NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the
“Company”), a pioneer and a leading company in the premium smart
electric vehicle market, today announced its unaudited financial
results for the third quarter ended September 30, 2022.
Operating Highlights for the Third
Quarter of 2022
- Vehicle deliveries
were 31,607 in the third quarter of 2022, consisting of 22,859
premium smart electric SUVs and 8,748 premium smart electric
sedans, representing an increase of 29.3% from the third quarter of
2021 and an increase of 26.1% from the second quarter of 2022.
|
Key Operating Results |
|
|
|
2022 Q3 |
2022 Q2 |
2022 Q1 |
2021 Q4 |
|
Deliveries |
31,607 |
25,059 |
25,768 |
25,034 |
|
|
|
|
|
|
|
|
2021 Q3 |
2021 Q2 |
2021 Q1 |
2020 Q4 |
|
Deliveries |
24,439 |
21,896 |
20,060 |
17,353 |
Financial Highlights for the Third
Quarter of 2022
- Vehicle sales were
RMB11,932.7 million (US$1,677.5 million) in the third quarter of
2022, representing an increase of 38.2% from the third quarter of
2021 and an increase of 24.7% from the second quarter of 2022.
- Vehicle marginii
was 16.4% in the third quarter of 2022, compared with 18.0% in the
third quarter of 2021 and 16.7% in the second quarter of 2022.
- Total revenues
were RMB13,002.1 million (US$1,827.8 million) in the third quarter
of 2022, representing an increase of 32.6% from the third quarter
of 2021 and an increase of 26.3% from the second quarter of
2022.
- Gross profit was
RMB1,735.1 million (US$243.9 million) in the third quarter of 2022,
representing a decrease of 12.9% from the third quarter of 2021 and
an increase of 29.5% from the second quarter of 2022.
- Gross margin was
13.3% in the third quarter of 2022, compared with 20.3% in the
third quarter of 2021 and 13.0% in the second quarter of 2022.
- Loss from
operations was RMB3,870.3 million (US$544.1 million) in
the third quarter of 2022, representing an increase of 290.2% from
the third quarter of 2021 and an increase of 36.0% from the second
quarter of 2022. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB3,258.4 million
(US$458.1 million) in the third quarter of 2022, representing an
increase of 348.6% from the third quarter of 2021 and an increase
of 38.4% from the second quarter of 2022.
- Net loss was
RMB4,110.8 million (US$577.9 million) in the third quarter of 2022,
representing an increase of 392.1% from the third quarter of 2021
and an increase of 49.1% from the second quarter of 2022. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB3,498.9 million (US$491.9 million) in the third quarter of 2022,
representing an increase of 514.2% from the third quarter of 2021
and an increase of 54.3% from the second quarter of 2022.
- Net loss attributable to
NIO’s ordinary shareholders was RMB4,142.3 million
(US$582.3 million) in the third quarter of 2022, representing an
increase of 44.9% from the third quarter of 2021 and an increase of
50.9% from the second quarter of 2022. Excluding share-based
compensation expenses and accretion on redeemable non-controlling
interests to redemption value, adjusted net loss attributable to
NIO’s ordinary shareholders (non-GAAP) was RMB3,459.3 million
(US$486.3 million) in the third quarter of 2022, representing an
increase of 507.2% from the third quarter of 2021 and an increase
of 58.3% from the second quarter of 2022.
- Basic and diluted net loss
per Ordinary Share/American Depositary Share
(ADS)iii were both RMB2.53 (US$0.36) in
the third quarter of 2022, compared with RMB1.82 in the third
quarter of 2021 and RMB1.68 in the second quarter of 2022.
Excluding share-based compensation expenses and accretion on
redeemable non-controlling interests to redemption value, adjusted
basic and diluted net loss per ADS (non-GAAP) were both RMB2.11
(US$0.30), compared with RMB0.36 in the third quarter of 2021 and
RMB1.34 in the second quarter of 2022.
- Cash and cash equivalents,
restricted cash, short-term investment and
long-term time deposits were RMB51.4 billion (US$7.2
billion) as of September 30, 2022.
