NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer in China’s
premium smart electric vehicle market, today announced its
unaudited financial results for the quarter ended September 30,
2020.
Operating Highlights for the
Third Quarter of
2020
- Deliveries of
vehicles were 12,206 in the third quarter of 2020,
including 8,660 ES6s, 3,530 ES8s and 16 EC6s, compared with 4,799
vehicles delivered in the third quarter of 2019 and 10,331 vehicles
delivered in the second quarter of 2020.
Key Operating Results |
|
|
2020 Q3 |
2020 Q2 |
2020 Q1 |
2019 Q4 |
Deliveries |
12,206 |
10,331 |
3,838 |
8,224 |
|
|
|
|
|
|
2019 Q3 |
2019 Q2 |
2019 Q1 |
2018 Q4 |
Deliveries |
4,799 |
3,553 |
3,989 |
7,980 |
Financial Highlights for the
Third Quarter of
2020
- Vehicle sales were
RMB4,266.8 million (US$628.4 million) in the third quarter of 2020,
representing an increase of 146.1% from the third quarter of 2019
and an increase of 22.4% from the second quarter of 2020.
- Vehicle
marginii was 14.5% in the third quarter of 2020,
compared with negative 6.8% in the third quarter of 2019 and 9.7%
in the second quarter of 2020.
- Total revenues
were RMB4,526.0 million (US$666.6 million) in the third quarter of
2020, representing an increase of 146.4% from the third quarter of
2019 and an increase of 21.7% from the second quarter of 2020.
- Gross
profit was RMB585.8 million
(US$86.3 million) in the third quarter of 2020, representing an
increase of RMB807.4 million from a gross loss of RMB221.6 million
in the third quarter of 2019 and an increase of RMB272.7 million
from the second quarter of 2020.
- Gross margin was
12.9% in the third quarter of 2020, compared with negative 12.1% in
the third quarter of 2019 and 8.4% in the second quarter of
2020.
- Loss from
operations was RMB946.0 million (US$139.3 million) in the
third quarter of 2020, representing a decrease of 60.7% from the
third quarter of 2019 and a decrease of 18.4% from the second
quarter of 2020. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB896.7 million
(US$132.1 million) in the third quarter of 2020, representing a
decrease of 61.7 % from the third quarter of 2019 and a decrease of
19.6% from the second quarter of 2020.
- Net
loss was RMB1,047.0 million
(US$154.2 million) in the third quarter of 2020, representing a
decrease of 58.5% from the third quarter of 2019 and a decrease of
11.0% from the second quarter of 2020. Excluding share-based
compensation expenses, adjusted net loss (non-GAAP) was RMB997.8
million (US$147.0 million) in the third quarter of 2020,
representing a decrease of 59.3% from the third quarter of 2019 and
a decrease of 11.8% from the second quarter of 2020.
- Net loss attributable to
NIO’s ordinary shareholders was RMB1,187.9 million
(US$175.0 million) in the third quarter of 2020, representing a
decrease of 53.5% from the third quarter of 2019 and a decrease of
1.6% from the second quarter of 2020. Excluding share-based
compensation expenses and accretion on redeemable non-controlling
interests to redemption value, adjusted net loss attributable to
NIO’s ordinary shareholders (non-GAAP) was RMB996.0 million
(US$146.7 million).
- Basic and diluted net loss
per American Depositary Share
(ADS)iii were both
RMB0.98 (US$0.14) in the third quarter of 2020. Excluding
share-based compensation expenses and accretion on redeemable
non-controlling interests to redemption value, adjusted basic and
diluted net loss per ADS (non-GAAP) were both RMB0.82
(US$0.12).
- Cash and cash equivalents,
restricted cash and short-term investment were RMB22.2
billion (US$3.3 billion) as of September 30, 2020.
