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, 2024.
Operating Highlights for the First
Quarter of 2024
- Vehicle deliveries
were 30,053 in the first quarter of 2024, consisting of 17,809
premium smart electric SUVs and 12,244 premium smart electric
sedans, representing a decrease of 3.2% from the first quarter of
2023, and a decrease of 39.9% from the fourth quarter of 2023.
|
Key Operating Results |
|
|
|
|
2024 Q1 |
2023 Q4 |
2023 Q3 |
2023 Q2 |
|
Deliveries |
30,053 |
50,045 |
55,432 |
23,520 |
|
|
|
|
|
|
|
|
2023 Q1 |
2022 Q4 |
2022 Q3 |
2022 Q2 |
|
Deliveries |
31,041 |
40,052 |
31,607 |
25,059 |
Financial Highlights for the First
Quarter of 2024
- Vehicle sales were
RMB8,381.3 million (US$1,160.8 million)i in the first quarter of
2024, representing a decrease of 9.1% from the first quarter of
2023 and a decrease of 45.7% from the fourth quarter of 2023.
- Vehicle marginii
was 9.2% in the first quarter of 2024, compared with 5.1% in the
first quarter of 2023 and 11.9% in the fourth quarter of 2023.
- Total revenues
were RMB9,908.6 million (US$1,372.3 million) in the first quarter
of 2024, representing a decrease of 7.2% from the first quarter of
2023 and a decrease of 42.1% from the fourth quarter of 2023.
- Gross profit was
RMB487.7 million (US$67.6 million) in the first quarter of 2024,
representing an increase of 200.5% from the first quarter of 2023
and a decrease of 61.9% from the fourth quarter of 2023.
- Gross margin was
4.9% in the first quarter of 2024, compared with 1.5% in the first
quarter of 2023 and 7.5% in the fourth quarter of 2023.
- Loss from
operations was RMB5,394.1 million (US$747.1 million) in
the first quarter of 2024, representing an increase of 5.5% from
the first quarter of 2023 and a decrease of 18.6% from the fourth
quarter of 2023. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB5,112.7 million
(US$708.1 million) in the first quarter of 2024, representing an
increase of 13.1% from the first quarter of 2023 and a decrease of
15.6% from the fourth quarter of 2023.
- Net loss was
RMB5,184.6 million (US$718.1 million) in the first quarter of 2024,
representing an increase of 9.4% from the first quarter of 2023 and
a decrease of 3.4% from the fourth quarter of 2023. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB4,903.2 million (US$679.1 million) in the first quarter of 2024,
representing an increase of 18.1% from the first quarter of 2023
and an increase of 2.1% from the fourth quarter of 2023.
- Cash and cash equivalents,
restricted cash, short-term investment and
long-term time deposits were RMB45.3 billion (US$6.3
billion) as of March 31, 2024.
|
Key Financial Results for the First
Quarter of 2024 |
|
(in RMB million, except for percentage) |
|
|
|
2024 Q1 |
|
2023 Q4 |
|
2023 Q1 |
|
% Changeiii |
|
|
|
|
|
|
|
|
QoQ |
YoY |
|
Vehicle Sales |
|
8,381.3 |
|
15,438.7 |
|
9,224.5 |
|
-45.7% |
-9.1% |
|
Vehicle Margin |
|
9.2% |
|
11.9% |
|
5.1% |
|
-270bp |
410bp |
|
|
|
|
|
|
|
|
|
|
|
Total Revenues |
|
9,908.6 |
|
17,103.2 |
|
10,676.5 |
|
-42.1% |
-7.2% |
|
Gross Profit |
|
487.7 |
|
1,279.2 |
|
162.3 |
|
-61.9% |
200.5% |
|
Gross Margin |
|
4.9% |
|
7.5% |
|
1.5% |
|
-260bp |
340bp |
|
|
|
|
|
|
|
|
|
|
|
Loss from Operations |
|
(5,394.1) |
|
(6,625.3) |
|
(5,111.8) |
|
-18.6% |
5.5% |
|
Adjusted Loss from Operations (non-GAAP) |
(5,112.7) |
|
(6,059.3) |
|
(4,522.4) |
|
-15.6% |
13.1% |
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
(5,184.6) |
|
(5,367.7) |
|
(4,739.5) |
|
-3.4% |
9.4% |
|
Adjusted Net Loss (non-GAAP) |
(4,903.2) |
|
(4,801.7) |
|
(4,150.1) |
|
2.1% |
18.1% |
Recent Developments
Deliveries in April and May
2024
- NIO delivered 15,620 vehicles in
April 2024 and 20,544 vehicles in May 2024. As of May 31, 2024,
cumulative deliveries of NIO vehicles reached 515,811.
