Margins -- March 2, 2023

Yesterday I mentioned "margins."

As a reminder:

Nio: link here.

• gross margins: 3.9% in 4Q22 vs 17.2% in 4Q21 and 13.3% inn 3Q22. 
• vehicle margin: 6.8% in 4Q22; 21% in 4Q21; and 16% in 3Q22

I suggested folks compare a 4% gross margin for Nio with gross margins of some tech companies.

Example, at The WSJ:

For the fiscal year that started Feb. 1, Salesforce is projecting adjusted operating margins of about 27%, up from 22.5% in its recently completed year.

Last year, Salesforce executives laid out to analysts a plan that would boost its adjusted operating margins to 25% by 2026. Before 2022, the company’s margin was perennially less than 20%.

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Ford's February, 2023, Sales

Link here.

Some data points:

• from a year earlier, sales increased by 20%;
• from previous month, increased by 8%
• Ford's F-Series pickups:
• y/y: 22% increase -- includes a spike in sales of its electric F-150 Lightning
• but: EV sales account for onlly 2.9% of Ford's total sales through February
• Ford sales outpaced other automakers
• Toyota's sales: down 8.5% y/y
• Hyundai-Kia: up by 16.2% y/y
• margins not provided