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 fourth quarter and full year ended December 31,
2022.
Operating Highlights for the Fourth
Quarter and Full Year of 2022
- Vehicle deliveries
were 40,052 in the fourth quarter of 2022, consisting of 20,824
premium smart electric SUVs and 19,228 premium smart electric
sedans, representing an increase of 60.0% from the fourth quarter
of 2021 and an increase of 26.7% from the third quarter of
2022.
- Vehicle deliveries
were 122,486 in 2022, representing an increase of 34.0% from
2021.
Key Operating Results |
|
|
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
Deliveries |
40,052 |
31,607 |
25,059 |
25,768 |
|
|
|
|
|
|
2021 Q4 |
2021 Q3 |
2021 Q2 |
2021 Q1 |
Deliveries |
25,034 |
24,439 |
21,896 |
20,060 |
Financial Highlights for the Fourth
Quarter of 2022
- Vehicle sales were
RMB14,759.0 million (US$2,139.9 million) in the fourth quarter of
2022, representing an increase of 60.2% from the fourth quarter of
2021 and an increase of 23.7% from the third quarter of 2022.
- Vehicle marginii
was 6.8% in the fourth quarter of 2022, compared with 20.9% in the
fourth quarter of 2021 and 16.4% in the third quarter of
2022. The vehicle margin in the fourth quarter of 2022 was
negatively impacted by 6.7 percentage points due to inventory
provisions, accelerated depreciation on production facilities, and
losses on purchase commitments for the existing generation of ES8,
ES6 and EC6.
- Total revenues
were RMB16,063.5 million (US$2,329.0 million) in the fourth quarter
of 2022, representing an increase of 62.2% from the fourth quarter
of 2021 and an increase of 23.5% from the third quarter of
2022.
- Gross profit was
RMB621.8 million (US$90.1 million) in the fourth quarter of 2022,
representing a decrease of 63.4% from the fourth quarter of 2021
and a decrease of 64.2% from the third quarter of 2022.
- Gross margin was
3.9% in the fourth quarter of 2022, compared with 17.2% in the
fourth quarter of 2021 and 13.3% in the third quarter of 2022.
- Loss from
operations was RMB6,736.1 million (US$976.7 million) in
the fourth quarter of 2022, representing an increase of 175.5% from
the fourth quarter of 2021 and an increase of 74.0% from the third
quarter of 2022. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB6,015.7 million
(US$872.2million) in the fourth quarter of 2022, representing an
increase of 193.7% from the fourth quarter of 2021 and an increase
of 84.6% from the third quarter of 2022.
- Net loss was
RMB5,786.1 million (US$838.9 million) in the fourth quarter of
2022, representing an increase of 169.9% from the fourth quarter of
2021 and an increase of 40.8% from the third quarter of 2022.
Excluding share-based compensation expenses, adjusted net loss
(non-GAAP) was RMB5,065.6 million (US$734.4 million) in the fourth
quarter of 2022, representing an increase of 190.0% from the fourth
quarter of 2021 and an increase of 44.8% from the third quarter of
2022.
- Net loss attributable to
NIO’s ordinary shareholders was RMB5,847.1 million
(US$847.7 million) in the fourth quarter of 2022, representing an
increase of 168.3% from the fourth quarter of 2021 and an increase
of 41.2% from the third 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 RMB5,054.0 million
(US$732.8 million) in the fourth quarter of 2022, representing an
increase of 194.6% from the fourth quarter of 2021 and an increase
of 46.1% from the third quarter of 2022.
- Basic and diluted net loss
per ordinary share/American Depositary Share
(ADS)iii were both RMB3.55 (US$0.51) in
the fourth quarter of 2022, compared with RMB1.36 in the fourth
quarter of 2021 and RMB2.53 in the third 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 RMB3.07 (US$0.44),
compared with RMB1.07 in the fourth quarter of 2021 and RMB2.11 in
the third quarter of 2022.
- Cash and cash equivalents,
restricted cash, short-term investments and
long-term time deposits were RMB45.5 billion (US$6.6
billion) as of December 31, 2022.
Key Financial Results for the Fourth
Quarter of 2022 |
(in RMB million, except for per ordinary share data and
percentage) |
|
|
2022 Q4 |
2022 Q3 |
|
2021 Q4 |
|
% Changeiv |
|
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
|
14,759.0 |
11,932.7 |
|
9,215.4 |
|
23.7% |
60.2% |
Vehicle Margin |
|
6.8% |
16.4% |
|
20.9% |
|
-960bp |
-1410bp |
Total Revenues |
|
16,063.5 |
13,002.1 |
|
9,900.7 |
|
23.5% |
62.2% |
Gross Profit |
|
621.8 |
1,735.1 |
|
1,699.5 |
|
-64.2 |
-63.4 |
Gross Margin |
|
3.9% |
13.3% |
|
17.2% |
|
-940bp |
-1330bp |
Loss from Operations |
|
(6,736.1) |
(3,870.3) |
|
(2,445.1) |
|
74.0% |
175.5% |
Adjusted Loss from
Operations (non-GAAP) |
(6,015.7) |
(3,258.4) |
|
(2,048.4) |
|
84.6% |
193.7% |
Net Loss |
|
(5,786.1) |
(4,110.8) |
|
(2,143.4) |
|
40.8% |
169.9% |
Adjusted Net Loss (non-GAAP) |
(5,065.6) |
(3,498.9) |
|
(1,746.7) |
|
44.8% |
190.0% |
Net Loss
Attributable to Ordinary Shareholders |
(5,847.1) |
(4,142.3) |
|
(2,179.2) |
|
41.2% |
168.3% |
Net Loss per
Ordinary Share/ADS-Basic and Diluted |
(3.55) |
(2.53) |
|
(1.36) |
|
40.3% |
161.0% |
Adjusted Net Loss
per Ordinary Share/ADS-Basic and Diluted (non-GAAP) |
(3.07) |
(2.11) |
|
(1.07) |
|
45.5% |
186.9% |
Financial Highlights for the Full Year
of 2022
- Vehicle sales were
RMB45,506.6 million (US$6,597.8 million) for the full year of 2022,
representing an increase of 37.2% from the previous year.
