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,
2023.
Operating Highlights for the Fourth
Quarter and Full Year of 2023
- Vehicle deliveries
were 50,045 in the fourth quarter of 2023, consisting of 33,679
premium smart electric SUVs and 16,366 premium smart electric
sedans, representing an increase of 25.0% from the fourth quarter
of 2022, and a decrease of 9.7% from the third quarter of 2023.
- Vehicle deliveries
were 160,038 in 2023, representing an increase of 30.7% from
2022.
Key Operating Results
|
|
|
2023 Q4 |
2023 Q3 |
2023 Q2 |
2023 Q1 |
|
Deliveries |
50,045 |
55,432 |
23,520 |
31,041 |
|
|
|
|
|
|
|
|
2022 Q4 |
2022 Q3 |
2022
Q2 |
2022 Q1 |
|
Deliveries |
40,052 |
31,607 |
25,059 |
25,768 |
|
|
|
|
|
|
Financial Highlights for the Fourth
Quarter of 2023
- Vehicle sales were
RMB15,438.7 million (US$2,174.5 million) in the fourth quarter of
2023, representing an increase of 4.6% from the fourth quarter of
2022 and a decrease of 11.3% from the third quarter of 2023.
- Vehicle
marginii was 11.9% in the fourth quarter of
2023, compared with 6.8% in fourth quarter of 2022 and 11.0% in the
third quarter of 2023.
- Total revenues
were RMB17,103.2 million (US$2,408.9 million) in the fourth quarter
of 2023, representing an increase of 6.5% from the fourth quarter
of 2022 and a decrease of 10.3% from the third quarter of
2023.
- Gross profit was
RMB1,279.2 million (US$180.2 million) in the fourth quarter of
2023, representing an increase of 105.7% from the fourth quarter of
2022 and a decrease of 16.0% from the third quarter of 2023.
- Gross margin was
7.5% in the fourth quarter of 2023, compared with 3.9% in the
fourth quarter of 2022 and 8.0% in the third quarter of 2023.
- Loss from
operations was RMB6,625.3 million (US$933.2 million) in
the fourth quarter of 2023, representing a decrease of 1.6% from
the fourth quarter of 2022 and an increase of 36.8% from the third
quarter of 2023. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB6,059.3 million
(US$853.4 million) in the fourth quarter of 2023, representing an
increase of 0.7% from the fourth quarter of 2022 and an increase of
42.9% from the third quarter of 2023.
- Net loss was
RMB5,367.7 million (US$756.0 million) in the fourth quarter of
2023, representing a decrease of 7.2% from the fourth quarter of
2022 and an increase of 17.8% from the third quarter of 2023.
Excluding share-based compensation expenses, adjusted net loss
(non-GAAP) was RMB4,801.7 million (US$676.3 million) in the fourth
quarter of 2023, representing a decrease of 5.2% from the fourth
quarter of 2022 and an increase of 21.5% from the third quarter of
2023.
- Cash and cash equivalents,
restricted cash, short-term investment and
long-term time deposits were RMB57.3 billion (US$8.1
billion) as of December 31, 2023.
Key Financial Results for the Fourth
Quarter of 2023
|
(in RMB million, except for percentage)
|
|
|
2023 Q4 |
2023 Q3 |
|
2022 Q4 |
|
% Changeiii |
|
|
|
|
|
|
|
QoQ |
YoY |
|
Vehicle Sales |
15,438.7 |
17,408.9 |
|
14,759.0 |
|
-11.3% |
4.6% |
|
Vehicle Margin |
11.9% |
11.0% |
|
6.8% |
|
90bp |
510bp |
|
|
|
|
|
|
|
|
|
|
Total Revenues |
17,103.2 |
19,066.6 |
|
16,063.5 |
|
-10.3% |
6.5% |
|
Gross Profit |
1,279.2 |
1,523.3 |
|
621.8 |
|
-16.0% |
105.7% |
|
Gross Margin |
7.5% |
8.0% |
|
3.9% |
|
-50bp |
360bp |
|
|
|
|
|
|
|
|
|
|
Loss from Operations |
(6,625.3) |
(4,843.9) |
|
(6,736.1) |
|
36.8% |
-1.6% |
|
Adjusted Loss from Operations (non-GAAP) |
(6,059.3) |
(4,240.4) |
|
(6,015.7) |
|
42.9% |
0.7% |
|
|
|
|
|
|
|
|
|
|
Net Loss |
(5,367.7) |
(4,556.7) |
|
(5,786.1) |
|
17.8% |
-7.2% |
|
Adjusted Net Loss (non-GAAP) |
(4,801.7) |
(3,953.2) |
|
(5,065.6) |
|
21.5% |
-5.2% |
|
|
|
|
|
|
|
|
|
Financial Highlights for the Full
Year of 2023
- Vehicle sales were
RMB49,257.3 million (US$6,937.7 million) for the full year of 2023,
representing an increase of 8.2% from the previous year.
- Vehicle margin was
9.5% for the full year of 2023, compared with 13.7% for the
previous year.
- Total revenues
were RMB55,617.9 million (US$7,833.6 million) for the full year of
2023, representing an increase of 12.9% from the previous
year.
- Gross profit was
RMB3,051.8 million (US$429.8 million) for the full year of 2023,
representing a decrease of 40.7% from the previous year.
- Gross margin was
5.5% for the full year of 2023, compared with 10.4% for the
previous year.