Launch of ONVO and its First Model
L60
- On May 15, 2024, ONVO, the second
smart electric vehicle brand of NIO Inc., made its debut. ONVO
originates from “On Voyage,” and its Chinese name, “Le Dao,”
translates to “Path to Happiness,” meaning “Happiness on Every Path
We Travel With Family.” The logo of ONVO resembles an upward path,
representing ONVO’s aspiration of growing with all the families on
a path always going up and full of happiness. With a focus on
families, ONVO is committed to creating better family life, and
bringing better brand and product experiences to family users. On
the same day, ONVO introduced its first product, the L60, a
family-oriented smart electric mid-size SUV. The L60 is now
accepting pre-orders in China.
Share Lending Program on Singapore
Exchange
- On May 21, 2024, CHJ Limited, a
wholly-owned, consolidated special purpose vehicle of NIO,
commenced its participation as a lender in the Singapore Exchange
Securities Trading Limited securities lending program (the “SGX
Securities Lending Program”). Under this program, CHJ Limited will
lend up to 2,000,000 of NIO’s Class A ordinary shares. Borrowers
registered under the SGX Securities Lending Program may borrow the
Class A ordinary shares of NIO from the SGX Securities Lending
Program and such shares may be publicly traded.
Investment in NIO Power
- On May 31, 2024, NIO Holding Co.,
Ltd. (“NIO China”), a subsidiary of the Company, and NIO Energy
Investment (Hubei) Co., Ltd. (“NIO Power”), a wholly-owned
subsidiary of NIO China, entered into definitive agreements with
Wuhan Guangchuang Emerging Technology Phase I Venture Capital Fund
Partnership (Limited Partnership) (the “Investor”) for an
investment in NIO Power. Pursuant to these agreements, the Investor
will initially invest RMB1.0 billion in cash in NIO Power, subject
to the satisfaction of customary closing conditions in the
definitive agreements. Upon completion of the investment, the
Investor will hold a 10% equity interest in NIO Power and will be
entitled to certain customary investor rights. The Investor has the
right to invest up to an additional RMB500 million in NIO Power at
the same valuation as the current transaction, prior to the closing
of NIO Power’s next financing round.
CEO and CFO Comments
“Despite the intensifying market competition,
NIO’s premium brand positioning, industry-leading technologies, and
innovative ‘chargeable, swappable, upgradeable’ power experience
have been recognized for their exceptional competitiveness, leading
to solid sequential growth in vehicle deliveries in recent months.
In April and May 2024, NIO delivered 15,620 and 20,544 vehicles
respectively, representing a substantial year-over-year growth of
134.6% and 233.8%,” said William Bin Li, founder, chairman and
chief executive officer of NIO.
“In April 2024, we launched the 2024 ET7
Executive Edition, featuring 180 upgrades tailored to the needs of
business travelers and professionals, further enhancing our
competitiveness in the premium sedan market. In addition, with a
commitment to create better family life, our new smart electric
vehicle brand, ONVO, along with its inaugural product L60, was
unveiled in May 2024. With ONVO joining our brand lineup, we are
poised to expand into the broader mainstream mass market and embark
on the next stage of high-quality growth,” added William Bin
Li.