- Vehicle margin was
13.7% for the full year of 2022, compared with 20.1% for the
previous year.
- Total revenues
were RMB49,268.6 million (US$7,143.3 million) for the full year of
2022, representing an increase of 36.3% from the previous
year.
- Gross profit was
RMB5,144.0 million (US$745.8 million) for the full year of 2022,
representing a decrease of 24.6% from the previous year.
- Gross margin was
10.4% for the full year of 2022, compared with 18.9% for the
previous year.
- Loss from
operations was RMB15,640.7 million (US$2,267.7 million)
for the full year of 2022, representing an increase of 247.9% from
the previous year. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB13,344.8 million
(US$1,934.8 million) in 2022, representing an increase of 282.8%
from the previous year.
- Net loss was
RMB14,437.1 million (US$2,093.2 million) for the full year of 2022,
representing an increase of 259.4% from the previous year.
Excluding share-based compensation expenses, adjusted net loss
(non-GAAP) was RMB12,141.2 million (US$1,760.3 million) for the
full year of 2022, representing an increase of 303.8% from the
previous year.
- Net loss attributable to
NIO’s ordinary shareholders was RMB14,559.4 million
(US$2,110.9 million) for the full year of 2022, representing an
increase of 37.7% 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 RMB11,984.2 million
(US$1,737.5 million).
- Basic and diluted net loss
per ADS were both RMB8.89 (US$1.29) for the full year 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 RMB7.32
(US$1.06).
Key Financial Results for Full Year 2022 |
(in RMB million, except for per ordinary share data and
percentage) |
|
|
2022 |
|
2021 |
|
% Changeiv |
|
|
|
|
|
|
|
|
Vehicle Sales |
|
|
45,506.6 |
|
33,169.7 |
|
37.2% |
Vehicle Margin |
|
|
13.7% |
|
20.1% |
|
-640bp |
Total Revenues |
|
|
49,268.6 |
|
36,136.4 |
|
36.3% |
Gross Profit |
|
|
5,144.0 |
|
6,821.4 |
|
-24.6 |
Gross Margin |
|
|
10.4% |
|
18.9% |
|
-840bp |
Loss from Operations |
|
|
(15,640.7) |
|
(4,496.3) |
|
247.9% |
Adjusted Loss from Operations (non-GAAP) |
|
(13,344.8) |
|
(3,486.2) |
|
282.8% |
Net Loss |
|
|
(14,437.1) |
|
(4,016.9) |
|
259.4% |
Adjusted Net Loss (non-GAAP) |
|
(12,141.2) |
|
(3,006.8) |
|
303.8% |
Net Loss Attributable to Ordinary Shareholders |
|
(14,559.4) |
|
(10,572.3) |
|
37.7% |
Net Loss per Ordinary Share-Basic and Diluted |
|
(8.89) |
|
(6.72) |
|
32.3% |
Adjusted Net Loss
per Ordinary Share-Basic and Diluted (non-GAAP) |
|
(7.32) |
|
(1.89) |
|
287.3% |
Recent
DevelopmentsDeliveries in January and February
2023
- NIO delivered 8,506 vehicles in
January 2023 and 12,157 vehicles in February 2023. The February
deliveries increased by 98.3% year-over-year and consisted of 5,037
premium smart electric SUVs, and 7,120 premium smart electric
sedans. As of February 28, 2023, NIO’s cumulative vehicle
deliveries reached 310,219 vehicles.
NIO Day 2022
- On December 24, 2022, NIO hosted
NIO Day 2022 in Hefei, China. NIO launched the EC7, a smart
electric flagship coupe SUV, and the All-New ES8, an all-round
smart electric flagship SUV. Both models are derived from NIO
Technology 2.0 (NT2.0), bringing user experiences beyond
expectations in terms of design, performance, comfort,
intelligence, safety, and sustainability.At NIO Day 2022, NIO
introduced the third-generation Power Swap station and the 500kW
ultra-fast Power Charger. The third-generation Power Swap station
achieves more efficient vehicle-station coordination and can
complete up to 408 swaps per day, a 30% increase compared with the
second-generation Power Swap station.
Supplemental Information on the
Completed Independent Internal Review Reference is made to
the announcements issued by the Company on June 29, 2022, July 11,
2022 and August 26, 2022 (the “Announcements”) in relation to the
publication of a report issued by the short-seller firm Grizzly
Research LLC on June 28, 2022 (the “Short Seller Report”).
As previously disclosed in the Announcements,
shortly after the publication of the Short Seller Report, an
independent committee of the board of directors (the “Independent
Committee”), consisting of independent directors of the Company,
was formed to oversee an independent internal review regarding the
key allegations made in the Short Seller Report (the “Internal
Review”). The Internal Review was conducted by the Independent
Committee with the assistance of third-party professional advisors,
including an international law firm and forensic accounting experts
from a well-regarded forensic accounting firm that is not the
Company’s auditor.