Key Financial Results(in
RMB million, except for per ordinary share data
and percentage) |
|
|
|
|
|
|
|
|
|
2020 Q3 |
2020 Q2 |
|
2019
Q3 |
|
% Changeiv |
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
|
4,266.8 |
3,486.1 |
|
1,733.5 |
|
22.4% |
146.1% |
Vehicle Margin |
|
14.5% |
9.7% |
|
-6.8% |
|
482bp |
2,130bp |
Total Revenues |
|
4,526.0 |
3,718.9 |
|
1,836.8 |
|
21.7% |
146.4% |
Gross Profit/(Loss) |
|
585.8 |
313.1 |
|
(221.6) |
|
87.1% |
364.4% |
Gross Margin |
|
12.9% |
8.4% |
|
-12.1% |
|
452bp |
2,504bp |
Loss from Operations |
|
(946.0) |
(1,160.0) |
|
(2,409.2) |
|
-18.4% |
-60.7% |
Adjusted Loss from
Operations (non-GAAP) |
(896.7) |
(1,114.7) |
|
(2,338.8) |
|
-19.6% |
-61.7% |
Net Loss |
|
(1,047.0) |
(1,176.7) |
|
(2,521.7) |
|
-11.0% |
-58.5% |
Adjusted Net Loss
(non-GAAP) |
(997.8) |
(1,131.4) |
|
(2,451.2) |
|
-11.8% |
-59.3% |
Net Loss
Attributable to Ordinary Shareholders |
(1,187.9) |
(1,207.8) |
|
(2,553.6) |
|
-1.6% |
-53.5% |
Net Loss per
Ordinary Share-Basic and Diluted |
(0.98) |
(1.15) |
|
(2.48) |
|
-14.3% |
-60.4% |
Adjusted Net Loss
per Ordinary Share-Basic and Diluted (non-GAAP) |
(0.82) |
(1.08) |
|
(2.38) |
|
-24.1% |
-65.5% |
Recent Developments
Deliveries in October 2020
- Deliveries of the ES8, ES6 and EC6
were 5,055 vehicles in October 2020, representing a strong 100.1%
year-over-year growth. As of October 31, 2020, cumulative
deliveries of the ES8, ES6 and EC6 reached 63,343 vehicles, of
which 31,430 were delivered in 2020.
Launch of 100kWh Battery
Pack
- On November 6, 2020, NIO launched
the 100kWh battery pack with battery upgrade plans. The 100kWh
cell-to-pack battery pack has realized 37% higher energy density
than the 70kWh battery. Powered by the 100kWh battery, the NEDC
range of NIO EC6 can reach up to 615 kilometers. The outstanding
performance of the 100kWh battery is underpinned by technological
advancements including thermal propagation prevention design,
highly-integrated architecture, all-climate thermal management and
bi-directional cloud battery management system.If users opt to
purchase an ES8, ES6 or EC6 and subscribe for the 100kWh battery
pack under the innovative Battery as a Service (the “BaaS”) model,
they can purchase the vehicle without the battery pack while paying
a monthly subscription fee of RMB1,480. Users of the 70kWh battery
pack can choose to either purchase a 100kWh battery pack for
permanent upgrades or pay a monthly subscription fee of RMB880 for
a flexible upgrade package.
Completion of Registered Follow-on
Offering of American Depositary Shares
- In September 2020, NIO completed
the offering of 101,775,000 American depositary shares, each
representing one Class A ordinary share of the Company, at a price
of US$17.00 per ADS, which included 13,275,000 American depositary
shares issued in connection with the underwriters’ full exercise of
their overallotment option.
Completion of Increase of Controlling
Equity Interests in NIO China
- In September 2020, NIO completed the
increase of its controlling equity interests in NIO China through
the partial redemption of certain investor’s equity interests and
the subscription for newly increased registered capital. The
Company currently holds 86.5% controlling equity interests in NIO
Holding Co., Ltd. (formerly named NIO (Anhui) Holding Co., Ltd.)
(“NIO Holding”), the legal entity of NIO China.
Completion of Redemption of Equity
Interests in XPT from Minority Shareholders
- In November, NIO, through its wholly
owned subsidiary, completed the full redemption of equity interests
in XPT (Jiangsu) Automotive Technology Co., Ltd., or XPT, held by
each of its minority shareholders. As a result, NIO redeemed a
total of 21.09% equity interests in XPT and now indirectly wholly
owns XPT. Established in May 2018, XPT mainly designs, develops and
manufactures electric motors, battery packs and other smart
electric vehicle components.
CEO and CFO Comments
“We achieved a new record-high quarterly
deliveries of 12,206 ES8s, ES6s and EC6s in total in the third
quarter of 2020, followed by the best-ever monthly deliveries of
5,055 vehicles in October,” said William Bin Li, founder, chairman
and chief executive officer of NIO. “In view of the growing market
demand for our competitive products, we are motivated to
continuously elevate the production capacity to the next level. We
expect to deliver 16,500 to 17,000 vehicles in the coming fourth
quarter.”
“In the past months, we are pleased to have
launched the BaaS and the 100kWh battery pack with proprietary
thermal management and significant performance enhancement. Enabled
by our unique battery swap technologies, innovative BaaS model and
comprehensive power solutions, our users can benefit from lower
initial purchase prices of vehicles, flexible battery upgrade
options as well as enhanced assurance of battery performance.
