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 first quarter ended March 31, 2023.
Operating Highlights for the First
Quarter of 2023
- Vehicle deliveries
were 31,041 in the first quarter of 2023, consisting of 10,430
premium smart electric SUVs and 20,611 premium smart electric
sedans, representing an increase of 20.5% from the first quarter of
2022, and a decrease of 22.5% from the fourth quarter of 2022.
|
Key Operating Results |
|
|
|
2023 Q1 |
2022 Q4 |
2022 Q3 |
2022 Q2 |
|
Deliveries |
31,041 |
40,052 |
31,607 |
25,059 |
|
|
|
|
|
|
|
|
2022 Q1 |
2021 Q4 |
2021 Q3 |
2021 Q2 |
|
Deliveries |
25,768 |
25,034 |
24,439 |
21,896 |
Financial Highlights for the First
Quarter of 2023
- Vehicle sales were
RMB9,224.5 million (US$1,343.2 million) in the first quarter of
2023, representing a decrease of 0.2% from the first quarter of
2022 and a decrease of 37.5% from the fourth quarter of 2022.
- Vehicle marginii
was 5.1% in the first quarter of 2023, compared with 18.1% in the
first quarter of 2022 and 6.8% in the fourth quarter of 2022.
- Total revenues
were RMB10,676.5 million (US$1,554.6 million) in the first quarter
of 2023, representing an increase of 7.7% from the first quarter of
2022 and a decrease of 33.5 % from the fourth quarter of 2022.
- Gross profit was
RMB162.3 million (US$23.6 million) in the first quarter of 2023,
representing a decrease of 88.8% from the first quarter of 2022 and
a decrease of 73.9% from the fourth quarter of 2022.
- Gross margin was
1.5% in the first quarter of 2023, compared with 14.6% in the first
quarter of 2022 and 3.9% in the fourth quarter of 2022.
- Loss from
operations was RMB5,111.8 million (US$744.3 million) in
the first quarter of 2023, representing an increase of 133.6% from
the first quarter of 2022 and a decrease of 24.1% from the fourth
quarter of 2022. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB4,522.4 million
(US$658.5 million) in the first quarter of 2023, representing an
increase of 163.6% from the first quarter of 2022 and a decrease of
24.8% from the fourth quarter of 2022.
- Net loss was
RMB4,739.5 million (US$690.1 million) in the first quarter of 2023,
representing an increase of 165.9% from the first quarter of 2022
and a decrease of 18.1% from the fourth quarter of 2022. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB 4,150.1 million (US$604.3 million) in the first quarter of
2023, representing an increase of 216.9% from the first quarter of
2022 and a decrease of 18.1% from the fourth quarter of 2022.
- Net loss attributable to
NIO’s ordinary shareholders was RMB4,803.6 million
(US$699.5 million) in the first quarter of 2023, representing an
increase of 163.2% from the first quarter of 2022 and a decrease of
17.8% from the fourth 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 RMB4,141.8 million
(US$603.1 million) in the first quarter of 2023, representing an
increase of 222.3% from the first quarter of 2022 and a decrease of
18.0% from the fourth quarter of 2022.
- Basic and diluted net loss
per ordinary share/American Depositary Share
(ADS)iii were both RMB2.91 (US$0.42) in
the first quarter of 2023, compared with RMB1.12 in the first
quarter of 2022 and RMB3.55 in the fourth 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 share/ADS (non-GAAP) were both
RMB2.51 (US$0.36), compared with RMB0.79 in the first quarter of
2022 and RMB3.07 in the fourth quarter of 2022.