Based on the results of the Internal Review, the
Independent Committee has concluded that the key allegations of the
Short Seller Report are not substantiated. In particular, the
Internal Review found that the allegations set forth in the Short
Seller Report concern matters that had been accurately and
adequately disclosed in the Company’s historical annual and
periodic reports (e.g., under Item 4. “Information on the Company”
and Item 7. “Major Shareholders and Related Party Transactions” of
the Company’s annual report on Form 20-F filed with the SEC on
April 29, 2022), press releases and prospectus filed with The Stock
Exchange of Hong Kong Limited and the Singapore Exchange Securities
Trading Limited (e.g., under “Business,” “Financial Information,”
and “Relationship with the Controlling Shareholders” sections).
Such matters included, for example, the Company’s BaaS model, NIO
Users Trust, and investments in NIO China. The Short Seller Report
either disregards or misconstrues the information that the Company
disclosed in these and other public filings. No evidence was
uncovered in the Internal Review suggesting improprieties in the
Company’s transactions with the various entities mentioned in the
Short Seller Report or any inaccuracies or inadequacies in the
Company’s public disclosures regarding the same.
CEO and CFO Comments“NIO
delivered 40,052 vehicles in the fourth quarter of 2022,
representing a solid growth of 60% year-over-year and achieving a
record-breaking quarterly delivery. NIO capped off 2022 with
122,486 vehicle deliveries, representing a growth of 34%
year-over-year. NIO has established itself as the most competitive
premium brand in the smart electric vehicle market in China,
ranking first in the premium battery electric vehicle market
segments priced over RMB400,000 and RMB300,000 with the market
share of 75.8% and 54.8% respectively in the fourth quarter of
2022, according to the retail sales data from China Automotive
Technology and Research Center," said William Bin Li, founder,
chairman and chief executive officer of NIO.
"In 2022, we made positive strides in the
research and development of core technologies and competitive
products, infrastructure deployment and global market expansion,
laying a solid foundation for the Company's long-term growth,"
added Mr. Li. "In 2023, we plan to deliver five new products based
on NIO Technology Platform 2.0, deploy 1,000 additional Power Swap
stations to further improve holistic user experience, and
continuously strengthen our competitive advantages in key areas of
smart electric vehicles."
"2022 was a year of decisive investments and
accelerated global market entry for NIO," added Steven Wei Feng,
NIO's chief financial officer. "In 2023, we will focus on improving
our execution efficiency, and work in an agile and efficient mode
to embrace the competition in the global electric vehicle market in
the long run."
Financial Results for the Fourth Quarter
and Full Year of 2022Revenues
- Total revenues in
the fourth quarter of 2022 were RMB16,063.5 million (US$2,329.0
million), representing an increase of 62.2% from the fourth quarter
of 2021 and an increase of 23.5% from the third quarter of
2022.
- Total revenues for
the full year of 2022 were RMB49,268.6 million (US$7,143.3
million), representing an increase of 36.3% from the previous
year.
- Vehicle sales in
the fourth quarter of 2022 were RMB14,759.0 million (US$2,139.9
million), representing an increase of 60.2% from the fourth quarter
of 2021 and an increase of 23.7% from the third quarter of 2022.
The increase in vehicle sales over the fourth quarter of 2021 was
mainly attributed to higher deliveries with a more diversified
product mix offered to our users. The increase in vehicle sales
over the third quarter of 2022 was mainly due to volume ramp up of
the ET5 and ES7.
- Vehicle sales for
the full year of 2022 were RMB45,506.6 million (US$6,597.8
million), representing an increase of 37.2% from the previous
year.
- Other sales in the
fourth quarter of 2022 were RMB1,304.5 million (US$189.1 million),
representing an increase of 90.3% from the fourth quarter of 2021
and an increase of 22.0% from the third quarter of 2022. The
increase in other sales over the fourth quarter of 2021 was mainly
due to the increase of revenue from rendering of research and
development services and increase in other revenues in line with
the incremental vehicle sales. The increase in other sales over the
third quarter of 2022 was mainly due to the increase of revenue
from rendering of research and development services, and increase
in sales from accessories, charging piles and used cars in line
with the incremental vehicle sales, partially offset by the sales
of automotive regulatory credits in the third quarter of 2022.
- Other sales for
the full year of 2022 were RMB3,762.0 million (US$545.4 million),
representing an increase of 26.8% from the previous year.
Cost of Sales and Gross
Margin
- Cost of sales in
the fourth quarter of 2022 was RMB15,441.8 million (US$2,238.8
million), representing an increase of 88.3% from the fourth quarter
of 2021 and an increase of 37.1% from the third quarter of 2022.
The increase in cost of sales over the fourth quarter of 2021 was
mainly driven by the increase of (i) delivery volume, (ii)
inventory provisions, accelerated depreciation on production
facilities, and losses on purchase commitments for the existing
generation of ES8, ES6 and EC6 which are expected to have
lower production and delivery levels due to their
transition to new models under NIO Technology Platform 2.0, and
(iii) higher battery cost per vehicle. The increase in cost of
sales over the third quarter of 2022 was attributed to the increase
of (i) delivery volume and (ii) inventory provisions, accelerated
depreciation on production facilities, and losses on purchase
commitments for the existing generation of ES8, ES6 and EC6. The
amount of aforementioned inventory provisions, accelerated
depreciation on production facilities, and losses on purchase
commitments in the fourth quarter of 2022 was RMB985.4 million
(US$142.9 million).
- Cost of sales for
the full year of 2022 was RMB44,124.6 million (US$6,397.5 million),
representing an increase of 50.5% from the previous year.
- Gross profit in
the fourth quarter of 2022 was RMB621.8 million (US$90.1 million),
representing a decrease of 63.4% from the fourth quarter of 2021
and a decrease of 64.2% from the third quarter of 2022.
- Gross Profit for
the full year was RMB5,144.0 million (US$745.8 million),
representing a decrease of 24.6% from the previous year.
