NIO Inc. (“NIO” or the “Company”) (NYSE: NIO; HKEX: 9866), a
pioneer and a leading company in the premium smart electric vehicle
market, today announced its unaudited financial results for the
fourth quarter and full year ended December 31, 2021.
Operating Highlights for the Fourth
Quarter and Full Year of 2021
- Deliveries of
vehicles were 25,034 in the fourth quarter of 2021,
including 5,683 ES8s, 12,180 ES6s and 7,171 EC6s, representing an
increase of 44.3% from the fourth quarter of 2020 and an increase
of 2.4% from the third quarter of 2021.
- Deliveries of
vehicles were 91,429 in 2021, representing an increase of
109.1% from 2020.
Key Operating Results |
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2021 Q4 |
2021 Q3 |
2021 Q2 |
2021 Q1 |
Deliveries |
25,034 |
24,439 |
21,896 |
20,060 |
|
|
|
|
|
|
2020 Q4 |
2020 Q3 |
2020 Q2 |
2020 Q1 |
Deliveries |
17,353 |
12,206 |
10,331 |
3,838 |
Financial Highlights for the Fourth
Quarter of 2021
- Vehicle sales were
RMB9,215.4 million (US$1,446.1 million) in the fourth quarter of
2021, representing an increase of 49.3% from the fourth quarter of
2020 and an increase of 6.7% from the third quarter of 2021.
- Vehicle marginii
was 20.9% in the fourth quarter of 2021, compared with 17.2% in the
fourth quarter of 2020 and 18.0% in the third quarter of 2021.
- Total revenues
were RMB9,900.7 million (US$1,553.6 million) in the fourth quarter
of 2021, representing an increase of 49.1% from the fourth quarter
of 2020 and an increase of 1.0% from the third quarter of
2021.
- Gross profit was
RMB1,699.5 million (US$266.7 million) in the fourth quarter of
2021, representing an increase of 48.8% from the fourth quarter of
2020 and a decrease of 14.7% from the third quarter of 2021.
- Gross margin was
17.2% in the fourth quarter of 2021, compared with 17.2% in the
fourth quarter of 2020 and 20.3% in the third quarter of 2021. The
decrease of gross margin from the third quarter of 2021 was mainly
resulted from the sales of automotive regulatory credits in the
third quarter of 2021 which contributed a higher gross margin.
- Loss from
operations was RMB2,445.1 million (US$383.7 million) in
the fourth quarter of 2021, representing an increase of 162.5% from
the fourth quarter of 2020 and an increase of 146.5% from the third
quarter of 2021. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB2,048.4 million
(US$321.4 million) in the fourth quarter of 2021, representing an
increase of 135.1% from the fourth quarter of 2020 and an increase
of 182.0% from the third quarter of 2021.
- Net loss was
RMB2,143.4 million (US$336.4 million) in the fourth quarter of
2021, representing an increase of 54.4% from the fourth quarter of
2020 and an increase of 156.6% from the third quarter of 2021.
Excluding share-based compensation expenses, adjusted net loss
(non-GAAP) was RMB1,746.7 million (US$274.1 million) in the fourth
quarter of 2021, representing an increase of 31.5% from the fourth
quarter of 2020 and an increase of 206.6% from the third quarter of
2021.
- Net loss attributable to
NIO’s ordinary shareholders was RMB2,179.2 million
(US$342.0 million) in the fourth quarter of 2021, representing an
increase of 46.0% from the fourth quarter of 2020 and a decrease of
23.8% from the third quarter of 2021. Excluding share-based
compensation expenses and accretion on redeemable non-controlling
interests to redemption value, adjusted net loss attributable to
NIO’s ordinary shareholders (non-GAAP) was RMB1,715.7 million
(US$269.2 million).
- Basic and diluted net loss
per American Depositary Share (ADS)iii
were both RMB1.36 (US$0.21) in the fourth quarter of 2021.
Excluding share-based compensation expenses and accretion on
redeemable non-controlling interests to redemption value, adjusted
basic and diluted net loss per ADS (non-GAAP) were both RMB1.07
(US$0.16).
- Cash and cash equivalents,
restricted cash and short-term investment were RMB55.4
billion (US$8.7 billion) as of December 31, 2021.
Key Financial
Results |
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(in RMB million,
except for per ordinary share data and percentage) |
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2021 Q4 |
2021 Q3 |
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2020 Q4 |
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% Changeiv |
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|
QoQ |
YoY |
Vehicle Sales |
|
9,215.4 |
|
8,636.8 |
|
|
6,174.0 |
|
|
6.7% |
|
49.3% |
|
Vehicle Margin |
|
20.9% |
|
18.0% |
|
|
17.2% |
|
|
290bp |
|
370bp |
|
Total Revenues |
|
9,900.7 |
|
9,805.3 |
|
|
6,641.1 |
|
|
1.0% |
|
49.1% |
|
Gross Profit |
|
1,699.5 |
|
1,993.2 |
|
|
1,141.9 |
|
|
-14.7% |
|
48.8% |
|
Gross Margin |
|
17.2% |
|
20.3% |
|
|
17.2% |
|
|
-310bp |
|
- |
|
Loss from Operations |
|
(2,445.1 |
) |
(991.9 |
) |
|
(931.4 |
) |
|
146.5% |
|
162.5% |
|
Adjusted Loss from
Operations (non-GAAP) |
(2,048.4 |
) |
(726.3 |
) |
|
(871.2 |
) |
|
182.0% |
|
135.1% |
|
Net Loss |
|
(2,143.4 |
) |
(835.3 |
) |
|
(1,388.6 |
) |
|
156.6% |
|
54.4% |
|
Adjusted Net Loss (non-GAAP) |
(1,746.7 |
) |
(569.7 |
) |
|
(1,328.4 |
) |
|
206.6% |
|
31.5% |
|
Net Loss
Attributable to Ordinary Shareholders |
(2,179.2 |
) |
(2,858.9 |
) |
|
(1,492.2 |
) |
|
-23.8% |
|
46.0% |
|
Net Loss per
Ordinary Share-Basic and Diluted |
(1.36 |
) |
(1.82 |
) |
|
(1.05 |
) |
|
-25.3% |
|
29.5% |
|
Adjusted Net Loss
per Ordinary Share-Basic and Diluted (non-GAAP) |
(1.07 |
) |
(0.36 |
) |
|
(0.93 |
) |
|
197.2% |
|
15.1% |
|
Financial Highlights for the Full Year
of 2021
- Vehicle sales were
RMB33,169.7 million (US$5,205.1 million) for the full year of 2021,
representing an increase of 118.5% from the previous year.
