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 second quarter ended June 30, 2022.
Operating Highlights for the Second
Quarter of 2022
- Deliveries of
vehicles were 25,059 in the second quarter of 2022,
including 3,681 ES8s, 9,914 ES6s, 4,715 EC6s and 6,749 ET7s,
representing an increase of 14.4% from the second quarter of 2021
and a decrease of 2.8% from the first quarter of 2022.
Key Operating Results |
|
|
2022 Q2 |
2022 Q1 |
2021 Q4 |
2021 Q3 |
Deliveries |
25,059 |
25,768 |
25,034 |
24,439 |
|
|
|
|
|
|
2021 Q2 |
2021 Q1 |
2020 Q4 |
2020 Q3 |
Deliveries |
21,896 |
20,060 |
17,353 |
12,206 |
Financial Highlights for the Second
Quarter of 2022
- Vehicle sales were
RMB9,570.8 million (US$1,428.9 million) in the second quarter of
2022, representing an increase of 21.0% from the second quarter of
2021 and an increase of 3.5% from the first quarter of 2022.
- Vehicle marginii
was 16.7% in the second quarter of 2022, compared with 20.3% in the
second quarter of 2021 and 18.1% in the first quarter of 2022.
- Total revenues
were RMB10,292.4 million (US$1,536.6 million) in the second quarter
of 2022, representing an increase of 21.8% from the second quarter
of 2021 and an increase of 3.9% from the first quarter of
2022.
- Gross profit was
RMB1,340.3 million (US$200.1 million) in the second quarter of
2022, representing a decrease of 14.8% from the second quarter of
2021 and a decrease of 7.4% from the first quarter of 2022.
- Gross margin was
13.0% in the second quarter of 2022, compared with 18.6% in the
second quarter of 2021 and 14.6% in the first quarter of 2022.
- Loss from
operations was RMB2,845.6 million (US$424.8 million) in
the second quarter of 2022, representing an increase of 272.8% from
the second quarter of 2021 and an increase of 30.0% from the first
quarter of 2022. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB2,355.1 million
(US$351.6 million) in the second quarter of 2022, representing an
increase of 360.1% from the second quarter of 2021 and an increase
of 37.3% from the first quarter of 2022.
- Net loss was
RMB2,757.5 million (US$411.7 million) in the second quarter of
2022, representing an increase of 369.6% from the second quarter of
2021 and an increase of 54.7% from the first quarter of 2022.
Excluding share-based compensation expenses, adjusted net loss
(non-GAAP) was RMB2,267.0 million (US$338.5 million) in the second
quarter of 2022, representing an increase of 575.1% from the second
quarter of 2021 and an increase of 73.1% from the first quarter of
2022.
- Net loss attributable to
NIO’s ordinary shareholders was RMB2,745.0 million
(US$409.8 million) in the second quarter of 2022, representing an
increase of 316.4% from the second quarter of 2021 and an increase
of 50.4% from the first quarter of 2022. 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 RMB2,185.6 million
(US$326.3 million) in the second quarter of 2022, representing an
increase of 551.1% from the second quarter of 2021 and an increase
of 70.1% from the first quarter of 2022.
- Basic and diluted net loss
per Ordinary Share/American Depositary Share
(ADS)iii were both RMB1.68 (US$0.25) in
the second quarter of 2022, compared with RMB0.42 in the second
quarter of 2021 and RMB1.12 in the first quarter of 2022. 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 RMB1.34 (US$0.20),
compared with RMB0.21 in the second quarter of 2021 and RMB0.79 in
the first quarter of 2022.
- Cash and cash equivalents,
restricted cash and short-term investment were RMB54.4
billion (US$8.1 billion) as of June 30, 2022.