- Gross margin in
the fourth quarter of 2022 was 3.9%, compared with 17.2% in the
fourth quarter of 2021 and 13.3% in the third quarter of 2022. The
decrease of gross margin from the fourth quarter of 2021 was mainly
attributed to the decreased vehicle margin. The decrease of gross
margin from the third quarter of 2022 was mainly attributed to the
decreased vehicle margin and the decrease in other sales margin
mainly resulted from the sales of automotive regulatory credits
with high gross margin in the third quarter of 2022.
- Gross margin for
the full year of 2022 was 10.4%, compared with 18.9% for the full
year of 2021.
- Vehicle margin in
the fourth quarter of 2022 was 6.8%, compared with 20.9% in the
fourth quarter of 2021 and 16.4% in the third quarter of 2022. The
decrease of vehicle margin from the fourth quarter of 2021 was
mainly attributed to (i) increased inventory provisions,
accelerated depreciation on production facilities, and losses on
purchase commitments for the existing generation of ES8, ES6 and
EC6 which are expected to have lower production and
delivery levels due to their transition to new models under
NIO Technology Platform 2.0, with a negative impact of
6.7 percentage points on vehicle margin, and (ii) increased battery
cost per unit. The decrease of vehicle margin from the third
quarter of 2022 was mainly due to the increased inventory
provisions, accelerated depreciation on production facilities, and
losses on purchase commitments for the existing generation of ES8,
ES6 and EC6.
- Vehicle margin for
the full year of 2022 was 13.7%, compared with 20.1% for the full
year of 2021.
Operating Expenses
- Research and development
expenses in the fourth quarter of 2022 were RMB3,980.6
million (US$577.1 million), representing an increase of 117.7% from
the fourth quarter of 2021 and an increase of 35.2% from the third
quarter of 2022. Excluding share-based compensation expenses,
research and development expenses (non-GAAP) were RMB3,553.9
million (US$515.3 million), representing an increase of 116.8% from
the fourth quarter of 2021 and an increase of 38.2% from the third
quarter of 2022. The increase in research and development expenses
over the fourth quarter of 2021 and third 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.
- Research and development
expenses for the full year of 2022 were RMB10,836.3
million (US$1,571.1 million), representing an increase of 136.0%
from the previous year. Excluding share-based compensation
expenses, research and development expenses (non-GAAP) were
RMB9,512.9 million (US$1,379.2 million), representing an increase
of 127.3% from the previous year.
- Selling, general and
administrative expenses in the fourth quarter of 2022 were
RMB3,527.4 million (US$511.4 million), representing an increase of
49.6% from the fourth quarter of 2021 and an increase of 30.0% from
the third quarter of 2022. Excluding share-based compensation
expenses, selling, general and administrative expenses (non-GAAP)
were RMB3,257.1 million (US$472.2 million), representing an
increase of 50.6% from the fourth quarter of 2021 and an increase
of 30.8% from the third quarter of 2022. The increase in selling,
general and administrative expenses over the fourth quarter of 2021
and the third quarter of 2022 was mainly due to (i) the increase in
personnel costs related to sales and general corporate functions,
(ii) the increase in marketing and promotional activities to
promote our vehicles in China and Europe, (iii) increased expenses
related to the Company’s sales and service network expansion.
- Selling, general and
administrative expenses for the full year of 2022 were
RMB10,537.1 million (US$1,527.7 million), representing an increase
of 53.2% from the previous year. Excluding share-based compensation
expenses, selling, general and administrative expenses (non-GAAP)
were RMB9,631.5 million (US$1,396.4 million), representing an
increase of 52.7% from last year.
Loss from Operations
- Gain on extinguishment of
debt in the fourth quarter of 2022 were RMB118.4 million
(US$17.2 million), compared with nil the fourth quarter of 2021 and
third quarter of 2022, which was attributed to gain from repurchase
of a portion of our 0.00% convertible senior notes due 2026 with
the carrying amount of RMB 1,166.7 million (US$169.2 million) in
the fourth quarter of 2022.
- Loss from
operations in the fourth quarter of 2022 was RMB6,736.1
million (US$976.7 million), representing an increase of 175.5% from
the fourth quarter of 2021 and an increase of 74.0% from the third
quarter of 2022. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB6,015.7 million
(US$872.2 million) in the fourth quarter of 2022, representing an
increase of 193.7% from the fourth quarter of 2021 and an increase
of 84.6%from the third quarter of 2022.
- Loss from
operations for the full year of 2022 was RMB15,640.7
million (US$2,267.7 million), representing an increase of 247.9%
from last year. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB13,344.8 million
(US$1,934.8 million) in 2022, representing an increase of 282.8%
from last year.
Share-based Compensation
Expenses
- Share-based compensation
expenses in the fourth quarter of 2022 were RMB720.5
million (US$104.5 million), representing an increase of 81.6% from
the fourth quarter of 2021 and an increase of 17.7% from the third
quarter of 2022. The increase in share-based compensation expenses
over the fourth quarter of 2021 and third quarter of 2022 was
primarily attributed to more vesting of restricted shares on a
continued basis.
- Share-based compensation
expenses for the full year of 2022 were RMB2,295.9 million
(US$332.9 million), compared with RMB1,010.1 million for the
previous year.
Loss before Income Tax
Expense
- Other incomes, net
in the fourth quarter of 2022 was RMB315.7 million (US$45.8
million), representing an increase of RMB262.2 million from the
fourth quarter of 2021 and an increase of RMB811.3 million from
other losses of RMB495.6 million in the third quarter of 2022. The
increase of other incomes over the fourth quarter of 2021 and third
quarter of 2022 was mainly due to the gains from the revaluation of
our overseas Renminbi-related assets as a result of the
appreciation of Renminbi against U.S. dollars in the fourth quarter
of 2022.
