NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the
“Company”), a pioneer and a leading company in the global smart
electric vehicle market, today announced its unaudited financial
results for the second quarter ended June 30, 2024.
Operating Highlights for the Second
Quarter of 2024
- Vehicle deliveries
were 57,373 in the second quarter of 2024, consisting of 32,562
premium smart electric SUVs and 24,811 premium smart electric
sedans, representing an increase of 143.9% from the second quarter
of 2023, and an increase of 90.9% from the first quarter of
2024.
Key Operating Results |
|
|
2024 Q2 |
2024 Q1 |
2023 Q4 |
2023 Q3 |
Deliveries |
57,373 |
30,053 |
50,045 |
55,432 |
|
|
|
|
|
|
2023 Q2 |
2023 Q1 |
2022 Q4 |
2022 Q3 |
Deliveries |
23,520 |
31,041 |
40,052 |
31,607 |
|
|
|
|
|
Financial Highlights for the Second
Quarter of 2024
- Vehicle sales were
RMB15,679.6 million (US$2,157.6 million) in the second quarter of
2024, representing an increase of 118.2% from the second quarter of
2023 and an increase of 87.1% from the first quarter of 2024.
- Vehicle marginii
was 12.2% in the second quarter of 2024, compared with 6.2% in the
second quarter of 2023 and 9.2% in the first quarter of 2024.
- Total revenues
were RMB17,446.0 million (US$2,400.6 million) in the second quarter
of 2024, representing an increase of 98.9% from the second quarter
of 2023 and an increase of 76.1% from the first quarter of
2024.
- Gross profit was
RMB1,688.7 million (US$232.4 million) in the second quarter of
2024, representing an increase of 1,841.0% from the second quarter
of 2023 and an increase of 246.3% from the first quarter of
2024.
- Gross margin was
9.7% in the second quarter of 2024, compared with 1.0% in the
second quarter of 2023 and 4.9% in the first quarter of 2024.
- Loss from
operations was RMB5,209.3 million (US$716.8 million) in
the second quarter of 2024, representing a decrease of 14.2% from
the second quarter of 2023 and a decrease of 3.4% from the first
quarter of 2024. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB4,698.5 million
(US$646.5 million) in the second quarter of 2024, representing a
decrease of 14.0% from the second quarter of 2023 and a decrease of
8.1% from the first quarter of 2024.
- Net loss was
RMB5,046.0 million (US$694.4 million) in the second quarter of
2024, representing a decrease of 16.7% from the second quarter of
2023 and a decrease of 2.7% from the first quarter of 2024.
Excluding share-based compensation expenses, adjusted net loss
(non-GAAP) was RMB4,535.2 million (US$624.1 million) in the second
quarter of 2024, representing a decrease of 16.7% from the second
quarter of 2023 and a decrease of 7.5% from the first quarter of
2024.
- Cash and cash equivalents,
restricted cash, short-term investment and
long-term time deposits were RMB41.6 billion (US$5.7
billion) as of June 30, 2024.
Key Financial Results for the Second
Quarter of 2024 |
(in RMB million, except for percentage) |
|
2024 Q2 |
2024 Q1 |
|
2023 Q2 |
|
% Changeiii |
|
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
15,679.6 |
|
8,381.3 |
|
|
7,185.2 |
|
|
87.1% |
|
118.2% |
|
Vehicle Margin |
12.2% |
|
9.2% |
|
|
6.2% |
|
|
300bp |
|
600bp |
|
|
|
|
|
|
|
|
|
Total Revenues |
17,446.0 |
|
9,908.6 |
|
|
8,771.7 |
|
|
76.1% |
|
98.9% |
|
Gross Profit |
1,688.7 |
|
487.7 |
|
|
87.0 |
|
|
246.3% |
|
1,841.0% |
|
Gross Margin |
9.7% |
|
4.9% |
|
|
1.0% |
|
|
480bp |
|
870bp |
|
|
|
|
|
|
|
|
|
Loss from Operations |
(5,209.3) |
|
(5,394.1) |
|
|
(6,074.1) |
|
|
-3.4% |
|
-14.2% |
|
Adjusted Loss from Operations
(non-GAAP) |
(4,698.5) |
|
(5,112.7) |
|
|
(5,464.1) |
|
|
-8.1% |
|
-14.0% |
|
|
|
|
|
|
|
|
|
Net Loss |
(5,046.0) |
|
(5,184.6) |
|
|
(6,055.8) |
|
|
-2.7% |
|
-16.7% |
|
Adjusted Net Loss (non-GAAP) |
(4,535.2) |
|
(4,903.2) |
|
|
(5,445.7) |
|
|
-7.5% |
|
-16.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recent Developments
Deliveries in July and August
2024
- NIO delivered 20,498 and 20,176
vehicles in July and August 2024, respectively. As of August 31,
2024, cumulative deliveries of NIO vehicles reached 577,694.
