NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer and a
leading company in the premium smart electric vehicle market, today
announced its unaudited financial results for the third quarter
ended September 30, 2021.
Operating Highlights for the Third
Quarter 2021
- Deliveries of
vehicles were 24,439 in the third quarter of 2021,
including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s, representing an
increase of 100.2% from the third quarter of 2020 and an increase
of 11.6% from the second quarter of 2021.
Key Operating Results |
|
|
2021 Q3 |
2021 Q2 |
2021 Q1 |
2020 Q4 |
Deliveries |
24,439 |
21,896 |
20,060 |
17,353 |
|
|
|
|
|
|
2020 Q3 |
2020 Q2 |
2020 Q1 |
2019 Q4 |
Deliveries |
12,206 |
10,331 |
3,838 |
8,224 |
Financial Highlights for the Third
Quarter 2021
- Vehicle sales were
RMB8,636.8 million (US$1,340.4 million) in the third quarter of
2021, representing an increase of 102.4% from the third quarter of
2020 and an increase of 9.2% from the second quarter of 2021.
- Vehicle marginii
was 18.0%, compared with 14.5% in the third quarter of 2020 and
20.3% in the second quarter of 2021.
- Total revenues
were RMB9,805.3 million (US$1,521.8 million) in the third quarter
of 2021, representing an increase of 116.6% from the third quarter
of 2020 and an increase of 16.1% from the second quarter of
2021.
- Gross profit was
RMB1,993.2 million (US$309.3 million) in the third quarter of 2021,
representing an increase of 240.3% from the third quarter of 2020
and an increase of 26.6% from the second quarter of 2021.
- Gross margin was
20.3%, compared with 12.9% in the third quarter of 2020 and 18.6%
in the second quarter of 2021.
- Loss from
operations was RMB991.9 million (US$153.9 million) in the
third quarter of 2021, representing an increase of 4.9% from the
third quarter of 2020 and an increase of 29.9% from the second
quarter of 2021. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB726.3 million
(US$112.7 million) in the third quarter of 2021, representing a
decrease of 19.0% from the third quarter of 2020 and an increase of
41.9% from the second quarter of 2021.
- Net loss was
RMB835.3 million (US$129.6 million) in the third quarter of 2021,
representing a decrease of 20.2% from the third quarter of 2020 and
an increase of 42.3% from the second quarter of 2021. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB 569.7 million (US$88.4 million) in the third quarter of 2021,
representing a decrease of 42.9% from the third quarter of 2020 and
an increase of 69.7% from the second quarter of 2021.
- Net loss attributable to
NIO’s ordinary shareholders was RMB2,858.9 million
(US$443.7 million) in the third quarter of 2021, representing an
increase of 140.7% from the third quarter of 2020 and an increase
of 333.6% from the second quarter of 2021. In the third quarter of
2021, NIO repurchased 1.418% equity interest in NIO China from a
minority strategic investor for a total consideration of RMB2.5
billion and recorded an amount of RMB2,023.5 million (US$314.0
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 RMB569.7 million (US$88.4
million).
- Basic and diluted net loss
per American Depositary Share (ADS)iii
were both RMB1.82 (US$0.28) in the third 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 RMB0.36
(US$0.06).
- Cash and cash equivalents,
restricted cash and short-term investment were RMB47.0
billion (US$7.3 billion) as of September 30, 2021.