Net Loss and Earnings Per
Share
- Net loss in the
fourth quarter of 2022 was RMB5,786.1 million (US838.9 million),
representing an increase of 169.9% from the fourth quarter of 2021
and an increase of 40.8% from the third quarter of 2022. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB5,065.6 million (US734.4 million) in the fourth quarter of 2022,
representing an increase of 190.0% from the fourth quarter of 2021
and an increase of 44.8% from the third quarter of 2022.
- Net loss for the
full year of 2022 was RMB14,437.1 million (US$2,093.2 million),
compared with net loss of RMB4,016.9 million in 2021. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB12,141.2 million (US$1,760.3 million) in 2022.
- Net loss attributable to
NIO’s ordinary shareholders in the fourth quarter of 2022
was RMB 5,847.1 million (US$847.7 million), representing an
increase of 168.3% from the fourth quarter of 2021 and an increase
of 41.2% from the third 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 RMB5,054.0 million
(US$732.8 million) in the fourth quarter of 2022.
- Net loss attributable to
NIO’s ordinary shareholders for the full year of 2022 was
RMB 14,559.4 million (US$2,110.9 million). The net loss
attributable to NIO’s ordinary shareholders was RMB10,572.3 million
in 2021, which included a loss of RMB6,586.6 million in accretion
on redeemable non-controlling interests to redemption value due to
the repurchase of equity interests in NIO China. 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
RMB11,984.2 million (US$1,737.5 million) in 2022.
- Basic and diluted net loss
per ordinary share/ADS in the fourth quarter of 2022 were
both RMB3.55 (US$0.51), compared with RMB1.36 in the fourth quarter
of 2021 and RMB2.53 in the third 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 RMB3.07 (US$0.44),
compared with RMB1.07 in the fourth quarter of 2021 and RMB2.11 in
the third quarter of 2022.
- Basic and diluted net loss
per ADS for the full year of 2022 were both RMB8.89
(US$1.29). 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 RMB7.32 (US$1.06) in 2022.
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash, short-term investments and long-term
time deposits was RMB45.5 billion (US$6.6 billion) as of
December 31, 2022.
Business OutlookFor the first
quarter of 2023, the Company expects:
- Deliveries of
vehicles to be between 31,000 and 33,000 vehicles,
representing an increase of approximately 20.3% to 28.1% from the
same quarter of 2022.
- Total
revenues to be between RMB10,926 million (US$1,584
million) and RMB11,543 million (US$1,674 million), representing an
increase of approximately 10.2% to 16.5% from the same quarter of
2022.
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 March 1, 2023 (8:00
PM Beijing/Hong Kong/Singapore Time on March 1, 2023).
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/10028909-ha7w8i.html
A replay of the conference call will be
accessible by phone at the following numbers, until March 8,
2023:
United States: |
|
|
|
+1-855-883-1031 |
Hong Kong, China: |
|
|
|
+852-800-930-639 |
Mainland, China: |
|
|
|
+86-400-1209-216 |
Singapore: |
|
|
|
+65-800-1013-223 |
International: |
|
|
|
+61-7-3107-6325 |
Replay PIN: |
|
|
|
10028909 |
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-seater smart electric
flagship SUV, the ES7 (or the EL7), a mid-large five-seater smart
electric SUV, the ES6, a five-seater all-round smart electric SUV,
the EC7, a five-seater smart electric flagship coupe SUV, the EC6,
a five-seater smart electric coupe SUV, the ET7, a smart electric
flagship sedan, and the ET5, a mid-size 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 its vehicles ; 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 RMB6.8972 to US$1.00, the noon buying rate
in effect on December 31, 2022 in the H.10 statistical release of
the Federal Reserve Board. The Company makes no representation that
the Renminbi or U.S. dollars amounts referred could be converted
into U.S. dollars or Renminbi, as the case may be, at any
particular rate or at all.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.comMedia
Relationsglobal.press@nio.com
Source: NIO
NIO INC.
Unaudited Consolidated Balance
Sheets
(All amounts in thousands)
|
As of |
|
December 31, 2021 |
December 31, 2022 |
December 31, 2022 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
15,333,719 |
19,887,575 |
2,883,427 |
Restricted cash |
2,994,408 |
3,154,240 |
457,322 |
Short-term investments |
37,057,554 |
19,171,017 |
2,779,536 |
Trade
and notes receivables |
2,797,805 |
5,118,170 |
742,065 |
Amounts
due from related parties |
1,551,334 |
1,380,956 |
200,220 |
Inventory |
2,056,352 |
8,191,386 |
1,187,639 |
Prepayments and other current assets |
1,850,143 |
2,246,408 |
325,699 |
Total current assets |
63,641,315 |
59,149,752 |
8,575,908 |
Non-current assets: |
|
|
|
Long-term restricted cash |
46,437 |
113,478 |
16,453 |
Property, plant and equipment, net |
7,399,516 |
15,658,666 |
2,270,293 |
Land use
rights, net |
199,121 |
212,603 |
30,825 |
Long-term investments |
3,059,383 |
6,356,411 |
921,593 |
Right-of-use assets - operating lease |
2,988,374 |
7,374,456 |
1,069,196 |
Other
non-current assets |
5,549,455 |
7,398,559 |
1,072,690 |
Total non-current assets |
19,242,286 |
37,114,173 |
5,381,050 |
Total assets |
82,883,601 |
96,263,925 |
13,956,958 |
LIABILITIES |
|
|
|
Current
liabilities: |
|
|
|
Short-term borrowings |
5,230,000 |
4,039,210 |
585,630 |
Trade
and notes payable |
12,638,991 |
25,223,687 |
3,657,091 |
Amounts
due to related parties |
687,200 |
384,611 |
55,763 |
Taxes
payable |
627,794 |
286,300 |
41,510 |
Current
portion of operating lease liabilities |
744,561 |
1,025,968 |
148,751 |
Current
portion of long-term borrowings |
2,067,962 |
1,237,916 |
179,481 |
Accruals
and other liabilities |
7,201,644 |
13,654,362 |
1,979,700 |
Total current liabilities |
29,198,152 |
45,852,054 |
6,647,926 |
Non-current liabilities: |
|
|
|
Long-term borrowings |
9,739,176 |
10,885,799 |
1,578,292 |
Non-current operating lease liabilities |
2,317,193 |
6,517,096 |
944,890 |
Deferred
tax liabilities |
25,199 |
218,189 |
31,634 |
Other
non-current liabilities |
3,540,458 |
5,144,027 |
745,814 |
Total non-current liabilities |
15,622,026 |
22,765,111 |
3,300,630 |
Total liabilities |
44,820,178 |
68,617,165 |
9,948,556 |
NIO INC.
