Quarterly Total Revenues reached RMB10,676.5 million (US$1,554.6 million)i
Quarterly Vehicle Deliveries were 31,041 units

SHANGHAI, China, June 09, 2023 (GLOBE NEWSWIRE) -- 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, 2023.

Operating Highlights for the First Quarter of 2023

Key Operating Results

 
 2023 Q12022 Q42022 Q32022 Q2
Deliveries31,04140,05231,60725,059
     
 2022 Q12021 Q42021 Q32021 Q2
Deliveries25,76825,03424,43921,896

Financial Highlights for the First Quarter of 2023

Key Financial Results for the First Quarter of 2023

(in RMB million, except for per ordinary share/ADS data and percentage)

 2023 Q12022 Q42022 Q1% Changeiv
    QoQYoY
Vehicle Sales9,224.514,759.09,244.0-37.5%-0.2%
Vehicle Margin5.1%6.8%18.1%-170bp-1300bp
Total Revenues10,676.516,063.59,910.6-33.5%7.7%
Gross Profit162.3621.81,446.8-73.9%-88.8%
Gross Margin1.5%3.9%14.6%-240bp-1310bp
Loss from Operations(5,111.8)(6,736.1)(2,188.7)-24.1%133.6%
Adjusted Loss from Operations (non-GAAP)(4,522.4)(6,015.7)(1,715.6)-24.8%163.6%
Net Loss(4,739.5)(5,786.1)(1,782.7)-18.1%165.9%
Adjusted Net Loss (non-GAAP)(4,150.1)(5,065.6)(1,309.6)-18.1%216.9%
Net Loss Attributable to Ordinary Shareholders(4,803.6)(5,847.1)(1,825.0)-17.8%163.2%
Net Loss per Ordinary Share/ADS-Basic and Diluted(2.91)(3.55)(1.12)-18.0%159.8%
Adjusted Net Loss per Ordinary Share/ADS-Basic and Diluted (non-GAAP)(2.51)(3.07)(0.79)-18.2%217.7%

Recent Developments
Deliveries in April and May 2023

NIO Launched the All-New ES6

CEO and CFO Comments

“NIO delivered 31,041 vehicles in the first quarter of 2023, ranking first in the premium battery electric vehicle market priced over RMB400,000 in China for 12 consecutive quarters," said William Bin Li, founder, chairman and chief executive officer of NIO, "On May 24, 2023, NIO launched the All-New ES6, an all-round smart electric SUV and started its deliveries the next day. With exquisite design, high performance, superior comfort, and advanced digital systems, the All-New ES6 has received overwhelmingly positive feedback from our users."

"With the volume ramp-up of our new models including the All-New ES6, our teams are well prepared for a solid growth in vehicle deliveries," added Mr. Li.

"In the face of the changing market environment, we will observe and analyze the dynamics of the operating environment and competition landscape promptly, and continue to strengthen our competitive advantages in an agile and efficient manner,” added Steven Wei Feng, NIO's chief financial officer, “Meanwhile, we will stay focused on execution, optimize cost structure, and further improve our operating efficiency.”

Financial Results for the First Quarter of 2023
Revenues

Cost of Sales and Gross Margin

Operating Expenses

Loss from Operations

Net Loss and Earnings Per Share/ADS

Balance Sheet

Business Outlook
For the second quarter of 2023, the Company expects:

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 9, 2023 (8:00 PM Beijing/Hong Kong/Singapore Time on June 9, 2023).

A live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.nio.com/news-events/events.

For participants who wish to join the conference using dial-in numbers, please register in advance using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

https://s1.c-conf.com/diamondpass/10030774-agy6dc.html

A replay of the conference call will be accessible by phone at the following numbers, until June 16, 2023:

United States:+1-855-883-1031
Hong Kong, China:+852-800-930-639
Mainland, China:+86-400-1209-216
Singapore:+65-800-1013-223
International:+61-7-3107-6325
Replay PIN:10030774