- Cash and cash equivalents,
restricted cash, short-term investment and
long-term time deposits were RMB37.8 billion (US$5.5
billion) as of March 31, 2023.
|
Key Financial Results for the First
Quarter of 2023 |
|
(in RMB million, except for per ordinary share/ADS data and
percentage) |
|
|
2023 Q1 |
2022 Q4 |
2022 Q1 |
% Changeiv |
|
|
|
|
|
QoQ |
YoY |
|
Vehicle Sales |
9,224.5 |
14,759.0 |
9,244.0 |
-37.5% |
-0.2% |
|
Vehicle Margin |
5.1% |
6.8% |
18.1% |
-170bp |
-1300bp |
|
Total Revenues |
10,676.5 |
16,063.5 |
9,910.6 |
-33.5% |
7.7% |
|
Gross Profit |
162.3 |
621.8 |
1,446.8 |
-73.9% |
-88.8% |
|
Gross Margin |
1.5% |
3.9% |
14.6% |
-240bp |
-1310bp |
|
Loss from Operations |
(5,111.8) |
(6,736.1) |
(2,188.7) |
-24.1% |
133.6% |
| Adjusted Loss from Operations
(non-GAAP) |
(4,522.4) |
(6,015.7) |
(1,715.6) |
-24.8% |
163.6% |
|
Net Loss |
(4,739.5) |
(5,786.1) |
(1,782.7) |
-18.1% |
165.9% |
|
Adjusted Net Loss (non-GAAP) |
(4,150.1) |
(5,065.6) |
(1,309.6) |
-18.1% |
216.9% |
| Net Loss Attributable to
Ordinary Shareholders |
(4,803.6) |
(5,847.1) |
(1,825.0) |
-17.8% |
163.2% |
| Net Loss per Ordinary
Share/ADS-Basic and Diluted |
(2.91) |
(3.55) |
(1.12) |
-18.0% |
159.8% |
| Adjusted Net Loss per Ordinary
Share/ADS-Basic and Diluted (non-GAAP) |
(2.51) |
(3.07) |
(0.79) |
-18.2% |
217.7% |
Recent
DevelopmentsDeliveries in April and May
2023
- NIO delivered 6,658 vehicles in
April 2023 and 6,155 vehicles in May 2023. As of May 31, 2023,
NIO’s cumulative vehicle deliveries since inception reached 333,410
vehicles.
NIO Launched the All-New ES6
- On May 24, 2023, NIO launched the
All-New ES6, a smart electric all-round SUV in China and started
its deliveries the next day.
CEO and CFO Comments
“NIO delivered 31,041 vehicles in the first
quarter of 2023, ranking first in the premium battery electric
vehicle market priced over RMB400,000 in China for 12 consecutive
quarters," said William Bin Li, founder, chairman and chief
executive officer of NIO, "On May 24, 2023, NIO launched the
All-New ES6, an all-round smart electric SUV and started its
deliveries the next day. With exquisite design, high performance,
superior comfort, and advanced digital systems, the All-New ES6 has
received overwhelmingly positive feedback from our users." "With
the volume ramp-up of our new models including the All-New ES6, our
teams are well prepared for a solid growth in vehicle
deliveries," added Mr. Li. "In the face of the changing market
environment, we will observe and analyze the dynamics of the
operating environment and competition landscape promptly, and
continue to strengthen our competitive advantages in an agile and
efficient manner,” added Steven Wei Feng, NIO's chief financial
officer, “Meanwhile, we will stay focused on execution, optimize
cost structure, and further improve our operating efficiency.”
Financial Results for the First Quarter
of 2023Revenues
- Total revenues in
the first quarter of 2023 were RMB10,676.5 million (US$1,554.6
million), representing an increase of 7.7% from the first quarter
of 2022 and a decrease of 33.5% from the fourth quarter of
2022.
- Vehicle sales in
the first quarter of 2023 were RMB9,224.5 million (US$1,343.2
million), representing a decrease of 0.2% from the first quarter of
2022 and a decrease of 37.5% from the fourth quarter of 2022. The
decrease in vehicle sales over the first quarter of 2022 was mainly
due to lower average selling price as a result of higher proportion
of ET5 and 75 kWh standard-range battery pack deliveries, partially
offset by an increase in delivery volume. The decrease in vehicle
sales over the fourth quarter of 2022 was mainly due to a decrease
in delivery volume, and lower average selling price as a result of
higher proportion of ET5 and 75 kWh standard-range battery pack
deliveries.