| Key Financial
Results(in RMB million, except for per ordinary
share data and percentage) |
|
|
|
|
|
|
|
|
|
|
2022 Q3 |
2022 Q2 |
|
2021 Q3 |
|
% Changeiv |
|
|
|
|
|
|
|
QoQ |
YoY |
|
Vehicle Sales |
|
11,932.7 |
|
9,570.8 |
|
|
8,636.8 |
|
|
24.7% |
|
38.2% |
|
|
Vehicle Margin |
|
16.4% |
|
16.7% |
|
|
18.0% |
|
|
-30bp |
-160bp |
|
|
Total Revenues |
|
13,002.1 |
|
10,292.4 |
|
|
9,805.3 |
|
|
26.3% |
|
32.6% |
|
|
Gross Profit |
|
1,735.1 |
|
1,340.3 |
|
|
1,993.2 |
|
|
29.5% |
|
-12.9% |
|
|
Gross Margin |
|
13.3% |
|
13.0% |
|
|
20.3% |
|
|
30bp |
-700bp |
|
|
Loss from Operations |
|
(3,870.3) |
|
(2,845.6) |
|
|
(991.9) |
|
|
36.0% |
|
290.2% |
|
| Adjusted Loss from
Operations (non-GAAP) |
(3,258.4) |
|
(2,355.1) |
|
|
(726.3) |
|
|
38.4% |
|
348.6% |
|
|
Net Loss |
|
(4,110.8) |
|
(2,757.5) |
|
|
(835.3) |
|
|
49.1% |
|
392.1% |
|
|
Adjusted Net Loss (non-GAAP) |
(3,498.9) |
|
(2,267.0) |
|
|
(569.7) |
|
|
54.3% |
|
514.2% |
|
| Net Loss
Attributable to Ordinary Shareholders |
(4,142.3) |
|
(2,745.0) |
|
|
(2,858.9) |
|
|
50.9% |
|
44.9% |
|
| Net Loss per
Ordinary Share/ADS-Basic and Diluted |
(2.53) |
|
(1.68) |
|
|
(1.82) |
|
|
50.6% |
|
39.0% |
|
| Adjusted Net Loss
per Ordinary Share/ADS-Basic and Diluted (non-GAAP) |
(2.11) |
|
(1.34) |
|
|
(0.36) |
|
|
57.5% |
|
486.1% |
|
Recent
DevelopmentsDeliveries in October
2022
- NIO delivered 10,059 vehicles in
October 2022, increasing by 174.3% year-over-year. As of October
31, 2022, cumulative vehicle deliveries reached 259,563
vehicles.
ESG Report
- On September 30, 2022, NIO
officially published its first Environmental, Social and Governance
(ESG) Report to share the details and progress on its ESG
management, practices and performance.
European Markets
- On October 7, 2022, NIO unveiled
its products and services for Germany, the Netherlands, Denmark,
and Sweden at the NIO Berlin 2022. Three new models based on NIO
Technology 2.0, ET7, EL7 and ET5, are gradually made available for
order through NIO Subscription, leasing programs, and direct sales
to users.
CEO and CFO Comments“NIO
delivered 31,607 vehicles in the third quarter of 2022,
representing a solid growth of 29.3% year-over-year and achieving a
record-breaking quarterly delivery. Following the delivery of our
new product lineup based on NIO Technology 2.0 catering to
different market segments, we have witnessed strong growth momentum
in user demand and robust foot traffic, especially after the debut
of ET5s in stores from September, and expect the ET5 delivery will
support a substantial acceleration of our overall revenue growth in
the fourth quarter of 2022. To meet the growing user demand and
shorten the waiting time, we have been working closely with supply
chain partners to accelerate production and delivery," said William
Bin Li, founder, chairman and chief executive officer of NIO.
“At the NIO Berlin 2022 on November 7, we
introduced our compelling products and holistic service system to
more users in Europe. Encouraged by the rave reviews from the local
users and media, we have full confidence in our future performance
in Europe,” added Mr. Li.
“We achieved solid top line growth in the third
quarter of 2022 against a challenging market environment,” added
Steven Wei Feng, chief financial officer of NIO. “We aim to
consistently enhance the holistic user experience for our global
user community by investing in core technology development as well
as power network expansion, while continuously improving our
operational execution and efficiency.”
Financial Results for the Third Quarter
of 2022Revenues
- Total revenues in
the third quarter of 2022 were RMB13,002.1 million (US$1,827.8
million), representing an increase of 32.6% from the third quarter
of 2021 and an increase of 26.3% from the second quarter of
2022.
- Vehicle sales in
the third quarter of 2022 were RMB11,932.7 million (US$1,677.5
million), representing an increase of 38.2% from the third quarter
of 2021 and an increase of 24.7% from the second quarter of 2022.
The increase in vehicle sales over the third quarter of 2021 and
second quarter of 2022 was mainly attributed to higher deliveries
as a result of a more diversified product mix offered to our
users.
- Other sales in the
third quarter of 2022 were RMB1,069.4 million (US$150.3 million),
representing a decrease of 8.5% from the third quarter of 2021 and
an increase of 48.2% from the second quarter of 2022. The decrease
in other sales over the third quarter of 2021 was mainly due to the
decreased revenue derived from sales of automotive regulatory
credits, offset by the increase in other revenues in line with the
incremental vehicle sales. The increase in other sales over the
second quarter of 2022 was mainly attributed to the increased
revenue derived from sales of automotive regulatory credits and
increase in other revenues in line with the incremental vehicle
sales.