Power Up Counties Plan
- On August 20, 2024, NIO announced
its “Power Up Counties” plan to strengthen its charging and
swapping network across all county-level administrative divisions
in China, providing a more convenient and efficient power solution
for NIO, ONVO and all the EV users.
Share Issuance for Share Incentive
Plans
- On July 12, 2024, NIO issued
30,000,000 Class A ordinary shares to Deutsche Bank Trust Company
Americas, the depositary of the Company’s ADS program, to
facilitate future exercise of options and other share incentive
awards under the share incentive plans of the Company.
CEO and CFO Comments
“In the second quarter of 2024, NIO achieved a
record-breaking delivery of 57,373 premium smart electric vehicles,
securing over 40% of the market share in the battery electric
vehicle segment priced above RMB 300,000 in China,” said William
Bin Li, founder, chairman and chief executive officer of NIO,
“NIO’s core competitive advantages in technology, product, service
and community are earning increasing recognition from users,
driving the continued strong vehicle sales performance. In July and
August 2024, NIO delivered 20,498 and 20,176 vehicles,
respectively. The total delivery volume for the third quarter is
expected to set another record, further solidifying and expanding
market share.”
“At the AI-themed NIO IN 2024, we unveiled major
technological breakthroughs across multiple domains, including the
in-house developed intelligent driving chip, full-domain vehicle
operating system, smart system and intelligent driving. Through
sustained and dedicated investment in technological research and
development, NIO has positioned itself at the forefront of product
and technological innovation, while achieving long-term cost
competitiveness. Additionally, on September 1, 105 ONVO brand
stores opened simultaneously. The brand’s inaugural model, L60 has
commenced its initial presentations and is expected to be
officially launched and begin deliveries within this month. L60 has
been widely embraced by the market since its debut and we expect
the new brand to secure a strong position for us in the mass
market,” added William Bin Li.
“Due to ongoing cost optimizations, our vehicle
gross margin increased to 12.2% in the second quarter,” added
Stanley Yu Qu, NIO’s chief financial officer, “We will continue to
focus on efficient R&D and infrastructure investment, leverage
the growth potential in the mass market, adopt flexible market
strategies and continuously optimize our product portfolio. We are
confident that these efforts will result in steady improvements in
gross profit and cost efficiency in the future.”
Financial Results for the Second Quarter
of 2024
Revenues
- Total revenues in
the second quarter of 2024 were RMB17,446.0 million (US$2,400.6
million), representing an increase of 98.9% from the second quarter
of 2023 and an increase of 76.1% from the first quarter of
2024.
- Vehicle sales in
the second quarter of 2024 were RMB15,679.6 million (US$2,157.6
million), representing an increase of 118.2% from the second
quarter of 2023 and an increase of 87.1% from the first quarter of
2024. The increase in vehicle sales over the second quarter of 2023
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 and user rights adjustments since June 2023. The
increase in vehicle sales over the first quarter of 2024 was mainly
attributable to an increase in delivery volume.
- Other sales in the
second quarter of 2024 were RMB1,766.3 million (US$243.1 million),
representing an increase of 11.3% from the second quarter of 2023
and an increase of 15.6% from the first quarter of 2024. The
increase in other sales over the second quarter of 2023 was mainly
due to the increase in sales of parts, accessories and after-sales
vehicle services, and provision of power solutions, as a result of
the continued growth in the number of users, and partially offset
by a decrease in revenue from sales of used cars. The increase in
other sales over the first quarter of 2024 was mainly due to (i)
the increase in sales of parts, accessories and after-sales vehicle
services, provision of power solutions and other products, as a
result of the increased sales of embedded products and services
offered together with vehicle sales, and continued growth in the
number of users; and (ii) the increase in sales from rendering of
technical research and development services.