- Loss from
operations was RMB22,655.2 million (US$3,190.9 million)
for the full year of 2023, representing an increase of 44.8% from
the previous year. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB20,286.1 million
(US$2,857.2 million) in 2023, representing an increase of 52.0%
from the previous year.
- Net loss was
RMB20,719.8 million (US$2,918.3 million) for the full year of 2023,
representing an increase of 43.5% from the previous year. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB18,350.7 million (US$2,584.6 million) for the full year of 2023,
representing an increase of 51.1% from the previous
year.
|
Key Financial Results for Full Year 2023 |
(in RMB million, except for percentage)
|
|
|
|
2023 |
|
2022 |
|
%
Changeiii |
|
|
|
|
|
|
|
|
|
Vehicle Sales |
|
49,257.3 |
|
45,506.6 |
|
8.2% |
|
Vehicle Margin |
|
9.5% |
|
13.7% |
|
-420bp |
|
|
|
|
|
|
|
|
|
Total Revenues |
|
55,617.9 |
|
49,268.6 |
|
12.9% |
|
Gross Profit |
|
3,051.8 |
|
5,144.0 |
|
-40.7% |
|
Gross Margin |
|
5.5% |
|
10.4% |
|
-490bp |
|
|
|
|
|
|
|
|
|
Loss from Operations |
|
(22,655.2) |
|
(15,640.7) |
|
44.8% |
|
Adjusted Loss from Operations (non-GAAP) |
|
(20,286.1) |
|
(13,344.8) |
|
52.0% |
|
|
|
|
|
|
|
|
|
Net Loss |
|
(20,719.8) |
|
(14,437.1) |
|
43.5% |
|
Adjusted Net Loss (non-GAAP) |
|
(18,350.7) |
|
(12,141.2) |
|
51.1% |
|
|
|
|
|
|
|
|
Recent
Developments
Deliveries in January and February 2024
- NIO delivered 10,055 vehicles in
January 2024 and 8,132 vehicles in February 2024. As of February
29, 2024, cumulative deliveries of NIO vehicles reached
467,781.
NIO Day and Launch of ET9
- On December 23, 2023, NIO held NIO
Day 2023 in Xi’an, China and launched the ET9, a smart electric
executive flagship. The ET9 is an epitome of NIO’s innovative
technologies, setting a new technological benchmark for smart
electric vehicles executive flagship.
Listed in MIIT’s Catalog of Vehicle
Manufacturers
- NIO has completed the filing
process for its electric passenger vehicle investment project with
the relevant authorities in Anhui Province, and has been included
in the Ministry of Industry and Information Technology's catalogue
of approved manufacturers.
Strategic Equity Investment from
CYVN
- On December 27, 2023, NIO closed
the US$2.2 billion strategic equity investment from CYVN
Investments RSC Ltd (“CYVN”), an investment vehicle based in Abu
Dhabi. Together with the previously completed transactions in July
2023, CYVN in aggregate beneficially owns approximately 20.1% of
the Company’s total issued and outstanding shares.
Completion of the Repurchase Right Offer
for Convertible Senior Notes due 2026
- On February 1, 2024, NIO completed
the repurchase right offer relating to its 0.00% Convertible Senior
Notes due 2026 (the “Notes”). US$300,536,000.00 aggregate principal
amount of the Notes were validly surrendered and not withdrawn
prior to the expiration of the repurchase right offer. Following
settlement of the repurchase, US$912,000.00 aggregate principal
amount of the Notes remain outstanding and continue to be subject
to the existing terms of the Indenture and the Notes.
Board Change
- On February 7, 2024, NIO appointed
Mr. Eddy Georges Skaf and Mr. Nicholas Paul Collins as new
directors of the Company’s board of directors. In addition, on the
same day, Mr. James Gordon Mitchell resigned as a director of the
Company.
Technology License Transaction
- On February 26, 2024, NIO
Technology (Anhui) Co., Ltd. (“NIO Technology”), a subsidiary of
NIO Inc., entered into a technology license agreement (the
“Technology License Agreement”) with Forseven Limited (“Forseven”),
a subsidiary of CYVN Holdings L.L.C. Pursuant to the Technology
License Agreement, NIO Technology will grant a non-exclusive and
non-transferrable worldwide license to Forseven to use certain of
NIO Technology’s existing and future technical information,
technical solutions, software and intellectual property rights
related to or subsisting in the smart electric vehicle
platforms of NIO Technology.
CEO and CFO
Comments
“In 2023, NIO set a new delivery record of
160,038 vehicles, ranking first in China’s premium BEV market with
an average transaction price over RMB 300,000,” said William Bin
Li, founder, chairman and chief executive officer of NIO, “At NIO
Day 2023, we unveiled ET9, our smart electric executive flagship,
showcasing a suite of our latest technologies, including our
self-developed AD chip, full-domain 900V architecture, advanced
intelligent chassis system and various other industry-leading
innovations.”
“We will soon start deliveries of 2024 NIO
products equipped with the highest computing power among production
vehicles and constantly enhance users' driving and digital
experience. Meanwhile, we plan to release Navigate on Pilot Plus
(NOP+) for urban roads to all NT2.0 users in the second quarter.
Our continuous investments in technologies, battery swapping
network and user community will bolster our competitive advantages
as we navigate the future competition,” added William Bin Li.
“Our vehicle margin continued to grow, reaching
11.9% in the fourth quarter of 2023,” added Steven Wei Feng, NIO's
chief financial officer, “In December 2023, we closed the US$2.2
billion strategic equity investment from CYVN, demonstrating our
unique positioning and competitiveness in the global smart EV
industry. Moving forward into 2024, we will prioritize our business
objectives, improve system capabilities and optimize cost
management efficiency.”