Cost of Sales and Gross
Margin
- Cost of sales in
the third quarter of 2022 was RMB11,267.0 million (US$1,583.9
million), representing an increase of 44.2% from the third quarter
of 2021 and an increase of 25.9% from the second quarter of 2022.
The increase in cost of sales over the third quarter of 2021 was
mainly driven by the increase of delivery volume and higher battery
cost per vehicle. The increase in cost of sales over the second
quarter of 2022 was attributed to the higher delivery volume.
- Gross profit in
the third quarter of 2022 was RMB1,735.1 million (US$243.9
million), representing a decrease of 12.9% from the third quarter
of 2021 and an increase of 29.5% from the second quarter of
2022.
- Gross margin in
the third quarter of 2022 was 13.3%, compared with 20.3% in the
third quarter of 2021 and 13.0% in the second quarter of 2022. The
decrease of gross margin over the third quarter of 2021 was mainly
attributed to (i) the decreased revenue from sales of automotive
regulatory credits with high sales margin, (ii) the decrease of
vehicle margin, and (iii) the reduction in other sales margin
resulting from the expanded investment in power and service
network. The increase of gross margin over the second quarter of
2022 was mainly attributed to the sales of automotive regulatory
credits with high sales margin.
- Vehicle margin in
the third quarter of 2022 was 16.4%, compared with 18.0% in the
third quarter of 2021 and 16.7% in the second quarter of 2022. The
decrease of vehicle margin over the third quarter of 2021 was
mainly attributed to the increased battery cost per unit, which was
partially offset by the decrease in subsidization in user vehicle
financing arrangements. Vehicle margin remained stable compared
with the second quarter of 2022.
Operating Expenses
- Research and development
expenses in the third quarter of 2022 were RMB2,944.5
million (US$413.9 million), representing an increase of 146.8% from
the third quarter of 2021 and an increase of 37.0% from the second
quarter of 2022. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB2,571.4
million (US$361.5 million), representing an increase of 134.8% from
the third quarter of 2021 and an increase of 37.2% from the second
quarter of 2022. The increase in research and development expenses
over the third quarter of 2021 and second quarter of 2022 was
mainly attributed to the increased personnel costs in research and
development functions as well as the incremental design and
development costs for new products and technologies.
- Selling, general and
administrative expenses in the third quarter of 2022 were
RMB2,712.5 million (US$381.3 million), representing an increase of
48.6% from the third quarter of 2021 and an increase of 18.8% from
the second quarter of 2022. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB2,490.8 million (US$350.2 million), representing an
increase of 49.4% from the third quarter of 2021 and an increase of
19.6% from the second quarter of 2022. The increase in selling,
general and administrative expenses over the third quarter of 2021
and the second quarter of 2022 was mainly due to (i) the increase
in personnel costs related to sales and general corporate
functions, (ii) increased expenses related to the Company’s sales
and service network expansion, and (iii) increase in marketing and
promotional activities to promote our vehicles in China and
Europe.
Loss from Operations
- Loss from
operations in the third quarter of 2022 was RMB3,870.3
million (US$544.1 million), representing an increase of 290.2% from
the third quarter of 2021 and an increase of 36.0% from the second
quarter of 2022. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB3,258.4 million
(US$458.1 million) in the third quarter of 2022, representing an
increase of 348.6% from the third quarter of 2021 and an increase
of 38.4% from the second quarter of 2022.
Share-based Compensation
Expenses
- Share-based compensation
expenses in the third quarter of 2022 were RMB611.9
million (US$86.0 million), representing an increase of 130.4% from
the third quarter of 2021 and an increase of 24.8% from the second
quarter of 2022. The increase in share-based compensation expenses
over the third quarter of 2021 and second quarter of 2022 was
primarily attributed to the grant of restricted shares on a
continued basis.
Loss before Income Tax
Expense
- Other losses, net
in the third quarter of 2022 was RMB495.6 million (US$69.7
million), representing an increase of RMB528.2 million from other
income of RMB32.6 million in the third quarter of 2021 and an
increase of RMB305.6 million from the second quarter of 2022. The
increase of other losses over the third quarter of 2021 and second
quarter of 2022 was mainly due to the loss from the revaluation of
our overseas Renminbi-related assets as a result of the
depreciation of Renminbi against U.S. dollars in the third quarter
of 2022.
