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 second quarter ended June 30, 2023.
Operating Highlights for the Second
Quarter of 2023
- Vehicle deliveries
were 23,520 in the second quarter of 2023, consisting of 10,492
premium smart electric SUVs and 13,028 premium smart electric
sedans, representing a decrease of 6.1% from the second quarter of
2022, and a decrease of 24.2% from the first quarter of 2023.
Key Operating Results |
|
|
2023 Q2 |
2023 Q1 |
2022 Q4 |
2022 Q3 |
Deliveries |
23,520 |
31,041 |
40,052 |
31,607 |
|
|
|
|
|
|
2022 Q2 |
2022 Q1 |
2021 Q4 |
2021 Q3 |
Deliveries |
25,059 |
25,768 |
25,034 |
24,439 |
Financial Highlights for the Second
Quarter of 2023
- Vehicle sales were
RMB7,185.2million (US$990.9 million) in the second quarter of 2023,
representing a decrease of 24.9% from the second quarter of 2022
and a decrease of 22.1% from the first quarter of 2023.
- Vehicle marginii
was 6.2% in the second quarter of 2023, compared with 16.7% in
second quarter of 2022 and 5.1% in the first quarter of 2023.
- Total revenues
were RMB8,771.7 million (US$1,209.7 million) in the second quarter
of 2023, representing a decrease of 14.8% from the second quarter
of 2022 and a decrease of 17.8 % from the first quarter of
2023.
- Gross profit was
RMB87.0 million (US$12.0 million) in the second quarter of 2023,
representing a decrease of 93.5% from the second quarter of 2022
and a decrease of 46.4% from the first quarter of 2023.
- Gross margin was
1.0% in the second quarter of 2023, compared with 13.0% in the
second quarter of 2022 and 1.5% in the first quarter of 2023.
- Loss from
operations was RMB6,074.1 million (US$837.7 million) in
the second quarter of 2023, representing an increase of 113.5% from
the second quarter of 2022 and an increase of 18.8% from the first
quarter of 2023. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB5,464.1 million
(US$753.5 million) in the second quarter of 2023, representing an
increase of 132.0% from the second quarter of 2022 and an increase
of 20.8% from the first quarter of 2023.
- Net loss was
RMB6,055.8 million (US$835.1 million) in the second quarter of
2023, representing an increase of 119.6% from the second quarter of
2022 and an increase of 27.8% from the first quarter of 2023.
Excluding share-based compensation expenses, adjusted net loss
(non-GAAP) was RMB5,445.7 million (US$751.0 million) in the second
quarter of 2023, representing an increase of 140.2% from the second
quarter of 2022 and an increase of 31.2% from the first quarter of
2023.
- Cash and cash equivalents,
restricted cash, short-term investment and
long-term time deposits were RMB31.5 billion (US$4.3
billion) as of June 30, 2023.
Key Financial Results for the Second
Quarter of 2023 |
(in RMB million, except for percentage) |
|
|
2023 Q2 |
2023 Q1 |
|
2022 Q2 |
|
% Changeiii |
|
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
|
7,185.2 |
|
9,224.5 |
|
|
9,570.8 |
|
|
-22.1% |
-24.9% |
Vehicle Margin |
|
6.2 |
% |
5.1 |
% |
|
16.7 |
% |
|
110bp |
-1050bp |
|
|
|
|
|
|
|
|
|
Total Revenues |
|
8,771.7 |
|
10,676.5 |
|
|
10,292.4 |
|
|
-17.8% |
-14.8% |
Gross Profit |
|
87.0 |
|
162.3 |
|
|
1,340.3 |
|
|
-46.4% |
-93.5% |
Gross Margin |
|
1.0 |
% |
1.5 |
% |
|
13.0 |
% |
|
-50bp |
-1200bp |
|
|
|
|
|
|
|
|
|
Loss from Operations |
|
(6,074.1 |
) |
(5,111.8 |
) |
|
(2,845.6 |
) |
|
18.8% |
113.5% |
Adjusted Loss from Operations (non-GAAP) |
(5,464.1 |
) |
(4,522.4 |
) |
|
(2,355.1 |
) |
|
20.8% |
132.0% |
|
|
|
|
|
|
|
|
Net Loss |
|
(6,055.8 |
) |
(4,739.5 |
) |
|
(2,757.5 |
) |
|
27.8% |
119.6% |
Adjusted Net Loss (non-GAAP) |
(5,445.7 |
) |
(4,150.1 |
) |
|
(2,267.0 |
) |
|
31.2% |
140.2% |
Recent
DevelopmentsDeliveries in July 2023
- NIO delivered 20,462 vehicles in
July 2023, representing an increase of 103.6% year-over-year. As of
July 31, 2023, NIO’s cumulative vehicle deliveries reached 364,579
vehicles.