Additionally, following the release of the NIO OS 2.7.0 via
firmware-over-the-air (FOTA) upgrade in October 2020, our users
have been able to enjoy the Navigate on Pilot (NoP) feature of NIO
Pilot on highways and urban expressways in China. Going forward, we
remain committed to deploying more resources into the core
technology innovations and delivering the best holistic product and
service experiences to our user community in the pursuit of
fortifying our long-term competitiveness in the market,” concluded
Mr. Li.
“With another quarter of record high deliveries
in the third quarter of 2020, plus further improvements in average
selling price, material cost and manufacturing efficiency, our
vehicle margin increased to 14.5%. Additionally, we achieved
positive cash flow from operating activities for the second
sequential quarter,” added Steven Wei Feng, NIO’s chief financial
officer. “Our order growth momentum continued steadfastly, driven
by the expanded brand awareness, growing user base, extended sales
network and most importantly, the compelling products and
technologies. Meanwhile, our continuous improvement of
operational efficiency, cash flow and balance sheet has laid a
solid foundation for our future sustainable growth and decisive
investments in technologies."
Financial Results for the
Third Quarter of
2020
Revenues
- Total
revenues were RMB4,526.0 million
(US$666.6 million) in the third quarter of 2020, representing an
increase of 146.4% from the third quarter of 2019 and an increase
of 21.7% from the second quarter of
2020.
- Vehicle sales were
RMB4,266.8 million (US$628.4 million) in the third quarter of 2020,
representing an increase of 146.1% from the third quarter of 2019
and an increase of 22.4% from the second quarter of 2020. The
increase in vehicle sales of the third quarter of 2020, compared to
the third quarter of 2019 and the second quarter of 2020, was
mainly contributed by the increase in sales of the ES6 and
ES8.
- Other sales were
RMB259.2 million (US$38.2 million) in the third quarter of 2020,
representing an increase of 150.7% from the third quarter of 2019
and an increase of 11.3% from the second quarter of 2020. The
increase in other sales of the third quarter of 2020, compared to
the third quarter of 2019, was mainly attributed to increased
revenues derived from the home chargers installed, service package
and energy package subscribed, and accessories sold, which were in
line with the increased vehicle sales in the third quarter of
2020.
Cost of Sales and Gross Margin
- Cost
of sales was RMB3,940.1 million (US$580.3
million) in the third quarter of 2020, representing an increase of
91.4% from the third quarter of 2019 and an increase of 15.7% from
the second quarter of 2020. The increase in cost of sales, compared
to the third quarter of 2019, was mainly driven by the increase of
delivery volume of the ES6 and ES8 in the third quarter of
2020.
- Gross
profit was RMB585.8 million
(US$86.3 million) in the third quarter of 2020, representing an
increase of RMB807.4 million from a gross loss of RMB221.6 million
in the third quarter of 2019 and an increase of RMB272.7 million
from the second quarter of 2020. The increase of gross profit,
compared to the third quarter of 2019, was mainly contributed by
increased vehicle sales and increased vehicle margin.
- Gross margin in
the third quarter of 2020 was 12.9%, compared with negative 12.1%
in the third quarter of 2019 and 8.4% in the second quarter of
2020. The increase of gross margin, compared to the third quarter
of 2019, was mainly driven by the increase of vehicle margin in the
third quarter of 2020.
- Vehicle
margin in the third quarter of 2020 was 14.5%,
compared with negative 6.8% in the third quarter of 2019 and 9.7%
in the second quarter of 2020. The increase of vehicle margin,
compared to the third quarter of 2019 and the second quarter of
2020, was mainly driven by the decrease in purchase price of
certain materials and lower unit manufacturing cost attributed from
increased production volume of the ES6 and ES8 in the third quarter
of 2020.
Operating
Expenses
- Research and
development
expenses were RMB590.8 million
(US$87.0 million) in the third quarter of 2020, representing a
decrease of 42.3% from the third quarter of 2019 and an increase of
8.4% from the second quarter of 2020. Excluding share-based
compensation expenses (non-GAAP), research and development expenses
were RMB577.8 million (US$85.1 million) in the third quarter of
2020, representing a decrease of 42.4% from the third quarter of
2019 and an increase of 8.3% from the second quarter of 2020. The
decrease in research and development expenses over the third
quarter of 2019 was primarily attributed to the higher design and
development costs incurred in the third quarter of 2019 for EC6 and
all-new ES8 launched in the fourth quarter of 2019, and the
Company’s overall cost-saving efforts and the improved operational
efficiency in research and development functions since the fourth
quarter of 2019. Research and development expenses remained
relatively stable compared with the second quarter of 2020, which
mainly consisted of costs incurred for recurring projects.
