NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer and a
leading manufacturer of premium smart electric vehicles in China,
today announced its unaudited financial results for the first
quarter ended March 31, 2021.
Operating Highlights for the First
Quarter 2021
- Deliveries of
vehicles were 20,060 in the first quarter of 2021,
including 4,516 ES8s, 8,088 ES6s and 7,456 EC6s, representing an
increase of 422.7% from the first quarter of 2020 and an increase
of 15.6% from the fourth quarter of 2020.
Key Operating Results |
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2021 Q1 |
2020 Q4 |
2020 Q3 |
2020 Q2 |
Deliveries |
20,060 |
17,353 |
12,206 |
10,331 |
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2020 Q1 |
2019 Q4 |
2019 Q3 |
2019 Q2 |
Deliveries |
3,838 |
8,224 |
4,799 |
3,553 |
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Financial Highlights for the First
Quarter of 2021
- Vehicle sales were
RMB7,405.8 million (US$1,130.3 million) in the first quarter of
2021, representing an increase of 489.8% from the first quarter of
2020 and an increase of 20.0% from the fourth quarter of 2020.
- Vehicle marginii
was 21.2%, compared with negative 7.4% in the first quarter of 2020
and 17.2% in the fourth quarter of 2020.
- Total revenues
were RMB7,982.3 million (US$1,218.3 million) in the first quarter
of 2021, representing an increase of 481.8% from the first quarter
of 2020 and an increase of 20.2% from the fourth quarter of
2020.
- Gross profit was
RMB1,554.8 million (US$237.3 million) in the first quarter of 2021,
representing an increase of RMB1,722.3 million from a gross loss of
RMB167.5 million in the first quarter of 2020 and an increase of
36.2% from the fourth quarter of 2020.
- Gross margin was
19.5%, compared with negative 12.2% in the first quarter of 2020
and 17.2% in the fourth quarter of 2020.
- Loss from
operations was RMB295.9 million (US$45.2 million) in the
first quarter of 2021, representing a decrease of 81.2% from the
first quarter of 2020 and a decrease of 68.2% from the fourth
quarter of 2020. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB199.4 million
(US$30.4 million) in the first quarter of 2021, representing a
decrease of 87.0% from the first quarter of 2020 and a decrease of
77.1% from the fourth quarter of 2020.
- Net loss was
RMB451.0 million (US$68.8 million) in the first quarter of 2021,
representing a decrease of 73.3% from the first quarter of 2020 and
a decrease of 67.5% from the fourth quarter of 2020. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB 354.6 million (US$54.1 million) in the first quarter of 2021,
representing a decrease of 78.6% from the first quarter of 2020 and
a decrease of 73.3% from the fourth quarter of 2020.
- Net loss attributable to
NIO’s ordinary shareholders was RMB4,875.0 million
(US$744.1 million) in the first quarter of 2021, representing an
increase of 183.0% from the first quarter of 2020 and an increase
of 226.7% from the fourth quarter of 2020. In the first quarter of
2021, NIO purchased 3.305% equity interests in NIO China from the
minority strategic investors and recorded an amount of RMB4.4
billion (US$671.6 million) in accretion on redeemable
non-controlling interests to redemption value. 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 RMB354.5
million (US$54.1 million).
- Basic and diluted net loss
per American Depositary Share (ADS)iii
were both RMB3.14 (US$0.48) in the first 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 RMB0.23
(US$0.04).
- Cash and cash equivalents,
restricted cash and short-term investment were RMB47.5
billion (US$7.3 billion) as of March 31, 2021.