Launch of the ET5T
- On June 15, 2023, NIO launched the
ET5T, a smart electric tourer, and started its deliveries the next
day.
Strategic Equity
Investment from CYVN
- On July 12, 2023, NIO closed the
US$738.5 million strategic equity investment from CYVN Investments
RSC Ltd, an affiliate of CYVN Holdings L.L.C., which is an
investment vehicle wholly owned by the Abu Dhabi Government
(collectively referred to as “CYVN Entities”). CYVN Entities also
acquired certain Class A ordinary shares of NIO from an affiliate
of Tencent for an aggregate consideration of US$350 million.
Following the aforementioned transactions, CYVN Investments RSC Ltd
currently in aggregate beneficially owns approximately 7.0% of
NIO’s total issued and outstanding shares.
CEO and CFO Comments“NIO
delivered 23,520 vehicles in the second quarter of 2023. In July
2023, NIO delivered 20,462 vehicles, representing a substantial
increase of 103.6% year-over-year, which propelled NIO to the top
position in China's premium electric vehicle market for vehicles
priced above RMB300,000,” said William Bin Li, founder, chairman
and chief executive officer of NIO.
“Attributed to the product transition based on
the NT2.0 Platform, coupled with the expansion of our power network
and the strengthening of our sales capabilities, we expect a solid
growth in vehicle deliveries in the second half of 2023,” added Mr.
Li.
“In July 2023, NIO closed the US$738.5 million
strategic equity investment from CYVN Entities, which demonstrated
NIO’s unique values in the smart electric vehicle industry. This
transaction further strengthened our balance sheet, powering our
continuous endeavors in accelerating business growth, driving
technological innovations and building long-term competitiveness,”
added Steven Wei Feng, NIO’s chief financial officer, “Meanwhile,
we will remain dedicated to improving our operational efficiency
while pursuing continuous growth.”
Financial Results for the Second Quarter
of 2023Revenues
- Total revenues in
the second quarter of 2023 were RMB8,771.7 million (US$1,209.7
million), representing a decrease of 14.8% from the second quarter
of 2022 and a decrease of 17.8 % from the first quarter of
2023.
- Vehicle sales in
the second quarter of 2023 were RMB7,185.2million (US$990.9
million), representing a decrease of 24.9% from the second quarter
of 2022 and a decrease of 22.1% from the first quarter of 2023. The
decrease in vehicle sales over the second 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
and the decrease in delivery volume. The decrease in vehicle sales
over the first quarter of 2023 was mainly due to a decrease in
delivery volume.
- Other sales in the
second quarter of 2023 were RMB1,586.5 million (US$218.8 million),
representing an increase of 119.9% from the second quarter of 2022
and an increase of 9.3% from the first quarter of 2023. The
increase in other sales over the second quarter of 2022 was mainly
due to the increase in sales of used cars, accessories, and
provision of power solutions, as a result of continued growth of
our users. The increase in other sales over the first quarter of
2023 was mainly due to the increase in sales of used cars, and
provision of power solutions, as a result of continued growth of
our users, partially offset by a decrease in revenue from provision
of auto financing services.