-
Selling,
general
and
administrative
expenses were RMB940.3 million
(US$138.5 million) in the third quarter of 2020, representing a
decrease of 19.2% from the third quarter of 2019 and an increase of
0.4% from the second quarter of 2020. Excluding share-based
compensation expenses (non-GAAP), selling, general and
administrative expenses were RMB905.5 million (US$133.4 million) in
the third quarter of 2020, representing a decrease of 18.9% from
the third quarter of 2019 and an increase of 0.1% from the second
quarter of 2020. The decrease in selling, general and
administrative expenses over the third quarter of 2019 was
primarily driven by the Company’s overall cost-saving efforts and
the improved operational efficiency in marketing and other
supporting functions. Selling, general and administrative expenses
remained relatively stable compared with the second quarter of
2020.
Loss from
Operations
- Loss from
operations was RMB946.0 million
(US$139.3 million) in the third quarter of 2020, representing a
decrease of 60.7% from the third quarter of 2019 and a decrease of
18.4% from the second quarter of 2020. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB896.7 million (US$132.1 million) in the third quarter of 2020,
representing a decrease of 61.7% from the third quarter of 2019 and
a decrease of 19.6% from the second quarter of 2020.
Share-based Compensation
Expenses
- Share-based compensation expenses
were RMB49.2 million (US$7.3 million) in the third quarter of 2020,
representing a decrease of 30.1% from the third quarter of 2019 and
an increase of 8.6% from the second quarter of 2020. The decrease
in share-based compensation expenses over the third quarter of 2019
was primarily due to less options granted driven by the decline in
the number of employees, and the impact of part of the share-based
compensation expenses being recognized by using the accelerated
method, under which the expenses decrease gradually over the
vesting period. The increase in share-based compensation expenses
over the second quarter of 2020 was primarily attributed to the
incremental options granted in the third quarter of 2020 with
relatively higher grant date fair values due to the increased share
price.
Net Loss
and Earnings Per Share
-
Net
loss was RMB1,047.0 million
(US$154.2 million) in the third quarter of 2020, representing a
decrease of 58.5% from the third quarter of 2019 and a decrease of
11.0% from the second quarter of 2020. Excluding share-based
compensation expenses, adjusted net loss (non-GAAP) was RMB997.8
million (US$147.0 million) in the third quarter of 2020,
representing a decrease of 59.3% from the third quarter of 2019 and
a decrease of 11.8% from the second quarter of 2020.
- Net loss attributable to
NIO’s ordinary shareholders was RMB1,187.9 million
(US$175.0 million) in the third quarter of 2020, representing a
decrease of 53.5% from the third quarter of 2019 and a decrease of
1.6% from the second quarter of 2020. Excluding share-based
compensation expenses and accretion on redeemable non-controlling
interests to redemption value, adjusted net loss attributable to
NIO’s ordinary shareholders (non-GAAP) was RMB996.0 million
(US$146.7 million).
- Basic and diluted net loss
per ADS were both RMB0.98 (US$0.14) in the third quarter
of 2020. Excluding share-based compensation expenses and accretion
on redeemable non-controlling interests to redemption value,
adjusted basic and diluted net loss per ADS (non-GAAP) were both
RMB0.82 (US$0.12).
Balance
Sheets
- Balance of
cash and cash equivalents, restricted cash and
short-term investment was RMB22.2 billion (US$3.3 billion)
as of September 30, 2020.
- In the third quarter of 2020,
certain convertible notes were exercised by their holders with the
aggregate amount of RMB3.1 billion (US$460.9 million).
Business Outlook
For the fourth quarter of 2020, the Company
expects:
- Deliveries of the
vehicles to be between 16,500 and 17,000 vehicles,
representing an increase of approximately 100.6% to 106.7% from the
same quarter of 2019, and an increase of approximately 35.2% to
39.3% from the third quarter of 2020.
- Total revenues to
be between RMB6,258.7 million (US$921.8 million) and RMB6,435.8
million (US$947.9 million), representing an increase of
approximately 119.7% to 126.0% from the same quarter of 2019, and
an increase of approximately 38.3% to 42.2% from the third quarter
of 2020.
This business outlook reflects the Company’s
current and preliminary view on the business situation and market
condition, which is subject to change.
Conference Call
The Company’s management will host an earnings
conference call at 7:00 PM U.S. Eastern Time on November 17, 2020
(8:00 AM Beijing/Hong Kong Time on November 18, 2020) to discuss
financial results and answer questions from investors and analysts.
Listeners may register in advance of the conference using the link
provided below and dial in 10 minutes prior to the call, using
participant dial-in numbers, Direct Event passcode and unique
registrant ID which would be provided upon registering.
http://apac.directeventreg.com/registration/event/5329138
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.nio.com.