Financial Results for the Fourth
Quarter and Full Year of 2023
Revenues
- Total revenues in
the fourth quarter of 2023 were RMB17,103.2 million (US$2,408.9
million), representing an increase of 6.5% from the fourth quarter
of 2022 and a decrease of 10.3% from the third quarter of 2023.
- Total revenues for
the full year of 2023 were RMB55,617.9 million (US$7,833.6
million), representing an increase of 12.9% from the previous
year.
- Vehicle sales in
the fourth quarter of 2023 were RMB15,438.7 million (US$2,174.5
million), representing an increase of 4.6% from the fourth quarter
of 2022 and a decrease of 11.3% from the third quarter of 2023. The
increase in vehicle sales over the fourth quarter of 2022 was
mainly due to the increase in delivery volume, partially offset by
the lower average selling price as a result of changes in product
mix. The decrease in vehicle sales over the third quarter of 2023
was mainly attributed to a decrease in delivery volume.
- Vehicle sales for
the full year of 2023 were RMB49,257.3 million (US$6,937.7
million), representing an increase of 8.2% from the previous
year.
- Other sales in the
fourth quarter of 2023 were RMB1,664.5 million (US$234.4 million),
representing an increase of 27.6% from the fourth quarter of 2022
and an increase of 0.4% from the third quarter of 2023. The
increase in other sales over the fourth quarter of 2022 was mainly
due to the increase in sales of accessories and provision of power
solutions, as a result of continued growth in the number of our
users. Other sales remained relatively stable compared with the
third quarter of 2023.
- Other sales for
the full year of 2023 were RMB6,360.7 million (US$895.9 million),
representing an increase of 69.1% from the previous year.
Cost of Sales and Gross
Margin
- Cost of sales in
the fourth quarter of 2023 was RMB15,823.9 million (US$2,228.8
million), representing an increase of 2.5% from the fourth quarter
of 2022 and a decrease of 9.8% from the third quarter of 2023. Cost
of sales remained relatively stable compared with the fourth
quarter of 2022. The decrease in cost of sales over the third
quarter of 2023 was mainly attributable to a decrease in delivery
volume.
- Cost of sales for
the full year of 2023 was RMB52,566.1 million (US$7,403.8 million),
representing an increase of 19.1% from the previous year.
- Gross profit in
the fourth quarter of 2023 was RMB1,279.2 million (US$180.2
million), representing an increase of 105.7% from the fourth
quarter of 2022 and a decrease of 16.0% from the third quarter of
2023.
- Gross Profit for
the full year of 2023 was RMB3,051.8 million (US$429.8 million),
representing a decrease of 40.7% from the previous year.
- Gross margin in
the fourth quarter of 2023 was 7.5%, compared with 3.9% in the
fourth quarter of 2022 and 8.0% in the third quarter of 2023. The
increase of gross margin over the fourth quarter of 2022 was mainly
attributed to the increased vehicle margin. The decrease of gross
margin over the third quarter of 2023 was mainly attributed to the
decrease in margin from provision of power solutions as a result of
expanded power network, and partially offset by the higher vehicle
margin.
- Gross margin for
the full year of 2023 was 5.5%, compared with 10.4% for the full
year of 2022.
- Vehicle margin in
the fourth quarter of 2023 was 11.9%, compared with 6.8% in the
fourth quarter of 2022 and 11.0% in the third quarter of 2023. The
increase in vehicle margin from the fourth quarter of 2022 was
mainly attributable to (i) the decreased material cost per unit,
and (ii) the inventory provisions, accelerated depreciation on
production facilities, and losses on purchase commitments for the
previous generation of ES8, ES6 and EC6 recorded in the fourth
quarter of 2022. The increase in vehicle margin from the third
quarter of 2023 was mainly due to the decreased material cost per
unit.
- Vehicle margin for
the full year of 2023 was 9.5%, compared with 13.7% for the full
year of 2022.
Operating Expenses
- Research and development
expenses in the fourth quarter of 2023 were RMB3,972.1
million (US$559.5 million), representing a decrease of 0.2% from
the fourth quarter of 2022 and an increase of 30.7% from the third
quarter of 2023. Excluding share-based compensation expenses,
research and development expenses (non-GAAP) were RMB3,616.4
million (US$509.4 million), representing an increase of 1.8% from
the fourth quarter of 2022 and an increase of 36.8% from the third
quarter of 2023. Research and development expenses remained
relatively stable compared with the fourth quarter of 2022. The
increase in research and development expenses over the third
quarter of 2023 was mainly due to the incremental design and
development costs for new products and technologies as well as the
increased personnel costs in research and development
functions.
- Research and development
expenses for the full year of 2023 were RMB13,431.4
million (US$1,891.8 million), representing an increase of 23.9%
from the previous year. Excluding share-based compensation
expenses, research and development expenses (non-GAAP) were
RMB11,914.2 million (US$1,678.1 million), representing an increase
of 25.2% from the previous year.
- Selling, general and
administrative expenses in the fourth quarter of 2023 were
RMB3,972.7 million (US$559.5 million), representing an increase of
12.6% from the fourth quarter of 2022 and an increase of 10.1% from
the third quarter of 2023. Excluding share-based compensation
expenses, selling, general and administrative expenses (non-GAAP)
were RMB3,781.5 million (US$532.6 million), representing an
increase of 16.1% from the fourth quarter of 2022 and an increase
of 10.4% from the third quarter of 2023. The increase in selling,
general and administrative expenses over the fourth quarter of 2022
and the third quarter of 2023 was mainly attributable to (i) the
increase in personnel costs related to sales functions, and (ii)
the increase in sales and marketing activities.