Key Financial
Results(in RMB million, except for per ordinary
share data and percentage) |
|
|
|
|
|
|
|
|
|
|
2021 Q3 |
|
2021 Q2 |
|
2020 Q3 |
|
% Changeiv |
|
|
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
|
8,636.8 |
|
|
7,911.8 |
|
|
4,266.8 |
|
|
9.2% |
|
102.4% |
|
Vehicle Margin |
|
18.0% |
|
|
20.3% |
|
|
14.5% |
|
|
-230bp |
|
350bp |
|
Total Revenues |
|
9,805.3 |
|
|
8,448.0 |
|
|
4,526.0 |
|
|
16.1% |
|
116.6% |
|
Gross Profit |
|
1,993.2 |
|
|
1,573.9 |
|
|
585.8 |
|
|
26.6% |
|
240.3% |
|
Gross Margin |
|
20.3% |
|
|
18.6% |
|
|
12.9% |
|
|
170bp |
|
740bp |
|
Loss from Operations |
|
(991.9 |
) |
|
(763.3 |
) |
|
(946.0 |
) |
|
29.9% |
|
4.9% |
|
Adjusted Loss from
Operations (non-GAAP) |
(726.3 |
) |
|
(511.9 |
) |
|
(896.7 |
) |
|
41.9% |
|
-19.0% |
|
Net Loss |
|
(835.3 |
) |
|
(587.2 |
) |
|
(1,047.0 |
) |
|
42.3% |
|
-20.2% |
|
Adjusted Net Loss (non-GAAP) |
(569.7 |
) |
|
(335.8 |
) |
|
(997.8 |
) |
|
69.7% |
|
-42.9% |
|
Net Loss
Attributable to Ordinary Shareholders |
(2,858.9 |
) |
|
(659.3 |
) |
|
(1,187.9 |
) |
|
333.6% |
|
140.7% |
|
Net Loss per Ordinary Share-Basic and Diluted |
(1.82 |
) |
|
(0.42 |
) |
|
(0.98 |
) |
|
333.3% |
|
85.7% |
|
Adjusted Net Loss
per Ordinary Share-Basic and Diluted (non-GAAP) |
(0.36 |
) |
|
(0.21 |
) |
|
(0.82 |
) |
|
71.4% |
|
-56.1% |
|
Recent Developments
Deliveries in October 2021
- NIO delivered
3,667 vehicles in October 2021, representing a decrease of 27.5%
year-over-year due to restructuring and upgrades of the
manufacturing lines, preparation for new products introduction and
certain supply chain volatilities. As of October 31, 2021,
cumulative deliveries of the ES8, ES6 and EC6 reached 145,703
vehicles.
Completion of Increase of Controlling
Equity Interests in NIO China
- In September
2021, NIO completed the increase of its controlling equity
interests in NIO China through the purchase of certain investor’s
equity interests and the subscription for newly increased
registered capital. The Company currently holds an aggregate of
92.114% controlling equity interests in NIO China.
At-The-Market Offering
- As of the date of this press
release, NIO has sold 33,175,896 ADSs under the on-going
at-the-market offering program as previously announced on September
7, 2021, and has raised gross proceeds of approximately US$1,200.6
million, including the commissions paid to the distribution agents
of approximately US$15.6 million and certain offering
expenses.
CEO and CFO Comments
“We achieved another all-time high quarterly
delivery of 24,439 for the third quarter of 2021, representing a
solid growth of 100.2% year-over-year. Our demand continues to be
strong and our new orders reached a new record high in October,”
said William Bin Li, founder, chairman and chief executive officer
of NIO. “Despite the continued supply chain volatilities, our teams
and partners are working closely together to secure the supply and
production for the fourth quarter of 2021. Meanwhile, we are fully
dedicated to accelerating our products and technologies development
and bringing the three new products based on NIO Technology
Platform 2.0 to users in 2022 to lead the smart EV transformation
and adoption,” concluded Mr. Li.
“We achieved new heights with our third quarter
delivery while upholding a healthy financial performance with a
18.0% vehicle margin and a 20.3% gross margin, including the sales
of regulatory credits,” added Steven Wei Feng, NIO's chief
financial officer. “As we broaden our user base and enter global
new markets, we are determined to further expand our sales and
service network and expedite the swapping and charging
infrastructure deployment to better reach and serve more users
worldwide.”
Financial Results for the Third Quarter
2021
Revenues
- Total revenues in
the third quarter of 2021 were RMB9,805.3 million (US$1,521.8
million), representing an increase of 116.6% from the third quarter
of 2020 and an increase of 16.1% from the second quarter of
2021.
- Vehicle sales in
the third quarter of 2021 were RMB8,636.8 million (US$1,340.4
million), representing an increase of 102.4% from the third quarter
of 2020 and an increase of 9.2% from the second quarter of 2021.
The increase in vehicle sales over the third quarter of 2020 and
the second quarter of 2021 was mainly attributed to the increase of
vehicle delivery volume in the third quarter of 2021.