Cost of Sales and Gross
Margin
- Cost of sales in
the second quarter of 2024 was RMB15,757.3 million (US$2,168.3
million), representing an increase of 81.4% from the second quarter
of 2023 and an increase of 67.3% from the first quarter of 2024.
The increase in cost of sales over the second quarter of 2023 was
mainly attributable to an increase in delivery volume, and
partially offset by the decreased material cost per vehicle. The
increase in cost of sales over the first quarter of 2024 was mainly
attributable to an increase in delivery volume.
- Gross profit in
the second quarter of 2024 was RMB1,688.7 million (US$232.4
million), representing an increase of 1,841.0% from the second
quarter of 2023 and an increase of 246.3% from the first quarter of
2024.
- Gross margin in the second quarter of 2024 was
9.7%, compared with 1.0% in the second quarter of 2023 and 4.9% in
the first quarter of 2024. The increase of gross margin over the
second quarter of 2023 and the first quarter of 2024 was mainly
attributable to the increased vehicle margin.
- Vehicle margin in
the second quarter of 2024 was 12.2%, compared with 6.2% in the
second quarter of 2023 and 9.2% in the first quarter of 2024. The
increase in vehicle margin from the second quarter of 2023 was
mainly attributable to decreased material cost per unit, and
partially offset by lower average selling price as a result of the
user rights adjustments since June 2023. The increase in vehicle
margin from the first quarter of 2024 was mainly due to the
decreased material cost per unit.
Operating Expenses
- Research and development
expenses in the second quarter of 2024 were RMB3,218.5
million (US$442.9 million), representing a decrease of 3.8% from
the second quarter of 2023 and an increase of 12.4% from the first
quarter of 2024. Excluding share-based compensation expenses,
research and development expenses (non-GAAP) were RMB2,888.4
million (US$397.5 million), representing a decrease of 1.9% from
the second quarter of 2023 and an increase of 8.7% from the first
quarter of 2024. Research and development expenses remained
relatively stable compared with the second quarter of 2023. The
increase in research and development expenses over the first
quarter of 2024 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.
- Selling, general and
administrative expenses in the second quarter of 2024 were
RMB3,757.5 million (US$517.0 million), representing an increase of
31.5% from the second quarter of 2023 and an increase of 25.4% from
the first quarter of 2024. Excluding share-based compensation
expenses, selling, general and administrative expenses (non-GAAP)
were RMB3,595.5 million (US$494.8 million), representing an
increase of 34.6% from the second quarter of 2023 and an increase
of 22.7% from the first quarter of 2024. The increase in selling,
general and administrative expenses over the second quarter of 2023
and the first quarter of 2024 was mainly attributable to (i) the
increase in personnel costs related to sales functions, and (ii)
the increase in sales and marketing activities.
Loss from Operations
- Loss from
operations in the second quarter of 2024 was RMB5,209.3
million (US$716.8 million), representing a decrease of 14.2% from
the second quarter of 2023 and a decrease of 3.4% from the first
quarter of 2024. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB4,698.5 million
(US$646.5 million) in the second quarter of 2024, representing a
decrease of 14.0% from the second quarter of 2023 and a decrease of
8.1% from first quarter of 2024.
Net Loss and Earnings Per
Share/ADS
- Net loss in the
second quarter of 2024 was RMB5,046.0 million (US$694.4 million),
representing a decrease of 16.7% from the second quarter of 2023
and a decrease of 2.7% from the first quarter of 2024. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB4,535.2 million (US$624.1 million) in the second quarter of
2024, representing a decrease of 16.7% from the second quarter of
2023 and a decrease of 7.5% from the first quarter of 2024.
- Net loss attributable to
NIO’s ordinary shareholders in the second quarter of 2024
was RMB5,126.4 million (US$705.4 million), representing a decrease
of 16.3% from the second quarter of 2023 and a decrease of 2.5%
from the first quarter of 2024. 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 RMB4,532.6 million (US$623.7 million)
in the second quarter of 2024.
- Basic and diluted net loss
per ordinary share/ADS in the second quarter of 2024 were
both RMB2.50 (US$0.34), compared with RMB3.70 in the second quarter
of 2023 and RMB2.57 in the first quarter of 2024. 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 RMB2.21
(US$0.30), compared with RMB3.28 in the second quarter of 2023 and
RMB2.39 in the first quarter of 2024.