Unaudited Consolidated Balance
Sheets
(All amounts in thousands)
|
As of |
|
December 31, 2021 |
December 31, 2022 |
December 31, 2022 |
|
RMB |
RMB |
US$ |
MEZZANINE EQUITY |
|
|
|
Redeemable non-controlling interests |
3,277,866 |
3,557,221 |
515,747 |
Total mezzanine equity |
3,277,866 |
3,557,221 |
515,747 |
SHAREHOLDERS’ EQUITY |
|
|
|
Total NIO Inc. shareholders’ equity |
34,709,924 |
23,868,165 |
3,460,559 |
Non-controlling interests |
75,633 |
221,374 |
32,096 |
Total shareholders’ equity |
34,785,557 |
24,089,539 |
3,492,655 |
Total liabilities, mezzanine equity and shareholders’
equity |
82,883,601 |
96,263,925 |
13,956,958 |
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
(All amounts in thousands, except for share and per
share data)
|
Three Months Ended |
|
December 31, 2021 |
|
September 30, 2022 |
|
December 31, 2022 |
|
December 31, 2022 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
Vehicle sales |
9,215,375 |
|
11,932,709 |
|
14,759,016 |
|
2,139,856 |
|
Other sales |
685,367 |
|
1,069,386 |
|
1,304,498 |
|
189,134 |
|
Total revenues |
9,900,742 |
|
13,002,095 |
|
16,063,514 |
|
2,328,990 |
|
Cost of sales: |
|
|
|
|
Vehicle sales |
(7,291,520 |
) |
(9,978,261 |
) |
(13,749,365 |
) |
(1,993,471 |
) |
Other sales |
(909,678 |
) |
(1,288,741 |
) |
(1,692,391 |
) |
(245,374 |
) |
Total cost of sales |
(8,201,198 |
) |
(11,267,002 |
) |
(15,441,756 |
) |
(2,238,845 |
) |
Gross profit |
1,699,544 |
|
1,735,093 |
|
621,758 |
|
90,145 |
|
Operating expenses: |
|
|
|
|
Research and development |
(1,828,516 |
) |
(2,944,517 |
) |
(3,980,578 |
) |
(577,130 |
) |
Selling, general and administrative |
(2,358,249 |
) |
(2,712,483 |
) |
(3,527,371 |
) |
(511,421 |
) |
Other operating income |
42,090 |
|
51,607 |
|
150,057 |
|
21,756 |
|
Total operating expenses |
(4,144,675 |
) |
(5,605,393 |
) |
(7,357,892 |
) |
(1,066,795 |
) |
Loss from operations |
(2,445,131 |
) |
(3,870,300 |
) |
(6,736,134 |
) |
(976,650 |
) |
Interest and investment income |
359,061 |
|
313,208 |
|
351,960 |
|
51,029 |
|
Interest expenses |
(75,937 |
) |
(100,564 |
) |
(70,669 |
) |
(10,246 |
) |
Gain on extinguishment of debt |
— |
|
— |
|
118,400 |
|
17,166 |
|
Share of (loss)/income of equity investees |
(1,697 |
) |
52,054 |
|
251,439 |
|
36,455 |
|
Other income/(losses), net |
53,522 |
|
(495,582 |
) |
315,699 |
|
45,772 |
|
Loss before income tax expense |
(2,110,182 |
) |
(4,101,184 |
) |
(5,769,305 |
) |
(836,474 |
) |
Income tax expense |
(33,247 |
) |
(9,639 |
) |
(16,796 |
) |
(2,435 |
) |
Net loss |
(2,143,429 |
) |
(4,110,823 |
) |
(5,786,101 |
) |
(838,909 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(66,881 |
) |
(71,100 |
) |
(72,581 |
) |
(10,523 |
) |
Net loss attributable to non-controlling interests |
31,088 |
|
39,603 |
|
11,603 |
|
1,682 |
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
(2,179,222 |
) |
(4,142,320 |
) |
(5,847,079 |
) |
(847,750 |
) |
|
|
|
|
|
Net loss |
(2,143,429 |
) |
(4,110,823 |
) |
(5,786,101 |
) |
(838,909 |
) |
Other comprehensive (loss)/income |
|
|
|
|
Change in unrealized gains/(losses) related to available-for-sale
debt securities, net of tax |
24,224 |
|
32,727 |
|
(24,495 |
) |
(3,552 |
) |
Change in unrealized (losses)/gains on cash flow hedges |
— |
|
(797 |
) |
817 |
|
118 |
|
Foreign currency translation adjustment, net of nil tax |
(61,401 |
) |
400,386 |
|
(134,783 |
) |
(19,542 |
) |
Total other comprehensive (loss)/income |
(37,177 |
) |
432,316 |
|
(158,461 |
) |
(22,976 |
) |
Total comprehensive loss |
(2,180,606 |
) |
(3,678,507 |
) |
(5,944,562 |
) |
(861,885 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(66,881 |
) |
(71,100 |
) |
(72,581 |
) |
(10,523 |
) |
Net loss attributable to non-controlling interests |
31,088 |
|
39,603 |
|
11,603 |
|
1,682 |
|
Other comprehensive (income)/loss attributable to non-controlling
interests |
(4,727 |
) |
(6,387 |
) |
5,229 |
|
758 |
|
Comprehensive loss attributable to ordinary shareholders of
NIO Inc. |
(2,221,126 |
) |