“We are continuously enhancing the operational
efficiency of our power and service network and aim to consistently
extend our services to a wider user base. As of today, we have
forged strategic partnerships with seven automakers in China to
promote the standardization and adoption of battery swapping
technologies, underscoring the long-term strategic value of our
extensive power network,” added Steven Wei Feng, NIO’s chief
financial officer. “Our focus remains on strengthening execution
efficiency, optimizing cost management, and accelerating market
share growth.”
Financial Results for the First Quarter
of 2024
Revenues
- Total revenues in
the first quarter of 2024 were RMB9,908.6 million (US$1,372.3
million), representing a decrease of 7.2% from the first quarter of
2023 and a decrease of 42.1% from the fourth quarter of 2023.
- Vehicle sales in
the first quarter of 2024 were RMB8,381.3 million (US$1,160.8
million), representing a decrease of 9.1% from the first quarter of
2023 and a decrease of 45.7% from the fourth quarter of 2023. The
decrease in vehicle sales over the first quarter of 2023 was mainly
due to a lower average selling price as a result of user rights
adjustments since June 2023, and the decrease in delivery volume.
The decrease in vehicle sales over the fourth quarter of 2023 was
mainly attributable to a decrease in delivery volume, which was
affected by seasonal factors.
- Other sales in the
first quarter of 2024 were RMB1,527.3 million (US$211.5 million),
representing an increase of 5.2% from the first quarter of 2023 and
a decrease of 8.2% from the fourth quarter of 2023. The increase in
other sales over the first quarter of 2023 was mainly due to the
increase in sales of parts, after-sales vehicle services, and
provision of power solutions, as a result of continued growth in
the number of users, and partially offset by a decrease in revenue
from sales of used cars and auto financing services. The decrease
in other sales over the fourth quarter of 2023 was mainly due to a
decrease in revenue from sales of used cars.
Cost of Sales and Gross
Margin
- Cost of sales in
the first quarter of 2024 was RMB9,420.9 million (US$1,304.8
million), representing a decrease of 10.4% from the first quarter
of 2023 and a decrease of 40.5% from the fourth quarter of 2023.
The decrease in cost of sales over the first quarter of 2023 was
mainly attributable to the decreased material cost per vehicle and
the decrease in delivery volume. The decrease in cost of sales over
the fourth quarter of 2023 was mainly attributable to a decrease in
delivery volume.
- Gross profit in
the first quarter of 2024 was RMB487.7 million (US$67.6 million),
representing an increase of 200.5% from the first quarter of 2023
and a decrease of 61.9% from the fourth quarter of 2023.
- Gross margin in
the first quarter of 2024 was 4.9%, compared with 1.5% in the first
quarter of 2023 and 7.5% in the fourth quarter of 2023. The
increase of gross margin over the first quarter of 2023 was mainly
attributable to the increased vehicle margin. The decrease of gross
margin over the fourth quarter of 2023 was mainly attributable to
the lower vehicle margin.
- Vehicle margin in
the first quarter of 2024 was 9.2%, compared with 5.1% in the first
quarter of 2023 and 11.9% in the fourth quarter of 2023. The
increase in vehicle margin from the first quarter of 2023 was
mainly attributable to decreased material cost per unit. The
decrease in vehicle margin from the fourth quarter of 2023 was
mainly due to lower average selling price as a result of increased
promotion during product transitioning, changes in product mix, and
partially offset by the decreased material cost per unit.
Operating Expenses
- Research and development
expenses in the first quarter of 2024 were RMB2,864.2
million (US$396.7 million), representing a decrease of 6.9% from
the first quarter of 2023 and a decrease of 27.9% from the fourth
quarter of 2023. Excluding share-based compensation expenses,
research and development expenses (non-GAAP) were RMB2,658.2
million (US$368.2 million), representing a decrease of 2.0% from
the first quarter of 2023 and a decrease of 26.5% from the fourth
quarter of 2023. The decrease in research and development expenses
over the first quarter of 2023 and the fourth quarter of 2023 was
mainly due to decreased design and development costs resulting from
different stages of development for new products and technologies,
and decreased personnel costs in research and development functions
in the first quarter of 2024.