About NIO Inc.
NIO Inc. is a pioneer and a leading company in the premium smart electric vehicle market. Founded in November 2014, NIO’s mission is to shape a joyful lifestyle. NIO aims to build a community starting with smart electric vehicles to share joy and grow together with users. NIO designs, develops, jointly manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in autonomous driving, digital technologies, electric powertrains and batteries. NIO differentiates itself through its continuous technological breakthroughs and innovations, such as its industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as its proprietary autonomous driving technologies and Autonomous Driving as a Service, or ADaaS. NIO’s product portfolio consists of the ES8, a six-seater smart electric flagship SUV, the ES7 (or the EL7), a mid-large five-seater smart electric SUV, the ES6, a five-seater all-round smart electric SUV, the EC7, a five-seater smart electric flagship coupe SUV, the EC6, a five-seater smart electric coupe SUV, the ET7, a smart electric flagship sedan, and the ET5, a mid-size smart electric sedan.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture a car of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the newly introduced BaaS and ADaaS; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO’s ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build the NIO brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Non-GAAP Disclosure
The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP), adjusted loss from operations (non-GAAP), adjusted net loss (non-GAAP), adjusted net loss attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted net loss per share/ADS (non-GAAP), in evaluating its operating results and for financial and operational decision-making purposes. The Company defines adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP) and adjusted loss from operations (non-GAAP) and adjusted net loss (non-GAAP) as cost of sales, research and development expenses, selling, general and administrative expenses, loss from operations and net loss excluding share-based compensation expenses. The Company defines adjusted net loss attributable to ordinary shareholders (non-GAAP), adjusted basic and diluted net loss per share/ADS (non-GAAP) as net loss attributable to ordinary shareholders and basic and diluted net loss per share/ADS excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB6.8676 to US$1.00, the noon buying rate in effect on March 31, 2023 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

For more information, please visit: http://ir.nio.com.

Investor Relations
ir@nio.com
Media Relations
global.press@nio.com

Source: NIO


NIO INC.

Unaudited Consolidated Balance Sheets

(All amounts in thousands)

 As of
 December 31, 2022 March 31, 2023 March 31, 2023
 RMB RMB US$
ASSETS     
Current assets:     
Cash and cash equivalents19,887,575 14,763,443 2,149,724
Restricted cash3,154,240 2,836,594 413,040
Short-term investments19,171,017 17,842,478 2,598,066
Trade and notes receivables5,118,170 5,464,539 795,698
Amounts due from related parties1,380,956 1,550,523 225,774
Inventory8,191,386 6,376,311 928,463
Prepayments and other current assets2,246,408 2,817,160 410,210
Total current assets59,149,752 51,651,048 7,520,975
Non-current assets:     
Long-term restricted cash113,478 126,032 18,352
Property, plant and equipment, net.15,658,666 15,910,905 2,316,807
Intangible assets, net— 29,648 4,317
Land use rights, net212,603 211,277 30,764
Long-term investments6,356,411 5,443,621 792,653
Right-of-use assets - operating lease7,374,456 9,113,057 1,326,964
Other non-current assets7,398,559 6,841,786 996,241
Total non-current assets37,114,173 37,676,326 5,486,098
Total assets96,263,925 89,327,374 13,007,073
LIABILITIES     
Current liabilities:     
Short-term borrowings4,039,210 5,294,210 770,897
Trade and notes payable25,223,687 18,873,747 2,748,230
Amounts due to related parties384,611 347,285 50,569
Taxes payable286,300 278,316 40,526
Current portion of operating lease liabilities1,025,968 951,187 138,504
Current portion of long-term borrowings1,237,916 2,408,126 350,650
Accruals and other liabilities13,654,362 12,284,198 1,788,718
Total current liabilities45,852,054 40,437,069 5,888,094
Non-current liabilities:     
Long-term borrowings10,885,799 11,330,771 1,649,888
Non-current operating lease liabilities6,517,096 8,412,155 1,224,905
Deferred tax liabilities218,189 216,396 31,510
Other non-current liabilities5,144,027 5,468,845 796,326
Total non-current liabilities22,765,111 25,428,167 3,702,629
Total liabilities68,617,165 65,865,236 9,590,723
      

NIO INC.

Unaudited Consolidated Balance Sheets

(All amounts in thousands)

 As of
 December 31, 2022 March 31, 2023 March 31, 2023
 RMB RMB US$
MEZZANINE EQUITY     
Redeemable non-controlling interests3,557,221 3,629,686 528,522
Total mezzanine equity3,557,221 3,629,686 528,522
SHAREHOLDERS’ EQUITY     
Total NIO Inc. shareholders’ equity23,868,165 19,619,448 2,856,812
Non-controlling interests221,374 213,004 31,016
Total shareholders’ equity24,089,539 19,832,452 2,887,828
Total liabilities, mezzanine equity and shareholders’ equity96,263,925 89,327,374 13,007,073
      

NIO INC.

