NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the
“Company”), a pioneer and a leading company in the premium smart
electric vehicle market, today announced its unaudited financial
results for the first quarter ended March 31, 2022.
Operating Highlights for the First
Quarter of 2022
- Deliveries of
vehicles were 25,768 in the first quarter of 2022,
including 4,341 ES8s, 13,620 ES6s, 7,644 EC6s and 163 ET7s,
representing an increase of 28.5% from the first quarter of 2021
and an increase of 2.9% from the fourth quarter of 2021.
Key Operating Results |
|
|
|
|
|
|
|
2022 Q1 |
2021 Q4 |
2021 Q3 |
2021 Q2 |
Deliveries |
25,768 |
25,034 |
24,439 |
21,896 |
|
|
|
|
|
|
2021 Q1 |
2020 Q4 |
2020 Q3 |
2020 Q2 |
Deliveries |
20,060 |
17,353 |
12,206 |
10,331 |
Financial Highlights for the First
Quarter of 2022
- Vehicle sales were
RMB9,244.0 million (US$1,458.2 million) in the first quarter of
2022, representing an increase of 24.8% from the first quarter of
2021 and an increase of 0.3% from the fourth quarter of 2021.
- Vehicle marginii
was 18.1% in the first quarter of 2022, compared with 21.2% in the
first quarter of 2021 and 20.9% in the fourth quarter of 2021.
- Total revenues
were RMB9,910.6 million (US$1,563.4 million) in the first quarter
of 2022, representing an increase of 24.2% from the first quarter
of 2021 and an increase of 0.1% from the fourth quarter of
2021.
- Gross profit was
RMB1,446.8 million (US$228.2 million) in the first quarter of 2022,
representing a decrease of 6.9% from the first quarter of 2021 and
a decrease of 14.9% from the fourth quarter of 2021.
- Gross margin was
14.6% in the first quarter of 2022, compared with 19.5% in the
first quarter of 2021 and 17.2% in the fourth quarter of 2021.
- Loss from
operations was RMB2,188.7 million (US$345.3 million) in
the first quarter of 2022, representing an increase of 639.7% from
the first quarter of 2021 and a decrease of 10.5% from the fourth
quarter of 2021. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB1,715.6 million
(US$270.6 million) in the first quarter of 2022, representing an
increase of 760.4% from the first quarter of 2021 and a decrease of
16.2% from the fourth quarter of 2021.
- Net loss was
RMB1,782.7 million (US$281.2 million) in the first quarter of 2022,
representing an increase of 295.3% from the first quarter of 2021
and a decrease of 16.8% from the fourth quarter of 2021. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB1,309.6 million (US$206.6 million) in the first quarter of 2022,
representing an increase of 269.3% from the first quarter of 2021
and a decrease of 25.0% from the fourth quarter of 2021.
- Net loss attributable to
NIO’s ordinary shareholders was RMB1,825.0 million
(US$287.9 million) in the first quarter of 2022, representing a
decrease of 62.6% from the first quarter of 2021 and a decrease of
16.3% from the fourth quarter of 2021. 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 RMB1,285.2 million
(US$202.7 million) in the first quarter of 2022, representing an
increase of 262.5% from the first quarter of 2021 and a decrease of
25.1% from the fourth quarter of 2021.
- Basic and diluted net loss
per Ordinary Share/American Depositary Share (ADS)iii were
both RMB1.12 (US$0.18) in the first quarter of 2022, compared with
RMB3.14 in the first quarter of 2021 and RMB1.36 in the fourth
quarter of 2021. 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 RMB0.79 (US$0.13), compared with RMB0.23 in the first quarter
of 2021 and RMB1.07 in the fourth quarter of 2021.
- Cash and cash equivalents,
restricted cash and short-term investment were RMB53.3
billion (US$8.4 billion) as of March 31, 2022.