Key
Financial Results(in RMB million, except for per ordinary
share data and percentage) |
|
|
2022 Q2 |
2022 Q1 |
|
2021 Q2 |
% Changeiv |
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
9,570.8 |
9,244.0 |
|
7,911.8 |
3.5% |
21.0% |
Vehicle Margin |
16.7% |
18.1% |
|
20.3% |
-140bp |
-360bp |
Total Revenues |
10,292.4 |
9,910.6 |
|
8,448.0 |
3.9% |
21.8% |
Gross Profit |
1,340.3 |
1,446.8 |
|
1,573.9 |
-7.4% |
-14.8% |
Gross Margin |
13.0% |
14.6% |
|
18.6% |
-160bp |
-560bp |
Loss from Operations |
(2,845.6) |
(2,188.7) |
|
(763.3) |
30.0% |
272.8% |
Adjusted Loss from Operations
(non-GAAP) |
(2,355.1) |
(1,715.6) |
|
(511.9) |
37.3% |
360.1% |
Net Loss |
(2,757.5) |
(1,782.7) |
|
(587.2) |
54.7% |
369.6% |
Adjusted Net Loss (non-GAAP) |
(2,267.0) |
(1,309.6) |
|
(335.8) |
73.1% |
575.1% |
Net Loss Attributable to
Ordinary Shareholders |
(2,745.0) |
(1,825.0) |
|
(659.3) |
50.4% |
316.4% |
Net Loss per Ordinary
Share/ADS-Basic and Diluted |
(1.68) |
(1.12) |
|
(0.42) |
50.0% |
300.0% |
Adjusted Net Loss per Ordinary
Share/ADS-Basic and Diluted (non-GAAP) |
(1.34) |
(0.79) |
|
(0.21) |
69.6% |
538.1% |
Recent
DevelopmentsDeliveries in July and August
2022
- NIO delivered 10,052 vehicles in
July 2022 and 10,677 vehicles in August 2022. As of August 31,
2022, cumulative deliveries of the ES8, ES6, EC6, and ET7 reached
238,626 vehicles.
- In August, the production and
delivery started to ramp up steadily for the ES7, a mid-large
five-seater premium smart electric SUV based on NIO Technology 2.0
(NT2).
CEO and CFO Comments"We
delivered 25,059 vehicles in the second quarter of 2022,
representing a growth of 14.4% year-over-year despite the COVID-19
related challenges. With the teams’ concerted efforts, our
deliveries started to recover and achieved 10,052 and 10,677 units
in July and August, respectively," said William Bin Li, founder,
chairman and chief executive officer of NIO.
"The second half of 2022 is a critical period
for NIO to scale up the production and delivery of multiple new
products. The ES7, our first mid-large five-seater smart electric
SUV based on NIO Technology 2.0 (NT2.0), has become a new favorite
of the market with its superior performance, comfort and digital
experience. We witnessed a robust order inflow for the ES7 and
started its deliveries at scale in August. We also look forward to
starting the mass production and delivery of the ET5 in late
September. With the compelling product portfolio and
well-established brand awareness, NIO will attract a broader user
base and embrace robust growth in the coming quarters," concluded
Mr. Li.
"We achieved solid financial results for the
second quarter of 2022 in spite of the tremendous challenges and
cost volatilities," added Steven Wei Feng, chief financial officer
of NIO. "With the ET7 setting sail to Europe in August, users in
more countries will experience our new products and services later
this year. To meet the growing EV demand of the global market, we
have been working closely with our partners to ramp up the
production and deliveries of our new products. We also expect to
further expand our market share in the global premium smart
electric vehicle market with high operating efficiency. "
Financial Results for the Second Quarter
of 2022Revenues
- Total revenues in
the second quarter of 2022 were RMB10,292.4 million (US$1,536.6
million), representing an increase of 21.8% from the second quarter
of 2021 and an increase of 3.9% from the first quarter of
2022.
- Vehicle sales in
the second quarter of 2022 were RMB9,570.8 million (US$1,428.9
million), representing an increase of 21.0% from the second quarter
of 2021 and an increase of 3.5% from the first quarter of 2022. The
increase in vehicle sales over the second quarter of 2021 was
mainly attributed to higher deliveries. The increase in vehicle
sales over the first quarter of 2022 was mainly driven by higher
average selling price.
- Other sales in the
second quarter of 2022 were RMB721.5 million (US$107.7 million),
representing an increase of 34.6% from the second quarter of 2021
and an increase of 8.2% from the first quarter of 2022. The
increase in other sales over the second quarter of 2021 was mainly
attributed to the increased revenue derived from auto financing
services, sales of service and energy packages, and sales of used
car. The increase in other sales over the first quarter of 2022 was
mainly attributed to the increased revenue derived from sales of
used car and auto financing services.
Cost of Sales and Gross
Margin
- Cost of sales in
the second quarter of 2022 was RMB8,952.1 million (US$1,336.5
million), representing an increase of 30.2% from the second quarter
of 2021 and an increase of 5.8% from the first quarter of 2022. The
increase in cost of sales over the second quarter of 2021 was
mainly driven by the increase of delivery volume and higher
material cost per vehicle in the second quarter of 2022. The
increase in cost of sales over the first quarter of 2022 was
attributed to the higher material cost per vehicle.