- Other sales in the
third quarter of 2021 were RMB1,168.5 million (US$181.4 million),
representing an increase of 350.8% from the third quarter of 2020
and an increase of 117.9% from the second quarter of 2021. The
increase in other sales over the third quarter of 2020 and the
second quarter of 2021 was mainly due to the sales of automotive
regulatory credits and battery upgrade service, as well as other
revenues which increased in line with the incremental vehicle sales
in the third quarter of 2021.
Cost of Sales and Gross
Margin
- Cost of sales in
the third quarter of 2021 was RMB7,812.1 million (US$1,212.4
million), representing an increase of 98.3% from the third quarter
of 2020 and an increase of 13.6% from the second quarter of 2021.
The increase in cost of sales over the third quarter of 2020 and
the second quarter of 2021 was in line with revenue growth, which
was mainly driven by the increase of vehicle delivery volume in the
third quarter of 2021.
- Gross Profit in
the third quarter of 2021 was RMB1,993.2 million (US$309.3
million), representing an increase of 240.3% from the third quarter
of 2020 and an increase of 26.6% from the second quarter of
2021.
- Gross margin in
the third quarter of 2021 was 20.3%, compared with 12.9% in the
third quarter of 2020 and 18.6% in the second quarter of 2021. The
increase of gross margin compared to the third quarter of 2020 was
mainly driven by the increase of vehicle margin and the sales of
automotive regulatory credits in the third quarter of 2021. The
increase of gross margin compared to the second quarter of 2021 was
mainly due to the sales of automotive regulatory credits.
- Vehicle margin in
the third quarter of 2021 was 18.0%, compared with 14.5% in the
third quarter of 2020 and 20.3% in the second quarter of 2021. The
increase of vehicle margin compared to the third quarter of 2020
was mainly driven by the higher average selling price, as well as
lower material cost. The decrease of vehicle margin compared
to the second quarter of 2021 was mainly driven by the increased
financing at subsidized rates for vehicle purchases which resulted
in a deduction of vehicle revenue and an increase in tooling
depreciation cost.
Operating Expenses
- Research and development
expenses in the third quarter of 2021 were RMB1,193.1
million (US$185.2 million), representing an increase of 101.9% from
the third quarter of 2020 and an increase of 35.0% from the second
quarter of 2021. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB1,095.0
million (US$169.9 million), representing an increase of 89.5% from
the third quarter of 2020 and an increase of 36.7% from the second
quarter of 2021. The increase of research and development expenses
over the third quarter of 2020 and the second 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.
- Selling, general and
administrative expenses in the third quarter of 2021 were
RMB1,824.9 million (US$283.2 million), representing an increase of
94.1% from the third quarter of 2020 and an increase of 21.8% from
the second quarter of 2021. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB1,667.5 million (US$258.8 million), representing an
increase of 84.2% from the third quarter of 2020 and an increase of
24.7% from the second quarter of 2021. The increase in selling,
general and administrative expenses over the third quarter of 2020
and the second quarter of 2021 was primarily due to the increase of
personnel costs in sales and service functions and costs related to
sales and service network expansion.
Loss from Operations
- Loss from
operations in the third quarter of 2021 was RMB991.9
million (US$153.9 million), representing an increase of 4.9% from
the third quarter of 2020 and an increase of 29.9% from the second
quarter of 2021. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB726.3 million
(US$112.7 million) in the third quarter of 2021, representing a
decrease of 19.0% from the third quarter of 2020 and an increase of
41.9% from the second quarter of 2021.
Share-based Compensation
Expenses
- Share-based compensation expenses
in the third quarter of 2021 were RMB265.6 million (US$41.2
million), representing an increase of 439.8% from the third quarter
of 2020 and an increase of 5.6% from the second quarter of 2021.
The increase in share-based compensation expenses over the third
quarter of 2020 was primarily attributed to additional options and
restricted shares granted. Share-based compensation expenses
remained relatively stable compared to the second quarter of
2021.
Net Loss and Earnings Per
Share
- Net loss was
RMB835.3 million (US$129.6 million) in the third quarter of 2021,
representing a decrease of 20.2% from the third quarter of 2020 and
an increase of 42.3% from the second quarter of 2021. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB569.7 million (US$88.4 million) in the third quarter of 2021,
representing a decrease of 42.9% from the third quarter of 2020 and
an increase of 69.7% from the second quarter of 2021.