- Other sales in the
first quarter of 2023 were RMB1,452.0 million (US$211.4 million),
representing an increase of 117.8% from the first quarter of 2022
and an increase of 11.3% from the fourth quarter of 2022. The
increase in other sales over the first quarter of 2022 was mainly
due to the increase in sales of accessories, provision of repair
and maintenance services, provision of auto financing services,
sales of used cars and provision of power solutions, as a result of
continued growth of our users. The increase in other sales over the
fourth quarter of 2022 was mainly due to the increase in provision
of auto financing services, sales of accessories, provision of
repair and maintenance services, provision of power solutions and
sales of used cars, as a result of continued growth of our users,
and partially offset by a decrease in revenue from rendering of
research and development services.
Cost of Sales and Gross
Margin
- Cost of sales in
the first quarter of 2023 was RMB10,514.2 million (US$1,531.0
million), representing an increase of 24.2% from the first quarter
of 2022 and a decrease of 31.9% from the fourth quarter of 2022.
The increase in cost of sales over the first quarter of 2022 was
mainly driven by the increase in (i) delivery volume, and (ii) cost
from the sales of accessories, provision of repair and maintenance
services, sales of used cars and provision of power solutions,
associated with increased vehicle sales and expanded power and
service network. The decrease in cost of sales over the fourth
quarter of 2022 was mainly attributed to (i) the decrease in
delivery volume, (ii) the decrease in average material cost per
vehicle as a result of higher proportion of ET5 and 75 kWh
standard-range battery pack deliveries, and (iii) the inventory
provisions, accelerated depreciation on production facilities, and
losses on purchase commitments related to the previous generation
of ES8, ES6 and EC6 in the fourth quarter of 2022.
- Gross profit in
the first quarter of 2023 was RMB162.3 million (US$23.6 million),
representing a decrease of 88.8% from the first quarter of 2022 and
a decrease of 73.9% from the fourth quarter of 2022.
- Gross margin in
the first quarter of 2023 was 1.5%, compared with 14.6% in the
first quarter of 2022 and 3.9% in the fourth quarter of 2022. The
decrease of gross margin from the first quarter of 2022 and the
fourth quarter of 2022 was mainly attributed to the decreased
vehicle margin.
- Vehicle margin in
the first quarter of 2023 was 5.1%, compared with 18.1% in the
first quarter of 2022 and 6.8% in the fourth quarter of 2022. The
decrease in vehicle margin from the first quarter of 2022 was
mainly attributed to changes in product mix and increased battery
cost per unit. The decrease in vehicle margin from the fourth
quarter of 2022 was mainly due to (i) changes in product mix, and
(ii) increased promotion discount for the previous generation of
ES8, ES6 and EC6, which were partially offset by (iii) the
inventory provisions, accelerated depreciation on production
facilities, and losses on purchase commitments for the previous
generation of ES8, ES6 and EC6 in the fourth quarter of 2022.
Operating Expenses
- Research and development
expenses in the first quarter of 2023 were RMB3,075.6
million (US$447.8 million), representing an increase of 74.6% from
the first quarter of 2022 and a decrease of 22.7% from the fourth
quarter of 2022. Excluding share-based compensation expenses,
research and development expenses (non-GAAP) were RMB2,711.6
million (US$394.8 million), representing an increase of 79.1% from
the first quarter of 2022 and a decrease of 23.7% from the fourth
quarter of 2022. The increase in research and development expenses
over the first quarter of 2022 was mainly attributed to the
increased personnel costs in research and development functions and
the increased share-based compensation expenses recognized in the
first quarter of 2023. The decrease in research and development
expenses over the fourth quarter of 2022 reflected fluctuations due
to different design and development stages of new products and
technologies.
- Selling, general and
administrative expenses in the first quarter of 2023 were
RMB2,445.9 million (US$356.2 million), representing an increase of
21.4% from the first quarter of 2022 and a decrease of 30.7% from
the fourth quarter of 2022. Excluding share-based compensation
expenses, selling, general and administrative expenses (non-GAAP)
were RMB2,239.3 million (US$326.1 million), representing an
increase of 24.3% from the first quarter of 2022 and a decrease of
31.2% from the fourth quarter of 2022. The increase in selling,
general and administrative expenses over the first quarter of 2022
was mainly attributed to (i) the increase in personnel costs
related to sales and general corporate functions, and (ii) the
increase in expenses related to the Company’s sales and service
network expansion. The decrease in selling, general and
administrative expenses over the fourth quarter of 2022 was mainly
due to the decrease in sales and marketing activities and
professional services.