Balance Sheet
- Balance of cash and cash
equivalents, restricted cash, short-term investment and long-term
time deposits was RMB41.6 billion (US$5.7 billion) as of
June 30, 2024.
Business Outlook
For the third quarter of 2024, the Company
expects:
- Deliveries of
vehicles to be between 61,000 and 63,000 units,
representing an increase of approximately 10.0% to 13.7% from the
same quarter of 2023.
- Total
revenues to be between RMB19,109 million
(US$2,630 million) and RMB19,669 million (US$2,707 million),
representing an increase of approximately 0.2% to 3.2% 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 September 5, 2024
(8:00 PM Beijing/Hong Kong/Singapore Time on September 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/10041542-rfivqj.html
A replay of the conference call will be
accessible by phone at the following numbers, until September 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: |
10041542 |
|
|
About NIO Inc.
NIO Inc. is a pioneer and a leading company in
the global smart electric vehicle market. Founded in November 2014,
NIO aspires to shape a sustainable and brighter future with the
mission of “Blue Sky Coming”. NIO envisions itself as a user
enterprise where innovative technology meets experience excellence.
NIO designs, develops, manufactures and sells smart electric
vehicles, driving innovations in next-generation core technologies.
NIO distinguishes itself through continuous technological
breakthroughs and innovations, exceptional products and services,
and a community for shared growth. NIO provides premium smart
electric vehicles under the NIO brand, and family-oriented smart
electric vehicles through the ONVO brand.
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 RMB7.2672 to US$1.00, the noon buying rate in effect on
June 28, 2024 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
For more information, please visit:
http://ir.nio.com.
Investor
Relationsir@nio.comMedia
Relationsglobal.press@nio.com
Source: NIO
NIO
INC. Unaudited Condensed Consolidated Balance
Sheets |
|
(All amounts in
thousands) |
|
|
|
As of |
|
|
December 31, 2023 |
|
June 30, 2024 |
|
June 30, 2024 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
32,935,111 |
|
|
|
24,652,488 |
|
|
|
3,392,295 |
|
Restricted
cash |
|
|
5,542,271 |
|
|
|
3,689,287 |
|
|
|
507,663 |
|
Short-term
investments |
|
|
16,810,107 |
|
|
|
11,616,175 |
|
|
|
1,598,439 |
|
Trade and notes
receivables |
|
|
4,657,652 |
|
|
|
1,939,329 |
|
|
|
266,861 |
|
Amounts due from related
parties |
|
|
1,722,603 |
|
|
|
3,696,187 |
|
|
|
508,612 |
|
Inventory |
|
|
5,277,726 |
|
|
|
4,885,743 |
|
|
|
672,301 |
|
Prepayments and other current
assets |
|
|
3,434,763 |
|
|
|
5,032,716 |
|
|
|
692,525 |
|
Total current
assets |
|
|
70,380,233 |
|
|
|
55,511,925 |
|
|
|
7,638,696 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term restricted
cash |
|
|
144,125 |
|
|
|
100,118 |
|
|
|
13,777 |
|
Property, plant and equipment,
net. |
|
|
24,847,004 |
|
|
|
24,517,864 |
|
|
|
3,373,770 |
|
Intangible assets, net |
|
|
29,648 |
|
|
|
29,648 |
|
|
|
4,080 |
|
Land use rights,
net |
|
|
207,299 |
|
|
|
204,647 |
|
|
|
28,160 |
|
Long-term
investments |
|
|
5,487,216 |
|
|
|
5,375,958 |
|
|
|
739,756 |
|
Right-of-use assets -
operating