- Net loss attributable to
NIO’s ordinary shareholders in the third quarter of 2021
was RMB 2,858.9 million (US$443.7 million), representing an
increase of 140.7% from the third quarter of 2020 and an increase
of 333.6% from the second quarter of 2021. In the third quarter of
2021, NIO repurchased 1.418% equity interest in NIO China from a
minority strategic investor for a total consideration of RMB2.5
billion and recorded an amount of RMB2,023.5 million (US$314.0
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 RMB569.7 million (US$88.4 million) in
the third quarter of 2021.
- Basic and diluted net loss
per ADS in the third quarter of 2021 were both RMB1.82
(US$0.28). 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 RMB0.36 (US$0.06).
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash and short-term investment was
RMB47.0 billion (US$7.3 billion) as of September 30, 2021.
Business Outlook
For the fourth quarter of 2021, the Company
expects:
- Deliveries of the
vehicles to be between 23,500 and 25,500 vehicles,
representing an increase of approximately 35.4% to 46.9% from the
same quarter of 2020, and a decrease of approximately 3.8% to an
increase of approximately 4.3% from the third quarter of 2021.
- Total revenues to
be between RMB9,376.0 million (US$1,455.1 million) and RM10,105.6
million (US$1,568.4 million), representing an increase of
approximately 41.2% to 52.2% from the same quarter of 2020, and a
decrease of approximately 4.4% to an increase of approximately
3.1% from the third 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 November 9, 2021
(9:00 AM Beijing/Hong Kong Time on November 10, 2021).
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/1595019
A replay of the conference call will be
accessible by phone approximately two hours after the conclusion of
the live call at the following numbers, until November 18, 2021
07:59 AM ET:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong, China: |
+852-3051-2780 |
Mainland, China |
+86-400-602-2065 |
Conference ID: |
1595019 |
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.
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 RMB6.4434 to US$1.00, the noon buying rate in effect on
September 30, 2021 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary Unaudited
Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Contacts:
NIO Inc.Investor RelationsTel:
+86-21-6908-2018Email: ir@nio.com
Source: NIONIO INC.
Unaudited Consolidated Balance
Sheets
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
|
|
|
|
|
(in thousands, except for share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
September 30, 2021 |
|
September 30, 2021 (US$) |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
38,425,541 |
|
21,594,871 |
|
3,351,471 |
Restricted cash |
78,010 |
|
3,655,717 |
|
567,358 |
Short-term investment |
3,950,747 |
|
21,706,448 |
|
3,368,788 |
Trade and notes receivable |
1,083,372 |
|
3,277,911 |
|
508,724 |
Amounts due from related
parties |
169,288 |
|
1,048,656 |
|
162,749 |
Inventory |
1,081,553 |
|
1,703,005 |
|
264,302 |
Prepayments and other current
assets |
1,418,306 |
|
1,328,823 |
|
206,230 |
|
|
|
|
|
|
Total current
assets |
46,206,817 |
|
54,315,431 |
|
8,429,622 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
41,547 |
|
44,385 |
|
6,888 |
Property, plant and equipment,
net |
4,996,228 |
|
6,032,503 |
|
936,230 |
Intangible assets, net |
613 |
|
3 |
|
— |
Land use rights, net |
203,968 |
|
200,333 |
|
31,091 |
Long-term investments |
300,121 |
|