(3,716,391 |
) |
(6,000,311 |
) |
(869,968 |
) |
Weighted average number of ordinary shares used in
computing net loss per share |
|
|
|
|
Basic and diluted |
1,607,187,119 |
|
1,640,001,909 |
|
1,647,356,108 |
|
1,647,356,108 |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
Basic and diluted |
(1.36 |
) |
(2.53 |
) |
(3.55 |
) |
(0.51 |
) |
Weighted average number of ADS used in computing net loss
per share |
|
|
|
|
Basic and diluted |
1,607,187,119 |
|
1,640,001,909 |
|
1,647,356,108 |
|
1,647,356,108 |
|
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
|
Basic and diluted |
(1.36 |
) |
(2.53 |
) |
(3.55 |
) |
(0.51 |
) |
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
(All amounts in thousands, except for share and per
share data)
|
For the Year Ended December 31, |
|
2021 |
|
2022 |
|
2022 |
|
|
RMB |
RMB |
US$ |
Revenues: |
|
|
|
Vehicle sales |
33,169,740 |
|
45,506,581 |
|
6,597,834 |
|
Other sales |
2,966,683 |
|
3,761,980 |
|
545,436 |
|
Total revenues |
36,136,423 |
|
49,268,561 |
|
7,143,270 |
|
Cost of sales: |
|
|
|
Vehicle sales |
(26,516,643 |
) |
(39,271,801 |
) |
(5,693,876 |
) |
Other sales |
(2,798,347 |
) |
(4,852,767 |
) |
(703,585 |
) |
Total cost of sales |
(29,314,990 |
) |
(44,124,568 |
) |
(6,397,461 |
) |
Gross profit |
6,821,433 |
|
5,143,993 |
|
745,809 |
|
Operating expenses: |
|
|
|
Research and development |
(4,591,852 |
) |
(10,836,261 |
) |
(1,571,110 |
) |
Selling, general and administrative |
(6,878,132 |
) |
(10,537,119 |
) |
(1,527,739 |
) |
Other operating income |
152,248 |
|
588,728 |
|
85,358 |
|
Total operating expenses |
(11,317,736 |
) |
(20,784,652 |
) |
(3,013,491 |
) |
Loss from operations |
(4,496,303 |
) |
(15,640,659 |
) |
(2,267,682 |
) |
Interest and investment income |
911,833 |
|
1,358,719 |
|
196,996 |
|
Interest expenses |
(637,410 |
) |
(333,216 |
) |
(48,312 |
) |
Gain on extinguishment of debt |
— |
|
138,332 |
|
20,056 |
|
Share of income of equity investees |
62,510 |
|
377,775 |
|
54,772 |
|
Other income/(losses), net |
184,686 |
|
(282,952 |
) |
(41,024 |
) |
Loss before income tax expense |
(3,974,684 |
) |
(14,382,001 |
) |
(2,085,194 |
) |
Income tax expense |
(42,265 |
) |
(55,103 |
) |
(7,989 |
) |
Net loss |
(4,016,949 |
) |
(14,437,104 |
) |
(2,093,183 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(6,586,579 |
) |
(279,355 |
) |
(40,503 |
) |
Net loss attributable to non-controlling interests |
31,219 |
|
157,014 |
|
22,765 |
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
(10,572,309 |
) |
(14,559,445 |
) |
(2,110,921 |
) |
|
|
|
|
Net loss |
(4,016,949 |
) |
(14,437,104 |
) |
(2,093,183 |
) |
Other comprehensive (loss)/income |
|
|
|
Change in unrealized gains related to available-for-sale debt
securities, net of tax |
24,224 |
|
746,336 |
|
108,209 |
|
Foreign currency translation adjustment, net of nil tax |
(230,345 |
) |
717,274 |
|
103,995 |
|
Total other comprehensive (loss)/income |
(206,121 |
) |
1,463,610 |
|
212,204 |
|
Total comprehensive loss |
(4,223,070 |
) |
(12,973,494 |
) |
(1,880,979 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(6,586,579 |
) |
(279,355 |
) |
(40,503 |
) |
Net loss attributable to non-controlling interests |
31,219 |
|
157,014 |
|
22,765 |
|
Other comprehensive income attributable to non-controlling
interests |
(4,727 |
) |
(151,299 |
) |
(21,936 |
) |
Comprehensive loss attributable to ordinary shareholders of
NIO Inc. |
(10,783,157 |
) |
(13,247,134 |
) |
(1,920,653 |
) |
Weighted average number of ordinary shares used in
computing net loss per share |
|
|
|
Basic and diluted |
1,572,702,112 |
|
1,636,999,280 |
|
1,636,999,280 |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
Basic and diluted |
(6.72 |
) |
(8.89 |
) |
(1.29 |
) |
Weighted average number of ADS used in computing net loss
per share |
|
|
|
Basic and diluted |
1,572,702,112 |
|
1,636,999,280 |
|
1,636,999,280 |
|
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
Basic and diluted |
(6.72 |
) |
(8.89 |
) |
(1.29 |
) |
NIO INC.
