.4% in the second quarter of 2019 and negative 12.2% in the first quarter of 2020.

In terms of operating loss, the operating loss in the second quarter was 1.160 billion yuan (US $164.2 million), down 64.0% from the second quarter of 2019 and 26.1% from the first quarter of 2020. Excluding share based compensation, the adjusted business loss in the second quarter of 2020 was RMB 1117.7 million (US $157.8 million), which was 64.4% lower than that in the second quarter of 2019 and 27.5% lower than that in the first quarter of 2020.

R & D investment increased by 4.4% over the first quarter, and R & D expenditure in the second quarter was RMB 545.2 million (US $77.2 million), down 58.1% from the second quarter of 2019. Excluding share based compensation (non GAAP), R & D expenditure was RMB 533.5 million (US $75.5 million).

As of June 30, 2020, cash and cash equivalents, restricted cash and short-term investments amounted to RMB 11.2 billion (US $1.6 billion).

Weilai also released its outlook for the third quarter. It is estimated that Q3 will deliver between 11000 and 11500 vehicles, an increase of 129.2% to 139.6% over the same quarter of 2019, and an increase of about 6.5% to 11.3% over the second quarter of 2020; the total revenue will be between RMB 4.047.5 million (US $572.9 million) and RMB 42123.3 million (US $596.2 million), with an increase of 120.4% to 129.3% over the same quarter in 2019 and the second in 2020 The quarterly growth was about 8.8% to 13.3%.

Source of this article: Ding Guangsheng, editor in charge of Netease science and Technology Report_ NT1941