- Selling, general and
administrative expenses in the first quarter of 2024 were
RMB2,996.8 million (US$415.1 million), representing an increase of
22.5% from the first quarter of 2023 and a decrease of 24.6% from
the fourth quarter of 2023. Excluding share-based compensation
expenses, selling, general and administrative expenses (non-GAAP)
were RMB2,931.1 million (US$406.0 million), representing an
increase of 30.9% from the first quarter of 2023 and a decrease of
22.5% from the fourth quarter of 2023. The increase in selling,
general and administrative expenses over the first quarter of 2023
was mainly attributable to (i) the increase in personnel costs
related to sales functions, (ii) the increase in expenses related
to the Company’s sales and service network expansion, and (iii) the
increase in sales and marketing activities. The decrease in
selling, general and administrative expenses over the fourth
quarter of 2023 was mainly due to (i) the decrease in sales and
marketing activities and professional services, and (ii) the
decrease in personnel costs related to sales and general corporate
functions.
Loss from Operations
- Loss from
operations in the first quarter of 2024 was RMB5,394.1
million (US$747.1 million), representing an increase of 5.5% from
the first quarter of 2023 and a decrease of 18.6% from the fourth
quarter of 2023. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB5,112.7 million
(US$708.1 million) in the first quarter of 2024, representing an
increase of 13.1% from the first quarter of 2023 and a decrease of
15.6% from fourth quarter of 2023.
Net Loss and Earnings Per
Share/ADS
- Net loss in the
first quarter of 2024 was RMB5,184.6 million (US$718.1 million),
representing an increase of 9.4% from the first quarter of 2023 and
a decrease of 3.4% from the fourth quarter of 2023. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB4,903.2 million (US$679.1 million) in the first quarter of 2024,
representing an increase of 18.1% from the first quarter of 2023
and an increase of 2.1% from the fourth quarter of 2023.
- Net loss attributable to
NIO’s ordinary shareholders in the first quarter of 2024
was RMB5,257.9 million (US$728.2 million), representing an increase
of 9.5% from the first quarter of 2023 and a decrease of 6.0% from
the fourth 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 RMB4,897.0 million (US$678.2 million)
in the first quarter of 2024.
- Basic and diluted net loss
per ordinary share/ADS in the first quarter of 2024 were
both RMB2.57 (US$0.36), compared with RMB2.91 in the first quarter
of 2023 and RMB3.18 in the fourth 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 RMB2.39
(US$0.33), compared with RMB2.51 in the first quarter of 2023 and
RMB2.81 in the fourth quarter of 2023.
Balance Sheet
- Balance of cash and cash
equivalents, restricted cash, short-term investment and long-term
time deposits was RMB45.3 billion (US$6.3 billion) as of
March 31, 2024.
Business Outlook
For the second quarter of 2024, the Company
expects:
- Deliveries of
vehicles to be between 54,000 and 56,000 units,
representing an increase of approximately 129.6% to 138.1% from the
same quarter of 2023.
- Total
revenues to be between RMB16,587 million
(US$2,297 million) and RMB17,135 million (US$2,373 million),
representing an increase of approximately 89.1% to 95.3% 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 8:00 AM U.S. Eastern Time on June 6, 2024 (8:00
PM Beijing/Hong Kong/Singapore Time on June 6, 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/10039242-7wnhft.html
A replay of the conference call will be
accessible by phone at the following numbers, until June 13,
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: |
|
10039242 |
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,
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. Unveiled in May
2024, ONVO, the second smart electric vehicle brand of NIO Inc., is
committed to creating better family life, and bringing better brand
and product experiences to family users.
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
vehicles 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 battery swapping, BaaS, and
NIO Assisted and Intelligent Driving and its subscription services;
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 its current and future brands; 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 RMB7.2203 to US$1.00, the noon buying rate in effect on
March 29, 2024 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.comMedia
Relationsglobal.press@nio.com
Source: NIONIO INC.