Cost of Sales and Gross
Margin
- Cost of sales in
the second quarter of 2023 was RMB8,684.8 million (US$1,197.7
million), representing a decrease of 3.0% from the second quarter
of 2022 and a decrease of 17.4% from the first quarter of 2023. The
decrease in cost of sales over the second quarter of 2022 was
mainly driven by the decrease in battery cost per vehicle and the
decrease in delivery volume, partially offset by the increase in
cost from sales of used cars, provision of power solutions and
sales of accessories. The decrease in cost of sales over the first
quarter of 2023 was mainly attributed to the decrease in delivery
volume.
- Gross profit in
the second quarter of 2023 was RMB87.0 million (US$12.0 million),
representing a decrease of 93.5% from the second quarter of 2022
and a decrease of 46.4% from the first quarter of 2023.
- Gross margin in
the second quarter of 2023 was 1.0%, compared with 13.0% in the
second quarter of 2022 and 1.5% in the first quarter of 2023. The
decrease in gross margin over the second quarter of 2022 was
mainly attributed to the decreased vehicle margin. The decrease of
gross margin over the first quarter of 2023 was mainly attributed
to the increased sales of used cars with lower margin.
- Vehicle margin in
the second quarter of 2023 was 6.2%, compared with 16.7% in the
second quarter of 2022 and 5.1% in the first quarter of 2023. The
decrease in vehicle margin from the second quarter of 2022 was
mainly attributed to changes in product mix, partially offset by
the decreased battery cost per unit. The increase in vehicle margin
from the first quarter of 2023 was mainly due to decreased
promotion discounts for the previous generation of ES8, ES6 and
EC6.
Operating Expenses
- Research and development
expenses in the second quarter of 2023 were RMB3,344.6
million (US$461.2 million), representing an increase of 55.6% from
the second quarter of 2022 and an increase of 8.7% from the first
quarter of 2023. Excluding share-based compensation expenses,
research and development expenses (non-GAAP) were RMB2,942.9
million (US$405.8 million), representing an increase of 57.1% from
the second quarter of 2022 and an increase of 8.5% from the first
quarter of 2023. The increase in research and development expenses
over the second quarter of 2022 and the first quarter of 2023 was
mainly attributed to (i) the increased personnel costs in research
and development functions and the increased share-based
compensation expenses recognized in the second quarter of 2023, and
(ii) the incremental design and development costs for new products
and technologies.
- Selling, general and
administrative expenses in the second quarter of 2023 were
RMB2,856.6 million (US$393.9 million), representing an increase of
25.2% from the second quarter of 2022 and an increase of 16.8% from
the first quarter of 2023. Excluding share-based compensation
expenses, selling, general and administrative expenses (non-GAAP)
were RMB2,672.1 million (US$368.5 million), representing an
increase of 28.3% from the second quarter of 2022 and an increase
of 19.3% from the first quarter of 2023. The increase in selling,
general and administrative expenses over the second quarter of 2022
and the first quarter of 2023 was mainly attributed to (i) the
increase in personnel costs related to sales functions, (ii) the
increase in sales and marketing activities, including the launch of
new products, and (iii) increased rental and related expenses
related to the Company’s sales and service network
expansion.
Loss from Operations
- Loss from
operations in the second quarter of 2023 was RMB6,074.1
million (US$837.7 million), representing an increase of 113.5% from
the second quarter of 2022 and an increase of 18.8% from the first
quarter of 2023. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB5,464.1 million
(US$753.5 million) in the second quarter of 2023, representing an
increase of 132.0% from the second quarter of 2022 and an increase
of 20.8% from first quarter of 2023.
Net Loss and Earnings Per
Share/ADS
- Net loss in the
second quarter of 2023 was RMB6,055.8 million (US$835.1 million),
representing an increase of 119.6% from the second quarter of 2022
and an increase of 27.8% from the first quarter of 2023. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB5,445.7 million (US$751.0 million) in the second quarter of
2023, representing an increase of 140.2% from the second quarter of
2022 and an increase of 31.2% from the first quarter of 2023.
- Net loss attributable to
NIO’s ordinary shareholders in the second quarter of 2023
was RMB 6,121.9 million (US$844.3 million), representing an
increase of 123.0% from the second quarter of 2022 and an increase
of 27.4% from the first quarter of 2023. 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 5,437.1 million
(US$749.8 million) in the second quarter of 2023.