A replay of the conference call will be
accessible by phone approximately two hours after the conclusion of
the live call at the following numbers, until November 25, 2020
07:59 AM ET:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong, China: |
+852-3051-2780 |
Mainland China: |
+86-400-632-2162 |
Conference ID: |
5329138 |
About NIO Inc.
NIO Inc. is a pioneer in China’s premium smart
electric vehicle market. Founded in November 2014, NIO’s mission is
to shape a joyful lifestyle. NIO aims to build a community starting
with smart electric vehicles to share joy and grow together with
users. NIO designs, jointly manufactures, and sells smart premium
electric vehicles, driving innovations in next-generation
technologies in connectivity, autonomous driving, and artificial
intelligence. Redefining the user experience, NIO provides users
with comprehensive and convenient power solutions, innovative
Battery as a Service (BaaS) program, and other user-centric
services. NIO began deliveries of the ES8, a 7-seater flagship
premium electric SUV, in China in June 2018, and its variant, the
6-seater ES8, in March 2019. NIO officially launched the ES6, a
5-seater high-performance premium electric SUV, in December 2018
and began deliveries of the ES6 in June 2019. NIO officially
launched the EC6, a 5-seater premium electric coupe SUV, in
December 2019 and began deliveries of the EC6 in September
2020.
Safe Harbor Statement
This press release contains statements that may
constitute “forward-looking” statements pursuant to the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to”
and similar statements. Among other things, quotations from
management in this announcement, as well as NIO’s strategic and
operational plans, contain forward-looking statements. NIO may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the “SEC”),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about NIO’s beliefs, plans
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: NIO’s strategies; NIO’s future business
development, financial condition and results of operations; NIO’s
ability to develop and manufacture a car of sufficient quality and
appeal to customers on schedule and on a large scale; its ability
to grow manufacturing in collaboration with partners; its ability
to provide convenient charging solutions to its customers; the
viability, growth potential and prospects of the newly introduced
BaaS model; NIO's ability to satisfy the mandated safety
standards relating to motor vehicles; its ability to secure supply
of raw materials or other components used in its vehicles; its
ability to secure sufficient reservations and sales of the ES8, ES6
and EC6; its ability to control costs associated with its
operations; its ability to build the NIO brand; general economic
and business conditions globally and in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in NIO’s filings with
the SEC. All information provided in this press release is as of
the date of this press release, and NIO does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
Non-GAAP Disclosure
The Company uses non-GAAP measures, such as
adjusted cost of sales (non-GAAP), adjusted research and
development expenses (non-GAAP), adjusted selling, general and
administrative expenses (non-GAAP), adjusted loss from operations
(non-GAAP), adjusted net loss (non-GAAP), adjusted net loss
attributable to ordinary shareholders (non-GAAP), adjusted basic
and diluted net loss per share (non-GAAP) and adjusted basic and
diluted net loss per ADS (non-GAAP), in evaluating its operating
results and for financial and operational decision-making purposes.
By excluding the impact of share-based compensation expenses and
accretion on redeemable non-controlling interests to redemption
value, the Company believes that the non-GAAP financial measures
help identify underlying trends in its business and enhance the
overall understanding of the Company’s past performance and future
prospects. The Company also believes that the non-GAAP financial
measures allow for greater visibility with respect to key metrics
used by the Company’s management in its financial and operational
decision-making.
The non-GAAP financial measures are not
presented in accordance with U.S. GAAP and may be different from
non-GAAP methods of accounting and reporting used by other
companies. The non-GAAP financial measures have limitations as
analytical tools and when assessing the Company’s operating
performance, investors should not consider them in isolation, or as
a substitute for net loss or other consolidated statements of
comprehensive loss data prepared in accordance with U.S. GAAP. The
Company encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure.
The Company mitigates these limitations by
reconciling the non-GAAP financial measures to the most comparable
U.S. GAAP performance measures, all of which should be considered
when evaluating the Company’s performance.
For more information on the non-GAAP financial
measures, please see the table captioned “Unaudited Reconciliation
of GAAP and Non-GAAP Results” set forth at the end of this press
release.
Exchange Rate
This announcement contains translations of
certain Renminbi amounts into U.S. dollars at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from Renminbi to U.S. dollars were made at the
rate of RMB6.7896 to US$1.00, the noon buying rate in effect on
September 30, 2020 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Contacts:
NIO Inc.Investor RelationsTel:
+86-21-6908-2018Email: ir@nio.com
Source: NIO
NIO INC.