Unaudited Condensed Consolidated Balance
Sheets
|
(All amounts in thousands) |
|
|
|
As of |
|
|
December 31, 2023 |
|
March 31, 2024 |
|
March 31, 2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
32,935,111 |
|
23,821,960 |
|
3,299,303 |
|
Restricted cash |
5,542,271 |
|
4,861,410 |
|
673,298 |
|
Short-term investments |
16,810,107 |
|
14,603,982 |
|
2,022,628 |
|
Trade and notes receivables |
4,657,652 |
|
3,382,708 |
|
468,500 |
|
Amounts due from related parties |
1,722,603 |
|
1,910,133 |
|
264,550 |
|
Inventory |
5,277,726 |
|
6,209,727 |
|
860,037 |
|
Prepayments and other current assets |
3,434,763 |
|
4,218,952 |
|
584,318 |
|
Total current assets |
70,380,233 |
|
59,008,872 |
|
8,172,634 |
|
Non-current assets: |
|
|
|
|
|
|
Long-term restricted cash |
144,125 |
|
125,645 |
|
17,402 |
|
Property, plant and equipment, net |
24,847,004 |
|
24,630,734 |
|
3,411,317 |
|
Intangible assets, net |
29,648 |
|
29,648 |
|
4,106 |
|
Land use rights, net |
207,299 |
|
205,973 |
|
28,527 |
|
Long-term investments |
5,487,216 |
|
5,454,717 |
|
755,470 |
|
Right-of-use assets - operating lease |
11,404,116 |
|
11,302,823 |
|
1,565,423 |
|
Other non-current assets |
4,883,561 |
|
3,427,624 |
|
474,720 |
|
Total non-current assets |
47,002,969 |
|
45,177,164 |
|
6,256,965 |
|
Total assets |
117,383,202 |
|
104,186,036 |
|
14,429,599 |
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term borrowings |
5,085,411 |
|
4,647,795 |
|
643,712 |
|
Trade and notes payable |
29,766,134 |
|
24,164,726 |
|
3,346,776 |
|
Amounts due to related parties |
561,625 |
|
681,693 |
|
94,413 |
|
Taxes payable |
349,349 |
|
1,120,699 |
|
155,215 |
|
Current portion of operating lease liabilities |
1,743,156 |
|
1,641,119 |
|
227,292 |
|
Current portion of long-term borrowings |
4,736,087 |
|
4,965,415 |
|
687,702 |
|
Accruals and other liabilities |
15,556,354 |
|
13,890,088 |
|
1,923,755 |
|
Total current liabilities |
57,798,116 |
|
51,111,535 |
|
7,078,865 |
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term borrowings |
13,042,861 |
|
11,384,242 |
|
1,576,699 |
|
Non-current operating lease liabilities |
10,070,057 |
|
10,105,111 |
|
1,399,542 |
|
Deferred tax liabilities |
212,347 |
|
213,708 |
|
29,598 |
|
Other non-current liabilities |
6,663,805 |
|
6,657,163 |
|
922,007 |
|
Total non-current liabilities |
29,989,070 |
|
28,360,224 |
|
3,927,846 |
|
Total liabilities |
87,787,186 |
|
79,471,759 |
|
11,006,711 |
NIO INC.
Unaudited Condensed Consolidated Balance
Sheets
|
(All amounts in thousands) |
|
|
|
|
|
|
As of |
|
|
December 31, 2023 |
|
March 31, 2024 |
|
March 31, 2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
MEZZANINE EQUITY |
|
|
|
|
|
|
Redeemable non-controlling interests |
3,860,384 |
|
3,939,908 |
|
545,671 |
|
Total mezzanine equity |
3,860,384 |
|
3,939,908 |
|
545,671 |
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Total NIO Inc. shareholders’ equity |
25,546,233 |
|
20,591,153 |
|
2,851,842 |
|
Non-controlling interests |
189,399 |
|
183,216 |
|
25,375 |
|
Total shareholders’ equity |
25,735,632 |
|
20,774,369 |
|
2,877,217 |
|
Total liabilities, mezzanine equity and shareholders’
equity |
117,383,202 |
|
104,186,036 |
|
14,429,599 |
NIO INC.