Key Financial Results |
|
|
|
|
|
|
|
|
|
|
|
(in RMB million, except for per ordinary share data and
percentage) |
|
|
|
|
|
|
2022 Q1 |
2021 Q4 |
|
2021 Q1 |
% Changeiv |
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
9,244.0 |
|
9,215.4 |
|
|
7,405.8 |
|
0.3 |
% |
24.8 |
% |
Vehicle Margin |
18.1 |
% |
20.9 |
% |
|
21.2 |
% |
-280bp |
-310bp |
Total Revenues |
9,910.6 |
|
9,900.7 |
|
|
7,982.3 |
|
0.1 |
% |
24.2 |
% |
Gross Profit |
1,446.8 |
|
1,699.5 |
|
|
1,554.8 |
|
-14.9 |
% |
-6.9 |
% |
Gross Margin |
14.6 |
% |
17.2 |
% |
|
19.5 |
% |
-260bp |
-490bp |
Loss from Operations |
(2,188.7 |
) |
(2,445.1 |
) |
|
(295.9 |
) |
-10.5 |
% |
639.7 |
% |
Adjusted Loss from Operations (non-GAAP) |
(1,715.6 |
) |
(2,048.4 |
) |
|
(199.4 |
) |
-16.2 |
% |
760.4 |
% |
Net Loss |
(1,782.7 |
) |
(2,143.4 |
) |
|
(451.0 |
) |
-16.8 |
% |
295.3 |
% |
Adjusted Net Loss (non-GAAP) |
(1,309.6 |
) |
(1,746.7 |
) |
|
(354.6 |
) |
-25.0 |
% |
269.3 |
% |
Net Loss Attributable to Ordinary Shareholders |
(1,825.0 |
) |
(2,179.2 |
) |
|
(4,875.0 |
) |
-16.3 |
% |
-62.6 |
% |
Net Loss per Ordinary Share/ADS-Basic and Diluted |
(1.12 |
) |
(1.36 |
) |
|
(3.14 |
) |
-17.6 |
% |
-64.3 |
% |
Adjusted Net Loss per Ordinary Share/ADS-Basic and Diluted
(non-GAAP) |
(0.79 |
) |
(1.07 |
) |
|
(0.23 |
) |
-26.2 |
% |
243.5 |
% |
Recent Developments
Deliveries in April and
May 2022
- NIO delivered 5,074 vehicles in April 2022 and 7,024 vehicles
in May 2022. As of May 31, 2022, cumulative deliveries reached
204,936 vehicles.
Singapore Exchange Listing
- On May 20, 2022, NIO successfully
listed, by way of introduction, its Class A ordinary shares (the
“Shares”) on the Main Board of the Singapore Exchange Securities
Trading Limited (the “SGX-ST”), under the stock code “NIO” in board
lot sizes of 10 Shares. The Shares listed on the Main Board of the
SGX-ST are fully fungible with the ADSs listed on the NYSE.
CEO and CFO Comments
"We set new record-high quarterly deliveries of
25,768 vehicles in the first quarter of 2022, and hit the milestone
of exceeding 200,000 vehicle deliveries in May within four years
since our first delivery," said William Bin Li, founder, chairman
and chief executive officer of NIO. "Despite the volatilities of
supply chain and the challenges in vehicle delivery resulting from
the recent COVID-19 resurgence, we witnessed robust demand for our
complementary products and achieved an all-time high order inflow
in May 2022. On April 29, 2022, the first batch of tooling trial
builds of the ET5 rolled off the production line at the new
manufacturing plant at NeoPark in Hefei. We expect to start
delivery of the ET5 in September 2022. In addition, we will further
enhance our product offering by introducing the ES7, a new
mid-to-large five-seater SUV based on NIO Technology 2.0 (NT2.0),
in June and expect to start its delivery in late August," concluded
Mr. Li.
"NIO successfully listed on the Main Board of
the Singapore Exchange Securities Trading Limited on May 20, 2022,
further strengthening our footing in the global capital markets,"
added Steven Wei Feng, chief financial officer of NIO. "To quickly
recover from the COVID-19 impact and fulfill the growing market
demand, we have been working closely with supply chain partners to
ramp up the production capacity and accelerate the vehicle delivery
since the beginning of June. While making decisive investments in
new products, technologies and businesses, we strive to
continuously optimize our cost structure, improve operating
efficiency and create long-term value for our shareholders."