1,307,975 |
|
202,995 |
Amounts due from related
parties |
617 |
|
— |
|
— |
Right-of-use assets - operating
lease |
1,350,294 |
|
2,348,642 |
|
364,504 |
Other non-current assets |
1,541,724 |
|
4,761,588 |
|
738,987 |
|
|
|
|
|
|
Total non-current
assets |
8,435,112 |
|
14,695,429 |
|
2,280,695 |
|
|
|
|
|
|
Total
assets |
54,641,929 |
|
69,010,860 |
|
10,710,317 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term borrowings |
1,550,000 |
|
5,310,000 |
|
824,099 |
Trade and notes payable |
6,368,253 |
|
10,798,315 |
|
1,675,872 |
Amounts due to related
parties |
344,603 |
|
810,104 |
|
125,726 |
Taxes payable |
181,658 |
|
184,766 |
|
28,675 |
Current portion of operating
lease liabilities |
547,142 |
|
646,887 |
|
100,395 |
Current portion of long-term
borrowings |
380,560 |
|
1,562,777 |
|
242,539 |
Accruals and other
liabilities |
4,604,024 |
|
7,290,806 |
|
1,131,516 |
|
|
|
|
|
|
Total current
liabilities |
13,976,240 |
|
26,603,655 |
|
4,128,822 |
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
5,938,279 |
|
9,826,612 |
|
1,525,066 |
Non-current operating lease
liabilities |
1,015,261 |
|
1,792,738 |
|
278,229 |
Other non-current
liabilities |
1,849,906 |
|
3,055,570 |
|
474,217 |
|
|
|
|
|
|
Total non-current
liabilities |
8,803,446 |
|
14,674,920 |
|
2,277,512 |
|
|
|
|
|
|
Total
liabilities |
22,779,686 |
|
41,278,575 |
|
6,406,334 |
|
|
|
|
|
|
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 |
|
September 30, 2021 |
|
September 30, 2021 (US$) |
|
|
|
|
|
MEZZANINE
EQUITY |
|
|
|
Redeemable non-controlling interests |
4,691,287 |
|
|
3,210,985 |
|
|
498,337 |
|
|
|
|
|
Total mezzanine
equity |
4,691,287 |
|
|
3,210,985 |
|
|
498,337 |
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
Ordinary shares |
2,679 |
|
|
2,808 |
|
|
436 |
|
Treasury shares |
— |
|
|
(1,849,600 |
) |
|
(287,053 |
) |
Additional paid in
capital |
78,880,014 |
|
|
80,022,293 |
|
|
12,419,265 |
|
Accumulated other
comprehensive loss |
(65,452 |
) |
|
(234,396 |
) |
|
(36,378 |
) |
Accumulated deficit |
(51,648,410 |
) |
|
(53,521,799 |
) |
|
(8,306,453 |
) |
|
|
|
|
Total NIO Inc.
shareholders’ equity |
27,168,831 |
|
|
24,419,306 |
|
|
3,789,817 |
|
|
|
|
|
Non-controlling interests |
2,125 |
|
|
101,994 |
|
|
15,829 |
|
|
|
|
|
Total shareholders’
equity |
27,170,956 |
|
|
24,521,300 |
|
|
3,805,646 |
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders’ equity |
54,641,929 |
|
|
69,010,860 |
|
|
10,710,317 |
|
|
|
|
|
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, 2020 |
|
June
30, 2021 |
|
September 30, 2021 |
|
September 30, 2021 (US$) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
4,266,788 |
|
|
7,911,813 |
|
|
8,636,765 |
|
|
1,340,405 |
|
Other sales |
|
259,172 |
|
|
536,234 |
|
|
1,168,536 |
|
|
181,354 |
|
Total revenues |
|
4,525,960 |
|
|
8,448,047 |
|
|
9,805,301 |
|
|
1,521,759 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
(3,649,069 |
) |
|
(6,308,001 |
) |
|
(7,078,180 |
) |
|
(1,098,516 |
) |
Other sales |
|
(291,079 |
) |
|
(566,125 |
) |
|
(733,959 |
) |
|
(113,909 |
) |
Total cost of sales |
|
(3,940,148 |
) |
|
(6,874,126 |
) |
|
(7,812,139 |
) |
|
(1,212,425 |
) |
Gross profit |
|
585,812 |
|
|
1,573,921 |
|
|
1,993,162 |
|
|
309,334 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
(590,783 |
) |
|
(883,666 |
) |
|
(1,193,122 |
) |
|
(185,170 |
) |
Selling, general and administrative |
|
(940,331 |
) |
|
(1,497,760 |
) |
|
(1,824,875 |
) |
|
(283,216 |
) |
Other operating (loss)/income, net |
|
(686 |
) |
|
44,182 |
|
|