Net Loss and Earnings Per
Share
- Net loss in the
third quarter of 2022 was RMB4,110.8 million (US$577.9 million),
representing an increase of 392.1% from the third quarter of 2021
and an increase of 49.1% from the second quarter of 2022. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB3,498.9 million (US$491.9 million) in the third quarter of 2022,
representing an increase of 514.2% from the third quarter of 2021
and an increase of 54.3% from the second quarter of 2022.
- Net loss attributable to
NIO’s ordinary shareholders in the third quarter of 2022
was RMB 4,142.3 million (US$582.3 million), representing an
increase of 44.9% from the third quarter of 2021 and an increase of
50.9% from the second quarter of 2022. Excluding share-based
compensation expenses and accretion on redeemable non-controlling
interests to redemption value, adjusted net loss attributable to
NIO’s ordinary shareholders (non-GAAP) was RMB3,459.3 million
(US$486.3 million) in the third quarter of 2022.
- Basic and diluted net loss
per Ordinary Share/ADS in the third quarter of 2022 were
both RMB2.53 (US$0.36), compared with RMB1.82 in the third quarter
of 2021 and RMB1.68 in the second quarter of 2022. Excluding
share-based compensation expenses and accretion on redeemable
non-controlling interests to redemption value, adjusted basic and
diluted net loss per ADS (non-GAAP) were both RMB2.11 (US$0.30),
compared with RMB0.36 in the third quarter of 2021 and RMB1.34 in
the second quarter of 2022.
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash, short-term investment and long-term
time deposits were RMB51.4 billion (US$7.2 billion)
as of September 30, 2022.
Share Issuance
- On August 23, 2022, NIO issued
8,805,770 Class A ordinary shares upon conversion of a portion of
our convertible senior note due 2022.
- On November 4, 2022, NIO issued
18,000,000 Class A ordinary shares to Deutsche Bank Trust Company
Americas, the depositary of the Company’s ADS program, to
facilitate future exercise of options and other share incentive
awards under the 2018 Share Incentive Plan of the Company.
Business OutlookFor the fourth
quarter of 2022, the Company expects:
- Deliveries of
vehicles to be between 43,000 and 48,000 vehicles,
representing an increase of approximately 71.8% to 91.7% from the
same quarter of 2021.
- Total
revenues to be between RMB17,368 million (US$2,442
million) and RMB19,225 million (US$2,703 million), representing an
increase of approximately 75.4% to 94.2% 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 7:00 AM U.S. Eastern Time on November 10, 2022
(8:00 PM Beijing/Hong Kong/Singapore Time on November 10,
2022).
A live and archived webcast of the conference
call will be available on the Company’s investor relations website
at https://ir.nio.com/news-events/events.
For participants who wish to join the conference
using dial-in numbers, please register in advance using the link
provided below and dial in 10 minutes prior to the call. Dial-in
numbers, passcode and unique access PIN would be provided upon
registering.
https://s1.c-conf.com/diamondpass/10026395-pu6b2m.html
A replay of the conference call will be
accessible by phone at the following numbers, until November 17,
2022:
|
United States: |
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+1-855-883-1031 |
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Hong Kong, China: |
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+852-800-930-639 |
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Mainland, China: |
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|
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+86-400-1209-216 |
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Singapore: |
|
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+65-800-1013-223 |
|
International: |
|
|
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+61-7-3107-6325 |
|
Replay PIN: |
|
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10026395 |
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About NIO Inc.NIO Inc. is a
pioneer and a leading company in the premium smart electric vehicle
market. Founded in November 2014, NIO’s mission is to shape a
joyful lifestyle. NIO aims to build a community starting with smart
electric vehicles to share joy and grow together with users. NIO
designs, develops, jointly manufactures and sells premium smart
electric vehicles, driving innovations in next-generation
technologies in autonomous driving, digital technologies, electric
powertrains and batteries. NIO differentiates itself through its
continuous technological breakthroughs and innovations, such as its
industry-leading battery swapping technologies, Battery as a
Service, or BaaS, as well as its proprietary autonomous driving
technologies and Autonomous Driving as a Service, or ADaaS. NIO’s
product portfolio consists of the ES8, a six- or seven-seater
flagship premium smart electric SUV, the ES7 (or the EL7), a
mid-large five-seater premium smart electric SUV, the ES6, a
five-seater high-performance premium smart electric SUV, the EC6, a
five-seater premium smart electric coupe SUV, the ET7, a flagship
premium smart electric sedan, and the ET5, a mid-size premium smart
electric sedan.