- Vehicle margin was
20.1% for the full year of 2021, compared with 12.7% for the
previous year.
- Total revenues
were RMB36,136.4 million (US$5,670.6 million) for the full year of
2021, representing an increase of 122.3% from the previous
year.
- Gross profit was
RMB6,821.4 million (US$1,070.4 million) for the full year of 2021,
representing an increase of 264.1% from the previous year.
- Gross margin was
18.9% for the full year of 2021, compared with 11.5% for the
previous year.
- Loss from
operations was RMB4,496.3 million (US$705.6 million) for
the full year of 2021, representing a decrease of 2.4% from the
previous year. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB3,486.2 million
(US$547.1 million) in 2021, representing a decrease of 21.1% from
the previous year.
- Net loss was
RMB4,016.9 million (US$630.3 million) for the full year of 2021,
representing a decrease of 24.3% from the previous year. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB3,006.8 million (US$471.8 million) for the full year of 2021,
representing a decrease of 41.2% from the previous year.
- Net loss attributable to
NIO’s ordinary shareholders was RMB10,572.3 million
(US$1,659.0 million) for the full year of 2021, representing an
increase of 88.4% from the previous year. 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 RMB2,975.6 million
(US$466.9 million).
- Basic and diluted net loss
per ADS were both RMB6.72 (US$1.05) for the full year 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 RMB1.89
(US$0.29).
Key Financial Results |
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(in RMB million, except for per ordinary share data and
percentage) |
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2021 |
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2020 |
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% Change |
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Vehicle Sales |
|
|
33,169.7 |
|
|
15,182.5 |
|
|
118.5% |
|
Vehicle Margin |
|
|
20.1% |
|
|
12.7% |
|
|
740bp |
|
Total Revenues |
|
|
36,136.4 |
|
|
16,257.9 |
|
|
122.3% |
|
Gross Profit |
|
|
6,821.4 |
|
|
1,873.4 |
|
|
264.1% |
|
Gross Margin |
|
|
18.9% |
|
|
11.5% |
|
|
740bp |
|
Loss from Operations |
|
|
(4,496.3 |
) |
|
(4,607.6 |
) |
|
-2.4% |
|
Adjusted Loss from Operations (non-GAAP) |
|
(3,486.2 |
) |
|
(4,420.6 |
) |
|
-21.1% |
|
Net Loss |
|
|
(4,016.9 |
) |
|
(5,304.1 |
) |
|
-24.3% |
|
Adjusted Net Loss (non-GAAP) |
|
(3,006.8 |
) |
|
(5,117.0 |
) |
|
-41.2% |
|
Net Loss Attributable to Ordinary Shareholders |
|
(10,572.3 |
) |
|
(5,610.8 |
) |
|
88.4% |
|
Net Loss per Ordinary Share-Basic and Diluted |
|
(6.72 |
) |
|
(4.74 |
) |
|
41.8% |
|
Adjusted Net Loss
per Ordinary Share-Basic and Diluted (non-GAAP) |
|
(1.89 |
) |
|
(4.32 |
) |
|
-56.3% |
|
Recent
DevelopmentsDeliveries in January and February
2022
- Deliveries of the ES8, ES6 and EC6
were 9,652 vehicles in January 2022 and 6,131 vehicles in February
2022, representing an increase of 33.6% and 9.9% year-over-year,
respectively. As of February 28, 2022, cumulative deliveries of the
ES8, ES6 and EC6 reached 182,853 vehicles.
Completion of At-The-Market
Offering
- On September 7, 2021, NIO entered
into an Equity Distribution Agreement with certain distribution
agents to sell up to an aggregate of US$2,000,000,000 of our ADSs
through an at-the-market equity offering program. Such sales were
completed on November 19, 2021 and settled on November 23, 2021,
with the sale of 53,292,401 ADSs resulting in gross proceeds of
US$2 billion, before deducting commissions paid to the sales agents
of approximately US$26 million and certain offering expenses.
Launch of ET5
- On December 18, 2021, NIO held NIO
Day 2021 in Suzhou and launched the ET5, a mid-size premium smart
electric sedan, with delivery expected to start in September 2022.
With a 0.24 drag coefficient and a high-efficiency electric
powertrain, featuring a front 150 kW induction motor and a rear 210
kW permanent magnet motor with a Silicon Carbide (SiC) power
module, the ET5 accelerates from 0 to 100 km/h in 4.3 seconds, and
brakes from 100km/h to a complete stop in 33.9 meters. It is
engineered for five-star Chinese and European New Car Assessment
Program safety standards. The pre-subsidy price of the ET5 starts
from RMB328,000.
Hong Kong Stock Exchange
Listing
- On March 10, 2022, NIO successfully
listed, by way of introduction, its Class A ordinary shares on the
Main Board of The Stock Exchange of Hong Kong Limited under the
stock code of 9866 in board lots of 10 shares. In connection with
the listing, all of the 128,293,932 Class B ordinary shares of the
Company, held by entities affiliated with Tencent Holdings Limited,
were converted to Class A ordinary shares.
Appointment of New Audit Committee
Member
- On March 16, 2022, our board of
directors appointed Ms. Yu Long, our independent director, as a new
member of the audit committee, effective March 25, 2022. Starting
from March 25, 2022, the audit committee of our board of directors
will consist of three members: Mr. Denny Ting Bun Lee, Mr. Hai Wu,
and Ms. Yu Long.