Unaudited Reconciliation of GAAP and
Non-GAAP Results
(All amounts in thousands, except for share and per
share data)
|
Three Months Ended December 31, 2022 |
|
GAAPResult |
|
Share-basedcompensation |
Accretion on redeemablenon-controlling intereststo
redemption value |
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
RMB |
RMB |
Cost of sales |
(15,441,756 |
) |
23,522 |
— |
(15,418,234 |
) |
Research and development expenses |
(3,980,578 |
) |
426,701 |
— |
(3,553,877 |
) |
Selling, general and administrative expenses |
(3,527,371 |
) |
270,257 |
— |
(3,257,114 |
) |
Total |
(22,949,705 |
) |
720,480 |
— |
(22,229,225 |
) |
Loss from operations |
(6,736,134 |
) |
720,480 |
— |
(6,015,654 |
) |
Net loss |
(5,786,101 |
) |
720,480 |
— |
(5,065,621 |
) |
Net loss attributable to ordinary shareholders of NIO Inc. |
(5,847,079 |
) |
720,480 |
72,581 |
(5,054,018 |
) |
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(3.55 |
) |
0.44 |
0.04 |
(3.07 |
) |
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (RMB) |
(3.55 |
) |
0.44 |
0.04 |
(3.07 |
) |
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (USD) |
(0.51 |
) |
0.06 |
0.01 |
(0.44 |
) |
|
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 |
) |
|
Three Months Ended December 31, 2021 |
|
GAAPResult |
|
Share-basedcompensation |
Accretion on redeemablenon-controlling intereststo
redemption value |
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
RMB |
RMB |
Cost of sales |
(8,201,198 |
) |
11,944 |
— |
(8,189,254 |
) |
Research and development expenses |
(1,828,516 |
) |
189,484 |
— |
(1,639,032 |
) |
Selling, general and administrative expenses |
(2,358,249 |
) |
195,263 |
— |
(2,162,986 |
) |
Total |
(12,387,963 |
) |
396,691 |
— |
(11,991,272 |
) |
Loss from operations |
(2,445,131 |
) |
396,691 |
— |
(2,048,440 |
) |
Net loss |
(2,143,429 |
) |
396,691 |
— |
(1,746,738 |
) |
Net loss attributable to ordinary shareholders of NIO Inc. |
(2,179,222 |
) |
396,691 |
66,881 |
(1,715,650 |
) |
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(1.36 |
) |
0.25 |
0.04 |
(1.07 |
) |
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (RMB) |
(1.36 |
) |
0.25 |
0.04 |
(1.07 |
) |
NIO INC.
Unaudited Reconciliation of GAAP and
Non-GAAP Results
(All amounts in thousands, except for share and per
share data)
|
Year Ended December 31, 2022 |
|
GAAPResult |
|
Share-basedcompensation |
Accretion on redeemablenon-controlling intereststo
redemption value |
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
RMB |
RMB |
Cost of sales |
(44,124,568 |
) |
66,914 |
— |
(44,057,654 |
) |
Research and development expenses |
(10,836,261 |
) |
1,323,370 |
— |
(9,512,891 |
) |
Selling, general and administrative expenses |
(10,537,119 |
) |
905,612 |
— |
(9,631,507 |
) |
Total |
(65,497,948 |
) |
2,295,896 |
— |
(63,202,052 |
) |
Loss from operations |
(15,640,659 |
) |
2,295,896 |
— |
(13,344,763 |
) |
Net loss |
(14,437,104 |
) |
2,295,896 |
— |
(12,141,208 |
) |
Net loss attributable to ordinary shareholders of NIO Inc. |
(14,559,445 |
) |
2,295,896 |
279,355 |
(11,984,194 |
) |
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(8.89 |
) |
1.40 |
0.17 |
(7.32 |
) |
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (RMB) |
(8.89 |
) |
1.40 |
0.17 |
(7.32 |
) |
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (USD) |
(1.29 |
) |
0.20 |
0.03 |
(1.06 |
) |
|
Year Ended December 31, 2021 |
|
GAAPResult |
|
Share-basedcompensation |
Accretion on redeemablenon-controlling intereststo
redemption value |
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
RMB |
RMB |
Cost of sales |
(29,314,990 |
) |
34,009 |
— |
(29,280,981 |
) |
Research and development expenses |
(4,591,852 |
) |
406,940 |
— |
(4,184,912 |
) |
Selling, general and administrative expenses |
(6,878,132 |
) |
569,191 |
— |
(6,308,941 |
) |
Total |
(40,784,974 |
) |
1,010,140 |
— |
(39,774,834 |
) |
Loss from operations |
(4,496,303 |
) |
1,010,140 |
— |
(3,486,163 |
) |
Net loss |
(4,016,949 |
) |
1,010,140 |
— |
(3,006,809 |
) |
Net loss attributable to ordinary shareholders of NIO Inc. |
(10,572,309 |
) |
1,010,140 |
6,586,579 |
(2,975,590 |
) |
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(6.72 |
) |
0.64 |
4.19 |
(1.89 |
) |
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (RMB) |
(6.72 |
) |
0.64 |
4.19 |
(1.89 |
) |
i All translations from RMB to USD for the fourth
quarter and the full year of 2022 were made at the rate of
RMB6.8972 to US$1.00, the noon buying rate in effect on December
31, 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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