Safe Harbor 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 websites
of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and
the Singapore Exchange Securities Trading Limited (the “SGX-ST”),
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about NIO’s beliefs, plans and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: NIO’s strategies; NIO’s future business development,
financial condition and results of operations; NIO’s ability to
develop and manufacture a car of sufficient quality and appeal to
customers on schedule and on a large scale; its ability to ensure
and expand manufacturing capacities including establishing and
maintaining partnerships with third parties; its ability to provide
convenient and comprehensive power solutions to its customers; the
viability, growth potential and prospects of the newly introduced
BaaS and ADaaS; its ability to improve the technologies or develop
alternative technologies in meeting evolving market demand and
industry development; NIO’s ability to satisfy the mandated safety
standards relating to motor vehicles; its ability to secure supply
of raw materials or other components used in its vehicles; its
ability to secure sufficient reservations and sales of the ES8, ES7
(or the EL7), ES6, EC6, ET7 and ET5; its ability to control costs
associated with its operations; its ability to build the NIO brand;
general economic and business conditions globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in NIO’s
filings with the U.S. Securities and Exchange Commission and the
announcements and filings on the websites of each of the SEHK and
SGX-ST. All information provided in this press release is as of the
date of this press release, and NIO does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
Non-GAAP Disclosure The Company
uses non-GAAP measures, such as adjusted cost of sales (non-GAAP),
adjusted research and development expenses (non-GAAP), adjusted
selling, general and administrative expenses (non-GAAP), adjusted
loss from operations (non-GAAP), adjusted net loss (non-GAAP),
adjusted net loss attributable to ordinary shareholders (non-GAAP),
adjusted basic and diluted net loss per share (non-GAAP) and
adjusted basic and diluted net loss per ADS (non-GAAP), in
evaluating its operating results and for financial and operational
decision-making purposes. The Company defines adjusted cost of
sales (non-GAAP), adjusted research and development expenses
(non-GAAP), adjusted selling, general and administrative expenses
(non-GAAP), adjusted loss from operations (non-GAAP) and adjusted
net loss (non-GAAP) as cost of sales, research and development
expenses, selling, general and administrative expenses, loss from
operations and net loss excluding share-based compensation
expenses. The Company defines adjusted net loss attributable to
ordinary shareholders (non-GAAP), adjusted basic and diluted net
loss per share (non-GAAP) and adjusted basic and diluted net loss
per ADS (non-GAAP) as net loss attributable to ordinary
shareholders, basic and diluted net loss per share and basic and
diluted net loss per ADS excluding share-based compensation
expenses and accretion on redeemable non-controlling interests to
redemption value. By excluding the impact of share-based
compensation expenses and accretion on redeemable non-controlling
interests to redemption value, the Company believes that the
non-GAAP financial measures help identify underlying trends in its
business and enhance the overall understanding of the Company’s
past performance and future prospects. The Company also believes
that the non-GAAP financial measures allow for greater visibility
with respect to key metrics used by the Company’s management in its
financial and operational decision-making.
The non-GAAP financial measures are not
presented in accordance with U.S. GAAP and may be different from
non-GAAP methods of accounting and reporting used by other
companies. The non-GAAP financial measures have limitations as
analytical tools and when assessing the Company’s operating
performance, investors should not consider them in isolation, or as
a substitute for net loss or other consolidated statements of
comprehensive loss data prepared in accordance with U.S. GAAP. The
Company encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure.
The Company mitigates these limitations by
reconciling the non-GAAP financial measures to the most comparable
U.S. GAAP performance measures, all of which should be considered
when evaluating the Company’s performance.
For more information on the non-GAAP financial
measures, please see the table captioned “Unaudited Reconciliation
of GAAP and Non-GAAP Results” set forth at the end of this press
release.
Exchange Rate This announcement
contains translations of certain Renminbi amounts into U.S. dollars
at specified rates solely for the convenience of the reader. Unless
otherwise stated, all translations from Renminbi to U.S. dollars
were made at the rate of RMB7.1135 to US$1.00, the noon buying rate
in effect on September 30, 2022 in the H.10 statistical release of
the Federal Reserve Board. The Company makes no representation that
the Renminbi or U.S. dollars amounts referred could be converted
into U.S. dollars or Renminbi, as the case may be, at any
particular rate or at all.
Statement Regarding Preliminary Unaudited
Financial Information The unaudited financial information
set out in this earnings release is preliminary and subject to
potential adjustments. Adjustments to the consolidated financial
statements may be identified when audit work has been performed for
the Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.com
Media
Relationsglobal.press@nio.com
Source: NIO
NIO INC.