Financial Results for the First Quarter
of 2022
Revenues
- Total revenues in
the first quarter of 2022 were RMB9,910.6 million (US$1,563.4
million), representing an increase of 24.2% from the first quarter
of 2021 and an increase of 0.1% from the fourth quarter of
2021.
- Vehicle sales in
the first quarter of 2022 were RMB9,244.0 million (US$1,458.2
million), representing an increase of 24.8% from the first quarter
of 2021 and an increase of 0.3% from the fourth quarter of 2021.
The increase in vehicle sales over the first quarter of 2021 was
mainly attributed to higher deliveries. Vehicle sales remained
stable compared with the fourth quarter of 2021.
- Other sales in the
first quarter of 2022 were RMB666.6 million (US$105.1 million),
representing an increase of 15.6% from the first quarter of 2021
and a decrease of 2.7% from the fourth quarter of 2021. The
increase in other sales over the first quarter of 2021 was mainly
attributed to the increased sales of service and energy packages
and others in line with the incremental vehicle sales in the first
quarter of 2022, which was partially offset by the decrease of
revenues from battery upgrade services. Other sales remained stable
compared with the fourth quarter of 2021.
Cost of Sales and Gross
Margin
- Cost of sales in the first quarter of 2022 was
RMB8,463.7 million (US$1,335.1 million), representing an increase
of 31.7% from the first quarter of 2021 and an increase of 3.2%
from the fourth quarter of 2021. The increase in cost of sales over
the first quarter of 2021 and the fourth quarter of 2021 was mainly
driven by the increase of delivery volume in the first quarter of
2022.
- Gross Profit in the first quarter of 2022 was
RMB1,446.8 million (US$228.2 million), representing a decrease of
6.9% from the first quarter of 2021 and a decrease of 14.9% from
the fourth quarter of 2021.
- Gross margin in the first quarter of 2022 was
14.6%, compared with 19.5% in the first quarter of 2021 and 17.2%
in the fourth quarter of 2021. The decrease of gross margin over
the first quarter of 2021 was attributed to the decrease of vehicle
margin and the reduction in other sales margin resulting from the
expanded investment in power and service network. The decrease of
gross margin over the fourth quarter of 2021 was mainly attributed
to the decrease of vehicle margin.
- Vehicle margin in the first quarter of
2022 was 1%, compared with 21.2% in the first quarter of 2021 and
20.9% in the fourth quarter of 2021. The decrease of vehicle margin
over the first quarter of 2021 was mainly driven by the lower
average selling price due to changes in our product mix. The
decrease of vehicle margin over the fourth quarter of 2021 was
mainly attributed to the increased battery cost per unit.
Operating Expenses
- Research and development
expenses in the first quarter of 2022 were RMB1,761.7
million (US$277.9 million), representing an increase of 156.6% from
the first quarter of 2021 and a decrease of 3.7% from the fourth
quarter of 2021. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB1,514.1
million (US$238.8 million), representing an increase of 132.9% from
the first quarter of 2021 and a decrease of 7.6% from the fourth
quarter of 2021. The increase in research and development expenses
over the first quarter of 2021 was mainly attributed to the
increased personnel costs in research and development functions as
well as the incremental design and development costs for new
products and technologies. Research and development expenses
remained relatively stable compared with the fourth quarter of
2021.
- Selling, general and
administrative expenses in the first quarter of 2022 were
RMB2,014.8 million (US$317.8 million), representing an increase of
68.3% from the first quarter of 2021 and a decrease of 14.6% from
the fourth quarter of 2021. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB1,801.5 million (US$284.2 million), representing an
increase of 57.9% from the first quarter of 2021 and a decrease of
16.7% from the fourth quarter of 2021. The increase in selling,
general and administrative expenses over the first quarter of 2021
was primarily due to the increase in personnel costs in sales and
service functions and costs related to sales and service network
expansion. The decrease in selling, general and administrative
expenses over the fourth quarter of 2021 was mainly attributed to
the decrease in marketing and promotional expenses, especially the
marketing and promotional expenses incurred from the hosting of NIO
Day in December 2021, as well as the decrease of professional
services expenses.