Loss from Operations
- Loss from
operations in the first quarter of 2023 was RMB5,111.8
million (US$744.3 million), representing an increase of 133.6% from
the first quarter of 2022 and a decrease of 24.1% from the fourth
quarter of 2022. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB4,522.4 million
(US$658.5 million) in the first quarter of 2023, representing an
increase of 163.6% from the first quarter of 2022 and a decrease of
24.8% from the fourth quarter of 2022.
Net Loss and Earnings Per
Share/ADS
- Net loss in the
first quarter of 2023 was RMB4,739.5 million (US690.1 million),
representing an increase of 165.9% from the first quarter of 2022
and a decrease of 18.1% from the fourth quarter of 2022. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB4,150.1 million (US604.3 million) in the first quarter of 2023,
representing an increase of 216.9% from the first quarter of 2022
and a decrease of 18.1% from the fourth quarter of 2022.
- Net loss attributable to
NIO’s ordinary shareholders in the first quarter of 2023
was RMB 4,803.6 million (US$699.5 million), representing an
increase of 163.2% from the first quarter of 2022 and a decrease of
17.8% from the fourth 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 RMB 4,141.8 million
(US$603.1 million) in the first quarter of 2023.
- Basic and diluted net loss
per ordinary share/ADS in the first quarter of 2023 were
both RMB2.91 (US$0.42), compared with RMB1.12 in the first quarter
of 2022 and RMB3.55 in the fourth 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 share/ADS (non-GAAP) were both RMB2.51
(US$0.36), compared with RMB0.79 in the first quarter of 2022 and
RMB3.07 in the fourth quarter of 2022.
Balance Sheet
- Balance of cash and cash
equivalents, restricted cash, short-term investment and long-term
time deposits was RMB37.8 billion (US$5.5 billion) as of
March 31, 2023.
Business OutlookFor the second
quarter of 2023, the Company expects:
- Deliveries of
vehicles to be between 23,000 and 25,000 vehicles,
representing a decrease of approximately 8.2% to 0.2% from the same
quarter of 2022.
- Total
revenues to be between RMB8,742 million
(US$1,273 million) and RMB9,370 million (US$1,364 million),
representing a decrease of approximately 15.1% to 9.0% 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 8:00 AM U.S. Eastern Time on June 9, 2023 (8:00
PM Beijing/Hong Kong/Singapore Time on June 9, 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/10030774-agy6dc.html
A replay of the conference call will be
accessible by phone at the following numbers, until June 16,
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: |
10030774 |
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 (the “SEC”), 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 SEC 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)
and adjusted basic and diluted net loss per share/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) and 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/ADS (non-GAAP) as net loss
attributable to ordinary shareholders and basic and diluted
net loss per share/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 RMB6.8676 to US$1.00, the noon buying rate
in effect on March 31, 2023 in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.comMedia
Relationsglobal.press@nio.com
Source: NIO
NIO INC.