Unaudited Consolidated Balance
Sheets
|
(All amounts in thousands) |
|
|
As of |
|
|
December 31, 2021 |
September 30, 2022 |
September 30, 2022 |
|
|
|
RMB |
RMB |
US$ |
|
|
ASSETS |
|
|
|
|
| Current
assets: |
|
|
|
|
| Cash and
cash equivalents |
15,333,719 |
18,080,674 |
2,541,741 |
|
|
Restricted cash |
2,994,408 |
3,493,321 |
491,083 |
|
|
Short-term investments |
37,057,554 |
26,729,065 |
3,757,512 |
|
| Trade
and notes receivable |
2,797,805 |
4,384,009 |
616,294 |
|
| Amounts
due from related parties |
1,551,334 |
1,754,279 |
246,613 |
|
|
Inventory |
2,056,352 |
6,671,568 |
937,874 |
|
|
Prepayments and other current assets |
1,850,143 |
1,944,863 |
273,405 |
|
|
Total current assets |
63,641,315 |
63,057,779 |
8,864,522 |
|
|
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
46,437 |
65,732 |
9,240 |
|
|
Property, plant and equipment, net |
7,399,516 |
12,777,076 |
1,796,173 |
|
| Land use
rights, net |
199,121 |
213,929 |
30,074 |
|
|
Long-term investments |
3,059,383 |
5,982,684 |
841,032 |
|
|
Right-of-use assets - operating lease |
2,988,374 |
7,505,429 |
1,055,097 |
|
| Other
non-current assets |
5,549,455 |
7,274,586 |
1,022,645 |
|
|
Total non-current assets |
19,242,286 |
33,819,436 |
4,754,261 |
|
|
Total assets |
82,883,601 |
96,877,215 |
13,618,783 |
|
|
LIABILITIES |
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
Short-term borrowings |
5,230,000 |
5,039,210 |
708,401 |
|
| Trade
and notes payable |
12,638,991 |
20,367,423 |
2,863,207 |
|
| Amounts
due to related parties |
687,200 |
478,745 |
67,301 |
|
| Taxes
payable |
627,794 |
207,715 |
29,200 |
|
| Current
portion of operating lease liabilities |
744,561 |
831,617 |
116,907 |
|
| Current
portion of long-term borrowings |
2,067,962 |
1,768,304 |
248,584 |
|
| Accruals
and other liabilities |
7,201,644 |
11,036,414 |
1,551,474 |
|
|
Total current liabilities |
29,198,152 |
39,729,428 |
5,585,074 |
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
9,739,176 |
12,537,116 |
1,762,440 |
|
|
Non-current operating lease liabilities |
2,317,193 |
6,825,488 |
959,512 |
|
| Deferred
tax liabilities |
25,199 |
216,598 |
30,449 |
|
| Other
non-current liabilities |
3,540,458 |
4,704,302 |
661,320 |
|
|
Total non-current liabilities |
15,622,026 |
24,283,504 |
3,413,721 |
|
|
Total liabilities |
44,820,178 |
64,012,932 |
8,998,795 |
|
NIO INC.
Unaudited Consolidated Balance
Sheets
|
(All amounts in thousands) |
|
|
As of |
|
|
December 31, 2021 |
September 30, 2022 |
September 30, 2022 |
|
|
RMB |
RMB |
US$ |
|
MEZZANINE EQUITY |
|
|
|
|
Redeemable non-controlling interests |
3,277,866 |
3,484,640 |
489,863 |
|
Total mezzanine equity |
3,277,866 |
3,484,640 |
489,863 |
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
Total NIO Inc. shareholders’ equity |
34,709,924 |
29,133,646 |
4,095,543 |
|
Non-controlling interests |
75,633 |
245,997 |
34,582 |
|
Total shareholders’ equity |
34,785,557 |
29,379,643 |
4,130,125 |
|
Total liabilities, mezzanine equity and shareholders’
equity |
82,883,601 |
96,877,215 |
13,618,783 |
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
|
(All amounts in thousands, except for share and per share
data) |
|
|
Three Months Ended |
|
|
September 30, 2021 |
June 30, 2022 |
September 30, 2022 |
September 30, 2022 |
|
|
RMB |
RMB |
RMB |
US$ |
|
Revenues: |
|
|
|
|
|
Vehicle sales |
8,636,765 |
|
9,570,842 |
|
11,932,709 |
|
1,677,474 |
|
|
Other sales |
1,168,536 |
|
721,522 |
|
1,069,386 |
|
150,332 |
|
|
Total revenues |
9,805,301 |
|
10,292,364 |
|
13,002,095 |
|