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Key Financial Results(in RMB million,
except for per ordinary share data and percentage) |
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2021 Q1 |
2020 Q4 |
|
2020 Q1 |
|
% Changeiv |
|
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|
|
|
|
QoQ |
YoY |
Vehicle Sales |
|
7,405.8 |
6,174.0 |
|
1,255.6 |
|
20.0 |
% |
489.8 |
% |
Vehicle Margin |
|
21.2% |
17.2% |
|
-7.4% |
|
400bp |
2860bp |
Total Revenues |
|
7,982.3 |
6,641.1 |
|
1,372.0 |
|
20.2 |
% |
481.8 |
% |
Gross Profit/(Loss) |
|
1,554.8 |
1,141.9 |
|
(167.5) |
|
36.2 |
% |
N/A |
Gross Margin |
|
19.5% |
17.2% |
|
-12.2% |
|
230bp |
3170bp |
Loss from Operations |
|
(295.9) |
(931.4) |
|
(1,570.3) |
|
-68.2 |
% |
-81.2 |
% |
Adjusted Loss from
Operations (non-GAAP) |
(199.4) |
(871.2) |
|
(1,537.9) |
|
-77.1 |
% |
-87.0 |
% |
Net Loss |
|
(451.0) |
(1,388.6) |
|
(1,691.8) |
|
-67.5 |
% |
-73.3 |
% |
Adjusted Net Loss (non-GAAP) |
(354.6) |
(1,328.4) |
|
(1,659.4) |
|
-73.3 |
% |
-78.6 |
% |
Net Loss
Attributable to Ordinary Shareholders |
(4,875.0) |
(1,492.2) |
|
(1,722.8) |
|
226.7 |
% |
183.0 |
% |
Net Loss per Ordinary Share-Basic and Diluted |
(3.14) |
(1.05) |
|
(1.66) |
|
199.0 |
% |
89.2 |
% |
Adjusted Net Loss
per Ordinary Share-Basic and Diluted (non-GAAP) |
(0.23) |
(0.93) |
|
(1.60) |
|
-75.3 |
% |
-85.6 |
% |
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CEO and CFO Comments
“NIO started the year of 2021 with a new
quarterly delivery record of 20,060 vehicles in the first quarter,
representing a strong growth of 422.7% year over year,” said
William Bin Li, founder, chairman and chief executive officer of
NIO. “The overall demand for our products continues to be quite
strong, but the supply chain is still facing significant challenges
due to the semiconductor shortage. In light of the strong momentum
under a volatile macro environment, we expect to deliver 21,000 to
22,000 vehicles in the second quarter of 2021.”
“In April, we celebrated the 100,000th
production vehicle rolling off the line together with our users and
partners. Meanwhile, we started to deploy our Power Swap stations
2.0, which could significantly boost the service capacity of each
station to maximum 312 times per day by shortening the battery
swapping time to under three minutes. In addition, to improve the
swapping and charging experience of underserved users in North
China, we announced the Power North plan at the Shanghai Auto Show.
We have always been committed to providing a superior holistic EV
experience to our users with better products and services.
“At the same time, we have also accelerated the
research and development of new products and technologies. To
ensure sufficient production capacity for our upcoming products,
together with our partners, we have kicked off the planning and
building of a new plant in Xinqiao Industrial Park in Hefei,”
concluded Mr. Li.
“We have achieved another great quarter with
strong financial performance in the first quarter of 2021. Mainly
driven by higher deliveries and solid average selling price, our
vehicle margin reached 21.2% in the first quarter. Moreover, we
continued to achieve positive cash flow from operating activities
for the first quarter of 2021,” added Steven Wei Feng, NIO’s chief
financial officer. “Going forward, we will continue to invest in
new products and core technologies, as well as in our service and
power network expansion, particularly battery swapping and charging
facilities.”
Financial Results for the First Quarter
of 2021
Revenues
- Total revenues in
the first quarter of 2021 were RMB7,982.3 million (US$1,218.3
million), representing an increase of 481.8% from the first quarter
of 2020 and an increase of 20.2% from the fourth quarter of
2020.
- Vehicle sales in
the first quarter of 2021 were RMB7,405.8 million (US$1,130.3
million), representing an increase of 489.8% from the first quarter
of 2020 and an increase of 20.0% from the fourth quarter of 2020.
The increase in vehicle sales over the first quarter of 2020 was
mainly attributed to higher deliveries achieved from more product
mix offered to our users, the expansion of our sales network since
2020, and the slow-down of vehicle sales in the first quarter of
2020 due to COVID-19 pandemic in China. The increase in vehicle
sales over the fourth quarter of 2020 was mainly due to higher
deliveries and higher average selling price.