- Gross Profit in
the second quarter of 2022 was RMB1,340.3 million (US$200.1
million), representing a decrease of 14.8% from the second quarter
of 2021 and a decrease of 7.4% from the first quarter of 2022.
- Gross margin in
the second quarter of 2022 was 13.0%, compared with 18.6% in the
second quarter of 2021 and 14.6% in the first quarter of 2022. The
decrease of gross margin over the second 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 first
quarter of 2022 was mainly attributed to the decrease of vehicle
margin.
- Vehicle margin in
the second quarter of 2022 was 16.7%, compared with 20.3% in the
second quarter of 2021 and 18.1% in the first quarter of 2022. The
decrease of vehicle margin over the second quarter of 2021 and the
first quarter of 2022 was mainly attributed to the increased
battery cost per unit, which was partially offset by favorable
changes in sales mix of the ET7.
Operating Expenses
- Research and development
expenses in the second quarter of 2022 were RMB2,149.5
million (US$320.9 million), representing an increase of 143.2% from
the second quarter of 2021 and an increase of 22.0% from the first
quarter of 2022. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB1,873.6
million (US$279.7 million), representing an increase of 133.9% from
the second quarter of 2021 and an increase of 23.7% from the first
quarter of 2022. The increase in research and development expenses
over the second quarter of 2021 and first quarter of 2022 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.
- Selling, general and
administrative expenses in the second quarter of 2022 were
RMB2,282.5 million (US$340.8 million), representing an increase of
52.4% from the second quarter of 2021 and an increase of 13.3% from
the first quarter of 2022. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB2,082.1 million (US$310.8 million), representing an
increase of 55.7% from the second quarter of 2021 and an increase
of 15.6% from the first quarter of 2022. The increase in selling,
general and administrative expenses over the second quarter of 2021
was primarily due to the increase in personnel costs and costs
related to sales and service network expansion. The increase in
selling, general and administrative expenses over the first quarter
of 2022 was mainly attributed to the increase in personnel costs
and marketing and promotional expenses, including expenses related
to the launch of the ES7.
Loss from Operations
- Loss from
operations in the second quarter of 2022 was RMB2,845.6
million (US$424.8 million), representing an increase of 272.8% from
the second quarter of 2021 and an increase of 30.0% from the first
quarter of 2022. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB2,355.1 million
(US$351.6 million) in the second quarter of 2022, representing an
increase of 360.1% from the second quarter of 2021 and an increase
of 37.3% from the first quarter of 2022.
Share-based Compensation
Expenses
- Share-based compensation
expenses in the second quarter of 2022 were RMB490.5
million (US$73.2 million), representing an increase of 95.1% from
the second quarter of 2021 and an increase of 3.7% from the first
quarter of 2022. The increase in share-based compensation expenses
over the second quarter of 2021 was primarily attributed to the
grant of options and restricted shares on a continued basis.
Share-based compensation remained relatively stable compared with
the first quarter of 2022.
Net Loss and Earnings Per
Share
- Net loss in the
second quarter of 2022 was RMB2,757.5 million (US$411.7 million),
representing an increase of 369.6% from the second quarter of 2021
and an increase of 54.7% from the first quarter of 2022. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB2,267.0 million (US$338.5 million) in the second quarter of
2022, representing an increase of 575.1% from the second quarter of
2021 and an increase of 73.1% from the first quarter of 2022.
- Net loss attributable to
NIO’s ordinary shareholders in the second quarter of 2022
was RMB 2,745.0 million (US$409.8 million), representing an
increase of 316.4% from the second quarter of 2021 and an increase
of 50.4% from the first quarter of 2022. Excluding share-based
compensation expenses, adjusted net loss attributable to NIO’s
ordinary shareholders (non-GAAP) was RMB2,185.6 million (US$326.3
million) in the second quarter of 2022.
- Basic and diluted net loss
per Ordinary Share/ADS in the second quarter of 2022 were
both RMB1.68 (US$0.25), compared with RMB0.42 in the second quarter
of 2021 and RMB1.12 in the first quarter of 2022. 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 RMB1.34 (US$0.20),
compared with RMB0.21 in the second quarter of 2021 and RMB0.79 in
the first quarter of 2022.
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash and short-term investment was
RMB54.4 billion (US$8.1 billion) as of June 30, 2022.