Unaudited Consolidated Balance
Sheets
(All amounts in thousands)
|
|
As of |
|
|
December 31, 2022 |
|
March 31, 2023 |
|
March 31, 2023 |
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
19,887,575 |
|
14,763,443 |
|
2,149,724 |
|
Restricted cash |
3,154,240 |
|
2,836,594 |
|
413,040 |
|
Short-term investments |
19,171,017 |
|
17,842,478 |
|
2,598,066 |
|
Trade and notes receivables |
5,118,170 |
|
5,464,539 |
|
795,698 |
|
Amounts due from related parties |
1,380,956 |
|
1,550,523 |
|
225,774 |
|
Inventory |
8,191,386 |
|
6,376,311 |
|
928,463 |
|
Prepayments and other current assets |
2,246,408 |
|
2,817,160 |
|
410,210 |
|
Total current assets |
59,149,752 |
|
51,651,048 |
|
7,520,975 |
|
Non-current assets: |
|
|
|
|
|
|
Long-term restricted cash |
113,478 |
|
126,032 |
|
18,352 |
|
Property, plant and equipment, net. |
15,658,666 |
|
15,910,905 |
|
2,316,807 |
|
Intangible assets, net |
— |
|
29,648 |
|
4,317 |
|
Land use rights, net |
212,603 |
|
211,277 |
|
30,764 |
|
Long-term investments |
6,356,411 |
|
5,443,621 |
|
792,653 |
|
Right-of-use assets - operating lease |
7,374,456 |
|
9,113,057 |
|
1,326,964 |
| Other non-current assets |
7,398,559 |
|
6,841,786 |
|
996,241 |
| Total non-current
assets |
37,114,173 |
|
37,676,326 |
|
5,486,098 |
| Total
assets |
96,263,925 |
|
89,327,374 |
|
13,007,073 |
|
LIABILITIES |
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
| Short-term borrowings |
4,039,210 |
|
5,294,210 |
|
770,897 |
| Trade and notes payable |
25,223,687 |
|
18,873,747 |
|
2,748,230 |
| Amounts due to related
parties |
384,611 |
|
347,285 |
|
50,569 |
| Taxes payable |
286,300 |
|
278,316 |
|
40,526 |
| Current portion of operating
lease liabilities |
1,025,968 |
|
951,187 |
|
138,504 |
| Current portion of long-term
borrowings |
1,237,916 |
|
2,408,126 |
|
350,650 |
| Accruals and other
liabilities |
13,654,362 |
|
12,284,198 |
|
1,788,718 |
| Total current
liabilities |
45,852,054 |
|
40,437,069 |
|
5,888,094 |
| Non-current liabilities: |
|
|
|
|
|
| Long-term borrowings |
10,885,799 |
|
11,330,771 |
|
1,649,888 |
| Non-current operating lease
liabilities |
6,517,096 |
|
8,412,155 |
|
1,224,905 |
| Deferred tax liabilities |
218,189 |
|
216,396 |
|
31,510 |
| Other non-current
liabilities |
5,144,027 |
|
5,468,845 |
|
796,326 |
| Total non-current
liabilities |
22,765,111 |
|
25,428,167 |
|
3,702,629 |
| Total
liabilities |
68,617,165 |
|
65,865,236 |
|
9,590,723 |
| |
|
|
|
|
|
NIO INC.
Unaudited Consolidated Balance
Sheets
(All amounts in thousands)
| |
As of |
|
|
December 31, 2022 |
|
March 31, 2023 |
|
March 31, 2023 |
| |
RMB |
|
RMB |
|
US$ |
| MEZZANINE
EQUITY |
|
|
|
|
|
|
Redeemable non-controlling interests |
3,557,221 |
|
3,629,686 |
|
528,522 |
| Total mezzanine
equity |
3,557,221 |
|
3,629,686 |
|
528,522 |
| SHAREHOLDERS’
EQUITY |
|
|
|
|
|
| Total NIO Inc.
shareholders’ equity |
23,868,165 |
|
19,619,448 |
|
2,856,812 |
| Non-controlling interests |
221,374 |
|
213,004 |
|
31,016 |
| Total shareholders’
equity |
24,089,539 |
|
19,832,452 |
|
2,887,828 |
| Total liabilities,
mezzanine equity and shareholders’ equity |
96,263,925 |
|
89,327,374 |
|
13,007,073 |
| |
|
|
|
|
|
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS
data)
| |
Three Months Ended |
| |
March 31, 2022 |
|
December 31, 2022 |
|
March 31, 2023 |
|
March 31, 2023 |
| |
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
Vehicle sales |
9,244,014 |
|
|
14,759,016 |
|
|
9,224,483 |
|
|
1,343,189 |
|
|
Other sales |
666,574 |
|
|
1,304,498 |
|
|
1,451,988 |
|
|
211,426 |
|
| Total
revenues |
