Interest charting…
if we exclude restricted cash, and cash borrowed from WC, and recent equity injection, here is Nio’s quarterly end net cash position.
What’s the problem?
- declining/pressure gross profit level (GP per car x volume) due to fierce competition & macro backdrop doesn’t support strong demand
- increasing opex & capex (autonomous driving, chips, international expansion, new sub-brand, battery swap stations etc.) with a limited gross profit level.