Unaudited Consolidated
Balance Sheets
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
December 31,
2019 |
|
September
30,
2020 |
|
September 30,
2020 |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
(US$) |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
862,839 |
|
19,327,717 |
|
2,846,665 |
Restricted cash |
82,507 |
|
184,244 |
|
27,136 |
Short-term investment |
111,000 |
|
2,718,303 |
|
400,363 |
Trade receivable |
1,352,093 |
|
1,483,971 |
|
218,565 |
Amounts due from related
parties |
50,783 |
|
86,030 |
|
12,671 |
Inventory |
889,528 |
|
1,039,091 |
|
153,042 |
Prepayments and other current
assets |
1,579,258 |
|
1,485,754 |
|
218,830 |
Total current
assets |
4,928,008 |
|
26,325,110 |
|
3,877,272 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
44,523 |
|
43,623 |
|
6,425 |
Property, plant and equipment,
net |
5,533,064 |
|
5,132,587 |
|
755,948 |
Intangible assets, net |
1,522 |
|
851 |
|
125 |
Land use rights, net |
208,815 |
|
205,180 |
|
30,220 |
Long-term investments |
115,325 |
|
340,764 |
|
50,189 |
Amounts due from related
parties |
— |
|
3,383 |
|
498 |
Right-of-use assets -
operating lease |
1,997,672 |
|
1,376,019 |
|
202,666 |
Other non-current assets |
1,753,100 |
|
965,593 |
|
142,216 |
Total non-current
assets |
9,654,021 |
|
8,068,000 |
|
1,188,287 |
|
|
|
|
|
|
Total
assets |
14,582,029 |
|
34,393,110 |
|
5,065,559 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term borrowings |
885,620 |
|
951,957 |
|
140,208 |
Trade payable |
3,111,699 |
|
4,932,003 |
|
726,406 |
Amounts due to related
parties |
309,729 |
|
447,791 |
|
65,952 |
Taxes payable |
43,986 |
|
39,231 |
|
5,778 |
Current portion of operating
lease liabilities |
608,747 |
|
522,661 |
|
76,980 |
Current portion of long-term
borrowings |
322,436 |
|
445,038 |
|
65,547 |
Accruals and other
liabilities |
4,216,641 |
|
3,526,194 |
|
519,351 |
Total current
liabilities |
9,498,858 |
|
10,864,875 |
|
1,600,222 |
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
7,154,798 |
|
6,764,903 |
|
996,363 |
Non-current operating lease
liabilities |
1,598,372 |
|
1,049,698 |
|
154,604 |
Other non-current
liabilities |
1,151,813 |
|
1,541,444 |
|
227,030 |
Total non-current
liabilities |
9,904,983 |
|
9,356,045 |
|
1,377,998 |
|
|
|
|
|
|
Total
liabilities |
19,403,841 |
|
20,220,920 |
|
2,978,220 |
|
|
|
|
|
|
NIO INC.
Unaudited Consolidated
Balance Sheets
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
December 31,
2019 |
|
September 30,
2020 |
|
September 30,
2020 |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
(US$) |
MEZZANINE
EQUITY |
|
|
|
|
|
Redeemable non-controlling interests |
1,455,787 |
|
6,145,538 |
|
905,140 |
Total mezzanine
equity |
1,455,787 |
|
6,145,538 |
|
905,140 |
SHAREHOLDERS’
(DEFICIT)/EQUITY |
|
|
|
|
|
Ordinary shares |
1,827 |
|
2,414 |
|
356 |
Additional paid in
capital |
40,227,856 |
|
58,380,028 |
|
8,598,449 |
Accumulated other
comprehensive loss |
(203,048) |
|
(98,128) |
|
(14,453) |
Accumulated deficit |
(46,326,321) |
|
(50,262,046) |
|
(7,402,799) |
Total NIO Inc.
shareholders’
(deficit)/equity |
(6,299,686) |
|
8,022,268 |
|
1,181,553 |
Non-controlling interests |
22,087 |
|
4,384 |
|
646 |
Total
shareholders’
(deficit)/equity |
(6,277,599) |
|
8,026,652 |
|
1,182,199 |
Total liabilities,
mezzanine equity and shareholders’
equity |
14,582,029 |
|
34,393,110 |
|
5,065,559 |
|
|
|
|
|
|
NIO INC.