- Basic and diluted net loss
per ordinary share/ADS in the second quarter of 2023 were
both RMB3.70 (US$0.51), compared with RMB1.68 in the second quarter
of 2022 and RMB2.91 in the first quarter of 2023. 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 RMB3.28
(US$0.45), compared with RMB1.34 in the second quarter of 2022 and
RMB2.51 in the first quarter of 2023.
Balance Sheet
- Balance of cash and cash
equivalents, restricted cash, short-term investment and long-term
time deposits was RMB31.5 billion (US$4.3 billion) as of
June 30, 2023.
Share Issuance
- On July 12, 2023, NIO issued
84,695,543 Class A ordinary shares to CYVN Investments RSC Ltd in
relation to the closing of the US$738.5 million strategic equity
investment from CYVN Investments RSC Ltd.
Business OutlookFor the third
quarter of 2023, the Company expects:
- Deliveries of
vehicles to be between 55,000 and 57,000 vehicles,
representing an increase of approximately 74.0% to 80.3% from the
same quarter of 2022.
- Total
revenues to be between RMB18,898 million (US$2,606
million) and RMB19,520 million (US$2,692 million), representing an
increase of approximately 45.3% to 50.1% 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 August 29, 2023
(8:00 PM Beijing/Hong Kong/Singapore Time on August 29, 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/10033043-ysg6dg.html
A replay of the conference call will be
accessible by phone at the following numbers, until September 5,
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: |
|
|
|
10033043 |
|
|
|
|
|
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, the ET5, a mid-size smart electric sedan, and the
ET5 Touring, a smart electric tourer.
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 RMB7.2513 to US$1.00, the noon buying rate
in effect on June 30, 2023 in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.comMedia
Relationsglobal.press@nio.com
Source: NIO
NIO INC.
Unaudited Consolidated Balance
Sheets
(All amounts in thousands) |
|
As of |
|
December 31, 2022 |
|
June 30, 2023 |
|
June 30, 2023 |
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
19,887,575 |
|
13,723,951 |
|
1,892,619 |
|
Restricted
cash |
3,154,240 |
|
2,119,420 |
|
292,281 |
|
Short-term
investments |
19,171,017 |
|
13,580,712 |
|
1,872,866 |
|
Trade and notes
receivables |
5,118,170 |
|
5,664,848 |
|
781,218 |
|
Amounts due from related
parties |
1,380,956 |
|
1,482,882 |
|
204,499 |
|
Inventory |
8,191,386 |
|
8,493,374 |
|
1,171,290 |
|
Prepayments and other current
assets |
2,246,408 |
|
2,876,692 |
|
396,714 |
|
Total current
assets |
59,149,752 |
|
47,941,879 |
|
6,611,487 |
|
Non-current assets: |
|
|
|
|
|
|
Long-term restricted
cash |
113,478 |
|
126,226 |
|
17,407 |
|
Property, plant and equipment,
net. |
15,658,666 |
|
18,547,515 |
|
2,557,819 |
|
Intangible assets, net |
— |
|
29,648 |
|
4,089 |
|
Land use rights,
net |
212,603 |
|
209,951 |
|
28,954 |
|
Long-term
investments |
6,356,411 |
|
5,273,962 |
|
727,313 |
|
Right-of-use assets - operating
lease |
7,374,456 |
|
9,340,932 |
|
1,288,173 |
|
Other non-current
assets |
7,398,559 |
|
5,908,818 |
|
814,863 |
|
Total non-current
assets |
37,114,173 |
|
39,437,052 |
|
5,438,618 |
|
Total
assets |
96,263,925 |
|
87,378,931 |
|
12,050,105 |
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term
borrowings |
4,039,210 |
|
4,834,210 |
|
666,668 |
|
Trade and notes
payable |
25,223,687 |
|
19,207,083 |
|
2,648,778 |
|
Amounts due to related
parties |
384,611 |
|
482,272 |
|
66,508 |
|
Taxes payable |
286,300 |
|
256,489 |
|
35,371 |
|
Current portion of operating lease
liabilities |
1,025,968 |
|
1,346,143 |
|
185,642 |
|
Current portion of long-term
borrowings |
1,237,916 |
|
7,224,712 |
|
996,333 |
|
Accruals and other
liabilities |
13,654,362 |
|
14,752,703 |
|
2,034,491 |
|
Total current
liabilities |
45,852,054 |
|
48,103,612 |
|
6,633,791 |
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term
borrowings |
10,885,799 |
|
6,544,565 |
|
902,537 |
|
Non-current operating lease
liabilities |
6,517,096 |
|
8,441,889 |
|
1,164,190 |
|
Deferred tax
liabilities |
218,189 |
|
216,161 |
|
29,810 |
|
Other non-current
liabilities |
5,144,027 |
|
5,712,171 |
|
787,744 |
|
Total non-current
liabilities |
22,765,111 |
|
20,914,786 |
|
2,884,281 |
|
Total
liabilities |
68,617,165 |
|
69,018,398 |
|
9,518,072 |
|
NIO INC.