1,827,806 |
|
|
Cost of sales: |
|
|
|
|
|
Vehicle sales |
(7,078,180 |
) |
(7,976,625 |
) |
(9,978,261 |
) |
(1,402,722 |
) |
|
Other sales |
(733,959 |
) |
(975,436 |
) |
(1,288,741 |
) |
(181,168 |
) |
|
Total cost of sales |
(7,812,139 |
) |
(8,952,061 |
) |
(11,267,002 |
) |
(1,583,890 |
) |
|
Gross profit |
1,993,162 |
|
1,340,303 |
|
1,735,093 |
|
243,916 |
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
(1,193,122 |
) |
(2,149,479 |
) |
(2,944,517 |
) |
(413,934 |
) |
|
Selling, general and administrative |
(1,824,875 |
) |
(2,282,461 |
) |
(2,712,483 |
) |
(381,315 |
) |
|
Other operating income |
32,910 |
|
246,077 |
|
51,607 |
|
7,255 |
|
|
Total operating expenses |
(2,985,087 |
) |
(4,185,863 |
) |
(5,605,393 |
) |
(787,994 |
) |
|
Loss from operations |
(991,925 |
) |
(2,845,560 |
) |
(3,870,300 |
) |
(544,078 |
) |
| Interest
and investment income |
240,120 |
|
292,863 |
|
313,208 |
|
44,030 |
|
| Interest
expenses |
(77,190 |
) |
(64,712 |
) |
(100,564 |
) |
(14,137 |
) |
| Share of
(loss)/income of equity investees |
(35,631 |
) |
48,053 |
|
52,054 |
|
7,318 |
|
| Other
income/(losses), net |
32,574 |
|
(189,955 |
) |
(495,582 |
) |
(69,668 |
) |
|
Loss before income tax expense |
(832,052 |
) |
(2,759,311 |
) |
(4,101,184 |
) |
(576,535 |
) |
| Income
tax (expense)/benefit |
(3,250 |
) |
1,791 |
|
(9,639 |
) |
(1,355 |
) |
|
Net loss |
(835,302 |
) |
(2,757,520 |
) |
(4,110,823 |
) |
(577,890 |
) |
|
Accretion on redeemable non-controlling interests to redemption
value |
(2,023,534 |
) |
(68,899 |
) |
(71,100 |
) |
(9,995 |
) |
| Net
(income)/ loss attributable to non-controlling interests |
(14 |
) |
81,411 |
|
39,603 |
|
5,567 |
|
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
(2,858,850 |
) |
(2,745,008 |
) |
(4,142,320 |
) |
(582,318 |
) |
|
|
|
|
|
|
|
Net loss |
(835,302 |
) |
(2,757,520 |
) |
(4,110,823 |
) |
(577,890 |
) |
|
Other comprehensive income |
|
|
|
|
| Change
in unrealized gains related to available-for-sale debt securities,
net of tax |
— |
|
(4,999 |
) |
32,727 |
|
4,601 |
|
| Change
in unrealized losses on cash flow hedges |
— |
|
(20 |
) |
(797 |
) |
(112 |
) |
| Foreign
currency translation adjustment, net of nil tax |
19,912 |
|
490,549 |
|
400,386 |
|
56,285 |
|
|
Total other comprehensive income |
19,912 |
|
485,530 |
|
432,316 |
|
60,774 |
|
|
Total comprehensive loss |
(815,390 |
) |
(2,271,990 |
) |
(3,678,507 |
) |
(517,116 |
) |
|
Accretion on redeemable non-controlling interests to redemption
value |
(2,023,534 |
) |
(68,899 |
) |
(71,100 |
) |
(9,995 |
) |
| Net
(income)/ loss attributable to non-controlling interests |
(14 |
) |
81,411 |
|
39,603 |
|
5,567 |
|
| Other
comprehensive income attributable to non-controlling interests |
— |
|
— |
|
(6,387 |
) |
(898 |
) |
|
Comprehensive loss attributable to ordinary shareholders of
NIO Inc. |
(2,838,938 |
) |
(2,259,478 |
) |
(3,716,391 |
) |
(522,442 |
) |
|
Weighted average number of ordinary shares used in
computing net loss per share |
|
|
|
|
|
Basic and diluted |
1,567,807,244 |
|
1,632,803,993 |
|
1,640,001,909 |
|
1,640,001,909 |
|
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
| Basic
and diluted |
(1.82 |
) |
(1.68 |
) |
(2.53 |
) |
(0.36 |
) |
|
Weighted average number of ADS used in computing net loss
per share |
|
|
|
|
| Basic
and diluted |
1,567,807,244 |
|
1,632,803,993 |
|
1,640,001,909 |
|
1,640,001,909 |
|
|
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
|
| Basic
and diluted |
(1.82 |
) |
(1.68 |
) |
(2.53 |
) |
(0.36 |
) |
NIO INC.