lease |
|
|
11,404,116 |
|
|
|
11,563,603 |
|
|
|
1,591,205 |
|
Other non-current
assets |
|
|
4,883,561 |
|
|
|
3,212,052 |
|
|
|
441,993 |
|
Total non-current
assets |
|
|
47,002,969 |
|
|
|
45,003,890 |
|
|
|
6,192,741 |
|
Total
assets |
|
|
117,383,202 |
|
|
|
100,515,815 |
|
|
|
13,831,437 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
|
5,085,411 |
|
|
|
5,302,326 |
|
|
|
729,624 |
|
Trade and notes
payable |
|
|
29,766,134 |
|
|
|
24,585,433 |
|
|
|
3,383,068 |
|
Amounts due to related
parties |
|
|
561,625 |
|
|
|
320,146 |
|
|
|
44,054 |
|
Taxes
payable |
|
|
349,349 |
|
|
|
691,051 |
|
|
|
95,092 |
|
Current portion of operating
lease
liabilities |
|
|
1,743,156 |
|
|
|
1,748,419 |
|
|
|
240,590 |
|
Current portion of long-term
borrowings |
|
|
4,736,087 |
|
|
|
4,211,017 |
|
|
|
579,455 |
|
Accruals and other
liabilities |
|
|
15,556,354 |
|
|
|
13,295,715 |
|
|
|
1,829,551 |
|
Total current
liabilities |
|
|
57,798,116 |
|
|
|
50,154,107 |
|
|
|
6,901,434 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
borrowings |
|
|
13,042,861 |
|
|
|
11,614,644 |
|
|
|
1,598,228 |
|
Non-current operating lease
liabilities |
|
|
10,070,057 |
|
|
|
10,247,541 |
|
|
|
1,410,109 |
|
Deferred tax
liabilities |
|
|
212,347 |
|
|
|
211,317 |
|
|
|
29,078 |
|
Amounts due to related
parties |
|
|
- |
|
|
|
282,733 |
|
|
|
38,905 |
|
Other non-current
liabilities |
|
|
6,663,805 |
|
|
|
7,289,020 |
|
|
|
1,003,004 |
|
Total non-current
liabilities |
|
|
29,989,070 |
|
|
|
29,645,255 |
|
|
|
4,079,324 |
|
Total
liabilities |
|
|
87,787,186 |
|
|
|
79,799,362 |
|
|
|
10,980,758 |
|
NIO
INC.Unaudited Condensed Consolidated Balance
Sheets |
|
(All amounts in
thousands) |
|
|
|
As of |
|
|
December 31, 2023 |
|
June 30, 2024 |
|
June 30, 2024 |
|
|
RMB |
|
RMB |
|
US$ |
MEZZANINE EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable non-controlling
interests |
|
|
3,860,384 |
|
|
|
4,461,563 |
|
|
|
613,932 |
|
Total mezzanine
equity |
|
|
3,860,384 |
|
|
|
4,461,563 |
|
|
|
613,932 |
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Total NIO Inc.
shareholders’
equity |
|
|
25,546,233 |
|
|
|
16,074,652 |
|
|
|
2,211,945 |
|
Non-controlling
interests |
|
|
189,399 |
|
|
|
180,238 |
|
|
|
24,802 |
|
Total shareholders’
equity |
|
|
25,735,632 |
|
|
|
16,254,890 |
|
|
|
2,236,747 |
|
Total liabilities,
mezzanine equity and shareholders’
equity |
|
|
117,383,202 |
|
|
|
100,515,815 |
|
|
|
13,831,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIO
INC.Unaudited Condensed Consolidated Statements of
Comprehensive Loss |
|
(All amounts in
thousands, except for share and per share/ADS data) |
|
|
|
|
|
|
Three Months Ended |
|
|
June 30, 2023 |
|
March 31, 2024 |
|
June 30, 2024 |
|
June 30, 2024 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Revenues: |
|
|
|
|
|
|
|
|
Vehicle sales |
|
|
7,185,214 |
|
|
|
8,381,318 |
|
|
|
15,679,623 |
|
|
|
2,157,588 |
|
Other sales |
|
|
1,586,521 |
|
|
|
1,527,318 |
|
|
|
1,766,345 |
|
|
|
243,057 |
|
Total
revenues |
|
|
8,771,735 |
|
|
|
9,908,636 |
|
|
|
17,445,968 |
|
|
|
2,400,645 |
|
Cost of
sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
|
(6,738,344 |
) |
|
|
(7,613,242 |
) |
|
|
(13,773,438 |
) |
|
|
(1,895,288 |
) |
Other sales |
|
|
(1,946,435 |
) |