CEO and CFO Comments“We
concluded the year of 2021 on a strong note with an annual delivery
of 91,429 vehicles in total, representing an increase of 109.1%
year-over-year, despite all the challenges including the supply
chain volatilities in particular. In light of the seasonality and
the Chinese New Year holiday, NIO delivered 9,652 vehicles in
January and 6,131 vehicles in February, representing a growth of
34% and 10% year-over-year, respectively. We expect to deliver a
total of 25,000 to 26,000 vehicles in the first quarter of 2022,”
said William Bin Li, founder, chairman and chief executive officer
of NIO. “2021 had been a year of making decisive investments in
products and technologies, as well as in power and service
infrastructures. It had also been a year of elevated operations in
fast iteration, supply chain response and innovation, production
capacity expansion and systematic quality management to make
comprehensive preparations for our development in the next phase.
On top of our growing user base in China, 2021 also marked the
beginning of our global market expansion starting from the launch
and deliveries of NIO vehicles in Norway in September 2021.”
“2022 will be a year of reacceleration for NIO.
We will deliver three new products based on NIO Technology Platform
2.0 this year. In March, we kicked off the test drive of ET7 and
will start its delivery on March 28, 2022. After the launch of ET5
in December 2021, we have received great feedback from prospective
users, and expect to start its delivery in September 2022. In
addition, we plan to offer our products and services in more
countries and regions in 2022 to further expand our global user
community,” concluded Mr. Li.
“On March 10, 2022, thanks to the trust and
support of our users, investors and partners, NIO started to be
listed by way of introduction on the Main Board of The Stock
Exchange of Hong Kong Limited,” added Steven Wei Feng, NIO’s chief
financial officer. “With steadily increasing deliveries, stable
average selling price, and improving manufacturing efficiency, we
have achieved solid financial performance for the fourth quarter
and full year of 2021 with the vehicle margin reaching 20.1% in
2021. To provide better experience to our growing global user base
and accelerate our market expansion, we will continue to make
decisive investments in products, core technologies and services
for the years ahead.”
Financial Results for the Fourth Quarter
and Full Year of 2021
Revenues
- Total revenues in
the fourth quarter of 2021 were RMB9,900.7 million (US$1,553.6
million), representing an increase of 49.1% from the fourth quarter
of 2020 and an increase of 1% from the third quarter of 2021.
- Total revenues for
the full year of 2021 were RMB36,136.4 million (US$5,670.6
million), representing an increase of 122.3% from the previous
year.
- Vehicle sales in
the fourth quarter of 2021 were RMB9,215.4 million (US$1,446.1
million), representing an increase of 49.3% from the fourth quarter
of 2020 and an increase of 6.7% from the third quarter of 2021. The
increase in vehicle sales over the fourth quarter of 2020 was
mainly attributed to higher deliveries. The increase in vehicle
sales over the third quarter of 2021 was mainly attributed to
higher average selling price, decrease in subsidization in user
vehicle financing arrangements and higher deliveries.
- Vehicle sales for
the full year of 2021 were RMB33,169.7 million (US$5,205.1
million), representing an increase of 118.5% from the previous
year.
- Other sales in the
fourth quarter of 2021 were RMB685.4 million (US$107.5 million),
representing an increase of 46.8% from the fourth quarter of 2020
and a decrease of 41.3% from the third quarter of 2021. The
increase in other sales over the fourth quarter of 2020 was mainly
attributed to the increased revenues derived from the sales of
service and energy packages and accessories in line with the
incremental vehicle sales, as well as the increased revenues from
used car sales and auto financing services in the fourth quarter of
2021, which was partially offset by the sales of automotive
regulatory credits in the fourth quarter of 2020. The decrease in
other sales over the third quarter of 2021 was mainly attributed to
the sales of automotive regulatory credits in the third
quarter.
- Other sales for
the full year of 2021 were RMB2,966.7 million (US$465.5 million),
representing an increase of 175.9% from the previous year.
Cost of Sales and Gross
Margin
- Cost of sales in
the fourth quarter of 2021 was RMB8,201.2 million (US$1,286.9
million), representing an increase of 49.1% from the fourth quarter
of 2020 and an increase of 5.0% from the third quarter of 2021. The
increase in cost of sales over the fourth quarter of 2020 and the
third quarter of 2021 was mainly driven by the increase in delivery
volume in the fourth quarter of 2021 as compared with previous
periods.
- Cost of sales for
the full year of 2021 was RMB29,315.0 million (US$4,600.2 million),
representing an increase of 103.8% from the previous year.
- Gross Profit in
the fourth quarter of 2021 was RMB1,699.5 million (US$266.7
million), representing an increase of 48.8% from the fourth quarter
of 2020 and a decrease of 14.7% from the third quarter of
2021.
- Gross Profit for
the full year was RMB6,821.4 million (US$1,070.4 million),
representing an increase of 264.1% from the previous year.
- Gross margin in
the fourth quarter of 2021 was 17.2%, compared with 17.2% in the
fourth quarter of 2020 and 20.3% in the third quarter of 2021. The
decrease of gross margin from the third quarter of 2021 was mainly
resulted from the sales of automotive regulatory credits in the
third quarter of 2021 which contributed a higher gross margin.
- Gross margin for
the full year of 2021 was 18.9%, compared with 11.5% for the full
year of 2020.
- Vehicle margin in
the fourth quarter of 2021 was 20.9%, compared with 17.2% in the
fourth quarter of 2020 and 18.0% in the third quarter of 2021. The
increase of vehicle margin over the fourth quarter of 2020 was
mainly driven by the higher average selling price with higher take
rate of 100 kWh battery. The increase of vehicle margin over the
third quarter of 2021 was mainly attributed to decrease in
subsidization in user vehicle financing arrangements.
- Vehicle margin for
the full year of 2021 was 20.1%, compared with 12.7% for the full
year of 2020.