- Other sales in the
first quarter of 2021 were RMB576.5 million (US$88.0 million),
representing an increase of 395.3% from the first quarter of 2020
and an increase of 23.4% from the fourth quarter of 2020. The
increase in other sales over the first quarter of 2020 was in line
with the incremental vehicle sales in the first quarter of 2021.
The increase in other sales over the fourth quarter of 2020 was
mainly due to the increased revenues derived from 100kWh battery
permanent upgrade service provided since December 2020, partially
offset by sales of automotive regulatory credits in the fourth
quarter of 2020.
Cost of Sales and Gross
Margin
- Cost of sales in
the first quarter of 2021 was RMB6,427.5 million (US$981.0
million), representing an increase of 317.5% from the first quarter
of 2020 and an increase of 16.9% from the fourth quarter of 2020.
The increase in cost of sales over the first quarter of 2020 and
the fourth quarter of 2020 was in line with revenue growth, which
was mainly driven by the increase of vehicle delivery volume in the
first quarter of 2021.
- Gross Profit in
the first quarter of 2021 was RMB1,554.8 million (US$237.3
million), representing an increase of RMB1,722.3 million from a
gross loss of RMB167.5 million in the first quarter of 2020 and an
increase of 36.2% from the fourth quarter of 2020.
- Gross margin in
the first quarter of 2021 was 19.5%, compared with negative 12.2%
in the first quarter of 2020 and 17.2% in the fourth quarter of
2020. The increase of gross margin compared to the first quarter of
2020 and the fourth quarter of 2020 was mainly driven by the
increase of vehicle margin in the first quarter of 2021.
- Vehicle margin in
the first quarter of 2021 was 21.2%, compared with negative 7.4% in
the first quarter of 2020 and 17.2% in the fourth quarter of 2020.
The increase of vehicle margin compared to the first quarter of
2020 was mainly driven by the increase of vehicle delivery volume,
higher average selling price, as well as lower material cost. The
increase of vehicle margin compared to the fourth quarter of 2020
was mainly attributed to higher take-rate of NIO Pilot and 100 kWh
battery package.
Operating Expenses
- Research and development
expenses in the first quarter of 2021 were RMB686.5
million (US$104.8 million), representing an increase of 31.4% from
the first quarter of 2020 and a decrease of 17.2% from the fourth
quarter of 2020. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB650.0 million
(US$99.2 million), representing an increase of 26.4% from the first
quarter of 2020 and a decrease of 19.9% from the fourth quarter of
2020. The increase of research and development expenses over the
first quarter of 2020 was mainly attributed to less research and
development activities in the first quarter of 2020 due to COVID-19
pandemic in China. The decrease in research and development
expenses over the fourth quarter of 2020 reflected fluctuations due
to different design and development stages of new products and core
technologies.
- Selling, general and
administrative expenses in the first quarter of 2021 were
RMB1,197.2 million (US$182.7 million), representing an increase of
41.1% from the first quarter of 2020 and a decrease of 0.8% from
the fourth quarter of 2020. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB1,140.9 million (US$174.1 million), representing an
increase of 38.3% from the first quarter of 2020 and a decrease of
2.2% from the fourth quarter of 2020. The increase in selling,
general and administrative expenses over the first quarter of 2020
was primarily due to the increased marketing activities as well as
the increased number of employees in sales and service functions in
the first quarter of 2021. Selling, general and administrative
expenses remained relatively stable compared to the fourth quarter
of 2020.
Loss from Operations
- Loss from
operations in the first quarter of 2021 was RMB295.9
million (US$45.2 million), representing a decrease of 81.2% from
the first quarter of 2020 and a decrease of 68.2% from the fourth
quarter of 2020. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB199.4 million
(US$30.4 million) in the first quarter of 2021, representing a
decrease of 87.0% from the first quarter of 2020 and a decrease of
77.1% from the fourth quarter of 2020.