|
|
(1,807,663 |
) |
|
|
(1,983,815 |
) |
|
|
(272,982 |
) |
Total cost of
sales |
|
|
(8,684,779 |
) |
|
|
(9,420,905 |
) |
|
|
(15,757,253 |
) |
|
|
(2,168,270 |
) |
Gross
profit |
|
|
86,956 |
|
|
|
487,731 |
|
|
|
1,688,715 |
|
|
|
232,375 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
(3,344,572 |
) |
|
|
(2,864,216 |
) |
|
|
(3,218,522 |
) |
|
|
(442,883 |
) |
Selling, general and
administrative |
|
|
(2,856,603 |
) |
|
|
(2,996,798 |
) |
|
|
(3,757,458 |
) |
|
|
(517,043 |
) |
Other operating
income/(losses) |
|
|
40,104 |
|
|
|
(20,790 |
) |
|
|
77,967 |
|
|
|
10,729 |
|
Total operating
expenses |
|
|
(6,161,071 |
) |
|
|
(5,881,804 |
) |
|
|
(6,898,013 |
) |
|
|
(949,197 |
) |
Loss from
operations |
|
|
(6,074,115 |
) |
|
|
(5,394,073 |
) |
|
|
(5,209,298 |
) |
|
|
(716,822 |
) |
Interest and investment
income |
|
|
247,180 |
|
|
|
350,793 |
|
|
|
362,731 |
|
|
|
49,913 |
|
Interest
expenses |
|
|
(82,440 |
) |
|
|
(170,875 |
) |
|
|
(176,141 |
) |
|
|
(24,238 |
) |
Loss on extinguishment of
debt |
|
|
— |
|
|
|
(11,326 |
) |
|
|
— |
|
|
|
— |
|
Share of income/(losses) of
equity
investees |
|
|
10,641 |
|
|
|
(19,482 |
) |
|
|
(73,607 |
) |
|
|
(10,129 |
) |
Other (losses)/income,
net |
|
|
(138,345 |
) |
|
|
67,376 |
|
|
|
52,351 |
|
|
|
7,204 |
|
Loss before income tax
expense |
|
|
(6,037,079 |
) |
|
|
(5,177,587 |
) |
|
|
(5,043,964 |
) |
|
|
(694,072 |
) |
Income tax
expense |
|
|
(18,671 |
) |
|
|
(6,990 |
) |
|
|
(2,019 |
) |
|
|
(278 |
) |
Net
loss |
|
|
(6,055,750 |
) |
|
|
(5,184,577 |
) |
|
|
(5,045,983 |
) |
|
|
(694,350 |
) |
Accretion on redeemable
non-controlling interests to redemption
value |
|
|
(74,772 |
) |
|
|
(79,524 |
) |
|
|
(83,022 |
) |
|
|
(11,424 |
) |
Net loss attributable to
non-controlling
interests |
|
|
8,586 |
|
|
|
6,183 |
|
|
|
2,635 |
|
|
|
363 |
|
Net loss attributable
to ordinary shareholders of NIO
Inc. |
|
|
(6,121,936 |
) |
|
|
(5,257,918 |
) |
|
|
(5,126,370 |
) |
|
|
(705,411 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
(6,055,750 |
) |
|
|
(5,184,577 |
) |
|
|
(5,045,983 |
) |
|
|
(694,350 |
) |
Other comprehensive
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains on
cash flow
hedges |
|
|
1,329 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign currency translation
adjustment, net of nil
tax |
|
|
327,472 |
|
|
|
7,468 |
|
|
|
89,483 |
|
|
|
12,313 |
|
Total other
comprehensive
income |
|
|
328,801 |
|
|
|
7,468 |
|
|
|
89,483 |
|
|
|
12,313 |
|
Total comprehensive
loss |
|
|
(5,726,949 |
) |
|
|
(5,177,109 |
) |
|
|
(4,956,500 |
) |
|
|
(682,037 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption
value |
|
|
(74,772 |
) |
|
|
(79,524 |
) |
|
|
(83,022 |
) |
|
|
(11,424 |
) |
Net loss attributable to
non-controlling
interests |
|
|
8,586 |
|
|
|
6,183 |
|
|
|
2,635 |
|
|
|
363 |
|
Comprehensive loss
attributable to ordinary shareholders of NIO
Inc. |
|
|
(5,793,135 |
) |
|
|
(5,250,450 |
) |
|
|
(5,036,887 |
) |
|
|
(693,098 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares/ADS used in computing net loss per
share/ADS |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
1,652,857,917 |
|
|
|
2,044,151,465 |
|
|
|
2,049,836,045 |
|
|
|
2,049,836,045 |
|
Net loss per share/ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