Operating Expenses
- Research and development
expenses in the fourth quarter of 2021 were RMB1,828.5
million (US$286.9 million), representing an increase of 120.5% from
the fourth quarter of 2020 and an increase of 53.3% from the third
quarter of 2021. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB1,639.0
million (US$257.2 million), representing an increase of 102.1% from
the fourth quarter of 2020 and an increase of 49.7% from the third
quarter of 2021. The increase of research and development expenses
over the fourth quarter of 2020 and the third quarter of 2021 was
mainly attributed to the increased personnel costs in research and
development functions as well as the incremental design and
development costs for new products and technologies.
- Research and development
expenses for the full year 2021 were RMB4,591.9 million
(US$ 720.6 million), representing an increase of 84.6% from the
previous year. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB4,184.9
million (US$656.7 million). The increase in research and
development expenses 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 fourth quarter of 2021 were
RMB2,358.2 million (US$370.1 million), representing an increase of
95.4% from the fourth quarter of 2020 and an increase of 29.2% from
the third quarter of 2021. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB 2,163.0 million (US$ 339.4 million), representing an
increase of 85.3% from the fourth quarter of 2020 and an increase
of 29.7% from the third quarter of 2021. The increase in selling,
general and administrative expenses over the fourth quarter of 2020
and the third quarter of 2021 was primarily due to the increase in
personnel costs in sales and service functions and costs related to
sales and service network expansion as well as the incremental
marketing and promotional expenses, including for the host of NIO
Day in December 2021.
- Selling, general and
administrative expenses for the full year of 2021 were
RMB6,878.1 million (US$1,079.3 million), representing an increase
of 74.9% from the previous year. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB6,308.9 million (US$990.0 million). The increase in
selling, general and administrative expenses was primarily due to
the increase in personnel costs in sales and service functions and
costs related to sales and service network expansion as well as
incremental marketing and promotional expenses.
Loss from Operations
- Loss from
operations in the fourth quarter of 2021 was RMB2,445.1
million (US$383.7 million), representing an increase of 162.5% from
the fourth quarter of 2020 and an increase of 146.5% from the third
quarter of 2021. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB2,048.4 million
(US$321.4 million) in the fourth quarter of 2021, representing an
increase of 135.1% from the fourth quarter of 2020 and an increase
of 182.0% from the third quarter of 2021.
- Loss from
operations for the full year of 2021 was RMB4,496.3
million (US$705.6 million), compared with loss from operations of
RMB4,607.6 million in 2020. Excluding share-based compensation
expenses, adjusted loss from operations (non-GAAP) was RMB3,486.2
million (US$547.1 million) in 2021.
Share-based Compensation
Expenses
- Share-based compensation
expenses in the fourth quarter of 2021 were RMB396.7
million (US$62.3 million), representing an increase of 559.0% from
the fourth quarter of 2020 and an increase of 49.4% from the third
quarter of 2021. The increase in share-based compensation expenses
over the fourth quarter of 2020 and the third quarter of 2021 was
primarily attributed to additional options and restricted shares
granted.
- Share-based compensation
expenses for the full year of 2021 were RMB1,010.1 million
(US$158.5 million), compared with RMB187.1 million for the previous
year.
Net Loss and Earnings Per
Share
- Net loss in the
fourth quarter of 2021 was RMB2,143.4 million (US$336.4 million),
representing an increase of 54.4% from the fourth quarter of 2020
and an increase of 156.6% from the third quarter of 2021. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB1,746.7 million (US$274.1 million) in the fourth quarter of
2021, representing an increase of 31.5% from the fourth quarter of
2020 and an increase of 206.6% from the third quarter of 2021.
- Net loss for the
full year of 2021 was RMB4,016.9 million (US$630.3 million),
compared with net loss of RMB5,304.1 million in 2020. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB3,006.8 million (US$471.8 million) in 2021.
- Net loss attributable to
NIO’s ordinary shareholders in the fourth quarter of 2021
was RMB2,179.2 million (US$342.0 million), representing an increase
of 46.0% from the fourth quarter of 2020 and a decrease of 23.8%
from the third quarter of 2021. Excluding share-based compensation
expenses, adjusted net loss attributable to NIO’s ordinary
shareholders (non-GAAP) was RMB1,715.7 million (US$269.2 million)
in the fourth quarter of 2021.
- Net loss attributable to
NIO’s ordinary shareholders for the full year of 2021 was
RMB10,572.3 million (US$1,659.0 million), compared with net loss
attributable to NIO’s ordinary shareholders of RMB5,610.8 million
in 2020. NIO repurchased equity interests in NIO China from a
minority strategic investor for a total consideration of RMB8.0
billion and recorded an amount of RMB6,586.6 million (US$1,033.6
million) in accretion on redeemable non-controlling interests to
redemption value in 2021. Excluding share-based compensation
expenses and accretion on redeemable non-controlling interests to
redemption value, adjusted net loss attributable to NIO’s ordinary
shareholders (non-GAAP) was RMB2,975.6 million (US$466.9 million)
in 2021.
- Basic and diluted net loss
per ADS in the fourth quarter of 2021 were both RMB1.36
(US$0.21). 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 RMB1.07 (US$0.16).
- Basic and diluted net loss
per ADS for the full year of 2021 were both RMB6.72
(US$1.05). 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 RMB1.89 (US$0.29) in 2021.
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash and short-term investment was
RMB 55.4 billion (US$8.7 billion) as of December 31, 2021.
Business OutlookFor the first
quarter of 2022, the Company expects:
- Deliveries of the
vehicles to be between 25,000 and 26,000 vehicles,
representing an increase of approximately 24.6% to 29.6% from the
same quarter of 2021.
- Total
revenues to be between RMB9,631 million (US$1,511
million) and RMB9,987 million (US$1,567 million), representing an
increase of approximately 20.6% to 25.1% 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 9:00 PM Eastern Time on March 24, 2022 (9:00 AM
Beijing/Hong Kong Time on March 25, 2022).
A live and archived webcast of the conference
call will be available on the Company’s investor relations website
at https://ir.nio.com/news-events/events.