Loss from Operations
- Loss from
operations in the first quarter of 2022 was RMB2,188.7
million (US$345.3 million), representing an increase of 639.7% from
the first quarter of 2021 and a decrease of 10.5% from the fourth
quarter of 2021. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB1,715.6 million
(US$270.6 million) in the first quarter of 2022, representing an
increase of 760.4% from the first quarter of 2021 and a decrease of
16.2% from the fourth quarter of 2021.
Share-based Compensation
Expenses
- Share-based compensation
expenses in the first quarter of 2022 were RMB473.0
million (US$74.6 million), representing an increase of 390.2% from
the first quarter of 2021 and an increase of 19.2% from the fourth
quarter of 2021. The increase in share-based compensation expenses
over the first quarter of 2021 and the fourth quarter of 2021 was
primarily attributed to the grant of options and restricted shares
on a continued basis.
Net Loss and Earnings Per
Share
- Net loss in the
first quarter of 2022 was RMB1,782.7 million (US$281.2 million),
representing an increase of 295.3% from the first quarter of 2021
and a decrease of 16.8% from the fourth quarter of 2021. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB1,309.6 million (US$206.6 million) in the first quarter of 2022,
representing an increase of 269.3% from the first quarter of 2021
and a decrease of 25.0% from the fourth quarter of 2021.
- Net loss attributable to
NIO’s ordinary shareholders in the first quarter of 2022
was RMB 1,825.0 million (US$287.9 million), representing a decrease
of 62.6% from the first quarter of 2021 and a decrease of 16.3%
from the fourth quarter of 2021. Excluding share-based compensation
expenses, adjusted net loss attributable to NIO’s ordinary
shareholders (non-GAAP) was RMB1,285.2 million (US$202.7 million)
in the first quarter of 2022.
- Basic and diluted net loss
per Ordinary Share/ADS in the first quarter of 2022 were
both RMB1.12 (US$0.18), compared with RMB3.14 in the first quarter
of 2021 and RMB1.36 in the fourth quarter of 2021. Excluding
share-based compensation expenses and accretion on redeemable
non-controlling interests to redemption value, adjusted basic and
diluted net loss per Ordinary Share/ADS (non-GAAP) were both
RMB0.79 (US$0.13), compared with RMB0.23 in the first quarter of
2021 and RMB1.07 in the fourth quarter of 2021.
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash and short-term investment was
RMB53.3 billion (US$8.4 billion) as of March 31, 2022.
Business Outlook
For the second quarter of 2022, the Company
expects:
- Deliveries of
vehicles to be between 23,000 and 25,000 vehicles,
representing an increase of approximately 5.0% to 14.2% from the
same quarter of 2021.
- Total
revenues to be between RMB9,340 million (US$1,473
million) and RMB10,088 million (US$1,591 million), representing an
increase of approximately 10.6% to 19.4% from the same quarter of
2021.
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 8:00 AM U.S. Eastern Time on June 9, 2022 (8:00
PM Beijing/Hong Kong/Singapore Time on June 9, 2022).
A live and archived webcast of the conference
call will be available on the Company’s investor relations website
at https://ir.nio.com/news-events/events.
For participants who wish to join the conference
using dial-in numbers, please register in advance using the link
provided below and dial in 10 minutes prior to the call. Direct
Event passcode and unique registrant ID would be provided upon
registering.
http://apac.directeventreg.com/registration/event/5756039
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 June 16, 2022 09:59
AM ET:
United States: |
+1-646-254-3697 |
Hong
Kong, China: |
+852-3051-2780 |
Mainland,
China: |
+86-400-820-9703 |
Singapore: |
+65-3158-3682 |
International: |
+61-2-8199-0299 |
Conference ID: |
5756039 |
About NIO Inc.