Unaudited Reconciliation of GAAP and
Non-GAAP Results
|
(All amounts in thousands, except for share and per share
data) |
|
|
Three Months Ended September 30, 2022 |
|
|
GAAPResult |
Share-basedcompensation |
Accretion on redeemablenon-controlling intereststo
redemption value |
AdjustedResult(Non-GAAP) |
|
|
RMB |
RMB |
RMB |
RMB |
|
Cost of sales |
(11,267,002 |
) |
17,040 |
— |
(11,249,962 |
) |
| Research
and development expenses |
(2,944,517 |
) |
373,154 |
— |
(2,571,363 |
) |
| Selling,
general and administrative expenses |
(2,712,483 |
) |
221,680 |
— |
(2,490,803 |
) |
|
Total |
(16,924,002 |
) |
611,874 |
— |
(16,312,128 |
) |
| Loss
from operations |
(3,870,300 |
) |
611,874 |
— |
(3,258,426 |
) |
| Net
loss |
(4,110,823 |
) |
611,874 |
— |
(3,498,949 |
) |
| Net loss
attributable to ordinary shareholders of NIO Inc. |
(4,142,320 |
) |
611,874 |
71,100 |
(3,459,346 |
) |
|
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(2.53 |
) |
0.37 |
0.05 |
(2.11 |
) |
| Net loss
per ADS attributable to ordinary shareholders, basic and diluted
(RMB) |
(2.53 |
) |
0.37 |
0.05 |
(2.11 |
) |
| Net loss
per ADS attributable to ordinary shareholders, basic and diluted
(USD) |
(0.36 |
) |
0.05 |
0.01 |
(0.30 |
) |
|
|
Three Months Ended June 30, 2022 |
|
|
GAAPResult |
Share-basedcompensation |
Accretion on redeemablenon-controlling intereststo
redemption value |
AdjustedResult(Non-GAAP) |
|
|
RMB |
RMB |
RMB |
RMB |
|
Cost of sales |
(8,952,061 |
) |
14,227 |
— |
(8,937,834 |
) |
| Research
and development expenses |
(2,149,479 |
) |
275,894 |
— |
(1,873,585 |
) |
| Selling,
general and administrative expenses |
(2,282,461 |
) |
200,382 |
— |
(2,082,079 |
) |
|
Total |
(13,384,001 |
) |
490,503 |
— |
(12,893,498 |
) |
| Loss
from operations |
(2,845,560 |
) |
490,503 |
— |
(2,355,057 |
) |
| Net
loss |
(2,757,520 |
) |
490,503 |
— |
(2,267,017 |
) |
| Net loss
attributable to ordinary shareholders of NIO Inc. |
(2,745,008 |
) |
490,503 |
68,899 |
(2,185,606 |
) |
|
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(1.68 |
) |
0.30 |
0.04 |
(1.34 |
) |
| Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(1.68 |
) |
0.30 |
0.04 |
(1.34 |
) |
|
|
Three Months Ended September 30, 2021 |
|
|
GAAPResult |
Share-basedcompensation |
Accretion on redeemablenon-controlling intereststo
redemption value |
AdjustedResult(Non-GAAP) |
|
|
RMB |
RMB |
RMB |
RMB |
|
Cost of sales |
(7,812,139 |
) |
10,021 |
— |
(7,802,118 |
) |
| Research
and development expenses |
(1,193,122 |
) |
98,170 |
— |
(1,094,952 |
) |
| Selling,
general and administrative expenses |
(1,824,875 |
) |
157,400 |
— |
(1,667,475 |
) |
|
Total |
(10,830,136 |
) |
265,591 |
— |
(10,564,545 |
) |
| Loss
from operations |
(991,925 |
) |
265,591 |
— |
(726,334 |
) |
| Net
loss |
(835,302 |
) |
265,591 |
— |
(569,711 |
) |
| Net loss
attributable to ordinary shareholders of NIO Inc. |
(2,858,850 |
) |
265,591 |
2,023,534 |
(569,725 |
) |
|
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(1.82 |
) |
0.17 |
1.29 |
(0.36 |
) |
| Net loss
per ADS attributable to ordinary shareholders, basic and diluted
(RMB) |
(1.82 |
) |
0.17 |
1.29 |
(0.36 |
) |
i All translations from RMB to USD for the
three months ended September 30, 2022 were made at the rate of
RMB7.1135 to US$1.00, the noon buying rate in effect on September
30, 2022 in the H.10 statistical release of the Federal Reserve
Board.
ii Vehicle margin is the margin of new
vehicle sales, which is calculated based on revenues and cost of
sales derived from new vehicle sales only.
iii Each ADS represents one ordinary
share.
iv Except for gross margin and vehicle
margin, where absolute changes instead of percentage changes are
calculated.
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