Share-based Compensation
Expenses
- Share-based compensation expenses
in the first quarter of 2021 were RMB96.5 million (US$14.7
million), representing an increase of 198.1% from the first quarter
of 2020 and an increase of 60.3% from the fourth quarter of 2020.
The increase in share-based compensation expenses over the first
quarter of 2020 and the fourth quarter of 2021 was primarily
attributed to incremental options granted with relatively higher
grant date fair values during the period.
Net Loss and Earnings Per
Share
- Net loss was
RMB451.0 million (US$68.8 million) in the first quarter of 2021,
representing a decrease of 73.3% from the first quarter of 2020 and
a decrease of 67.5% from the fourth quarter of 2020. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB354.6 million (US$54.1 million) in the first quarter of 2021,
representing a decrease of 78.6% from the first quarter of 2020 and
a decrease of 73.3% from the fourth quarter of 2020.
- Net loss attributable to NIO’s ordinary
shareholders in the first quarter of 2021 was RMB 4,875.0
million (US$744.1 million), representing an increase of 183.0% from
the first quarter of 2020 and an increase of 226.7% from the fourth
quarter of 2020. In the first quarter of 2021, NIO purchased 3.305%
equity interests in NIO China from the minority strategic investors
and recorded an amount of RMB4.4 billion (US$671.6 million) in
accretion on redeemable non-controlling interests to redemption
value. 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
RMB354.5 million (US$54.1 million) in the first quarter of
2021.
- Basic and diluted net loss
per ADS in the first quarter of 2021 were both RMB3.14
(US$0.48). 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 RMB0.23 (US$0.04).
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash and short-term investment was
RMB 47.5 billion (US$7.3 billion) as of March 31, 2021.
Business Outlook
For the second quarter of 2021, the Company
expects:
- Deliveries of the
vehicles to be between 21,000 and 22,000 vehicles,
representing an increase of approximately 103% to 113% from the
same quarter of 2020, and an increase of approximately 5% to 10%
from the first quarter of 2021.
- Total revenues to
be between RMB 8,146.1 million (US$1,243.3 million) and RMB8,504.5
million (US$1,298.0 million), representing an increase of
approximately 119.0% to 128.7% from the same quarter of 2020, and
an increase of approximately 2.1% to 6.5% from the first 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 PM U.S. Eastern Time on April 29, 2021
(8:00 AM Beijing/Hong Kong Time on April 30, 2021) to discuss
financial results and answer questions from investors and
analysts.
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/1272835
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 May 07, 2021 09:59 AM
ET:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong, China: |
+852-3051-2780 |
Mainland, China |
+86-400-602-2065 |
Conference ID: |
1272835 |
About NIO Inc.
NIO Inc. is a pioneer and a leading manufacturer
of premium smart electric vehicles in China. 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.
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 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 and ET7; 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
RMB6.5518 to US$1.00, the noon buying rate in effect on March 31,
2021 in the H.10 statistical release of the Federal Reserve Board.
The Company makes no representation that the Renminbi or U.S.
dollars amounts referred could be converted into U.S. dollars or
Renminbi, as the case may be, at any particular rate or at all.