Unaudited Consolidated Balance
Sheets
(All amounts in thousands) |
|
As of |
|
December 31, 2022 |
|
June 30, 2023 |
|
June 30, 2023 |
|
RMB |
|
RMB |
|
US$ |
MEZZANINE
EQUITY |
|
|
|
|
|
Redeemable non-controlling
interests |
3,557,221 |
|
3,704,458 |
|
510,868 |
Total mezzanine
equity |
3,557,221 |
|
3,704,458 |
|
510,868 |
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
Total NIO Inc.
shareholders’
equity |
23,868,165 |
|
14,451,657 |
|
1,992,974 |
Non-controlling
interests |
221,374 |
|
204,418 |
|
28,191 |
Total shareholders’
equity |
24,089,539 |
|
14,656,075 |
|
2,021,165 |
Total liabilities,
mezzanine equity and shareholders’
equity |
96,263,925 |
|
87,378,931 |
|
12,050,105 |
|
As of June 30, 2023, convertible notes due in 2026 (the “2026
Notes”) with carrying value of RMB3,993 million was classified as
current liability as a result of the early redemption right that
will effect in February 2024. In connection therewith, the Company
also determined that the 2026 Notes should have been classified as
a current liability in its previously announced unaudited financial
information for the three months ended March 31, 2023, which
increases current portion of long-term borrowings and decreases
long-term borrowings as of March 31, 2023 by RMB3,795 million,
respectively. Nevertheless, this misclassification did not impact
the Company’s total liabilities, net equity or funded position, nor
did it have any impact upon the reported results of operations as
of and for the three months ended March 31, 2023. Moreover, the
misclassification did not impact any covenants with any banking
institutions with lending or financing arrangements with the
Company. |
|
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS
data) |
|
Three Months Ended |
|
June 30, 2022 |
March 31, 2023 |
June 30, 2023 |
June 30, 2023 |
|
RMB |
RMB |
RMB |
US$ |
Revenues: |
|
|
|
|
Vehicle sales |
9,570,842 |
|
9,224,483 |
|
7,185,214 |
|
990,886 |
|
Other sales |
721,522 |
|
1,451,988 |
|
1,586,521 |
|
218,791 |
|
Total
revenues |
10,292,364 |
|
10,676,471 |
|
8,771,735 |
|
1,209,677 |
|
Cost of
sales: |
|
|
|
|
Vehicle sales |
(7,976,625 |
) |
(8,757,407 |
) |
(6,738,344 |
) |
(929,260 |
) |
Other sales |
(975,436 |
) |
(1,756,775 |
) |
(1,946,435 |
) |
(268,426 |
) |
Total cost of
sales |
(8,952,061 |
) |
(10,514,182 |
) |
(8,684,779 |
) |
(1,197,686 |
) |
Gross
profit |
1,340,303 |
|
162,289 |
|
86,956 |
|
11,991 |
|
Operating
expenses: |
|
|
|
|
Research and
development |
(2,149,479 |
) |
(3,075,611 |
) |
(3,344,572 |
) |
(461,238 |
) |
Selling, general and
administrative |
(2,282,461 |
) |
(2,445,928 |
) |
(2,856,603 |
) |
(393,944 |
) |
Other operating
income |
246,077 |
|
247,402 |
|
40,104 |
|
5,531 |
|
Total operating
expenses |
(4,185,863 |
) |
(5,274,137 |
) |
(6,161,071 |
) |
(849,651 |
) |
Loss from
operations |
(2,845,560 |
) |
(5,111,848 |
) |
(6,074,115 |
) |
(837,660 |
) |
Interest and investment
income |
292,863 |
|
306,762 |
|
247,180 |
|