Unaudited Consolidated
Statements of Comprehensive Loss
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
Three Months Ended |
|
September 30, 2019 |
|
June 30,
2020 |
|
September 30, 2020 |
|
September 30, 2020 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
(US$) |
Revenues: |
|
|
|
|
|
|
|
Vehicle sales |
1,733,469 |
|
3,486,089 |
|
4,266,788 |
|
628,430 |
Other sales |
103,375 |
|
232,841 |
|
259,172 |
|
38,172 |
Total
revenues |
1,836,844 |
|
3,718,930 |
|
4,525,960 |
|
666,602 |
Cost of sales: |
|
|
|
|
|
|
|
Vehicle sales |
(1,850,943) |
|
(3,148,621) |
|
(3,649,069) |
|
(537,450) |
Other sales |
(207,485) |
|
(257,168) |
|
(291,079) |
|
(42,871) |
Total cost of
sales |
(2,058,428) |
|
(3,405,789) |
|
(3,940,148) |
|
(580,321) |
Gross (loss)/profit |
(221,584) |
|
313,141 |
|
585,812 |
|
86,281 |
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
(1,023,193) |
|
(545,185) |
|
(590,783) |
|
(87,013) |
Selling, general and administrative |
(1,164,443) |
|
(936,788) |
|
(940,331) |
|
(138,496) |
Other operating income/(loss), net |
— |
|
8,829 |
|
(686) |
|
(101) |
Total operating
expenses |
(2,187,636) |
|
(1,473,144) |
|
(1,531,800) |
|
(225,610) |
Loss from
operations |
(2,409,220) |
|
(1,160,003) |
|
(945,988) |
|
(139,329) |
|
|
|
|
|
|
|
|
Interest income |
28,669 |
|
20,584 |
|
51,652 |
|
7,608 |
Interest expenses |
(103,211) |
|
(112,917) |
|
(108,761) |
|
(16,019) |
Share of losses of equity
investees, net of tax |
(38,419) |
|
(4,408) |
|
(13,638) |
|
(2,009) |
Other income/(loss), net |
1,067 |
|
82,107 |
|
(29,049) |
|
(4,278) |
Loss before income tax
expense |
(2,521,114) |
|
(1,174,637) |
|
(1,045,784) |
|
(154,027) |
Income tax expense |
(536) |
|
(2,017) |
|
(1,213) |
|
(179) |
Net loss |
(2,521,650) |
|
(1,176,654) |
|
(1,046,997) |
|
(154,206) |
Accretion on redeemable
non-controlling interests to redemption value |
(31,907) |
|
(31,561) |
|
(142,742) |
|
(21,024) |
Net (loss)/profit attributable
to non-controlling interests |
(58) |
|
368 |
|
1,802 |
|
265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
(2,553,615) |
|
(1,207,847) |
|
(1,187,937) |
|
(174,965) |
|
|
|
|
|
|
|
|
Net loss |
(2,521,650) |
|
(1,176,654) |
|
(1,046,997) |
|
(154,206) |
Other comprehensive
(loss)/income |
|
|
|
|
|
|
|
Foreign currency translation
adjustment, net of nil tax |
(129,405) |
|
6,477 |
|
207,985 |
|
30,633 |
|
|
|
|
|
|
|
|
Total other
comprehensive (loss)/income |
(129,405) |
|
6,477 |
|
207,985 |
|
30,633 |
Total comprehensive
loss |
(2,651,055) |
|
(1,170,177) |
|
(839,012) |
|
(123,573) |
Accretion on redeemable non-controlling interests to redemption
value |
(31,907) |
|
(31,561) |
|
(142,742) |
|
(21,024) |
Net (loss)/profit attributable
to non-controlling interests |
(58) |
|
368 |
|
1,802 |
|
265 |
Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(2,683,020) |
|
(1,201,370) |
|
(979,952) |
|
(144,332) |
Weighted average number of ordinary shares used in
computing net loss per share |
|
|
|
|
Basic and diluted |
1,028,698,303 |
1,054,638,822 |
1,210,613,409 |
1,210,613,409 |
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
Basic and diluted |
(2.48) |
(1.15) |
(0.98) |
(0.14) |
Weighted average
number of ADS used in computing net loss per share |
|
|
|
|
Basic and diluted |
1,028,698,303 |
1,054,638,822 |
1,210,613,409 |
1,210,613,409 |
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
Basic and diluted |
(2.48) |
(1.15) |
(0.98) |
(0.14) |
NIO INC.