Business OutlookFor the third
quarter of 2022, the Company expects:
- Deliveries of
vehicles to be between 31,000 and 33,000 vehicles,
representing an increase of approximately 26.8% to 35.0% from the
same quarter of 2021.
- Total
revenues to be between RMB12,845 million (US$1,918
million) and RMB13,598 million (US$2,030 million), representing an
increase of approximately 31.0% to 38.7% 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 September 7, 2022
(8:00 PM Beijing/Hong Kong/Singapore Time on September 7,
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. Dial-in
numbers, passcode and unique access PIN would be provided upon
registering.
https://s1.c-conf.com/diamondpass/10024719-87cksh.html
A replay of the conference call will be
accessible by phone at the following numbers, until September 14,
2022:
United States: |
+1-855-883-1031 |
Hong Kong, China: |
+852-800-930-639 |
Mainland, China: |
+86-400-1209-216 |
Singapore: |
+65-800-1013-223 |
International: |
+61-7-3107-6325 |
Replay PIN: |
10024719 |
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 premium smart
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’s
product portfolio consists of the ES8, a six- or seven-seater
flagship premium smart electric SUV, the ES7, a mid-large
five-seater premium smart electric SUV, the ES6, a five-seater
high-performance premium smart electric SUV, the EC6, a five-seater
premium smart electric coupe SUV, the ET7, a flagship premium smart
electric sedan, and the ET5, a mid-size premium smart electric
sedan.
Safe Harbor StatementThis 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 websites
of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and
the Singapore Exchange Securities Trading Limited (the “SGX-ST”),
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,
ES7, 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
announcements and filings on the websites of each of the SEHK and
SGX-ST. 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 DisclosureThe 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 RateThis 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 RMB6.6981 to US$1.00, the noon buying rate
in effect on June 30, 2022 in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary
Unaudited Financial InformationThe unaudited financial
information set out in this earnings release is preliminary and
subject to potential adjustments. Adjustments to the consolidated
financial statements may be identified when audit work has been
performed for the Company’s year-end audit, which could result in
significant differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.comMedia
Relationsglobal.press@nio.com
Source: NIONIO INC.
Unaudited Consolidated Balance
Sheets
(All amounts in thousands) |
|
|
As of |
|
December 31, 2021 |
|
June 30, 2022 |
|
June 30, 2022 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
15,333,719 |
|
24,513,677 |
|
3,659,796 |
Restricted cash |
2,994,408 |
|
3,790,113 |
|
565,849 |
Short-term investments |
37,057,554 |
|
26,091,241 |
|
3,895,320 |
Trade and notes
receivable |
2,797,805 |
|
3,487,559 |
|
520,679 |
Amounts due from related
parties |
1,551,334 |
|
1,213,507 |
|
181,172 |
Inventory |
2,056,352 |
|
3,360,593 |
|
501,723 |
Prepayments and other current
assets |
1,850,143 |
|
2,344,406 |
|
350,010 |
Total current
assets |
63,641,315 |
|
64,801,096 |
|
9,674,549 |
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
46,437 |
|
58,356 |
|
8,712 |
Property, plant and equipment,
net |
7,399,516 |
|
9,731,791 |
|
1,452,918 |
Land use rights, net |
199,121 |
|
215,255 |
|
32,137 |
Long-term investments |
3,059,383 |
|
4,418,184 |
|
659,618 |
Right-of-use assets -
operating lease |
2,988,374 |
|
7,940,191 |
|
1,185,439 |
Other non-current assets |
5,549,455 |
|
6,738,675 |
|
1,006,058 |
Total non-current
assets |
19,242,286 |
|
29,102,452 |
|
4,344,882 |
Total
assets |
82,883,601 |
|
93,903,548 |
|
14,019,431 |
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term borrowings |
5,230,000 |
|
6,115,000 |
|
912,945 |
Trade and notes payable |
12,638,991 |
|
16,232,628 |
|
2,423,468 |
Amounts due to related
parties |
687,200 |
|
522,691 |
|
78,036 |
Taxes payable |
627,794 |
|
355,632 |
|
53,094 |
Current portion of operating
lease liabilities |
744,561 |
|
1,042,370 |
|
155,622 |
Current portion of long-term
borrowings |
2,067,962 |
|
2,062,616 |
|
307,940 |
Accruals and other
liabilities |
7,201,644 |
|
8,230,570 |
|
1,228,793 |
Total current
liabilities |
29,198,152 |
|
34,561,507 |
|
5,159,898 |
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
9,739,176 |
|
12,161,493 |
|
1,815,663 |
Non-current operating lease
liabilities |
2,317,193 |
|
7,055,535 |
|
1,053,364 |
Deferred tax liabilities |
25,199 |
|
208,428 |
|
31,118 |
Other non-current
liabilities |
3,540,458 |
|
4,217,344 |
|
629,633 |
Total non-current
liabilities |
15,622,026 |
|
23,642,800 |
|
3,529,778 |
Total
liabilities |
44,820,178 |
|
58,204,307 |
|
8,689,676 |
|
|
|
|
|
|
NIO INC.