Statement Regarding Preliminary Unaudited
Financial Information
The unaudited financial information set out in this
earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Contacts:
NIO Inc.Investor RelationsTel:
+86-21-6908-2018Email: ir@nio.com
Source: NIO
NIO INC.Unaudited
Consolidated Balance Sheets
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
December 31, 2020 |
|
March 31, 2021 |
|
March 31, 2021 |
|
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(US$) |
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
38,425,541 |
|
28,600,747 |
|
4,365,327 |
Restricted cash |
78,010 |
|
318,919 |
|
48,677 |
Short-term investment |
3,950,747 |
|
18,628,522 |
|
2,843,268 |
Trade
receivable |
1,083,372 |
|
1,448,592 |
|
221,098 |
Amounts
due from related parties |
169,288 |
|
229,688 |
|
35,057 |
Inventory |
1,081,553 |
|
1,749,820 |
|
267,075 |
Prepayments and other current assets |
1,418,306 |
|
1,145,999 |
|
174,914 |
|
|
|
|
|
|
Total current assets |
46,206,817 |
|
52,122,287 |
|
7,955,416 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
41,547 |
|
41,799 |
|
6,380 |
Property, plant and equipment, net |
4,996,228 |
|
4,843,383 |
|
739,245 |
Intangible assets, net |
613 |
|
413 |
|
63 |
Land use
rights, net |
203,968 |
|
202,756 |
|
30,947 |
Long-term investments |
300,121 |
|
403,410 |
|
61,572 |
Amounts
due from related parties |
617 |
|
— |
|
— |
Right-of-use assets - operating lease |
1,350,294 |
|
1,343,075 |
|
204,993 |
Other
non-current assets |
1,541,724 |
|
2,161,810 |
|
329,957 |
|
|
|
|
|
|
Total non-current assets |
8,435,112 |
|
8,996,646 |
|
1,373,157 |
|
|
|
|
|
|
Total assets |
54,641,929 |
|
61,118,933 |
|
9,328,573 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Short-term borrowings |
1,550,000 |
|
2,320,000 |
|
354,101 |
Trade
and notes payable |
6,368,253 |
|
8,750,168 |
|
1,335,536 |
Amounts
due to related parties |
344,603 |
|
319,367 |
|
48,745 |
Taxes
payable |
181,658 |
|
47,459 |
|
7,244 |
Current
portion of operating lease liabilities |
547,142 |
|
518,834 |
|
79,190 |
Current
portion of long-term borrowings |
380,560 |
|
1,141,584 |
|
174,240 |
Accruals
and other liabilities |
4,604,024 |
|
3,934,076 |
|
600,458 |
|
|
|
|
|
|
Total current liabilities |
13,976,240 |
|
17,031,488 |
|
2,599,514 |
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
5,938,279 |
|
10,404,564 |
|
1,588,047 |
Non-current operating lease liabilities |
1,015,261 |
|
970,121 |
|
148,069 |
Other
non-current liabilities |
1,849,906 |
|
2,273,959 |
|
347,074 |
|
|
|
|
|
|
Total non-current liabilities |
8,803,446 |
|
13,648,644 |
|
2,083,190 |
|
|
|
|
|
|
Total liabilities |
22,779,686 |
|
30,680,132 |
|
4,682,704 |
|
|
|
|
|
|
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, 2020 |
March 31, 2021 |
March 31, 2021 |
|
|
|
(US$) |
MEZZANINE
EQUITY |
|
|
|
Redeemable non-controlling interests |
4,691,287 |
|
|
3,615,284 |
|
|
551,800 |
|
|
|
|
|
Total mezzanine
equity |
4,691,287 |
|
|
3,615,284 |
|
|
551,800 |
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
Ordinary shares |
2,679 |
|
|
2,795 |
|
|
427 |
|
Treasury shares |
— |
|
|
(1,849,600 |
) |
|
(282,304 |
) |
Additional paid in
capital |
78,880,014 |
|
|
80,907,636 |
|
|
12,348,917 |
|
Accumulated other
comprehensive loss |
(65,452 |
) |
|
(139,981 |
) |
|
(21,365 |
) |
Accumulated deficit |
(51,648,410 |
) |
|
(52,099,374 |
) |
|
(7,951,918 |
) |
|
|
|
|
Total NIO Inc.