(3.70 |
) |
|
|
(2.57 |
) |
|
|
(2.50 |
) |
|
|
(0.34 |
) |
NIO
INC.Unaudited Condensed Consolidated Statements of
Comprehensive Loss |
|
(All amounts in
thousands, except for share and per share/ADS data) |
|
|
|
|
|
Six Months Ended |
|
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2024 |
|
|
RMB |
|
RMB |
|
US$ |
Revenues: |
|
|
|
|
|
|
Vehicle sales |
|
|
16,409,697 |
|
|
|
24,060,941 |
|
|
|
3,310,896 |
|
Other sales |
|
|
3,038,509 |
|
|
|
3,293,663 |
|
|
|
453,223 |
|
Total
revenues |
|
|
19,448,206 |
|
|
|
27,354,604 |
|
|
|
3,764,119 |
|
Cost of
sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
|
(15,495,751 |
) |
|
|
(21,386,680 |
) |
|
|
(2,942,905 |
) |
Other sales |
|
|
(3,703,210 |
) |
|
|
(3,791,478 |
) |
|
|
(521,725 |
) |
Total cost of
sales |
|
|
(19,198,961 |
) |
|
|
(25,178,158 |
) |
|
|
(3,464,630 |
) |
Gross
profit |
|
|
249,245 |
|
|
|
2,176,446 |
|
|
|
299,489 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
(6,420,183 |
) |
|
|
(6,082,738 |
) |
|
|
(837,013 |
) |
Selling, general and
administrative |
|
|
(5,302,531 |
) |
|
|
(6,754,256 |
) |
|
|
(929,416 |
) |
Other operating income
|
|
|
287,506 |
|
|
|
57,177 |
|
|
|
7,868 |
|
Total operating
expenses |
|
|
(11,435,208 |
) |
|
|
(12,779,817 |
) |
|
|
(1,758,561 |
) |
Loss from
operations |
|
|
(11,185,963 |
) |
|
|
(10,603,371 |
) |
|
|
(1,459,072 |
) |
Interest and investment
income |
|
|
553,942 |
|
|
|
713,524 |
|
|
|
98,184 |
|
Interest
expenses |
|
|
(151,103 |
) |
|
|
(347,016 |
) |
|
|
(47,751 |
) |
Loss on extinguishment of
debt |
|
|
— |
|
|
|
(11,326 |
) |
|
|
(1,559 |
) |
Share of income/(losses) of
equity
investees |
|
|
24,240 |
|
|
|
(93,089 |
) |
|
|
(12,809 |
) |
Other (losses)/income,
net |
|
|
(10,055 |
) |
|
|
119,727 |
|
|
|
16,475 |
|
Loss before income tax
expense |
|
|
(10,768,939 |
) |
|
|
(10,221,551 |
) |
|
|
(1,406,532 |
) |
Income tax
expense |
|
|
(26,345 |
) |
|
|
(9,009 |
) |
|
|
(1,240 |
) |
Net
loss |
|
|
(10,795,284 |
) |
|
|
(10,230,560 |
) |
|
|
(1,407,772 |
) |
Accretion on redeemable
non-controlling interests to redemption
value |
|
|
(147,237 |
) |
|
|
(162,546 |
) |
|
|
(22,367 |
) |
Net loss attributable to
non-controlling interests |
|
|
16,956 |
|
|
|
8,818 |
|
|
|
1,213 |
|
Net loss attributable
to ordinary shareholders of NIO
Inc. |
|
|
(10,925,565 |
) |
|
|
(10,384,288 |
) |
|
|
(1,428,926 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
(10,795,284 |
) |
|
|
(10,230,560 |
) |
|
|
(1,407,772 |
) |
Other comprehensive
income |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment, net of nil
tax |
|
|
272,867 |
|
|
|
96,951 |
|
|
|
13,341 |
|
Total other
comprehensive
income |
|
|
272,867 |
|
|
|
96,951 |
|
|
|
13,341 |
|
Total comprehensive
loss |
|
|
(10,522,417 |
) |
|
|
(10,133,609 |
) |
|
|
(1,394,431 |
) |
Accretion on redeemable
non-controlling interests to redemption
value |
|
|
(147,237 |
) |
|
|
(162,546 |
) |
|
|
(22,367 |
) |
Net loss attributable to
non-controlling
interests |
|
|
16,956 |
|
|
|
8,818 |
|
|
|
1,213 |
|
Comprehensive loss
attributable to ordinary shareholders of NIO
Inc. |
|
|
(10,652,698 |
) |
|
|
(10,287,337 |
) |
|
|
(1,415,585 |
) |
|
|
|
|
|
|
|
Weighted average
number of ordinary shares/ADS used in computing net loss per