Unaudited Consolidated Balance
Sheets
(All amounts in thousands) |
|
|
As of |
|
December 31, 2021 |
|
June 30, 2022 |
|
June 30, 2022 |
|
RMB |
|
RMB |
|
US$ |
MEZZANINE
EQUITY |
|
|
|
|
|
Redeemable non-controlling interests |
3,277,866 |
|
3,413,540 |
|
509,628 |
Total mezzanine
equity |
3,277,866 |
|
3,413,540 |
|
509,628 |
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
Total NIO Inc.
shareholders’ equity |
34,709,924 |
|
32,190,572 |
|
4,805,925 |
Non-controlling interests |
75,633 |
|
95,129 |
|
14,202 |
Total shareholders’
equity |
34,785,557 |
|
32,285,701 |
|
4,820,127 |
Total liabilities,
mezzanine equity and shareholders’ equity |
82,883,601 |
|
93,903,548 |
|
14,019,431 |
|
|
|
|
|
|
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
(All amounts in thousands, except for share and per share
data) |
|
|
Three Months Ended |
|
June 30, 2021 |
|
March 31, 2022 |
|
June 30, 2022 |
|
June 30, 2022 |
|
RMB |
RMB |
RMB |
US$ |
Revenues: |
|
|
|
|
Vehicle sales |
7,911,813 |
|
|
9,244,014 |
|
|
9,570,842 |
|
|
1,428,889 |
|
Other sales |
536,234 |
|
|
666,574 |
|
|
721,522 |
|
|
107,720 |
|
Total
revenues |
8,448,047 |
|
|
9,910,588 |
|
|
10,292,364 |
|
|
1,536,609 |
|
Cost of
sales: |
|
|
|
|
Vehicle sales |
(6,308,001 |
) |
|
(7,567,550 |
) |
|
(7,976,625 |
) |
|
(1,190,879 |
) |
Other sales |
(566,125 |
) |
|
(896,199 |
) |
|
(975,436 |
) |
|
(145,629 |
) |
Total cost of
sales |
(6,874,126 |
) |
|
(8,463,749 |
) |
|
(8,952,061 |
) |
|
(1,336,508 |
) |
Gross
profit |
1,573,921 |
|
|
1,446,839 |
|
|
1,340,303 |
|
|
200,101 |
|
Operating
expenses: |
|
|
|
|
Research and development |
(883,666 |
) |
|
(1,761,687 |
) |
|
(2,149,479 |
) |
|
(320,909 |
) |
Selling, general and administrative |
(1,497,760 |
) |
|
(2,014,804 |
) |
|
(2,282,461 |
) |
|
(340,762 |
) |
Other operating income |
44,182 |
|
|
140,987 |
|
|
246,077 |
|
|
36,738 |
|
Total operating
expenses |
(2,337,244 |
) |
|
(3,635,504 |
) |
|
(4,185,863 |
) |
|
(624,933 |
) |
Loss from
operations |
(763,323 |
) |
|
(2,188,665 |
) |
|
(2,845,560 |
) |
|
(424,832 |
) |
Interest and investment
income |
193,034 |
|
|
400,688 |
|
|
292,863 |
|
|
43,723 |
|
Interest expenses |
(60,527 |
) |
|
(77,339 |
) |
|
(64,712 |
) |
|
(9,661 |
) |
Share of (loss)/income of
equity investees |
(3,450 |
) |
|
26,229 |
|
|
48,053 |
|
|
7,174 |
|
Other income/(losses),
net |
48,907 |
|
|
86,886 |
|
|
(189,955 |
) |
|
(28,360 |
) |
Loss before income tax
expense |
(585,359 |
) |
|
(1,752,201 |
) |
|
(2,759,311 |
) |
|
(411,956 |
) |
Income tax
(expense)/benefit |
(1,811 |
) |
|
(30,459 |
) |
|
1,791 |
|
|
267 |
|
Net loss |
(587,170 |
) |
|
(1,782,660 |
) |
|
(2,757,520 |
) |
|
(411,689 |
) |
Accretion on redeemable
non-controlling interests to redemption value |
