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NIO Inc. Reports Unaudited Second Quarter 2024 Financial Results

Quarterly Total Revenues reached RMB17,446.0 million (US$2,400.6 million)i
Quarterly Vehicle Deliveries were 57,373 units

SHANGHAI, Sept. 05, 2024 (GLOBE NEWSWIRE) — 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 Q22024 Q12023 Q42023 Q3
Deliveries57,37330,05350,04555,432
     
 2023 Q22023 Q12022 Q42022 Q3
Deliveries23,52031,04140,05231,607
     

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 Q22024 Q1 2023 Q2 % Changeiii
      QoQYoY
Vehicle Sales15,679.6 8,381.3  7,185.2  87.1% 118.2% 
Vehicle Margin12.2% 9.2%  6.2%  300bp 600bp 
        
Total Revenues17,446.0 9,908.6  8,771.7  76.1% 98.9% 
Gross Profit1,688.7 487.7  87.0  246.3% 1,841.0% 
Gross Margin9.7% 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 Relations
ir@nio.com
Media Relations
global.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
   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          (15,757,253)  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
   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          (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
   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          (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
   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          (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
   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          (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.

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