For participants who wish to join the conference
using dial-in numbers, please register in advance using the link
provided below and dial in 10 minutes prior to the call. Direct
Event passcode and unique registrant ID would be provided upon
registering.
http://apac.directeventreg.com/registration/event/3078818
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 April 1, 2022 09:59
AM ET:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong, China: |
+852-3051-2780 |
Mainland, China: |
+86-400-820-9703 |
Conference ID: |
3078818 |
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. NIO
launched the ET5, a mid-size premium smart electric sedan, in
December 2021.
Safe Harbor Statement
This press release contains statements that may
constitute “forward-looking” statements pursuant to the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to”
and similar statements. NIO may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in announcements, circulars or other publications
made on the website of The Stock Exchange of Hong Kong Limited, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about NIO’s beliefs, plans and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: NIO’s
strategies; NIO’s future business development, financial condition
and results of operations; NIO’s ability to develop and manufacture
a car of sufficient quality and appeal to customers on schedule and
on a large scale; its ability to ensure and expand manufacturing
capacities including establishing and maintaining partnerships with
third parties; its ability to provide convenient and comprehensive
power solutions to its customers; the viability, growth potential
and prospects of the newly introduced BaaS and ADaaS; its ability
to improve the technologies or develop alternative technologies in
meeting evolving market demand and industry development; NIO’s
ability to satisfy the mandated safety standards relating to motor
vehicles; its ability to secure supply of raw materials or other
components used in its vehicles; its ability to secure sufficient
reservations and sales of the ES8, ES6, EC6, ET7 and ET5; its
ability to control costs associated with its operations; its
ability to build the NIO brand; general economic and business
conditions globally and in China and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks is included in NIO’s filings with the U.S.
Securities and Exchange Commission and The Stock Exchange of Hong
Kong Limited. All information provided in this press release is as
of the date of this press release, and NIO does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
Non-GAAP Disclosure
The Company uses non-GAAP measures, such as
adjusted cost of sales (non-GAAP), adjusted research and
development expenses (non-GAAP), adjusted selling, general and
administrative expenses (non-GAAP), adjusted loss from operations
(non-GAAP), adjusted net loss (non-GAAP), adjusted net loss
attributable to ordinary shareholders (non-GAAP), adjusted basic
and diluted net loss per share (non-GAAP) and adjusted basic and
diluted net loss per ADS (non-GAAP), in evaluating its operating
results and for financial and operational decision-making purposes.
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 RMB6.3726 to US$1.00, the noon buying rate in effect on
December 31, 2021 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.comMedia
Relationsglobal.press@nio.com
Source: NIO
NIO INC. |
Unaudited Consolidated Balance Sheets |
|
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2021 |
|
|
|
|
|
(US$) |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
38,425,541 |
|
15,333,719 |
|
2,406,195 |
Restricted cash |
78,010 |
|
2,994,408 |
|
469,888 |
Short-term investment |
3,950,747 |
|
37,057,554 |
|
5,815,139 |
Trade and notes
receivable |
1,083,372 |
|
2,797,805 |
|
439,037 |
Amounts due from related
parties |
169,288 |
|
1,551,334 |
|
243,438 |
Inventory |
1,081,553 |
|
2,056,352 |
|
322,687 |
Prepayments and other current
assets |
1,418,306 |
|
1,850,143 |
|
290,327 |
Total current
assets |
46,206,817 |
|
63,641,315 |
|
9,986,711 |
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
41,547 |
|
46,437 |
|
7,287 |
Property, plant and equipment,
net |
4,996,228 |
|
7,399,516 |
|
1,161,146 |
Intangible assets, net |
613 |
|
- |
|
- |
Land use rights, net |
203,968 |
|
199,121 |
|
31,246 |
Long-term investments |
300,121 |
|
3,059,383 |
|
480,084 |
Amounts due from related
parties |
617 |
|
- |
|
- |
Right-of-use assets -
operating lease |
1,350,294 |
|
2,988,374 |
|
468,941 |
Other non-current assets |
1,541,724 |
|
5,549,455 |
|
870,831 |
Total non-current
assets |
8,435,112 |
|
19,242,286 |
|
3,019,535 |
Total
assets |
54,641,929 |
|
82,883,601 |
|
13,006,246 |
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term borrowings |
1,550,000 |
|
5,230,000 |
|
820,701 |
Trade and notes payable |
6,368,253 |
|
12,638,991 |
|
1,983,334 |
Amounts due to related
parties |
344,603 |
|
687,200 |
|
107,837 |
Taxes payable |
181,658 |
|
627,794 |
|
98,515 |
Current portion of operating
lease liabilities |
547,142 |
|
744,561 |
|
116,838 |
Current portion of long-term
borrowings |
380,560 |
|
2,067,962 |
|
324,508 |
Accruals and other
liabilities |
4,604,024 |
|
7,201,644 |
|
1,130,096 |
Total current
liabilities |
13,976,240 |
|
29,198,152 |
|
4,581,829 |
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
5,938,279 |
|
9,739,176 |
|
1,528,289 |
Non-current operating lease
liabilities |
1,015,261 |
|
2,317,193 |
|
363,618 |
Deferred tax liabilities |
- |
|
25,199 |
|
3,954 |
Other non-current
liabilities |
1,849,906 |
|
3,540,458 |
|
555,575 |
Total non-current
liabilities |
8,803,446 |
|
15,622,026 |
|
2,451,436 |
Total
liabilities |
22,779,686 |
|
44,820,178 |
|
7,033,265 |
|
|
|
|
|
|
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 |
December 31,2021 |
December 31,2021 |
|
|
|
(US$) |
MEZZANINE
EQUITY |
|
|
|
Redeemable non-controlling interests |
4,691,287 |
|
|
3,277,866 |
|
|
514,369 |
|
Total mezzanine
equity |
4,691,287 |
|
|
3,277,866 |
|
|
514,369 |
|
SHAREHOLDERS’
EQUITY |
|
|
|
Ordinary shares |
2,679 |
|
|
2,892 |
|
|
454 |
|
Treasury shares |
— |
|
|
(1,849,600 |
) |
|
(290,243 |
) |
Additional paid in
capital |
78,880,014 |
|
|
92,467,072 |
|
|
14,510,101 |
|
Accumulated other
comprehensive loss |
(65,452 |
) |
|
(276,300 |
) |
|
(43,357 |
) |
Accumulated deficit |
(51,648,410 |
) |
|
(55,634,140 |
) |
|
(8,730,211 |
) |
Total NIO Inc.