(72,168 |
) |
|
(66,775 |
) |
|
(68,899 |
) |
|
(10,286 |
) |
Net loss attributable to
non-controlling interests |
61 |
|
|
24,397 |
|
|
81,411 |
|
|
12,154 |
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
(659,277 |
) |
|
(1,825,038 |
) |
|
(2,745,008 |
) |
|
(409,821 |
) |
|
|
|
|
|
Net loss |
(587,170 |
) |
|
(1,782,660 |
) |
|
(2,757,520 |
) |
|
(411,689 |
) |
Other comprehensive
(loss)/income |
|
|
|
|
Change in unrealized gains
related to available-for-sale debt securities, net of tax |
— |
|
|
743,103 |
|
|
(4,999 |
) |
|
(746 |
) |
Change in unrealized losses on
cash flow hedges |
— |
|
|
— |
|
|
(20 |
) |
|
(3 |
) |
Foreign currency translation
adjustment, net of nil tax |
(114,327 |
) |
|
(38,879 |
) |
|
490,549 |
|
|
73,237 |
|
Total other
comprehensive (loss)/income |
(114,327 |
) |
|
704,224 |
|
|
485,530 |
|
|
72,488 |
|
Total comprehensive
loss |
(701,497 |
) |
|
(1,078,436 |
) |
|
(2,271,990 |
) |
|
(339,201 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(72,168 |
) |
|
(66,775 |
) |
|
(68,899 |
) |
|
(10,286 |
) |
Net loss attributable to
non-controlling interests |
61 |
|
|
24,397 |
|
|
81,411 |
|
|
12,154 |
|
Other comprehensive income
attributable to non-controlling interests |
— |
|
|
(150,141 |
) |
|
— |
|
|
— |
|
Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(773,604 |
) |
|
(1,270,955 |
) |
|
(2,259,478 |
) |
|
(337,333 |
) |
Weighted average
number of ordinary shares used in computing net loss per
share |
|
|
|
|
Basic and diluted |
1,563,893,630 |
|
|
1,624,805,030 |
|
|
1,632,803,993 |
|
|
1,632,803,993 |
|
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
Basic and diluted |
(0.42 |
) |
|
(1.12 |
) |
|
(1.68 |
) |
|
(0.25 |
) |
Weighted average
number of ADS used in computing net loss per share |
|
|
|
|
Basic and diluted |
1,563,893,630 |
|
|
1,624,805,030 |
|
|
1,632,803,993 |
|
|
1,632,803,993 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
Basic and diluted |
(0.42 |
) |
|
(1.12 |
) |
|
(1.68 |
) |
|
(0.25 |
) |
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
(All amounts in thousands, except for share and per share
data) |
|
|
Six Months Ended |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2022 |
|
RMB |
RMB |
US$ |
Revenues: |
|
|
|
Vehicle sales |
15,317,600 |
|
|
18,814,856 |
|
|
2,808,984 |
|
Other sales |
1,112,780 |
|
|
1,388,096 |
|
|
207,237 |
|
Total
revenues |
16,430,380 |
|
|
20,202,952 |
|
|
3,016,221 |
|
Cost of
sales: |
|
|
|
Vehicle sales |
(12,146,943 |
) |
|
(15,544,175 |
) |
|
(2,320,684 |
) |
Other sales |
(1,154,710 |
) |
|
(1,871,635 |
) |
|
(279,428 |
) |
Total cost of
sales |
(13,301,653 |
) |
|
(17,415,810 |
) |
|
(2,600,112 |
) |
Gross
profit |
3,128,727 |
|
|
2,787,142 |
|
|
416,109 |
|
Operating
expenses: |
|