- Selling, general and
administrative expenses for the full year of 2023 were
RMB12,884.6 million (US$1,814.8 million), representing an increase
of 22.3% from the previous year. Excluding share-based compensation
expenses, selling, general and administrative expenses (non-GAAP)
were RMB12,116.7 million (US$1,706.6 million), representing an
increase of 25.8% from last year.
Loss from Operations
- Loss from
operations in the fourth quarter of 2023 was RMB6,625.3
million (US$933.2 million), representing a decrease of 1.6% from
the fourth quarter of 2022 and an increase of 36.8% from the third
quarter of 2023. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB6,059.3 million
(US$853.4 million) in the fourth quarter of 2023, representing an
increase of 0.7% from the fourth quarter of 2022 and an increase of
42.9% from third quarter of 2023.
- Loss from
operations for the full year of 2023 was RMB22,655.2
million (US$3,190.9 million), representing an increase of 44.8%
from last year. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB20,286.1 million
(US$2,857.2 million) in 2023, representing an increase of 52.0%
from last year.
Net Loss and Earnings Per
Share/ADS
- Interest and investment
income in the fourth quarter of 2023 was RMB1,368.1
million (US$192.7 million), representing an increase of 288.7% from
the fourth quarter of 2022 and an increase of 375.0% from the third
quarter of 2023. The increase was primarily attributed to the
recycling of unrealized gain from other comprehensive income to
investment income of RMB977.3 million for the available-for-sale
debt investment.
- Net loss in the
fourth quarter of 2023 was RMB5,367.7 million (US$756.0 million),
representing a decrease of 7.2% from the fourth quarter of 2022 and
an increase of 17.8% from the third quarter of 2023. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB4,801.7 million (US$676.3 million) in the fourth quarter of
2023, representing a decrease of 5.2% from the fourth quarter of
2022 and an increase of 21.5% from the third quarter of 2023.
- Net loss for the
full year of 2023 was RMB20,719.8 million (US$2,918.3 million),
compared with net loss of RMB14,437.1 million in 2022. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB18,350.7 million (US$2,584.6 million) in 2023.
- Net loss attributable to
NIO’s ordinary shareholders in the fourth quarter of 2023
was RMB 5,592.8 million (US$787.7 million), representing a decrease
of 4.3% from the fourth quarter of 2022 and an increase of 20.8%
from the third 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 4,948.0 million (US$696.9 million)
in the fourth quarter of 2023.
- Net loss attributable to
NIO’s ordinary shareholders for the full year of 2023 was
RMB 21,147.0 million (US$2,978.5 million). The net loss
attributable to NIO’s ordinary shareholders was RMB14,559.4 million
in 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 RMB18,474.8 million (US$2,602.1 million) in
2023.
- Basic and diluted net loss
per ordinary share/ADS in the fourth quarter of 2023 were
both RMB3.18 (US$0.45), compared with RMB3.55 in the fourth quarter
of 2022 and RMB2.67 in the third 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 RMB2.81
(US$0.39), compared with RMB3.07 in the fourth quarter of 2022 and
RMB2.28 in the third quarter of 2023.
- Basic and diluted net loss
per ADS for the full year of 2023 were both RMB12.44
(US$1.75). 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 RMB10.87 (US$1.52) in 2023.
Balance Sheet
- Balance of cash and cash
equivalents, restricted cash, short-term investment and long-term
time deposits was RMB57.3 billion (US$8.1 billion) as of
December 31, 2023.
Business
Outlook
For the first quarter of 2024, the Company
expects:
- Deliveries of
vehicles to be between 31,000 and 33,000 vehicles,
representing a decrease of approximately 0.1% to an increase of
approximately 6.3% from the same quarter of 2023.
- Total
revenues to be between RMB10,499 million
(US$1,479 million) and RMB11,087 million (US$1,562 million),
representing a decrease of approximately 1.7% to an increase of
approximately 3.8% from the same quarter of 2023.
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 5, 2024 (8:00 PM Beijing/Hong
Kong/Singapore Time on March 5, 2024).
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/10037213-hg876t.html
A replay of the conference call will be
accessible by phone at the following numbers, until March 12,
2024:
|
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: |
10037213 |
|
|
|
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 assisted and intelligent driving,
digital technologies, electric powertrains and batteries. NIO
differentiates itself through its continuous technological
breakthroughs and innovations, such as the industry-leading battery
swapping technologies, Battery as a Service, or BaaS, as well as
proprietary NIO Assisted and Intelligent Driving and its
subscription services.
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 RMB7.0999 to US$1.00, the
noon buying rate in effect on December 29, 2023 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the Renminbi or U.S. dollars amounts
referred could be converted into U.S. dollars or Renminbi, as the
case may be, at any particular rate or at all.
For more information, please visit:
http://ir.nio.com.
Investor Relations
ir@nio.com
Media Relations
global.press@nio.com
Source: NIO
| |
NIO
INC.