Unaudited Condensed Consolidated
Statements of Comprehensive Loss
|
(All amounts in thousands, except for share and per share/ADS
data) |
|
|
|
Three Months Ended |
|
|
March 31, 2023 |
|
December 31, 2023 |
|
March 31, 2024 |
|
March 31, 2024 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
Vehicle sales |
9,224,483 |
|
|
15,438,709 |
|
|
8,381,318 |
|
|
1,160,799 |
|
|
Other sales |
1,451,988 |
|
|
1,664,467 |
|
|
1,527,318 |
|
|
211,531 |
|
|
Total revenues |
10,676,471 |
|
|
17,103,176 |
|
|
9,908,636 |
|
|
1,372,330 |
|
|
Cost of sales: |
|
|
|
|
|
Vehicle sales |
(8,757,407 |
) |
|
(13,600,327 |
) |
|
(7,613,242 |
) |
|
(1,054,422 |
) |
|
Other sales |
(1,756,775 |
) |
|
(2,223,621 |
) |
|
(1,807,663 |
) |
|
(250,358 |
) |
|
Total cost of sales |
(10,514,182 |
) |
|
(15,823,948 |
) |
|
(9,420,905 |
) |
|
(1,304,780 |
) |
|
Gross profit |
162,289 |
|
|
1,279,228 |
|
|
487,731 |
|
|
67,550 |
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
(3,075,611 |
) |
|
(3,972,127 |
) |
|
(2,864,216 |
) |
|
(396,689 |
) |
|
Selling, general and administrative |
(2,445,928 |
) |
|
(3,972,706 |
) |
|
(2,996,798 |
) |
|
(415,052 |
) |
|
Other operating income/(losses) |
247,402 |
|
|
40,295 |
|
|
(20,790 |
) |
|
(2,879 |
) |
|
Total operating expenses |
(5,274,137 |
) |
|
(7,904,538 |
) |
|
(5,881,804 |
) |
|
(814,620 |
) |
|
Loss from operations |
(5,111,848 |
) |
|
(6,625,310 |
) |
|
(5,394,073 |
) |
|
(747,070 |
) |
|
Interest and investment income |
306,762 |
|
|
1,368,062 |
|
|
350,793 |
|
|
48,584 |
|
|
Interest expenses |
(68,663 |
) |
|
(163,881 |
) |
|
(170,875 |
) |
|
(23,666 |
) |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
(11,326 |
) |
|
(1,569 |
) |
|
Share of income/(losses) of equity investees |
13,599 |
|
|
32,373 |
|
|
(19,482 |
) |
|
(2,698 |
) |
|
Other income, net |
128,290 |
|
|
253,891 |
|
|
67,376 |
|
|
9,331 |
|
|
Loss before income tax expense |
(4,731,860 |
) |
|
(5,134,865 |
) |
|
(5,177,587 |
) |
|
(717,088 |
) |
|
Income tax expense |
(7,674 |
) |
|
(232,880 |
) |
|
(6,990 |
) |
|
(968 |
) |
|
Net loss |
(4,739,534 |
) |
|
(5,367,745 |
) |
|
(5,184,577 |
) |
|
(718,056 |
) |
|
Accretion on redeemable non-controlling interests to redemption
value |
(72,465 |
) |
|
(78,767 |
) |
|
(79,524 |
) |
|
(11,014 |
) |
|
Net loss/(profit) attributable to non-controlling interests |
8,370 |
|
|
(146,261 |
) |
|
6,183 |
|
|
856 |
|
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
(4,803,629 |
) |
|
(5,592,773 |
) |
|
(5,257,918 |
) |
|
(728,214 |
) |
|
|
|
|
|
|
|
Net loss |
(4,739,534 |
) |
|
(5,367,745 |
) |
|
(5,184,577 |
) |
|
(718,056 |
) |
|
Other comprehensive (loss)/income |
|
|
|
|
|
Change in unrealized losses related to available-for-sale debt
securities, net of tax |
— |
|
|
(770,560 |
) |
|
— |
|
|
— |
|
|
Change in unrealized losses on cash flow hedges |