NIO Inc. is a pioneer and a leading company in
the 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, develops, jointly
manufactures and sells smart premium electric vehicles, driving
innovations in next-generation technologies in autonomous driving,
digital technologies, electric powertrains and batteries. NIO
differentiates itself through its continuous technological
breakthroughs and innovations, such as its industry-leading battery
swapping technologies, Battery as a Service, or BaaS, as well as
its proprietary autonomous driving technologies and Autonomous
Driving as a Service, or ADaaS. NIO launched the ES8, a
seven-seater flagship premium smart electric SUV in December 2017,
and began deliveries of the ES8 in June 2018 and its variant, the
six-seater ES8, in March 2019. NIO launched the ES6, a five-seater
high-performance premium smart electric SUV, in December 2018, and
began deliveries of the ES6 in June 2019. NIO launched the EC6, a
five-seater premium smart electric coupe SUV, in December 2019, and
began deliveries of the EC6 in September 2020. NIO launched the
ET7, a flagship premium smart electric sedan, in January 2021,
began deliveries of the ET7 in March 2022. NIO launched the ET5, a
mid-size premium smart electric sedan, in December 2021.
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. NIO may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in announcements, circulars or other publications
made on the website of The Stock Exchange of Hong Kong Limited, 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 ensure and expand manufacturing
capacities including establishing and maintaining partnerships with
third parties; its ability to provide convenient and comprehensive
power solutions to its customers; the viability, growth potential
and prospects of the newly introduced BaaS and ADaaS; its ability
to improve the technologies or develop alternative technologies in
meeting evolving market demand and industry development;
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, EC6, ET7 and
ET5; 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 U.S.
Securities and Exchange Commission and The Stock Exchange of Hong
Kong Limited. 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.
The Company defines 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) and adjusted net loss (non-GAAP) as cost of
sales, research and development expenses, selling, general and
administrative expenses, loss from operations and net loss
excluding share-based compensation expenses. The Company defines
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) as net loss
attributable to ordinary shareholders, basic and diluted net loss
per share and basic and diluted net loss per ADS excluding
share-based compensation expenses and accretion on redeemable
non-controlling interests to redemption value. 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 RMB6.3393 to US$1.00, the noon buying rate in effect on
March 31, 2022 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.com
Media
Relationsglobal.press@nio.com
Source: NIO
|
|
NIO INC. |
|
Unaudited Consolidated
Balance Sheets |
|
|
|
(All amounts in
thousands) |
|
|
As of |
|
December 31,2021 |
|
March 31,2022 |
|
March 31,2022 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash
equivalents |
15,333,719 |
|
15,900,150 |
|
2,508,187 |
Restricted cash |
2,994,408 |
|
3,931,294 |
|
620,146 |
Short-term
investments |