9,910,588 |
|
|
16,063,514 |
|
|
10,676,471 |
|
|
1,554,615 |
|
| Cost of
sales: |
|
|
|
|
|
Vehicle sales |
(7,567,550 |
) |
|
(13,749,365 |
) |
|
(8,757,407 |
) |
|
(1,275,177 |
) |
|
Other sales |
(896,199 |
) |
|
(1,692,391 |
) |
|
(1,756,775 |
) |
|
(255,806 |
) |
| Total cost of
sales |
(8,463,749 |
) |
|
(15,441,756 |
) |
|
(10,514,182 |
) |
|
(1,530,983 |
) |
| Gross
profit |
1,446,839 |
|
|
621,758 |
|
|
162,289 |
|
|
23,632 |
|
| Operating
expenses: |
|
|
|
|
|
Research and development |
(1,761,687 |
) |
|
(3,980,578 |
) |
|
(3,075,611 |
) |
|
(447,844 |
) |
|
Selling, general and administrative |
(2,014,804 |
) |
|
(3,527,371 |
) |
|
(2,445,928 |
) |
|
(356,155 |
) |
|
Other operating income |
140,987 |
|
|
150,057 |
|
|
247,402 |
|
|
36,025 |
|
| Total operating
expenses |
(3,635,504 |
) |
|
(7,357,892 |
) |
|
(5,274,137 |
) |
|
(767,974 |
) |
| Loss from
operations |
(2,188,665 |
) |
|
(6,736,134 |
) |
|
(5,111,848 |
) |
|
(744,342 |
) |
| Interest and investment
income |
400,688 |
|
|
351,960 |
|
|
306,762 |
|
|
44,668 |
|
| Interest expenses |
(77,339 |
) |
|
(70,669 |
) |
|
(68,663 |
) |
|
(9,998 |
) |
| Gain on extinguishment of
debt |
— |
|
|
118,400 |
|
|
— |
|
|
— |
|
| Share of income of equity
investees |
26,229 |
|
|
251,439 |
|
|
13,599 |
|
|
1,980 |
|
| Other income, net |
86,886 |
|
|
315,699 |
|
|
128,290 |
|
|
18,680 |
|
| Loss before income tax
expense |
(1,752,201 |
) |
|
(5,769,305 |
) |
|
(4,731,860 |
) |
|
(689,012 |
) |
| Income tax expense |
(30,459 |
) |
|
(16,796 |
) |
|
(7,674 |
) |
|
(1,117 |
) |
| Net loss |
(1,782,660 |
) |
|
(5,786,101 |
) |
|
(4,739,534 |
) |
|
(690,129 |
) |
| Accretion on redeemable
non-controlling interests to redemption value |
(66,775 |
) |
|
(72,581 |
) |
|
(72,465 |
) |
|
(10,552 |
) |
| Net loss attributable to
non-controlling interests |
24,397 |
|
|
11,603 |
|
|
8,370 |
|
|
1,219 |
|
| Net loss attributable
to ordinary shareholders of NIO Inc. |
(1,825,038 |
) |
|
(5,847,079 |
) |
|
(4,803,629 |
) |
|
(699,462 |
) |
|
|
|
|
|
|
| Net loss |
(1,782,660 |
) |
|
(5,786,101 |
) |
|
(4,739,534 |
) |
|
(690,129 |
) |
| Other comprehensive
income/(loss) |
|
|
|
|
| Change in unrealized
gains/(losses) related to available-for-sale debt securities, net
of tax |
743,103 |
|
|
(24,495 |
) |
|
— |
|
|
— |
|
| Change in unrealized
gains/(losses) on cash flow hedges |
— |
|
|
817 |
|
|
(1,329 |
) |
|
(194 |
) |
| Foreign currency translation
adjustment, net of nil tax |
(38,879 |
) |
|
(134,783 |
) |
|
(54,605 |
) |
|
(7,951 |
) |
| Total other
comprehensive income/(loss) |
704,224 |
|
|
(158,461 |
) |
|
(55,934 |
) |
|
(8,145 |
) |
| Total comprehensive
loss |
(1,078,436 |
) |
|
(5,944,562 |
) |
|
(4,795,468 |
) |
|
(698,274 |
) |
|
Accretion on redeemable non-controlling interests to redemption
value |
(66,775 |
) |
|
(72,581 |
) |
|
(72,465 |
) |
|
(10,552 |
) |
| Net loss attributable to
non-controlling interests |
24,397 |
|
|
11,603 |
|
|
8,370 |
|
|
1,219 |
|
| Other comprehensive
(income)/loss attributable to non-controlling interests |
(150,141 |
) |
|
5,229 |
|
|
— |
|
|
— |
|
| Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(1,270,955 |
) |
|
(6,000,311 |
) |
|
(4,859,563 |
) |
|
(707,607 |
) |
| Weighted average
number of ordinary shares/ADS used in computing net loss per
share/ADS |
|
|
|
|
|
Basic and diluted |
1,624,805,030 |
|
|
1,647,356,108 |
|
|
1,649,309,669 |
|
|
1,649,309,669 |
|
| Net loss per share/ADS
attributable to ordinary shareholders |
|
|
|
|
| Basic and diluted |
(1.12 |
) |
|
(3.55 |
) |
|
(2.91 |
) |
|
(0.42 |
) |
NIO INC.