Unaudited Reconciliation of GAAP and
Non-GAAP Results
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
Three Months Ended September
30,
2020 |
|
GAAPResult |
|
% of Total |
Non-GAAPAdjustment |
|
% of Total |
Non-GAAPResult |
|
% of Total |
|
|
|
Revenues |
|
|
Revenues |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
Cost of sales |
(3,940,148) |
|
-87.1 |
% |
|
1,371 |
|
0.0 |
% |
|
(3,938,777) |
|
-87.1 |
% |
Research and development
expenses |
(590,783) |
|
-13.1 |
% |
|
12,996 |
|
0.3 |
% |
|
(577,787) |
|
-12.8 |
% |
Selling, general and
administrative expenses |
(940,331) |
|
-20.8 |
% |
|
34,872 |
|
0.8 |
% |
|
(905,459) |
|
-20.0 |
% |
Total |
(5,471,262) |
|
-121.0 |
% |
|
49,239 |
|
1.1 |
% |
|
(5,422,023) |
|
-119.9 |
% |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(945,988) |
|
-20.9 |
% |
|
49,239 |
|
1.1 |
% |
|
(896,749) |
|
-19.8 |
% |
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,046,997) |
|
-23.1 |
% |
|
49,239 |
|
1.1 |
% |
|
(997,758) |
|
-22.0 |
% |
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(142,742) |
|
-3.2 |
% |
|
142,742 |
|
3.2 |
% |
|
— |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(1,187,937) |
|
-26.2 |
% |
|
191,981 |
|
4.2 |
% |
|
(995,956) |
|
-22.0 |
% |
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(0.98) |
|
|
0.16 |
|
|
(0.82) |
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(0.98) |
|
|
0.16 |
|
|
(0.82) |
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
(0.14) |
|
|
0.02 |
|
|
(0.12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, 2020 |
|
GAAPResult |
|
% of Total |
|
Non-GAAPAdjustment |
|
% of Total |
|
Non-GAAPResult |
|
% of Total |
|
|
|
Revenues |
|
|
|
Revenues |
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(3,405,789) |
|
-91.6% |
|
1,296 |
|
0.0% |
|
(3,404,493) |
|
-91.6% |
Research and development
expenses |
(545,185) |
|
-14.7% |
|
11,659 |
|
0.3% |
|
(533,526) |
|
-14.4% |
Selling, general and
administrative expenses |
(936,788) |
|
-25.2% |
|
32,333 |
|
0.9% |
|
(904,455) |
|
-24.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(4,887,762) |
|
-131.5% |
|
45,288 |
|
1.2% |
|
(4,842,474) |
|
-130.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,160,003) |
|
-31.2% |
|
45,288 |
|
1.2% |
|
(1,114,715) |
|
-30.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,176,654) |
|
-31.6% |
|
45,288 |
|
1.2% |
|
(1,131,366) |
|
-30.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,561) |
|
-0.8% |
|
31,561 |
|
0.8% |
|
— |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(1,207,847) |
|
-32.5% |
|
76,849 |
|
2.1% |
|
(1,130,998) |
|
-30.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(1.15) |
|
|
|
0.07 |
|
|
|
(1.08) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(1.15) |
|
|
|
0.07 |
|
|
|
(1.08) |
|
|
|
Three Months Ended September 30,
2019 |
|
GAAPResult |
|
% of Total |
Non-GAAPAdjustment |
|
% of Total |
Non-GAAPResult |
|
% of Total |
|
|
|
Revenues |
|
|
Revenues |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
Cost of sales |
(2,058,428) |
|
-112.1 |
% |
|
2,749 |
|
0.1 |
% |
|
(2,055,679) |
|
-112.0 |
% |
Research and development
expenses |
(1,023,193) |
|
-55.7 |
% |
|
19,578 |
|
1.1 |
% |
|
(1,003,615) |
|
-54.6 |
% |
Selling, general and
administrative expenses |
(1,164,443) |
|
-63.4 |
% |
|
48,111 |
|
2.6 |
% |
|
(1,116,332) |
|
-60.8 |
% |
Total |
(4,246,064) |
|
-231.2 |
% |
|
70,438 |
|
3.8 |
% |
|
(4,175,626) |
|
-227.4 |
% |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(2,409,220) |
|
-131.2 |
% |
|
70,438 |
|
3.8 |
% |
|
(2,338,782) |
|
-127.4 |
% |
|
|
|
|
|
|
|
|
|
|
Net loss |
(2,521,650) |
|
-137.3 |
% |
|
70,438 |
|
3.8 |
% |
|
(2,451,212) |
|
-133.5 |
% |
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,907) |
|
-1.7 |
% |
|
31,907 |
|
1.7 |
% |
|
— |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(2,553,615) |
|
-139.0 |
% |
|
102,345 |
|
5.6 |
% |
|
(2,451,270) |
|
-133.4 |
% |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(2.48) |
|
|
|
|
0.10 |
|
|
|
|
(2.38) |
|
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(2.48) |
|
|
|
|
0.10 |
|
|
|
|
(2.38) |
|
|
|
____________________________________________________________i All
translations from RMB to USD for the third quarter of 2020 were
made at the rate of RMB6.7896 to US$1.00, the noon buying rate in
effect on September 30, 2020 in the H.10 statistical release of the
Federal Reserve Board.
ii Vehicle margin is the margin of vehicle sales,
which is calculated based on revenues and cost of sales derived
from vehicle sales only.
iii Each ADS represents one ordinary share.
iv Except for gross margin and vehicle margin,
where absolute changes instead of percentage changes are
calculated.
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