shareholders’ equity |
27,168,831 |
|
|
34,709,924 |
|
|
5,446,744 |
|
Non-controlling interests |
2,125 |
|
|
75,633 |
|
|
11,868 |
|
Total shareholders’
equity |
27,170,956 |
|
|
34,785,557 |
|
|
5,458,612 |
|
Total liabilities,
mezzanine equity and shareholders’ equity |
54,641,929 |
|
|
82,883,601 |
|
|
13,006,246 |
|
|
|
|
|
NIO INC. |
Unaudited Consolidated Statements of Comprehensive
Loss |
|
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
|
Three Months Ended |
|
December 31,2020 |
September 30,2021 |
December 31,2021 |
December 31,2021 |
|
|
|
|
(US$) |
Revenues: |
|
|
|
|
Vehicle sales |
6,174,048 |
|
|
8,636,765 |
|
|
9,215,375 |
|
|
1,446,093 |
|
Other sales |
467,043 |
|
|
1,168,536 |
|
|
685,367 |
|
|
107,549 |
|
Total
revenues |
6,641,091 |
|
|
9,805,301 |
|
|
9,900,742 |
|
|
1,553,642 |
|
Cost of
sales: |
|
|
|
|
Vehicle sales |
(5,109,331 |
) |
|
(7,078,180 |
) |
|
(7,291,520 |
) |
|
(1,144,199 |
) |
Other sales |
(389,815 |
) |
|
(733,959 |
) |
|
(909,678 |
) |
|
(142,748 |
) |
Total cost
of sales |
(5,499,146 |
) |
|
(7,812,139 |
) |
|
(8,201,198 |
) |
|
(1,286,947 |
) |
Gross profit |
1,141,945 |
|
|
1,993,162 |
|
|
1,699,544 |
|
|
266,695 |
|
Operating
expenses: |
|
|
|
|
Research and development |
|
(829,443 |
) |
|
(1,193,122 |
) |
|
(1,828,516 |
) |
|
(286,934 |
) |
Selling, general and administrative |
|
(1,206,806 |
) |
|
(1,824,875 |
) |
|
(2,358,249 |
) |
|
(370,061 |
) |
Other operating loss/(income), net |
|
(37,082 |
) |
|
32,910 |
|
|
42,090 |
|
|
6,605 |
|
Total operating
expenses |
|
(2,073,331 |
) |
|
(2,985,087 |
) |
|
(4,144,675 |
) |
|
(650,390 |
) |
Loss from
operations |
(931,386 |
) |
|
(991,925 |
) |
|
(2,445,131 |
) |
|
(383,695 |
) |
|
|
|
|
|
Interest and
investment income |
77,019 |
|
|
240,120 |
|
|
359,061 |
|
|
56,344 |
|
Interest
expenses |
(93,841 |
) |
|
(77,190 |
) |
|
(75,937 |
) |
|
(11,916 |
) |
Share of loss of
equity investees |
(33,969 |
) |
|
(35,631 |
) |
|
(1,697 |
) |
|
(266 |
) |
Other
(loss)/income, net |
(404,782 |
) |
|
32,574 |
|
|
53,522 |
|
|
8,399 |
|
Loss
before income tax expense |
(1,386,959 |
) |
|
(832,052 |
) |
|
(2,110,182 |
) |
|
(331,134 |
) |
Income tax
expense |
(1,664 |
) |
|
(3,250 |
) |
|
(33,247 |
) |
|
(5,217 |
) |
Net
loss |
(1,388,623 |
) |
|
(835,302 |
) |
|
(2,143,429 |
) |
|
(336,351 |
) |
Accretion on
redeemable non-controlling interests to redemption value |
(105,806 |
) |
|
(2,023,534 |
) |
|
(66,881 |
) |
|
(10,495 |
) |
Net loss/(income)
attributable to non-controlling interests |
2,259 |
|
|
(14 |
) |
|
31,088 |
|
|
4,878 |
|
Net loss
attributable to ordinary shareholders of NIO Inc. |
(1,492,170 |
) |
|
(2,858,850 |
) |
|
(2,179,222 |
) |
|
(341,968 |
) |
Net
loss |
(1,388,623 |
) |
|
(835,302 |
) |
|
(2,143,429 |
) |
|
(336,351 |
) |
Other
comprehensive income/(loss) |
|
|
|
|
Change in unrealized gains
related to available-for-sale debt securities, net of tax |
|
— |
|
|
— |
|
|
24,224 |
|
|
3,801 |
|
Foreign currency translation
adjustment, net of nil tax |
|
32,676 |
|
|
19,912 |
|
|
(61,401 |
) |
|
(9,635 |
) |
Total other
comprehensive income/(loss) |
|
32,676 |
|
|
19,912 |
|
|
(37,177 |
) |
|
(5,834 |
) |
Total comprehensive
loss |
|
(1,355,947 |
) |
|
(815,390 |
) |
|
(2,180,606 |
) |
|
(342,185 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(105,806 |
) |
|
(2,023,534 |
) |
|
(66,881 |
) |
|
(10,495 |
) |
Net loss/(income) attributable
to non-controlling interests |
2,259 |
|
|
(14 |
) |
|
31,088 |
|
|
4,878 |
|
Other comprehensive income
attributable to non-controlling interests |
— |
|
|
— |
|
|
(4,727 |
) |
|
(742 |
) |
Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(1,459,494 |
) |
|
(2,838,938 |
) |
|
(2,221,126 |
) |
|
(348,544 |
) |
|
|
|
|
|
Weighted average number of ordinary shares used in
computing net loss per share |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
1,421,322,474 |
|
|
1,567,807,244 |
|
|
1,607,187,119 |
|
|
1,607,187,119 |
|
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
(1.05 |
) |
|
(1.82 |
) |
|
(1.36 |
) |
|
(0.21 |
) |
Weighted average
number of ADS used in computing net loss per share |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
1,421,322,474 |
|
|
1,567,807,244 |
|
|
1,607,187,119 |
|
|
1,607,187,119 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
(1.05 |
) |
|
(1.82 |
) |
|
(1.36 |
) |