shareholders’ equity |
27,168,831 |
|
|
26,821,476 |
|
|
4,093,757 |
|
|
|
|
|
Non-controlling interests |
2,125 |
|
|
2,041 |
|
|
312 |
|
|
|
|
|
Total shareholders’
equity |
27,170,956 |
|
|
26,823,517 |
|
|
4,094,069 |
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders’ equity |
54,641,929 |
|
|
61,118,933 |
|
|
9,328,573 |
|
|
|
|
|
NIO INC.Unaudited
Consolidated Statements of Comprehensive Loss
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
Three Months Ended |
|
March 31, 2020 |
|
December 31, 2020 |
|
|
March 31, 2021 |
|
March 31, 2021 |
|
|
|
|
(US$) |
Revenues: |
|
|
|
|
Vehicle sales |
1,255,597 |
|
|
6,174,048 |
|
|
7,405,787 |
|
|
1,130,344 |
|
Other sales |
116,355 |
|
|
467,043 |
|
|
576,546 |
|
|
87,998 |
|
Total
revenues |
1,371,952 |
|
|
6,641,091 |
|
|
7,982,333 |
|
|
1,218,342 |
|
Cost of
sales: |
|
|
|
|
Vehicle sales |
(1,348,749 |
) |
|
(5,109,331 |
) |
|
(5,838,942 |
) |
|
(891,197 |
) |
Other sales |
(190,682 |
) |
|
(389,815 |
) |
|
(588,585 |
) |
|
(89,836 |
) |
Total cost
of sales |
(1,539,431 |
) |
|
(5,499,146 |
) |
|
(6,427,527 |
) |
|
(981,033 |
) |
Gross (loss)/profit |
(167,479 |
) |
|
1,141,945 |
|
|
1,554,806 |
|
|
237,309 |
|
Operating expenses: |
|
|
|
|
Research and development |
|
(522,359 |
) |
|
(829,443 |
) |
|
(686,548 |
) |
|
(104,788 |
) |
Selling, general and administrative |
|
(848,346 |
) |
|
(1,206,806 |
) |
|
(1,197,248 |
) |
|
(182,736 |
) |
Other operating (loss)/income, net |
|
(32,084 |
) |
|
(37,082 |
) |
|
33,066 |
|
|
5,047 |
|
|
|
|
|
|
Total
operating expenses |
(1,402,789 |
) |
|
(2,073,331 |
) |
|
(1,850,730 |
) |
|
(282,477 |
) |
|
|
|
|
|
Loss from
operations |
(1,570,268 |
) |
|
(931,386 |
) |
|
(295,924 |
) |
|
(45,168 |
) |
|
|
|
|
|
Interest
income |
17,649 |
|
|
77,019 |
|
|
119,618 |
|
|
18,257 |
|
Interest
expenses |
(110,496 |
) |
|
(93,841 |
) |
|
(423,756 |
) |
|
(64,678 |
) |
Share of
(losses)/profits of equity investees |
(14,015 |
) |
|
(33,969 |
) |
|
103,288 |
|
|
15,765 |
|
Other
(loss)/income, net |
(13,204 |
) |
|
(404,782 |
) |
|
49,683 |
|
|
7,583 |
|
|
|
|
|
|
Loss
before income tax expense |
(1,690,334 |
) |
|
(1,386,959 |
) |
|
(447,091 |
) |
|
(68,241 |
) |
|
|
|
|
|
Income tax
expense |
(1,474 |
) |
|
(1,664 |
) |
|
(3,957 |
) |
|
(604 |
) |
|
|
|
|
|
Net
loss |
(1,691,808 |
) |
|
(1,388,623 |
) |
|
(451,048 |
) |
|
(68,845 |
) |
|
|
|
|
|
Accretion on
redeemable non-controlling interests to redemption value |
(31,561 |
) |
|
(105,806 |
) |
|
(4,423,996 |
) |
|
(675,234 |
) |
Net loss
attributable to non-controlling interests |
532 |
|
|
2,259 |
|
|
84 |
|
|
13 |
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders of NIO Inc. |
(1,722,837 |
) |
|
(1,492,170 |
) |
|
(4,874,960 |
) |
|
(744,066 |
) |
|
|
|
|
|
Net
loss |
(1,691,808 |
) |
|
(1,388,623 |
) |
|
(451,048 |
) |
|
(68,845 |
) |
Other
comprehensive (loss)/income |
|
|
|
|
Foreign currency translation
adjustment, net of nil tax |
|
(109,542 |
) |
|
32,676 |
|
|
(74,529 |
) |
|
(11,375 |
) |
|
|
|
|
|
Total other