34,088 |
|
Interest
expenses |
(64,712 |
) |
(68,663 |
) |
(82,440 |
) |
(11,369 |
) |
Share of income of equity
investees |
48,053 |
|
13,599 |
|
10,641 |
|
1,467 |
|
Other (losses)/income,
net |
(189,955 |
) |
128,290 |
|
(138,345 |
) |
(19,079 |
) |
Loss before income tax
expense |
(2,759,311 |
) |
(4,731,860 |
) |
(6,037,079 |
) |
(832,553 |
) |
Income tax
benefit/(expense) |
1,791 |
|
(7,674 |
) |
(18,671 |
) |
(2,575 |
) |
Net
loss |
(2,757,520 |
) |
(4,739,534 |
) |
(6,055,750 |
) |
(835,128 |
) |
Accretion on redeemable
non-controlling interests to redemption
value |
(68,899 |
) |
(72,465 |
) |
(74,772 |
) |
(10,312 |
) |
Net loss attributable to
non-controlling
interests |
81,411 |
|
8,370 |
|
8,586 |
|
1,184 |
|
Net loss attributable
to ordinary shareholders of NIO
Inc. |
(2,745,008 |
) |
(4,803,629 |
) |
(6,121,936 |
) |
(844,256 |
) |
|
|
|
|
|
Net
loss |
(2,757,520 |
) |
(4,739,534 |
) |
(6,055,750 |
) |
(835,128 |
) |
Other comprehensive
income/(loss) |
|
|
|
|
Change in unrealized losses
related to available-for-sale debt securities, net of
tax |
(4,999 |
) |
— |
|
— |
|
— |
|
Change in unrealized
(losses)/gains on cash flow
hedges |
(20 |
) |
(1,329 |
) |
1,329 |
|
183 |
|
Foreign currency translation
adjustment, net of nil
tax |
490,549 |
|
(54,605 |
) |
327,472 |
|
45,160 |
|
Total other
comprehensive
income/(loss) |
485,530 |
|
(55,934 |
) |
328,801 |
|
45,343 |
|
Total comprehensive
loss |
(2,271,990 |
) |
(4,795,468 |
) |
(5,726,949 |
) |
(789,785 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(68,899 |
) |
(72,465 |
) |
(74,772 |
) |
(10,312 |
) |
Net loss attributable to
non-controlling
interests |
81,411 |
|
8,370 |
|
8,586 |
|
1,184 |
|
Comprehensive loss
attributable to ordinary shareholders of NIO
Inc. |
(2,259,478 |
) |
(4,859,563 |
) |
(5,793,135 |
) |
(798,913 |
) |
Weighted average
number of ordinary shares/ADS used in computing net loss per
share/ADS |
|
|
|
|
Basic and
diluted |
1,632,803,993 |
|
1,649,309,669 |
|
1,652,857,917 |
|
1,652,857,917 |
|
Net loss per share/ADS
attributable to ordinary shareholders |
|
|
|
|
Basic and
diluted |
(1.68 |
) |
(2.91 |
) |
(3.70 |
) |
(0.51 |
) |
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
(All amounts in thousands, except for share and per share
data) |
|
Six Months Ended |
|
June 30, 2022 |
June 30, 2023 |
June 30, 2023 |
|
RMB |
RMB |
US$ |
Revenues: |
|
|
|
Vehicle sales |
18,814,856 |
|
16,409,697 |
|
2,263,001 |
|
Other sales |
1,388,096 |
|
3,038,509 |
|
419,030 |
|
Total
revenues |
20,202,952 |
|
19,448,206 |
|
2,682,031 |
|
Cost of
sales: |
|
|
|
Vehicle sales |
(15,544,175 |
) |
(15,495,751 |
) |
(2,136,962 |
) |
Other sales |
(1,871,635 |
) |
(3,703,210 |
) |
(510,696 |
) |
Total cost of
sales |
(17,415,810 |
) |
(19,198,961 |
) |
(2,647,658 |
) |
Gross
profit |
2,787,142 |
|
249,245 |
|
34,373 |
|
Operating
expenses: |
|
|
|
Research and
development |
(3,911,166 |
) |
(6,420,183 |
) |
(885,384 |
) |
Selling, general and
administrative |