32,910 |
|
|
5,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
(1,531,800 |
) |
|
(2,337,244 |
) |
|
(2,985,087 |
) |
|
(463,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(945,988 |
) |
|
(763,323 |
) |
|
(991,925 |
) |
|
(153,944 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
51,652 |
|
|
193,034 |
|
|
240,120 |
|
|
37,266 |
|
Interest expenses |
|
(108,761 |
) |
|
(60,527 |
) |
|
(77,190 |
) |
|
(11,980 |
) |
Share of losses of equity investees |
|
(13,638 |
) |
|
(3,450 |
) |
|
(35,631 |
) |
|
(5,530 |
) |
Other (loss)/income, net |
|
(29,049 |
) |
|
48,907 |
|
|
32,574 |
|
|
5,055 |
|
|
|
|
|
|
Loss before income tax expense |
(1,045,784 |
) |
|
(585,359 |
) |
|
(832,052 |
) |
|
(129,133 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
(1,213 |
) |
|
(1,811 |
) |
|
(3,250 |
) |
|
(504 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(1,046,997 |
) |
|
(587,170 |
) |
|
(835,302 |
) |
|
(129,637 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
|
(142,742 |
) |
|
(72,168 |
) |
|
(2,023,534 |
) |
|
(314,048 |
) |
Net loss/(profit) attributable to non-controlling interests |
|
1,802 |
|
|
61 |
|
|
(14 |
) |
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
|
(1,187,937 |
) |
|
(659,277 |
) |
|
(2,858,850 |
) |
|
(443,687 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(1,046,997 |
) |
|
(587,170 |
) |
|
(835,302 |
) |
|
(129,637 |
) |
Other comprehensive income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
|
207,985 |
|
|
(114,327 |
) |
|
19,912 |
|
|
3,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income/(loss) |
|
207,985 |
|
|
(114,327 |
) |
|
19,912 |
|
|
3,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
(839,012 |
) |
|
(701,497 |
) |
|
(815,390 |
) |
|
(126,547 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(142,742 |
) |
|
(72,168 |
) |
|
(2,023.534 |
) |
|
(314,048 |
) |
Net loss/(profit) attributable
to non-controlling interests |
1,802 |
|
|
61 |
|
|
(14 |
) |
|
(2 |
) |
|
|
|
|
|
Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(979,952 |
) |
|
(773,604 |
) |
|
(2,838,938 |
) |
|
(440,597 |
) |
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net loss per
share |
|
|
|
|
|
Basic and diluted |
|
1,210,613,409 |
|
|
1,563,893,630 |
|
1,567,807,244 |
|
|
1,567,807,244 |
|
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
Basic and diluted |
|
(0.98 |
) |
|
(0.42 |
) |
(1.82 |
) |
|
(0.28 |
) |
Weighted average
number of ADS used in computing net loss per share |
|
|
|
|
Basic and diluted |
|
1,210,613,409 |
|
|
1,563,893,630 |
|
1,567,807,244 |
|
|
1,567,807,244 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
Basic and diluted |
|
(0.98 |
) |
|
(0.42 |
) |
(1.82 |
) |
|
(0.28 |
) |
NIO INC.
Unaudited Reconciliation of GAAP and
Non-GAAP Results
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
|
Three Months Ended September 30, 2021 |
|
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 |
(7,812,139 |
) |
|
-79.7 |
% |
|
10,021 |
|
0.1 |
% |
|
(7,802,118 |
) |
|
-79.6 |
% |
Research and development expenses |
(1,193,122 |
) |
|
-12.2 |
% |
|
98,170 |
|
1.0 |
% |
|
(1,094,952 |
) |
|
-11.2 |
% |
Selling, general and administrative expenses |
(1,824,875 |
) |
|
-18.6 |
% |
|
157,400 |
|
1.6 |
% |
|
(1,667,475 |
) |
|
-17.0 |
% |
|
|
|
|
|
|
|
|
Total |
(10,830,136 |
) |
|
-110.5 |
% |
|
265,591 |
|
2.7 |
% |
|
(10,564,545 |
) |
|
-107.8 |
% |
|
|
|
|
|
|
|
|
Loss from operations |
(991,925 |
) |
|
-10.1 |
% |
|
265,591 |
|
2.7 |
% |
|
(726,334 |
) |
|
-7.4 |
% |
|
|
|
|
|
|
|
|