Unaudited Consolidated Balance Sheets
(All amounts in thousands) |
| |
| |
As of |
| |
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2023 |
| |
RMB |
|
RMB |
|
US$ |
| ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
19,887,575 |
|
|
|
32,935,111 |
|
|
|
4,638,813 |
|
| Restricted cash |
|
3,154,240 |
|
|
|
5,542,271 |
|
|
|
780,613 |
|
| Short-term investments |
|
19,171,017 |
|
|
|
16,810,107 |
|
|
|
2,367,654 |
|
| Trade and notes
receivables |
|
5,118,170 |
|
|
|
4,657,652 |
|
|
|
656,017 |
|
| Amounts due from related
parties |
|
1,380,956 |
|
|
|
1,722,603 |
|
|
|
242,624 |
|
| Inventory |
|
8,191,386 |
|
|
|
5,277,726 |
|
|
|
743,352 |
|
| Prepayments and other current
assets |
|
2,246,408 |
|
|
|
3,434,763 |
|
|
|
483,776 |
|
| Total current
assets |
|
59,149,752 |
|
|
|
70,380,233 |
|
|
|
9,912,849 |
|
| Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
| Long-term restricted cash |
|
113,478 |
|
|
|
144,125 |
|
|
|
20,300 |
|
| Property, plant and equipment,
net. |
|
15,658,666 |
|
|
|
24,847,004 |
|
|
|
3,499,627 |
|
| Intangible assets, net |
|
— |
|
|
|
29,648 |
|
|
|
4,176 |
|
| Land use rights, net |
|
212,603 |
|
|
|
207,299 |
|
|
|
29,197 |
|
| Long-term investments |
|
6,356,411 |
|
|
|
5,487,216 |
|
|
|
772,858 |
|
| Right-of-use assets -
operating lease |
|
7,374,456 |
|
|
|
11,404,116 |
|
|
|
1,606,236 |
|
| Other non-current assets |
|
7,398,559 |
|
|
|
4,883,561 |
|
|
|
687,835 |
|
| Total non-current
assets |
|
37,114,173 |
|
|
|
47,002,969 |
|
|
|
6,620,229 |
|
| Total
assets |
|
96,263,925 |
|
|
|
117,383,202 |
|
|
|
16,533,078 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Short-term borrowings |
|
4,039,210 |
|
|
|
5,085,411 |
|
|
|
716,265 |
|
| Trade and notes payable |
|
25,223,687 |
|
|
|
29,766,134 |
|
|
|
4,192,472 |
|
| Amounts due to related
parties |
|
384,611 |
|
|
|
561,625 |
|
|
|
79,103 |
|
| Taxes payable |
|
286,300 |
|
|
|
349,349 |
|
|
|
49,205 |
|
| Current portion of operating
lease liabilities |
|
1,025,968 |
|
|
|
1,743,156 |
|
|
|
245,518 |
|
| Current portion of long-term
borrowings |
|
1,237,916 |
|
|
|
4,736,087 |
|
|
|
667,064 |
|
| Accruals and other
liabilities |
|
13,654,362 |
|
|
|
15,556,354 |
|
|
|
2,191,067 |
|
| Total current
liabilities |
|
45,852,054 |
|
|
|
57,798,116 |
|
|
|
8,140,694 |
|
| Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Long-term borrowings |
|
10,885,799 |
|
|
|
13,042,861 |
|
|
|
1,837,049 |
|
| Non-current operating lease
liabilities |
|
6,517,096 |
|
|
|
10,070,057 |
|
|
|
1,418,338 |
|
| Deferred tax liabilities |
|
218,189 |
|
|
|
212,347 |
|
|
|
29,908 |
|
| Other non-current
liabilities |
|
5,144,027 |
|
|
|
6,663,805 |
|
|
|
938,578 |
|
| Total non-current
liabilities |
|
22,765,111 |
|
|
|
29,989,070 |
|
|
|
4,223,873 |
|
| Total
liabilities |
|
68,617,165 |
|
|
|
87,787,186 |
|
|
|
12,364,567 |
|
| |
NIO
INC.
Unaudited Consolidated Balance Sheets
(All amounts in thousands) |
| |
| |
As of |
| |
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2023 |
| |
RMB |
|
RMB |
|
US$ |
|
MEZZANINE EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Redeemable non-controlling
interests |
|
3,557,221 |
|
|
|
3,860,384 |
|
|
|
543,724 |
|
| Total mezzanine
equity |
|
3,557,221 |
|
|
|
3,860,384 |
|
|
|
543,724 |
|
| SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Total NIO Inc.
shareholders’
equity |
|
23,868,165 |
|
|
|
25,546,233 |
|
|
|
3,598,111 |
|
| Non-controlling
interests |
|
221,374 |
|
|
|
189,399 |
|
|
|
26,676 |
|
| Total shareholders’
equity |
|
24,089,539 |
|
|
|
25,735,632 |
|
|
|
3,624,787 |
|
| Total liabilities,
mezzanine equity and shareholders’
equity |
|
96,263,925 |
|
|
|
117,383,202 |
|
|
|
16,533,078 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
NIO
INC.