|
|
Research and development |
(1,570,214 |
) |
|
(3,911,166 |
) |
|
(583,922 |
) |
Selling, general and administrative |
(2,695,008 |
) |
|
(4,297,265 |
) |
|
(641,565 |
) |
Other operating income |
77,248 |
|
|
387,064 |
|
|
57,787 |
|
Total operating
expenses |
(4,187,974 |
) |
|
(7,821,367 |
) |
|
(1,167,700 |
) |
Loss from
operations |
(1,059,247 |
) |
|
(5,034,225 |
) |
|
(751,591 |
) |
Interest and investment
income |
312,652 |
|
|
693,551 |
|
|
103,544 |
|
Interest expenses |
(484,283 |
) |
|
(142,051 |
) |
|
(21,208 |
) |
Share of income of equity
investees |
99,838 |
|
|
74,282 |
|
|
11,090 |
|
Other income/(losses),
net |
98,590 |
|
|
(103,069 |
) |
|
(15,388 |
) |
Loss before income tax
expense |
(1,032,450 |
) |
|
(4,511,512 |
) |
|
(673,553 |
) |
Income tax expense |
(5,768 |
) |
|
(28,668 |
) |
|
(4,280 |
) |
Net loss |
(1,038,218 |
) |
|
(4,540,180 |
) |
|
(677,833 |
) |
Accretion on redeemable
non-controlling interests to redemption value |
(4,496,164 |
) |
|
(135,674 |
) |
|
(20,256 |
) |
Net loss attributable to
non-controlling interests |
145 |
|
|
105,808 |
|
|
15,797 |
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
(5,534,237 |
) |
|
(4,570,046 |
) |
|
(682,292 |
) |
|
|
|
|
Net loss |
(1,038,218 |
) |
|
(4,540,180 |
) |
|
(677,833 |
) |
Other comprehensive
(loss)/income |
|
|
|
Change in unrealized gains
related to available-for-sale debt securities, net of tax |
— |
|
|
738,104 |
|
|
110,196 |
|
Change in unrealized losses on
cash flow hedges |
— |
|
|
(20 |
) |
|
(3 |
) |
Foreign currency translation
adjustment, net of nil tax |
(188,856 |
) |
|
451,670 |
|
|
67,433 |
|
Total other
comprehensive (loss)/income |
(188,856 |
) |
|
1,189,754 |
|
|
177,626 |
|
Total comprehensive
loss |
(1,227,074 |
) |
|
(3,350,426 |
) |
|
(500,207 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(4,496,164 |
) |
|
(135,674 |
) |
|
(20,256 |
) |
Net loss attributable to
non-controlling interests |
145 |
|
|
105,808 |
|
|
15,797 |
|
Other comprehensive income
attributable to non-controlling interests |
— |
|
|
(150,141 |
) |
|
(22,415 |
) |
Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(5,723,093 |
) |
|
(3,530,433 |
) |
|
(527,081 |
) |
Weighted average
number of ordinary shares used in computing net loss per
share |
|
|
|
Basic and diluted |
1,557,911,888 |
|
|
1,631,602,522 |
|
|
1,631,602,522 |
|
Net loss per share
attributable to ordinary shareholders |
|
|
|
Basic and diluted |
(3.55 |
) |
|
(2.80 |
) |
|
(0.42 |
) |
Weighted average
number of ADS used in computing net loss per share |
|
|
|
Basic and diluted |
1,557,911,888 |
|
|
1,631,602,522 |
|
|
1,631,602,522 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
Basic and diluted |
(3.55 |
) |
|
(2.80 |
) |
|
(0.42 |
) |
NIO INC.