37,057,554 |
|
33,507,432 |
|
5,285,668 |
Trade and notes
receivable |
2,797,805 |
|
3,001,784 |
|
473,520 |
Amounts due from related
parties |
1,551,334 |
|
2,200,326 |
|
347,093 |
Inventory |
2,056,352 |
|
2,676,502 |
|
422,208 |
Prepayments and other current
assets |
1,850,143 |
|
3,090,967 |
|
487,587 |
Total current
assets |
63,641,315 |
|
64,308,455 |
|
10,144,409 |
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
46,437 |
|
48,485 |
|
7,648 |
Property, plant and equipment,
net |
7,399,516 |
|
8,641,032 |
|
1,363,090 |
Land use rights,
net |
199,121 |
|
197,910 |
|
31,220 |
Long-term
investments |
3,059,383 |
|
4,050,220 |
|
638,907 |
Right-of-use assets -
operating lease |
2,988,374 |
|
3,268,714 |
|
515,627 |
Other non-current
assets |
5,549,455 |
|
6,679,478 |
|
1,053,662 |
Total non-current
assets |
19,242,286 |
|
22,885,839 |
|
3,610,154 |
Total
assets |
82,883,601 |
|
87,194,294 |
|
13,754,563 |
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term
borrowings |
5,230,000 |
|
6,075,000 |
|
958,308 |
Trade and notes
payable |
12,638,991 |
|
14,843,784 |
|
2,341,549 |
Amounts due to related
parties |
687,200 |
|
649,473 |
|
102,452 |
Taxes payable |
627,794 |
|
362,901 |
|
57,246 |
Current portion of operating
lease liabilities |
744,561 |
|
812,571 |
|
128,180 |
Current portion of long-term
borrowings |
2,067,962 |
|
1,538,477 |
|
242,689 |
Accruals and other
liabilities |
7,201,644 |
|
7,630,103 |
|
1,203,618 |
Total current
liabilities |
29,198,152 |
|
31,912,309 |
|
5,034,042 |
Non-current liabilities: |
|
|
|
|
|
Long-term
borrowings |
9,739,176 |
|
11,115,321 |
|
1,753,399 |
Non-current operating lease
liabilities |
2,317,193 |
|
2,548,976 |
|
402,091 |
Deferred tax liabilities |
25,199 |
|
220,345 |
|
34,759 |
Other non-current
liabilities |
3,540,458 |
|
3,911,088 |
|
616,959 |
Total non-current
liabilities |
15,622,026 |
|
17,795,730 |
|
2,807,208 |
Total
liabilities |
44,820,178 |
|
49,708,039 |
|
7,841,250 |
|
NIO
INC. |
Unaudited
Consolidated Balance Sheets |
|
(All amounts in
thousands) |
|
|
As of |
|
December 31,2021 |
|
March 31,2022 |
|
March 31,2022 |
|
RMB |
|
RMB |
|
US$ |
MEZZANINE
EQUITY |
|
|
|
Redeemable non-controlling interests |
3,277,866 |
|
|
3,344,641 |
|
|
527,604 |
|
Total mezzanine
equity |
3,277,866 |
|
|
3,344,641 |
|
|
527,604 |
|
SHAREHOLDERS’
EQUITY |
|
|
|
Total NIO Inc.
shareholders’
equity |
34,709,924 |
|
|
33,940,237 |
|
|
5,353,942 |
|
Non-controlling
interests |
75,633 |
|
|
201,377 |
|
|
31,767 |
|
Total shareholders’
equity |
34,785,557 |
|
|
34,141,614 |
|
|
5,385,709 |
|
Total liabilities,
mezzanine equity and shareholders’ equity |
82,883,601 |
|
|
87,194,294 |
|
|
13,754,563 |
|
|
NIO
INC. |
Unaudited
Consolidated Statements of Comprehensive Loss |
|
(All amounts in
thousands, except for share and per share data) |
|
|
Three Months Ended |
|
March 31,2021 |
|
|
December 31,2021 |
|
|
March 31,2022 |
|
|
March 31,2022 |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
7,405,787 |
|
|
9,215,375 |
|
|
9,244,014 |
|
|
1,458,207 |
|
Other sales |
576,546 |
|
|
685,367 |
|
|
666,574 |
|
|
105,149 |
|
Total
revenues |
7,982,333 |
|
|
9,900,742 |
|
|
9,910,588 |
|
|
1,563,356 |
|
Cost of
sales: |
|
|
|
|
Vehicle sales |
(5,838,942 |
) |
|
(7,291,520 |
) |
|
(7,567,550 |
) |
|
(1,193,752 |
) |
Other sales |
(588,585 |
) |
|
(909,678 |
) |
|
(896,199 |
) |
|
(141,372 |
) |
Total cost
of sales |
(6,427,527 |
) |
|