Unaudited Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per
share/ADS data) |
| |
| |
Three Months Ended |
| |
December 31, 2022 |
|
September 30, 2023 |
|
December 31, 2023 |
|
December 31, 2023 |
| |
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
Vehicle sales |
|
14,759,016 |
|
|
|
17,408,864 |
|
|
|
15,438,709 |
|
|
|
2,174,497 |
|
|
Other sales |
|
1,304,498 |
|
|
|
1,657,687 |
|
|
|
1,664,467 |
|
|
|
234,435 |
|
| Total
revenues |
|
16,063,514 |
|
|
|
19,066,551 |
|
|
|
17,103,176 |
|
|
|
2,408,932 |
|
| Cost of
sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
(13,749,365 |
) |
|
|
(15,491,494 |
) |
|
|
(13,600,327 |
) |
|
|
(1,915,566 |
) |
|
Other sales |
|
(1,692,391 |
) |
|
|
(2,051,734 |
) |
|
|
(2,223,621 |
) |
|
|
(313,190 |
) |
| Total cost of
sales |
|
(15,441,756 |
) |
|
|
(17,543,228 |
) |
|
|
(15,823,948 |
) |
|
|
(2,228,756 |
) |
| Gross
profit |
|
621,758 |
|
|
|
1,523,323 |
|
|
|
1,279,228 |
|
|
|
180,176 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
(3,980,578 |
) |
|
|
(3,039,089 |
) |
|
|
(3,972,127 |
) |
|
|
(559,462 |
) |
|
Selling, general and
administrative |
|
(3,527,371 |
) |
|
|
(3,609,319 |
) |
|
|
(3,972,706 |
) |
|
|
(559,544 |
) |
|
Other operating
income |
|
150,057 |
|
|
|
281,174 |
|
|
|
40,295 |
|
|
|
5,675 |
|
| Total operating
expenses |
|
(7,357,892 |
) |
|
|
(6,367,234 |
) |
|
|
(7,904,538 |
) |
|
|
(1,113,331 |
) |
| Loss from
operations |
|
(6,736,134 |
) |
|
|
(4,843,911 |
) |
|
|
(6,625,310 |
) |
|
|
(933,155 |
) |
| Interest and investment
income |
|
351,960 |
|
|
|
288,014 |
|
|
|
1,368,062 |
|
|
|
192,688 |
|
| Interest
expenses |
|
(70,669 |
) |
|
|
(88,546 |
) |
|
|
(163,881 |
) |
|
|
(23,082 |
) |
| Gain on extinguishment of
debt |
|
118,400 |
|
|
|
170,193 |
|
|
|
— |
|
|
|
— |
|
| Share of income of equity
investees |
|
251,439 |
|
|
|
7,781 |
|
|
|
32,373 |
|
|
|
4,560 |
|
| Other income/(losses),
net |
|
315,699 |
|
|
|
(88,645 |
) |
|
|
253,891 |
|
|
|
35,760 |
|
| Loss before income tax
expense |
|
(5,769,305 |
) |
|
|
(4,555,114 |
) |
|
|
(5,134,865 |
) |
|
|
(723,229 |
) |
| Income tax
expense |
|
(16,796 |
) |
|
|
(1,610 |
) |
|
|
(232,880 |
) |
|
|
(32,800 |
) |
| Net
loss |
|
(5,786,101 |
) |
|
|
(4,556,724 |
) |
|
|
(5,367,745 |
) |
|
|
(756,029 |
) |
| Accretion on redeemable
non-controlling interests to redemption
value |
|
(72,581 |
) |
|
|
(77,159 |
) |
|
|
(78,767 |
) |
|
|
(11,094 |
) |
| Net loss/(profit) attributable
to non-controlling
interests |
|
11,603 |
|
|
|
5,254 |
|
|
|
(146,261 |
) |
|
|
(20,600 |
) |
| Net loss attributable
to ordinary shareholders of NIO
Inc. |
|
(5,847,079 |
) |
|
|
(4,628,629 |
) |
|
|
(5,592,773 |
) |
|
|
(787,723 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
loss |
|
(5,786,101 |
) |
|
|
(4,556,724 |
) |
|
|
(5,367,745 |
) |
|
|
(756,029 |
) |
| Other comprehensive
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in unrealized losses
related to available-for-sale debt securities, net of
tax |
|
(24,495 |
) |
|
|
— |
|
|
|
(770,560 |
) |
|
|
(108,531 |
) |
| Change in unrealized gains on
cash flow
hedges |
|
817 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Foreign currency translation
adjustment, net of nil
tax |
|
(134,783 |
) |
|
|
(61,222 |
) |
|
|
(200,131 |
) |
|
|
(28,188 |
) |
| Total other
comprehensive
loss |
|
(158,461 |
) |
|
|
(61,222 |
) |
|
|
(970,691 |
) |
|
|
(136,719 |
) |
| Total comprehensive
loss |
|
(5,944,562 |
) |
|
|
(4,617,946 |
) |
|
|
(6,338,436 |
) |
|
|
(892,748 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accretion on redeemable
non-controlling interests to redemption
value |
|
(72,581 |
) |
|
|
(77,159 |
) |
|
|
(78,767 |
) |
|
|
(11,094 |
) |
| Net loss/(profit) attributable
to non-controlling
interests |
|
11,603 |
|
|
|
5,254 |
|
|
|
(146,261 |
) |
|
|
(20,600 |
) |
| Other comprehensive loss
attributable to non-controlling
interests |
|
5,229 |
|
|
|
— |
|
|
|
156,026 |
|
|
|
21,976 |
|
| Comprehensive loss
attributable to ordinary shareholders of NIO
Inc. |
|
(6,000,311 |
) |
|
|
(4,689,851 |
) |
|
|
(6,407,438 |
) |
|
|
(902,466 |
) |
| |
|
|
|
|
|
|
|
| Weighted average
number of ordinary shares/ADS used in computing net loss per
share/ADS |