(1,329 |
) |
|
— |
|
|
— |
|
|
— |
|
|
Foreign currency translation adjustment, net of nil tax |
(54,605 |
) |
|
(200,131 |
) |
|
7,468 |
|
|
1,034 |
|
|
Total other comprehensive (loss)/income |
(55,934 |
) |
|
(970,691 |
) |
|
7,468 |
|
|
1,034 |
|
|
Total comprehensive loss |
(4,795,468 |
) |
|
(6,338,436 |
) |
|
(5,177,109 |
) |
|
(717,022 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(72,465 |
) |
|
(78,767 |
) |
|
(79,524 |
) |
|
(11,014 |
) |
|
Net loss/(profit) attributable to non-controlling interests |
8,370 |
|
|
(146,261 |
) |
|
6,183 |
|
|
856 |
|
|
Other comprehensive loss attributable to non-controlling
interests |
— |
|
|
156,026 |
|
|
— |
|
|
— |
|
|
Comprehensive loss attributable to ordinary shareholders of
NIO Inc. |
(4,859,563 |
) |
|
(6,407,438 |
) |
|
(5,250,450 |
) |
|
(727,180 |
) |
|
Weighted average number of ordinary shares/ADS used in
computing net loss per share/ADS |
|
|
|
|
|
Basic and diluted |
1,649,309,669 |
|
|
1,761,324,976 |
|
|
2,044,151,465 |
|
|
2,044,151,465 |
|
|
Net loss per share/ADS attributable to ordinary
shareholders |
|
|
|
|
|
Basic and diluted |
(2.91 |
) |
|
(3.18 |
) |
|
(2.57 |
) |
|
(0.36 |
) |
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, 2024 |
|
|
GAAPResult |
|
Share-based compensation |
|
Accretion on redeemable non-controlling interests to
redemption value |
|
AdjustedResult(Non-GAAP) |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
Cost of sales |
(9,420,905 |
) |
|
9,753 |
|
— |
|
(9,411,152 |
) |
|
Research and development expenses |
(2,864,216 |
) |
|
205,983 |
|
— |
|
(2,658,233 |
) |
|
Selling, general and administrative expenses |
(2,996,798 |
) |
|
65,675 |
|
— |
|
(2,931,123 |
) |
|
Total |
(15,281,919 |
) |
|
281,411 |
|
— |
|
(15,000,508 |
) |
|
Loss from operations |
(5,394,073 |
) |
|
281,411 |
|
— |
|
(5,112,662 |
) |
|
Net loss |
(5,184,577 |
) |
|
281,411 |
|
— |
|
(4,903,166 |
) |
|
Net loss attributable to ordinary shareholders of NIO Inc. |
(5,257,918 |
) |
|
281,411 |
|
79,524 |
|
(4,896,983 |
) |
|
Net loss per share/ADS attributable to ordinary shareholders, basic
and diluted (RMB) |
(2.57 |
) |
|
0.14 |
|
0.04 |
|
(2.39 |
) |
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (USD) |
(0.36 |
) |
|
0.02 |
|
0.01 |
|
(0.33 |
) |
|
|
Three Months Ended December 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 |
(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 |
) |
|
|
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 |
) |
i All translations from RMB to USD for the first
quarter of 2024 were made at the rate of RMB7.2203 to US$1.00, the
noon buying rate in effect on March 29, 2024 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.
NIO (NYSE:NIO)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
NIO (NYSE:NIO)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