comprehensive (loss)/income |
|
(109,542 |
) |
|
32,676 |
|
|
(74,529 |
) |
|
(11,375 |
) |
|
|
|
|
|
Total comprehensive
loss |
|
(1,801,350 |
) |
|
(1,355,947 |
) |
|
(525,577 |
) |
|
(80,220 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(31,561 |
) |
|
(105,806 |
) |
|
(4,423,996 |
) |
|
(675,234 |
) |
Net loss
attributable to non-controlling interests |
532 |
|
|
2,259 |
|
|
84 |
|
|
13 |
|
|
|
|
|
|
Comprehensive loss attributable to ordinary shareholders of
NIO Inc. |
(1,832,379 |
) |
|
(1,459,494 |
) |
|
(4,949,489 |
) |
|
(755,441 |
) |
|
|
|
|
|
Weighted average number of ordinary shares used in
computing net loss per share |
|
|
|
|
|
Basic and diluted |
1,037,488,350 |
|
|
1,421,322,474 |
|
1,551,918,888 |
|
|
1,551,918,888 |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
Basic
and diluted |
(1.66 |
) |
|
(1.05 |
) |
(3.14 |
) |
|
(0.48 |
) |
Weighted average number of ADS used in computing net loss
per share |
|
|
|
|
Basic
and diluted |
1,037,488,350 |
|
|
1,421,322,474 |
|
1,551,918,888 |
|
|
1,551,918,888 |
|
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
|
Basic
and diluted |
(1.66 |
) |
|
(1.05 |
) |
(3.14 |
) |
|
(0.48 |
) |
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 March 31, 2021 |
|
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 |
(6,427,527 |
) |
|
-80.5 |
% |
|
3,651 |
|
0.0 |
% |
|
(6,423,876 |
) |
|
-80.5 |
% |
Research
and development expenses |
(686,548 |
) |
|
-8.6 |
% |
|
36,515 |
|
0.5 |
% |
|
(650,033 |
) |
|
-8.1 |
% |
Selling,
general and administrative expenses |
(1,197,248 |
) |
|
-15.0 |
% |
|
56,314 |
|
0.7 |
% |
|
(1,140,934 |
) |
|
-14.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(8,311,323 |
) |
|
-104.1 |
% |
|
96,480 |
|
1.2 |
% |
|
(8,214,843 |
) |
|
-102.9 |
% |
|
|
|
|
|
|
|
|
Loss
from operations |
(295,924 |
) |
|
-3.7 |
% |
|
96,480 |
|
1.2 |
% |
|
(199,444 |
) |
|
-2.5 |
% |
|
|
|
|
|
|
|
|
Net
loss |
(451,048 |
) |
|
-5.7 |
% |
|
96,480 |
|
1.2 |
% |
|
(354,568 |
) |
|
-4.5 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(4,423,996 |
) |
|
-55.4 |
% |
|
4,423,996 |
|
55.4 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders of NIO Inc. |
(4,874,960 |
) |
|
-61.1 |
% |
|
4,520,476 |
|
56.6 |
% |
|
(354,484 |
) |
|
-4.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share attributable to ordinary shareholders, basic and diluted
(RMB) |
(3.14 |
) |
|
|
|
|
2.91 |
|
|
|
|
(0.23 |
) |
|
|
|
Net loss
per ADS attributable to ordinary shareholders, basic and diluted
(RMB) |
(3.14 |
) |
|
|
|
|
2.91 |
|
|
|
|
(0.23 |
) |
|
|
|
Net loss
per ADS attributable to ordinary shareholders, basic and diluted
(USD) |
(0.48 |
) |
|
|
|
|
0.44 |
|
|
|
|
(0.04 |
) |
|
|
|
|
Three Months Ended December 31, 2020 |
|
GAAPResult |
% of Total |
|
Non-GAAPAdjustment |
% ofTotal |
Non-GAAPResult |
% of Total |
|
|
Revenues |
|
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
|
Share-based compensation included in cost of sales and operating
expenses is as follows: |
|
|
|
|
|
|
|
Cost of sales |