(4,297,265 |
) |
(5,302,531 |
) |
(731,252 |
) |
Other operating income
|
387,064 |
|
287,506 |
|
39,649 |
|
Total operating
expenses |
(7,821,367 |
) |
(11,435,208 |
) |
(1,576,987 |
) |
Loss from
operations |
(5,034,225 |
) |
(11,185,963 |
) |
(1,542,614 |
) |
Interest and investment
income |
693,551 |
|
553,942 |
|
76,392 |
|
Interest
expenses |
(142,051 |
) |
(151,103 |
) |
(20,838 |
) |
Share of income of equity
investees |
74,282 |
|
24,240 |
|
3,343 |
|
Other losses,
net |
(103,069 |
) |
(10,055 |
) |
(1,387 |
) |
Loss before income tax
expense |
(4,511,512 |
) |
(10,768,939 |
) |
(1,485,104 |
) |
Income tax
expense |
(28,668 |
) |
(26,345 |
) |
(3,633 |
) |
Net
loss |
(4,540,180 |
) |
(10,795,284 |
) |
(1,488,737 |
) |
Accretion on redeemable
non-controlling interests to redemption
value |
(135,674 |
) |
(147,237 |
) |
(20,305 |
) |
Net loss attributable to
non-controlling interests |
105,808 |
|
16,956 |
|
2,338 |
|
Net loss attributable
to ordinary shareholders of NIO
Inc. |
(4,570,046 |
) |
(10,925,565 |
) |
(1,506,704 |
) |
|
|
|
|
Net
loss |
(4,540,180 |
) |
(10,795,284 |
) |
(1,488,737 |
) |
Other comprehensive
income |
|
|
|
Change in unrealized gains
related to available-for-sale debt securities, net of
tax |
738,104 |
|
— |
|
— |
|
Change in unrealized losses on
cash flow
hedges |
(20 |
) |
— |
|
— |
|
Foreign currency translation
adjustment, net of nil
tax |
451,670 |
|
272,867 |
|
37,630 |
|
Total other
comprehensive
income |
1,189,754 |
|
272,867 |
|
37,630 |
|
Total comprehensive
loss |
(3,350,426 |
) |
(10,522,417 |
) |
(1,451,107 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
(135,674 |
) |
(147,237 |
) |
(20,305 |
) |
Net loss attributable to
non-controlling
interests |
105,808 |
|
16,956 |
|
2,338 |
|
Other comprehensive income
attributable to non-controlling interests |
(150,141 |
) |
— |
|
— |
|
Comprehensive loss
attributable to ordinary shareholders of NIO
Inc. |
(3,530,433 |
) |
(10,652,698 |
) |
(1,469,074 |
) |
Weighted average
number of ordinary shares/ADS used in computing net loss per
share/ADS |
|
|
|
Basic and
diluted |
1,631,602,522 |
|
1,651,113,461 |
|
1,651,113,461 |
|
Net loss per share/ADS
attributable to ordinary shareholders |
|
|
|
Basic and
diluted |
(2.80 |
) |
(6.62 |
) |
(0.91 |
) |
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 June 30, 2023 |
|
GAAPResult |
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
|
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
|
RMB |
|
RMB |
Cost of sales |
(8,684,779 |
) |
23,887 |
|
— |
|
(8,660,892 |
) |
Research and development
expenses |
(3,344,572 |
) |
401,689 |
|
— |
|
(2,942,883 |
) |
Selling, general and
administrative
expenses |
(2,856,603 |
) |
184,462 |
|
— |
|
(2,672,141 |
) |
Total |
(14,885,954 |
) |
610,038 |
|
— |
|
(14,275,916 |
) |
Loss from
operations |
(6,074,115 |
) |
610,038 |
|
— |
|
(5,464,077 |
) |
Net
loss |
(6,055,750 |
) |
610,038 |
|
— |
|
(5,445,712 |
) |
Net loss attributable to
ordinary shareholders of NIO