Net loss |
(835,302 |
) |
|
-8.5 |
% |
|
265,591 |
|
2.7 |
% |
|
(569,711 |
) |
|
-5.8 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(2,023,534 |
) |
|
-20.6 |
% |
|
2,023,534 |
|
20.6 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders of NIO Inc. |
(2,858,850 |
) |
|
-29.2 |
% |
|
2,289,125 |
|
23.4 |
% |
|
(569,725 |
) |
|
-5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(1.82 |
) |
|
|
|
|
1.46 |
|
|
|
|
(0.36 |
) |
|
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (RMB) |
(1.82 |
) |
|
|
|
|
1.46 |
|
|
|
|
(0.36 |
) |
|
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (USD) |
(0.28 |
) |
|
|
|
|
0.22 |
|
|
|
|
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2021 |
|
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 |
(6,874,126 |
) |
|
-81.4 |
% |
|
8,393 |
|
0.1 |
% |
|
(6,865,733 |
) |
|
-81.3 |
% |
Research and development
expenses |
(883,666 |
) |
|
-10.5 |
% |
|
82,772 |
|
1.0 |
% |
|
(800,894 |
) |
|
-9.5 |
% |
Selling, general and
administrative expenses |
(1,497,760 |
) |
|
-17.7 |
% |
|
160,215 |
|
1.9 |
% |
|
(1,337,545 |
) |
|
-15.8 |
% |
|
|
|
|
|
|
|
|
Total |
(9,255,552 |
) |
|
-109.6 |
% |
|
251,380 |
|
3.0 |
% |
|
(9,004,172 |
) |
|
-106.6 |
% |
|
|
|
|
|
|
|
|
Loss from operations |
(763,323 |
) |
|
-9.0 |
% |
|
251,380 |
|
3.0 |
% |
|
(511,943 |
) |
|
-6.0 |
% |
|
|
|
|
|
|
|
|
Net loss |
(587,170 |
) |
|
-7.0 |
% |
|
251,380 |
|
3.0 |
% |
|
(335,790 |
) |
|
-4.0 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(72,168 |
) |
|
-0.9 |
% |
|
72,168 |
|
0.9 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(659,277 |
) |
|
-7.8 |
% |
|
323,548 |
|
3.8 |
% |
|
(335,729 |
) |
|
-4.0 |
% |
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(0.42 |
) |
|
0.21 |
|
(0.21 |
) |
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(0.42 |
) |
|
0.21 |
|
(0.21 |
) |
|
|
Three Months Ended September 30, 2020 |
|
GAAPResult |
|
% of Total |
|
Non-GAAPAdjustment |
|
% of Total |
|
|
Non-GAAPResult |
|
% of Total |
|
|
|
|
Revenues |
|
|
|
Revenues |
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
Cost of sales |
(3,940,148 |
) |
|
-87.1 |
% |
|
1,371 |
|
0.0 |
% |
|
(3,938,777 |
) |
|
-87.1 |
% |
Research and development
expenses |
(590,783 |
) |
|
-13.1 |
% |
|
12,996 |
|
0.3 |
% |
|
(577,787 |
) |
|
-12.8 |
% |
Selling, general and
administrative expenses |
(940,331 |
) |
|
-20.8 |
% |
|
34,872 |
|
0.8 |
% |
|
(905,459 |
) |
|
-20.0 |
% |
|
|
|
|
|
|
|
|
Total |
(5,471,262 |
) |
|
-121.0 |
% |
|
49,239 |
|
1.1 |
% |
|
(5,422,023 |
) |
|
-119.9 |
% |
|
|
|
|
|
|
|
|
Loss from operations |
(945,988 |
) |
|
-20.9 |
% |
|
49,239 |
|
1.1 |
% |
|
(896,749 |
) |
|
-19.8 |
% |
|
|
|
|
|
|
|
|
Net loss |
(1,046,997 |
) |
|
-23.1 |
% |
|
49,239 |
|
1.1 |
% |
|
(997,758 |
) |
|
-22.0 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(142,742 |
) |
|
-3.2 |
% |
|
142,742 |
|
3.2 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(1,187,937 |
) |
|
-26.2 |
% |
|
191,981 |
|
4.2 |
% |
|
(995,956 |
) |
|
-22.0 |
% |
|
|
|
|
|
|
|
|
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(0.98 |
) |
|
0.16 |
|
(0.82 |
) |
|
Net loss per ADS attributable to
ordinary shareholders, basic and diluted (RMB) |
(0.98 |
) |
|
0.16 |
|
(0.82 |
) |
|
__________________________
i All translations from RMB to USD for the third
quarter of 2021 were made at the rate of RMB6.4434 to US$1.00, the
noon buying rate in effect on September 30, 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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