share/ADS |
|
|
|
|
|
|
Basic and
diluted |
|
|
1,651,113,461 |
|
|
|
2,047,257,903 |
|
|
|
2,047,257,903 |
|
Net loss per share/ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
(6.62 |
) |
|
|
(5.07 |
) |
|
|
(0.70 |
) |
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, 2024 |
|
|
|
GAAPResult |
|
|
|
Share-based compensation |
|
|
|
Accretion on redeemable non-controlling interests to
redemption value |
|
|
|
AdjustedResult(Non-GAAP) |
|
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
Cost of
sales |
|
|
(15,757,253 |
) |
|
|
18,698 |
|
|
|
— |
|
|
|
(15,738,555 |
) |
Research and development
expenses |
|
|
(3,218,522 |
) |
|
|
330,110 |
|
|
|
— |
|
|
|
(2,888,412 |
) |
Selling, general and
administrative
expenses |
|
|
(3,757,458 |
) |
|
|
161,945 |
|
|
|
— |
|
|
|
(3,595,513 |
) |
Total |
|
|
(22,733,233 |
) |
|
|
510,753 |
|
|
|
— |
|
|
|
(22,222,480 |
) |
Loss from
operations |
|
|
(5,209,298 |
) |
|
|
510,753 |
|
|
|
— |
|
|
|
(4,698,545 |
) |
Net
loss |
|
|
(5,045,983 |
) |
|
|
510,753 |
|
|
|
— |
|
|
|
(4,535,230 |
) |
Net loss attributable to
ordinary shareholders of NIO
Inc. |
|
|
(5,126,370 |
) |
|
|
510,753 |
|
|
|
83,022 |
|
|
|
(4,532,595 |
) |
Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted
(RMB) |
|
|
(2.50 |
) |
|
|
0.25 |
|
|
|
0.04 |
|
|
|
(2.21 |
) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted
(USD) |
|
|
(0.34 |
) |
|
|
0.03 |
|
|
|
0.01 |
|
|
|
(0.30 |
) |
(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 |
) |
|
|
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 |
) |
|
|
Six Months Ended June 30, 2024 |
|
|
|
GAAPResult |
|
|
|
Share-based compensation |
|
|
|
Accretion on redeemable non-controlling interests to
redemption value |
|
|
|
AdjustedResult(Non-GAAP) |
|
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
Cost of
sales |
|
|
(25,178,158 |
) |
|
|
28,451 |
|
|
|
— |
|
|
|
(25,149,707 |
) |
Research and development
expenses |
|
|
(6,082,738 |
) |
|
|
536,093 |
|
|
|
— |
|
|
|
(5,546,645 |
) |
Selling, general and
administrative
expenses |
|
|
(6,754,256 |
) |
|
|
227,620 |
|
|
|
— |
|
|
|
(6,526,636 |
) |
Total |
|
|
(38,015,152 |
) |
|
|
792,164 |
|
|
|
— |
|
|
|
(37,222,988 |
) |
Loss from
operations |
|
|
(10,603,371 |
) |
|
|
792,164 |
|
|
|
— |
|
|
|
(9,811,207 |
) |
Net
loss |
|
|
(10,230,560 |
) |
|
|
792,164 |
|
|
|
— |
|
|
|
(9,438,396 |
) |
Net loss attributable to
ordinary shareholders of NIO
Inc. |
|
|
(10,384,288 |
) |
|
|
792,164 |
|
|
|
162,546 |
|
|
|
(9,429,578 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted
(RMB) |
|
|
(5.07 |
) |
|
|
0.39 |
|
|
|
0.08 |
|
|
|
(4.60 |
) |
Net loss per share/ADS
attributable to ordinary shareholders, basic and diluted
(USD) |
|
|
(0.70 |
) |
|
|
0.05 |
|
|
|
0.02 |
|
|
|
(0.63 |
) |
|
|
Six Months Ended June 30, 2023 |
|
|
|
GAAPResult |
|
|
|
Share-basedcompensation |
|
|
|
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 |
) |
i All translations from RMB to USD for three
months and six months ended June 28, 2024 were made at the rate of
RMB7.2672 to US$1.00, the noon buying rate in effect on June 28,
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)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
NIO (NYSE:NIO)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024