Inc. |
(6,121,936 |
) |
610,038 |
|
74,772 |
|
(5,437,126 |
) |
Net loss per share/ADS attributable to ordinary shareholders, basic
and diluted
(RMB) |
(3.70 |
) |
0.37 |
0.05 |
(3.28 |
) |
Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted
(USD) |
(0.51 |
) |
0.05 |
0.01 |
(0.45 |
) |
|
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 |
) |
|
Three Months Ended June 30, 2022 |
|
GAAPResult |
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
|
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
|
RMB |
|
RMB |
Cost of sales |
(8,952,061 |
) |
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/ADS attributable to ordinary shareholders, basic
and diluted
(RMB) |
(1.68 |
) |
0.30 |
0.04 |
(1.34 |
) |
|
Six Months Ended June 30, 2023 |
|
GAAPResult |
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
|
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
|
RMB |
|
RMB |
Cost of sales |
(19,198,961 |
) |
42,655 |
|
— |
|
(19,156,306 |
) |
Research and development
expenses |
(6,420,183 |
) |
765,656 |
|
— |
|
(5,654,527 |
) |
Selling, general and
administrative
expenses |
(5,302,531 |
) |
391,132 |
|
— |
|
(4,911,399 |
) |
Total |
(30,921,675 |
) |
1,199,443 |
|
— |
|
(29,722,232 |
) |
Loss from
operations |
(11,185,963 |
) |
1,199,443 |
|
— |
|
(9,986,520 |
) |
Net
loss |
(10,795,284 |
) |
1,199,443 |
|
— |
|
(9,595,841 |
) |
Net loss attributable to
ordinary shareholders of NIO
Inc. |
(10,925,565 |
) |
1,199,443 |
|
147,237 |
|
(9,578,885 |
) |
Net loss per share/ADS attributable to ordinary shareholders, basic
and diluted
(RMB) |
(6.62 |
) |
0.73 |
0.09 |
(5.80 |
) |
Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted
(USD) |
(0.91 |
) |
0.10 |
0.01 |
(0.80 |
) |
|
Six Months Ended June 30, 2022 |
|
GAAPResult |
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
|
AdjustedResult(Non-GAAP) |
|
RMB |
RMB |
|
RMB |
|
RMB |
Cost of sales |
(17,415,810 |
) |
26,352 |
|
— |
|
(17,389,458 |
) |
Research and development
expenses |
(3,911,166 |
) |
523,515 |
|
— |
|
(3,387,651 |
) |
Selling, general and
administrative
expenses |
(4,297,265 |
) |
413,675 |
|
— |
|
(3,883,590 |
) |
Total |
(25,624,241 |
) |
963,542 |
|
— |
|
(24,660,699 |
) |
Loss from
operations |
(5,034,225 |
) |
963,542 |
|
— |
|
(4,070,683 |
) |
Net
loss |
(4,540,180 |
) |
963,542 |
|
— |
|
(3,576,638 |
) |
Net loss attributable to
ordinary shareholders of NIO
Inc. |
(4,570,046 |
) |
963,542 |
|
135,674 |
|
(3,470,830 |
) |
Net loss per share/ADS attributable to ordinary shareholders, basic
and diluted (RMB) |
(2.80 |
) |
0.59 |
0.08 |
(2.13 |
) |
i All translations from RMB to USD for three
months and six months ended June 30, 2023 were made at the rate of
RMB7.2513 to US$1.00, the noon buying rate in effect on June 30,
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 Except for gross margin and vehicle margin,
where absolute changes instead of percentage changes are
calculated.
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