|
|
|
|
|
|
|
| Basic and
diluted |
|
1,647,356,108 |
|
|
|
1,735,661,387 |
|
|
|
1,761,324,976 |
|
|
|
1,761,324,976 |
|
| Net loss per share/ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
|
(3.55 |
) |
|
|
(2.67 |
) |
|
|
(3.18 |
) |
|
|
(0.45 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
| |
2022 |
|
2023 |
|
2023 |
| |
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
Vehicle sales |
|
45,506,581 |
|
|
|
49,257,270 |
|
|
|
6,937,741 |
|
|
Other sales |
|
3,761,980 |
|
|
|
6,360,663 |
|
|
|
895,881 |
|
| Total
revenues |
|
49,268,561 |
|
|
|
55,617,933 |
|
|
|
7,833,622 |
|
| Cost of
sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
(39,271,801 |
) |
|
|
(44,587,572 |
) |
|
|
(6,280,028 |
) |
|
Other sales |
|
(4,852,767 |
) |
|
|
(7,978,565 |
) |
|
|
(1,123,757 |
) |
| Total cost of
sales |
|
(44,124,568 |
) |
|
|
(52,566,137 |
) |
|
|
(7,403,785 |
) |
| Gross
profit |
|
5,143,993 |
|
|
|
3,051,796 |
|
|
|
429,837 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
(10,836,261 |
) |
|
|
(13,431,399 |
) |
|
|
(1,891,773 |
) |
|
Selling, general and
administrative |
|
(10,537,119 |
) |
|
|
(12,884,556 |
) |
|
|
(1,814,752 |
) |
|
Other operating income
|
|
588,728 |
|
|
|
608,975 |
|
|
|
85,772 |
|
| Total operating
expenses |
|
(20,784,652 |
) |
|
|
(25,706,980 |
) |
|
|
(3,620,753 |
) |
| Loss from
operations |
|
(15,640,659 |
) |
|
|
(22,655,184 |
) |
|
|
(3,190,916 |
) |
| Interest and investment
income |
|
1,358,719 |
|
|
|
2,210,018 |
|
|
|
311,275 |
|
| Interest
expenses |
|
(333,216 |
) |
|
|
(403,530 |
) |
|
|
(56,836 |
) |
| Gain on extinguishment of
debt |
|
138,332 |
|
|
|
170,193 |
|
|
|
23,971 |
|
| Share of income of equity
investees |
|
377,775 |
|
|
|
64,394 |
|
|
|
9,070 |
|
| Other (losses)/income,
net |
|
(282,952 |
) |
|
|
155,191 |
|
|
|
21,858 |
|
| Loss before income tax
expense |
|
(14,382,001 |
) |
|
|
(20,458,918 |
) |
|
|
(2,881,578 |
) |
| Income tax
expense |
|
(55,103 |
) |
|
|
(260,835 |
) |
|
|
(36,738 |
) |
| Net
loss |
|
(14,437,104 |
) |
|
|
(20,719,753 |
) |
|
|
(2,918,316 |
) |
| Accretion on redeemable
non-controlling interests to redemption
value |
|
(279,355 |
) |
|
|
(303,163 |
) |
|
|
(42,700 |
) |
| Net loss/(profit) attributable
to non-controlling interests |
|
157,014 |
|
|
|
(124,051 |
) |
|
|
(17,472 |
) |
| Net loss attributable
to ordinary shareholders of NIO
Inc. |
|
(14,559,445 |
) |
|
|
(21,146,967 |
) |
|
|
(2,978,488 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net
loss |
|
(14,437,104 |
) |
|
|
(20,719,753 |
) |
|
|
(2,918,316 |
) |
| Other comprehensive
income |
|
|
|
|
|
|
|
|
|
|
|
| Change in unrealized
gains/(losses) related to available-for-sale debt securities, net
of tax |
|
746,336 |
|
|
|
(770,560 |
) |
|
|
(108,531 |
) |
| Foreign currency translation
adjustment, net of nil
tax |
|
717,274 |
|
|
|
11,514 |
|
|
|
1,622 |
|
| Total other
comprehensive
income/(loss) |
|
1,463,610 |
|
|
|
(759,046 |
) |
|
|
(106,909 |
) |
| Total comprehensive
loss |
|
(12,973,494 |
) |
|
|
(21,478,799 |
) |
|
|
(3,025,225 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Accretion on redeemable
non-controlling interests to redemption
value |
|
(279,355 |
) |
|
|
(303,163 |
) |
|
|
(42,700 |
) |
| Net loss/(profit) attributable
to non-controlling
interests |
|
157,014 |
|
|
|
(124,051 |
) |
|
|
(17,472 |
) |
| Other comprehensive
(income)/loss attributable to non-controlling interests |
|
(151,299 |
) |
|
|
156,026 |
|
|
|
21,976 |
|
| Comprehensive loss
attributable to ordinary shareholders of NIO
Inc. |
|
(13,247,134 |
) |
|
|
(21,749,987 |
) |
|
|
(3,063,421 |
) |
| |
|
|
|
|
|
| Weighted average
number of ordinary shares/ADS used in computing net loss per
share |
|
|
|
|
|
| Basic and
diluted |
|
1,636,999,280 |
|
|
|
1,700,203,886 |
|
|
|
1,700,203,886 |
|
| Net loss per share/ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
|
(8.89 |
) |
|
|
(12.44 |
) |
|
|
(1.75 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 2023
|
|
|
|
GAAP
Result |
|
|
|
Share-based
compensation |
|
|
|
Accretion on redeemable
non-controlling interests
to redemption value |
|
|
|
Adjusted
Result
(Non-GAAP) |
|
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