(8,201,198 |
) |
|
(8,463,749 |
) |
|
(1,335,124 |
) |
Gross
profit |
1,554,806 |
|
|
1,699,544 |
|
|
1,446,839 |
|
|
228,232 |
|
Operating
expenses: |
|
|
|
|
Research and development |
(686,548 |
) |
|
(1,828,516 |
) |
|
(1,761,687 |
) |
|
(277,899 |
) |
Selling, general and administrative |
(1,197,248 |
) |
|
(2,358,249 |
) |
|
(2,014,804 |
) |
|
(317,828 |
) |
Other operating income |
33,066 |
|
|
42,090 |
|
|
140,987 |
|
|
22,240 |
|
Total
operating
expenses |
(1,850,730 |
) |
|
(4,144,675 |
) |
|
(3,635,504 |
) |
|
(573,487 |
) |
Loss from
operations |
(295,924 |
) |
|
(2,445,131 |
) |
|
(2,188,665 |
) |
|
(345,255 |
) |
Interest and
investment income |
119,618 |
|
|
359,061 |
|
|
400,688 |
|
|
63,207 |
|
Interest
expenses |
(423,756 |
) |
|
(75,937 |
) |
|
(77,339 |
) |
|
(12,200 |
) |
Share of
income/(loss) of equity investees |
103,288 |
|
|
(1,697 |
) |
|
26,229 |
|
|
4,138 |
|
Other
income |
49,683 |
|
|
53,522 |
|
|
86,886 |
|
|
13,706 |
|
Loss
before income tax
expense |
(447,091 |
) |
|
(2,110,182 |
) |
|
(1,752,201 |
) |
|
(276,404 |
) |
Income tax
expense |
(3,957 |
) |
|
(33,247 |
) |
|
(30,459 |
) |
|
(4,805 |
) |
Net
loss |
(451,048 |
) |
|
(2,143,429 |
) |
|
(1,782,660 |
) |
|
(281,209 |
) |
Accretion on
redeemable non-controlling interests to redemption
value |
(4,423,996 |
) |
|
(66,881 |
) |
|
(66,775 |
) |
|
(10,533 |
) |
Net loss
attributable to non-controlling interests |
84 |
|
|
31,088 |
|
|
24,397 |
|
|
3,849 |
|
Net loss
attributable to ordinary shareholders of NIO
Inc. |
(4,874,960 |
) |
|
(2,179,222 |
) |
|
(1,825,038 |
) |
|
(287,893 |
) |
|
|
|
|
|
Net
loss |
(451,048 |
) |
|
(2,143,429 |
) |
|
(1,782,660 |
) |
|
(281,209 |
) |
Other
comprehensive income/(loss) |
|
|
|
|
Change in unrealized gains
related to available-for-sale debt securities, net of
tax |
— |
|
|
24,224 |
|
|
743,103 |
|
|
117,221 |
|
Foreign currency translation
adjustment, net of nil
tax |
(74,529 |
) |
|
(61,401 |
) |
|
(38,879 |
) |
|
(6,133 |
) |
Total other
comprehensive
(loss)/income |
(74,529 |
) |
|
(37,177 |
) |
|
704,224 |
|
|
111,088 |
|
Total comprehensive
loss |
(525,577 |
) |
|
(2,180,606 |
) |
|
(1,078,436 |
) |
|
(170,121 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(4,423,996 |
) |
|
(66,881 |
) |
|
(66,775 |
) |
|
(10,533 |
) |
Net loss attributable to
non-controlling
interests |
84 |
|
|
31,088 |
|
|
24,397 |
|
|
3,849 |
|
Other comprehensive income
attributable to non-controlling interests |
— |
|
|
(4,727 |
) |
|
(150,141 |
) |
|
(23,684 |
) |
Comprehensive loss
attributable to ordinary shareholders of NIO
Inc. |
(4,949,489 |
) |
|
(2,221,126 |
) |
|
(1,270,955 |
) |
|
(200,489 |
) |
Weighted average
number of ordinary shares used in computing net loss per
share |
|
|
|
|
|
|
|
Basic and diluted |
1,551,918,888 |
|
|
1,607,187,119 |
|
|
1,624,805,030 |
|
|
1,624,805,030 |
|
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
Basic and
diluted |
(3.14 |
) |
|
(1.36 |
) |
|
(1.12 |
) |
|
(0.18 |
) |
Weighted average
number of ADS used in computing net loss per share |
|
|
|
|
Basic and
diluted |
1,551,918,888 |
|
|
1,607,187,119 |
|
|
1,624,805,030 |
|
|
1,624,805,030 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
Basic and
diluted |
(3.14 |
) |
|
(1.36 |
) |
|
(1.12 |
) |
|
(0.18 |
) |
|
NIO
INC. |
Unaudited
Reconciliation of GAAP and Non-GAAP Results |
|
(All amounts in
thousands, except for share and per share data) |
|
|
Three Months Ended March 31, 2022 |