|
(0.21 |
) |
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) |
|
|
For the Year Ended December 31, |
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
|
|
(USD) |
|
Revenues: |
|
|
|
Vehicle sales |
15,182,522 |
|
|
33,169,740 |
|
|
5,205,056 |
|
Other sales |
1,075,411 |
|
|
2,966,683 |
|
|
465,537 |
|
Total
revenues |
16,257,933 |
|
|
36,136,423 |
|
|
5,670,593 |
|
Cost of sales: |
|
|
|
Vehicle sales |
(13,255,770 |
) |
|
(26,516,643 |
) |
|
(4,161,040 |
) |
Other sales |
(1,128,744 |
) |
|
(2,798,347 |
) |
|
(439,122 |
) |
Total cost of
sales |
(14,384,514 |
) |
|
(29,314,990 |
) |
|
(4,600,162 |
) |
Gross (loss)/profit |
1,873,419 |
|
|
6,821,433 |
|
|
1,070,431 |
|
Operating expenses: |
|
|
|
Research and development |
(2,487,770 |
) |
|
(4,591,852 |
) |
|
(720,562 |
) |
Selling, general and administrative |
(3,932,271 |
) |
|
(6,878,132 |
) |
|
(1,079,329 |
) |
Other operating (loss)/income |
(61,023 |
) |
|
152,248 |
|
|
23,891 |
|
Total operating
expenses |
(6,481,064 |
) |
|
(11,317,736 |
) |
|
(1,776,000 |
) |
Loss from
operations |
(4,607,645 |
) |
|
(4,496,303 |
) |
|
(705,569 |
) |
|
|
|
|
Interest and investment
income |
166,904 |
|
|
911,833 |
|
|
143,086 |
|
Interest expenses |
(426,015 |
) |
|
(637,410 |
) |
|
(100,024 |
) |
Share of (loss)/income of
equity investees |
(66,030 |
) |
|
62,510 |
|
|
9,809 |
|
Other (loss) /income, net |
(364,928 |
) |
|
184,686 |
|
|
28,981 |
|
|
|
|
|
Loss before income tax
expense |
(5,297,714 |
) |
|
(3,974,684 |
) |
|
(623,717 |
) |
Income tax expense |
(6,368 |
) |
|
(42,265 |
) |
|
(6,632 |
) |
Net loss |
(5,304,082 |
) |
|
(4,016,949 |
) |
|
(630,349 |
) |
Accretion on redeemable
non-controlling interests to redemption value |
(311,670 |
) |
|
(6,586,579 |
) |
|
(1,033,578 |
) |
Net loss attributable to
non-controlling interests |
4,962 |
|
|
31,219 |
|
|
4,899 |
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
(5,610,790 |
) |
|
(10,572,309 |
) |
|
(1,659,028 |
) |
Net loss |
(5,304,082 |
) |
|
(4,016,949 |
) |
|
(630,349 |
) |
Other comprehensive
income/(loss) |
|
|
|
Change in unrealized gains
related to available-for-sale debt securities, net of tax |
— |
|
|
24,224 |
|
|
3,801 |
|
Foreign currency translation
adjustment, net of nil tax |
137,596 |
|
|
(230,345 |
) |
|
(36,146 |
) |
Total other
comprehensive income/(loss) |
137,596 |
|
|
(206,121 |
) |
|
(32,345 |
) |
Total comprehensive
loss |
(5,166,486 |
) |
|
(4,223,070 |
) |
|
(662,694 |
) |
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(311,670 |
) |
|
(6,586,579 |
) |
|
(1,033,578 |
) |
Net loss attributable to
non-controlling interests |
4,962 |
|
|
31,219 |
|
|
4,899 |
|
Other comprehensive income
attributable to non-controlling interests |
— |
|
|
(4,727 |
) |
|
(742 |
) |
Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(5,473,194 |
) |
|
(10,783,157 |
) |
|
(1,692,115 |
) |
Weighted average
number of ordinary shares used in computing net loss per
share |
|
|
|
Basic and diluted |
1,182,660,948 |
|
|
1,572,702,112 |
|
|
1,572,702,112 |
|
Net loss per share
attributable to ordinary shareholders |
|
|
|
Basic and diluted |
(4.74 |
) |
|
(6.72 |
) |
|
(1.05 |
) |
Weighted average
number of ADS used in computing net loss per share |
|
|
|
Basic and diluted |
1,182,660,948 |
|
|
1,572,702,112 |
|
|
1,572,702,112 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
Basic and diluted |
(4.74 |
) |
|
(6.72 |
) |
|
(1.05 |
) |
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 December 31, 2021 |
|
GAAPResult |
% ofTotal |
Non-GAAPAdjustment |
|
% ofTotal |
Non-GAAPResult |
% ofTotal |
|
|
Revenues |
|
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
|
Share-based compensation included
in cost of sales and operating expenses is as follows: |
|
|
|
|
|
|
|
Cost of sales |
(8,201,198 |
) |
|
-82.8 |
% |
|
11,944 |
|
0.1 |
% |
|
(8,189,254 |
) |
|
-82.7 |
% |
Research and development
expenses |
(1,828,516 |
) |
|
-18.5 |
% |
|
189,484 |
|
1.9 |
% |
|
(1,639,032 |
) |
|
-16.6 |
% |
Selling, general and
administrative expenses |
(2,358,249 |
) |
|
-23.8 |
% |
|
195,263 |
|
2.0 |
% |
|
(2,162,986 |
) |
|
-21.8 |
% |
Total |
(12,387,963 |
) |
|
|
396,691 |
|
|
(11,991,272 |
) |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(2,445,131 |
) |
|
-24.7 |
% |
|
396,691 |
|
4.0 |
% |
|
(2,048,440 |
) |
|
-20.7 |
% |
|
|
|
|
|
|
|
|