Unaudited Reconciliation of GAAP and
Non-GAAP Results
(All amounts in thousands, except for share and per share
data) |
|
|
Three Months Ended June 30, 2022 |
|
GAAPResult |
|
Share-basedcompensation |
|
Accretion on redeemablenon-controlling intereststo
redemption value |
|
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
|
RMB |
|
RMB |
Cost of sales |
(8,952,061 |
) |
|
14,227 |
|
— |
|
(8,937,834 |
) |
Research and development
expenses |
(2,149,479 |
) |
|
275,894 |
|
— |
|
(1,873,585 |
) |
Selling, general and
administrative expenses |
(2,282,461 |
) |
|
200,382 |
|
— |
|
(2,082,079 |
) |
Total |
(13,384,001 |
) |
|
490,503 |
|
— |
|
(12,893,498 |
) |
Loss from operations |
(2,845,560 |
) |
|
490,503 |
|
— |
|
(2,355,057 |
) |
Net loss |
(2,757,520 |
) |
|
490,503 |
|
— |
|
(2,267,017 |
) |
Net loss attributable to
ordinary shareholders of NIO Inc. |
(2,745,008 |
) |
|
490,503 |
|
68,899 |
|
(2,185,606 |
) |
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(1.68 |
) |
|
0.30 |
|
0.04 |
|
(1.34 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(1.68 |
) |
|
0.30 |
|
0.04 |
|
(1.34 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
(0.25 |
) |
|
0.30 |
|
0.01 |
|
(0.20 |
) |
|
Three Months Ended March 31, 2022 |
|
GAAPResult |
|
Share-basedcompensation |
|
Accretion on redeemablenon-controlling intereststo
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 |
) |
|
Three Months Ended June 30, 2021 |
|
GAAPResult |
|
Share-basedcompensation |
|
Accretion on redeemablenon-controlling intereststo
redemption value |
|
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
|
RMB |
|
RMB |
Cost of sales |
(6,874,126 |
) |
|
8,393 |
|
— |
|
(6,865,733 |
) |
Research and development
expenses |
(883,666 |
) |
|
82,772 |
|
— |
|
(800,894 |
) |
Selling, general and
administrative expenses |
(1,497,760 |
) |
|
160,215 |
|
— |
|
(1,337,545 |
) |
Total |
(9,255,552 |
) |
|
251,380 |
|
— |
|
(9,004,172 |
) |
Loss from operations |
(763,323 |
) |
|
251,380 |
|
— |
|
(511,943 |
) |
Net loss |
(587,170 |
) |
|
251,380 |
|
— |
|
(335,790 |
) |
Net loss attributable to
ordinary shareholders of NIO Inc. |
(659,277 |
) |
|
251,380 |
|
72,168 |
|
(335,729 |
) |
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(0.42 |
) |
|
0.16 |
|
0.05 |
|
(0.21 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(0.42 |
) |
|
0.16 |
|
0.05 |
|
(0.21 |
) |
|
Six Months Ended June 30, 2022 |
|
GAAPResult |
|
Share-basedcompensation |
|
Accretion on redeemablenon-controlling intereststo
redemption value |
|
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
|
RMB |
|
RMB |
Cost of sales |
(17,415,810 |
) |
|
26,352 |
|
— |
|
(17,389,458 |
) |
Research and development
expenses |
(3,911,166 |
) |
|
523,515 |
|
— |
|
(3,387,651 |
) |
Selling, general and
administrative expenses |
(4,297,265 |
) |
|
413,675 |
|
— |
|
(3,883,590 |
) |
Total |
(25,624,241 |
) |
|
963,542 |
|
— |
|
(24,660,699 |
) |
Loss from operations |
(5,034,225 |
) |
|
963,542 |
|
— |
|
(4,070,683 |
) |
Net loss |
(4,540,180 |
) |
|
963,542 |
|
— |
|
(3,576,638 |
) |
Net loss attributable to
ordinary shareholders of NIO Inc. |
(4,570,046 |
) |
|
963,542 |
|
135,674 |
|
(3,470,830 |
) |
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(2.80 |
) |
|
0.59 |
|
0.08 |
|
(2.13 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(2.80 |
) |
|
0.59 |
|
0.08 |
|
(2.13 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
(0.42 |
) |
|
0.09 |
|
0.01 |
|
(0.32 |
) |
|
Six Months Ended June 30, 2021 |
|
GAAPResult |
|
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
|
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
|
RMB |
|
RMB |
Cost of sales |
(13,301,653 |
) |
|
12,044 |
|
— |
|
(13,289,609 |
) |
Research and development
expenses |
(1,570,214 |
) |
|
119,287 |
|
— |
|
(1,450,927 |
) |
Selling, general and
administrative expenses |
(2,695,008 |
) |
|
216,529 |
|
— |
|
(2,478,479 |
) |
Total |
(17,566,875 |
) |
|
347,860 |
|
— |
|
(17,219,015 |
) |
Loss from operations |
(1,059,247 |
) |
|
347,860 |
|
— |
|
(711,387 |
) |
Net loss |
(1,038,218 |
) |
|
347,860 |
|
— |
|
(690,358 |
) |
Net loss attributable to
ordinary shareholders of NIO Inc. |
(5,534,237 |
) |
|
347,860 |
|
4,496,164 |
|
(690,213 |
) |
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(3.55 |
) |
|
0.22 |
|
2.89 |
|
(0.44 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(3.55 |
) |
|
0.22 |
|
2.89 |
|
(0.44 |
) |
_____________________________
i All translations from RMB to USD for the three
months and six months ended June 30, 2022 were made at the rate of
RMB6.6981 to US$1.00, the noon buying rate in effect on June 30,
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.
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