Unaudited Reconciliation of GAAP and
Non-GAAP Results
(All amounts in thousands, except for share and per
share/ADS data)
| |
Three Months Ended March 31, 2023 |
| |
GAAPResult |
|
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
|
AdjustedResult(Non-GAAP) |
| |
RMB |
|
RMB |
|
RMB |
|
RMB |
|
Cost of sales |
(10,514,182 |
) |
|
18,768 |
|
— |
|
(10,495,414 |
) |
| Research and development
expenses |
(3,075,611 |
) |
|
363,967 |
|
— |
|
(2,711,644 |
) |
| Selling, general and
administrative expenses |
(2,445,928 |
) |
|
206,670 |
|
— |
|
(2,239,258 |
) |
| Total |
(16,035,721 |
) |
|
589,405 |
|
— |
|
(15,446,316 |
) |
| Loss from operations |
(5,111,848 |
) |
|
589,405 |
|
— |
|
(4,522,443 |
) |
| Net loss |
(4,739,534 |
) |
|
589,405 |
|
— |
|
(4,150,129 |
) |
| Net loss attributable to
ordinary shareholders of NIO Inc. |
(4,803,629 |
) |
|
589,405 |
|
72,465 |
|
(4,141,759 |
) |
|
Net loss per share/ADS attributable to ordinary shareholders, basic
and diluted (RMB) |
(2.91 |
) |
|
0.36 |
|
0.04 |
|
(2.51 |
) |
| Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted (USD) |
(0.42 |
) |
|
0.05 |
|
0.01 |
|
(0.36 |
) |
| |
Three Months Ended December 31, 2022 |
| |
GAAPResult |
|
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
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/ADS attributable to ordinary shareholders, basic
and diluted (RMB) |
(3.55 |
) |
|
0.44 |
|
0.04 |
|
(3.07 |
) |
|
|
Three Months Ended March 31, 2022 |
|
|
GAAPResult |
|
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
|
AdjustedResult(Non-GAAP) |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
Cost of sales |
(8,463,749 |
) |
|
12,125 |
|
— |
|
(8,451,624 |
) |
| Research and development
expenses |
(1,761,687 |
) |
|
247,621 |
|
— |
|
(1,514,066 |
) |
| Selling, general and
administrative expenses |
(2,014,804 |
) |
|
213,293 |
|
— |
|
(1,801,511 |
) |
| Total |
(12,240,240 |
) |
|
473,039 |
|
— |
|
(11,767,201 |
) |
| Loss from operations |
(2,188,665 |
) |
|
473,039 |
|
— |
|
(1,715,626 |
) |
| Net loss |
(1,782,660 |
) |
|
473,039 |
|
— |
|
(1,309,621 |
) |
| Net loss attributable to
ordinary shareholders of NIO Inc. |
(1,825,038 |
) |
|
473,039 |
|
66,775 |
|
(1,285,224 |
) |
|
Net loss per share/ADS attributable to ordinary shareholders, basic
and diluted (RMB) |
(1.12 |
) |
|
0.29 |
|
0.04 |
|
(0.79 |
) |
________________________
i All translations from RMB to USD for three
months ended March 31, 2023 were made at the rate of RMB6.8676 to
US$1.00, the noon buying rate in effect on March 31, 2023 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.
NIO (NYSE:NIO)
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From Sep 2023 to Oct 2023
NIO (NYSE:NIO)
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From Oct 2022 to Oct 2023