Net loss |
(2,143,429 |
) |
|
-21.6 |
% |
|
396,691 |
|
4.0 |
% |
|
(1,746,738 |
) |
|
-17.6 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(66,881 |
) |
|
-0.7 |
% |
|
66,881 |
|
0.7 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss attributable to ordinary
shareholders of NIO Inc. |
(2,179,222 |
) |
|
-22.0 |
% |
|
463,572 |
|
4.7 |
% |
|
(1,715,650 |
) |
|
-17.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable
to ordinary shareholders, basic and diluted (RMB) |
(1.36 |
) |
|
|
|
|
0.29 |
|
|
|
|
(1.07 |
) |
|
|
|
Net loss per ADS attributable to
ordinary shareholders, basic and diluted (RMB) |
(1.36 |
) |
|
|
|
|
0.29 |
|
|
|
|
(1.07 |
) |
|
|
|
Net loss per ADS attributable to
ordinary shareholders, basic and diluted (USD) |
(0.21 |
) |
|
|
|
|
0.05 |
|
|
|
|
(0.16 |
) |
|
|
|
|
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 |
) |
|
|
|
|
265,591 |
|
|
|
|
(10,564,545 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
Three Months Ended December 31, 2020 |
|
GAAPResult |
% ofTotal |
Non-GAAPAdjustment |
|
% ofTotal |
Non-GAAPResult |
% ofTotal |
|
|
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 |
) |
|
|
60,199 |
|
|
(7,475,196 |
) |
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
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) |
|
Year Ended December 31, 2021 |
|
GAAPResult |
% ofTotal |
Non-GAAPAdjustment |
|
% ofTotal |
Non-GAAPResult |
% ofTotal |
|
|
Revenues |
|
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
Cost of sales |
(29,314,990 |
) |
|
-81.1 |
% |
|
34,009 |
|
0.1 |
% |
|
(29,280,981 |
) |
|
-81.0 |
% |
Research and development
expenses |
(4,591,852 |
) |
|
-12.7 |
% |
|
406,940 |
|
1.1 |
% |
|
(4,184,912 |
) |
|
-11.6 |
% |
Selling, general and
administrative expenses |
(6,878,132 |
) |
|
-19.0 |
% |
|
569,191 |
|
1.6 |
% |
|
(6,308,941 |
) |
|
-17.5 |
% |
Total |
(40,784,974 |
) |
|
|
1,010,140 |
|
|
(39,774,834 |
) |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(4,496,303 |
) |
|
-12.4 |
% |
|
1,010,140 |
|
2.8 |
% |
|
(3,486,163 |
) |
|
-9.6 |
% |
|
|
|
|
|
|
|
|
Net loss |
(4,016,949 |
) |
|
-11.1 |
% |
|
1,010,140 |
|
2.8 |
% |
|
(3,006,809 |
) |
|
-8.3 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(6,586,579 |
) |
|
-18.2 |
% |
|
6,586,579 |
|
18.2 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(10,572,309 |
) |
|
-29.3 |
% |
|
7,596,719 |
|
21.0 |
% |
|
(2,975,590 |
) |
|
-8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(6.72 |
) |
|
|
|
|
4.83 |
|
|
|
|
(1.89 |
) |
|
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(6.72 |
) |
|
|
|
|
4.83 |
|
|
|
|
(1.89 |
) |
|
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
(1.05 |
) |
|
|
|
|
0.76 |
|
|
|
|
(0.29 |
) |
|
|
|
|
Year Ended December 31, 2020 |
|
GAAPResult |
% ofTotal |
Non-GAAPAdjustment |
|
% ofTotal |
Non-GAAPResult |
% ofTotal |
|
|
Revenues |
|
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
Cost of sales |
(14,384,514 |
) |
|
-88.5 |
% |
|
5,564 |
|
0.0 |
% |
|
(14,378,950 |
) |
|
-88.5 |
% |
Research and development
expenses |
(2,487,770 |
) |
|
-15.3 |
% |
|
51,024 |
|
0.3 |
% |
|
(2,436,746 |
) |
|
-15.0 |
% |
Selling, general and
administrative expenses |
(3,932,271 |
) |
|
-24.2 |
% |
|
130,506 |
|
0.8 |
% |
|
(3,801,765 |
) |
|
-23.4 |
% |
|
|
|
|
|
|
|
|
Total |
(20,804,555 |
) |
|
|
187,094 |
|
|
(20,617,461 |
) |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(4,607,645 |
) |
|
-28.3 |
% |
|
187,094 |
|
1.1 |
% |
|
(4,420,551 |
) |
|
-27.2 |
% |
|
|
|
|
|
|
|
|
Net loss |
(5,304,082 |
) |
|
-32.6 |
% |
|
187,094 |
|
1.1 |
% |
|
(5,116,988 |
) |
|
-31.5 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(311,670 |
) |
|
-1.9 |
% |
|
311,670 |
|
1.9 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(5,610,790 |
) |
|
-34.5 |
% |
|
498,764 |
|
3.1 |
% |
|
(5,112,026 |
) |
|
-31.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(4.74 |
) |
|
|
|
|
0.42 |
|
|
|
|
(4.32 |
) |
|
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(4.74 |
) |
|
|
|
|
0.42 |
|
|
|
|
(4.32 |
) |
|
|
|
______________________
i All translations from RMB to USD for the fourth
quarter and the full year of 2021 were made at the rate of
RMB6.3726 to US$1.00, the noon buying rate in effect on December
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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