| Cost of sales |
|
(15,823,948 |
) |
|
|
19,120 |
|
|
|
— |
|
|
|
(15,804,828 |
) |
| Research and development
expenses |
|
(3,972,127 |
) |
|
|
355,694 |
|
|
|
— |
|
|
|
(3,616,433 |
) |
| Selling, general and
administrative expenses |
|
(3,972,706 |
) |
|
|
191,235 |
|
|
|
— |
|
|
|
(3,781,471 |
) |
| Total |
|
(23,768,781 |
) |
|
|
566,049 |
|
|
|
— |
|
|
|
(23,202,732 |
) |
| Loss from operations |
|
(6,625,310 |
) |
|
|
566,049 |
|
|
|
— |
|
|
|
(6,059,261 |
) |
| Net loss |
|
(5,367,745 |
) |
|
|
566,049 |
|
|
|
— |
|
|
|
(4,801,696 |
) |
| Net loss attributable to
ordinary shareholders of NIO Inc. |
|
(5,592,773 |
) |
|
|
566,049 |
|
|
|
78,767 |
|
|
|
(4,947,957 |
) |
| Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted (RMB) |
|
(3.18 |
) |
|
|
0.33 |
|
|
|
0.04 |
|
|
|
(2.81 |
) |
| Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted (USD) |
|
(0.45 |
) |
|
|
0.05 |
|
|
|
0.01 |
|
|
|
(0.39 |
) |
| |
Three Months Ended September 30, 2023 |
|
|
|
GAAP
Result |
|
|
|
Share-based
compensation |
|
|
|
Accretion on redeemable
non-controlling interests
to redemption value |
|
|
|
Adjusted
Result
(Non-GAAP) |
|
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
| Cost of sales |
|
(17,543,228 |
) |
|
|
22,197 |
|
|
|
— |
|
|
|
(17,521,031 |
) |
| Research and development
expenses |
|
(3,039,089 |
) |
|
|
395,856 |
|
|
|
— |
|
|
|
(2,643,233 |
) |
| Selling, general and
administrative expenses |
|
(3,609,319 |
) |
|
|
185,496 |
|
|
|
— |
|
|
|
(3,423,823 |
) |
| Total |
|
(24,191,636 |
) |
|
|
603,549 |
|
|
|
— |
|
|
|
(23,588,087 |
) |
| Loss from operations |
|
(4,843,911 |
) |
|
|
603,549 |
|
|
|
— |
|
|
|
(4,240,362 |
) |
| Net loss |
|
(4,556,724 |
) |
|
|
603,549 |
|
|
|
— |
|
|
|
(3,953,175 |
) |
| Net loss attributable to
ordinary shareholders of NIO Inc. |
|
(4,628,629 |
) |
|
|
603,549 |
|
|
|
77,159 |
|
|
|
(3,947,921 |
) |
| Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted (RMB) |
|
(2.67 |
) |
|
|
0.35 |
|
|
|
0.04 |
|
|
|
(2.28 |
) |
| |
Three Months Ended December 31,
2022 |
|
|
|
GAAP
Result |
|
|
|
Share-based
compensation |
|
|
|
Accretion on redeemable
non-controlling interests
to redemption value |
|
|
|
Adjusted
Result
(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 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2023 |
|
|
|
GAAP
Result |
|
|
|
Share-based
compensation |
|
|
|
Accretion on redeemable
non-controlling interests
to redemption value |
|
|
|
Adjusted
Result
(Non-GAAP) |
|
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
| Cost of sales |
|
(52,566,137 |
) |
|
|
83,972 |
|
|
|
— |
|
|
|
(52,482,165 |
) |
| Research and development
expenses |
|
(13,431,399 |
) |
|
|
1,517,206 |
|
|
|
— |
|
|
|
(11,914,193 |
) |
| Selling, general and
administrative expenses |
|
(12,884,556 |
) |
|
|
767,863 |
|
|
|
— |
|
|
|
(12,116,693 |
) |
| Total |
|
(78,882,092 |
) |
|
|
2,369,041 |
|
|
|
— |
|
|
|
(76,513,051 |
) |
| Loss from operations |
|
(22,655,184 |
) |
|
|
2,369,041 |
|
|
|
— |
|
|
|
(20,286,143 |
) |
| Net loss |
|
(20,719,753 |
) |
|
|
2,369,041 |
|
|
|
— |
|
|
|
(18,350,712 |
) |
| Net loss attributable to
ordinary shareholders of NIO Inc. |
|
(21,146,967 |
) |
|
|
2,369,041 |
|
|
|
303,163 |
|
|
|
(18,474,763 |
) |
| Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted (RMB) |
|
(12.44 |
) |
|
|
1.39 |
|
|
|
0.18 |
|
|
|
(10.87 |
) |
| Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
|
(1.75 |
) |
|
|
0.20 |
|
|
|
0.03 |
|
|
|
(1.52 |
) |
| (All amounts in
thousands, except for share and per share data) |
| |
| |
Year Ended December 31, 2022 |
|
|
|
GAAP
Result |
|
|
|
Share-based
compensation |
|
|
|
Accretion on redeemable
non-controlling interests
to redemption value |
|
|
|
Adjusted
Result
(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/ADS
attributable to ordinary shareholders, basic and diluted (RMB) |
|
(8.89 |
) |
|
|
1.40 |
|
|
|
0.17 |
|
|
|
(7.32 |
) |
i All translations from RMB to
USD for the fourth quarter and full year of 2023 were made at the
rate of RMB7.0999 to US$1.00, the noon buying rate in effect on
December 29, 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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