(5,499,146 |
) |
|
-82.8 |
% |
|
1,989 |
|
0.0 |
% |
|
(5,497,157 |
) |
|
-82.8 |
% |
Research
and development expenses |
(829,443 |
) |
|
-12.5 |
% |
|
18,429 |
|
0.3 |
% |
|
(811,014 |
) |
|
-12.2 |
% |
Selling,
general and administrative expenses |
(1,206,806 |
) |
|
-18.2 |
% |
|
39,781 |
|
0.6 |
% |
|
(1,167,025 |
) |
|
-17.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(7,535,395 |
) |
|
-113.5 |
% |
|
60,199 |
|
0.9 |
% |
|
(7,475,196 |
) |
|
-112.6 |
% |
|
|
|
|
|
|
|
|
Loss
from operations |
(931,386 |
) |
|
-14.0 |
% |
|
60,199 |
|
0.9 |
% |
|
(871,187 |
) |
|
-13.1 |
% |
|
|
|
|
|
|
|
|
Net
loss |
(1,388,623 |
) |
|
-20.9 |
% |
|
60,199 |
|
0.9 |
% |
|
(1,328,424 |
) |
|
-20.0 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(105,806 |
) |
|
-1.6 |
% |
|
105,806 |
|
1.6 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders of NIO Inc. |
(1,492,170 |
) |
|
-22.5 |
% |
|
166,005 |
|
2.5 |
% |
|
(1,326,165 |
) |
|
-20.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share attributable to ordinary shareholders, basic and diluted
(RMB) |
(1.05 |
) |
|
|
|
|
0.12 |
|
|
|
|
(0.93 |
) |
|
|
|
Net loss
per ADS attributable to ordinary shareholders, basic and diluted
(RMB) |
(1.05 |
) |
|
|
|
|
0.12 |
|
|
|
|
(0.93 |
) |
|
|
|
|
Three Months Ended March 31, 2020 |
|
GAAPResult |
|
% ofTotalRevenues |
|
Non-GAAPAdjustment |
|
% ofTotalRevenues |
|
Non-GAAPResult |
|
% ofTotalRevenues |
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
Cost of sales |
(1,539,431 |
) |
|
-112.2 |
% |
|
908 |
|
0.1 |
% |
|
(1,538,523 |
) |
|
-112.1 |
% |
Research and
development expenses |
(522,359 |
) |
|
-38.1 |
% |
|
7,939 |
|
0.6 |
% |
|
(514,420 |
) |
|
-37.5 |
% |
Selling,
general and administrative expenses |
(848,346 |
) |
|
-61.8 |
% |
|
23,520 |
|
1.7 |
% |
|
(824,826 |
) |
|
-60.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(2,910,136 |
) |
|
-212.1 |
% |
|
32,367 |
|
2.4 |
% |
|
(2,877,769 |
) |
|
-209.7 |
% |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,570,268 |
) |
|
-114.5 |
% |
|
32,367 |
|
2.4 |
% |
|
(1,537,901 |
) |
|
-112.1 |
% |
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,691,808 |
) |
|
-123.4 |
% |
|
32,367 |
|
2.4 |
% |
|
(1,659,441 |
) |
|
-121.0 |
% |
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(31,561 |
) |
|
-2.3 |
% |
|
31,561 |
|
2.3 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders of NIO Inc. |
(1,722,837 |
) |
|
-125.6 |
% |
|
63,928 |
|
4.7 |
% |
|
(1,658,909 |
) |
|
-120.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to ordinary shareholders, basic
and diluted (RMB) |
(1.66 |
) |
|
|
0.06 |
|
|
|
|
(1.60 |
) |
|
|
Net loss per ADS attributable to ordinary shareholders, basic
and diluted (RMB) |
(1.66 |
) |
|
|
0.06 |
|
|
|
|
(1.60 |
) |
|
|
i All translations from RMB to USD for the first quarter of 2021
were made at the rate of RMB6.5518 to US$1.00, the noon buying rate
in effect on March 31, 2021 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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