|
GAAPResult |
|
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
AdjustedResult(Non-GAAP) |
|
RMB |
|
RMB |
|
RMB |
RMB |
Cost of sales |
(8,463,749 |
) |
|
12,125 |
|
— |
|
(8,451,624 |
) |
Research and development
expenses |
(1,761,687 |
) |
|
247,621 |
|
— |
|
(1,514,066 |
) |
Selling, general and
administrative expenses |
(2,014,804 |
) |
|
213,293 |
|
— |
|
(1,801,511 |
) |
Total |
(12,240,240 |
) |
|
473,039 |
|
— |
|
(11,767,201 |
) |
Loss from
operations |
(2,188,665 |
) |
|
473,039 |
|
— |
|
(1,715,626 |
) |
Net
loss |
(1,782,660 |
) |
|
473,039 |
|
— |
|
(1,309,621 |
) |
Net loss attributable to
ordinary shareholders of NIO
Inc. |
(1,825,038 |
) |
|
473,039 |
|
66,775 |
|
(1,285,224 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(1.12 |
) |
|
0.29 |
|
0.04 |
|
(0.79 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(1.12 |
) |
|
0.29 |
|
0.04 |
|
(0.79 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
(0.18 |
) |
|
0.05 |
|
— |
|
(0.13 |
) |
|
Three Months Ended December 31, 2021 |
|
GAAPResult |
|
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
AdjustedResult(Non-GAAP) |
|
RMB |
|
RMB |
|
RMB |
RMB |
|
|
|
|
|
|
|
Cost of sales |
(8,201,198 |
) |
|
11,944 |
|
— |
|
(8,189,254 |
) |
Research and development
expenses |
(1,828,516 |
) |
|
189,484 |
|
— |
|
(1,639,032 |
) |
Selling, general and
administrative expenses |
(2,358,249 |
) |
|
195,263 |
|
— |
|
(2,162,986 |
) |
Total |
(12,387,963 |
) |
|
396,691 |
|
— |
|
(11,991,272 |
) |
Loss from
operations |
(2,445,131 |
) |
|
396,691 |
|
— |
|
(2,048,440 |
) |
Net
loss |
(2,143,429 |
) |
|
396,691 |
|
— |
|
(1,746,738 |
) |
Net loss attributable to
ordinary shareholders of NIO
Inc. |
(2,179,222 |
) |
|
396,691 |
|
66,881 |
|
(1,715,650 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(1.36 |
) |
|
0.25 |
|
0.04 |
|
(1.07 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(1.36 |
) |
|
0.25 |
|
0.04 |
|
(1.07 |
) |
|
Three Months Ended March 31, 2021 |
|
GAAPResult |
|
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
AdjustedResult(Non-GAAP) |
|
RMB |
|
RMB |
|
RMB |
RMB |
|
|
|
|
|
|
|
Cost of sales |
(6,427,527 |
) |
|
3,651 |
|
— |
|
(6,423,876 |
) |
Research and development
expenses |
(686,548 |
) |
|
36,515 |
|
— |
|
(650,033 |
) |
Selling, general and
administrative expenses |
(1,197,248 |
) |
|
56,314 |
|
— |
|
(1,140,934 |
) |
Total |
(8,311,323 |
) |
|
96,480 |
|
— |
|
(8,214,843 |
) |
Loss from
operations |
(295,924 |
) |
|
96,480 |
|
— |
|
(199,444 |
) |
Net
loss |
(451,048 |
) |
|
96,480 |
|
— |
|
(354,568 |
) |
Net loss attributable to
ordinary shareholders of NIO
Inc. |
(4,874,960 |
) |
|
96,480 |
|
4,423,996 |
|
(354,484 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(3.14 |
) |
|
0.06 |
|
2.85 |
|
(0.23 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(3.14 |
) |
|
0.06 |
|
2.85 |
|
(0.23 |
) |
_____________________________________
i All translations from RMB to USD for the first quarter of 2022
were made at the rate of RMB6.3393 to US$1.00, the noon buying rate
in effect on March 31, 2022 in the H.10 statistical release of the
Federal Reserve Board.
ii Vehicle margin is the margin of new vehicle sales, which is
calculated based on revenues and cost of sales derived from new
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.
NIO (NYSE:NIO)
Historical Stock Chart
From Mar 2024 to Apr 2024
NIO (NYSE:NIO)
Historical Stock Chart
From Apr 2023 to Apr 2024