Unaudited Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except for share and per share/ADS data)

 Three Months Ended
 March 31, 2022
 December 31, 2022
 March 31, 2023
 March 31, 2023
 RMB
 RMB
 RMB
 US$
Revenues:    
Vehicle sales9,244,014  14,759,016  9,224,483  1,343,189 
Other sales666,574  1,304,498  1,451,988  211,426 
Total revenues9,910,588   16,063,514  10,676,471  1,554,615 
Cost of sales:    
Vehicle sales(7,567,550) (13,749,365) (8,757,407) (1,275,177)
Other sales(896,199) (1,692,391) (1,756,775) (255,806)
Total cost of sales(8,463,749 ) (15,441,756) (10,514,182) (1,530,983)
Gross profit1,446,839   621,758  162,289  23,632 
Operating expenses:    
Research and development(1,761,687) (3,980,578) (3,075,611) (447,844)
Selling, general and administrative(2,014,804) (3,527,371) (2,445,928) (356,155)
Other operating income140,987  150,057  247,402  36,025 
Total operating expenses(3,635,504 ) (7,357,892) (5,274,137) (767,974)
Loss from operations(2,188,665) (6,736,134) (5,111,848) (744,342)
Interest and investment income400,688  351,960  306,762  44,668 
Interest expenses(77,339) (70,669) (68,663) (9,998)
Gain on extinguishment of debt—  118,400  —  — 
Share of income of equity investees26,229  251,439  13,599  1,980 
Other income, net86,886  315,699  128,290  18,680 
Loss before income tax expense(1,752,201 ) (5,769,305) (4,731,860) (689,012)
Income tax expense(30,459) (16,796) (7,674) (1,117)
Net loss(1,782,660) (5,786,101) (4,739,534) (690,129)
Accretion on redeemable non-controlling interests to redemption value(66,775) (72,581) (72,465) (10,552)
Net loss attributable to non-controlling interests24,397  11,603  8,370  1,219 
Net loss attributable to ordinary shareholders of NIO Inc.(1,825,038) (5,847,079) (4,803,629) (699,462)
     
Net loss(1,782,660) (5,786,101) (4,739,534) (690,129)
Other comprehensive income/(loss)    
Change in unrealized gains/(losses) related to available-for-sale debt securities, net of tax743,103  (24,495) —  — 
Change in unrealized gains/(losses) on cash flow hedges—  817  (1,329) (194)
Foreign currency translation adjustment, net of nil tax(38,879) (134,783) (54,605) (7,951)
Total other comprehensive income/(loss)704,224  (158,461) (55,934) (8,145)
Total comprehensive loss(1,078,436) (5,944,562) (4,795,468) (698,274)


Accretion on redeemable non-controlling interests to redemption value(66,775) (72,581) (72,465) (10,552)
Net loss attributable to non-controlling interests24,397  11,603  8,370  1,219 
Other comprehensive (income)/loss attributable to non-controlling interests(150,141) 5,229  —  — 
Comprehensive loss attributable to ordinary shareholders of NIO Inc.(1,270,955) (6,000,311) (4,859,563) (707,607)


Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS    
Basic and diluted1,624,805,030  1,647,356,108  1,649,309,669  1,649,309,669 
Net loss per share/ADS attributable to ordinary shareholders    
Basic and diluted(1.12) (3.55) (2.91) (0.42)


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, 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(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)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD)(0.42) 0.05 0.01 (0.36)


 Three Months Ended December 31, 2022
 GAAP
Result
 Share-based compensation Accretion on redeemable
non-controlling interests
to redemption value		 Adjusted
Result
(Non-GAAP)
 RMB  RMB RMB RMB
Cost of sales(15,441,756) 23,522 — (15,418,234)
Research and development expenses(3,980,578) 426,701 — (3,553,877)
Selling, general and administrative expenses(3,527,371) 270,257 — (3,257,114)
Total(22,949,705) 720,480 — (22,229,225)
Loss from operations(6,736,134) 720,480 — (6,015,654)
Net loss(5,786,101) 720,480 — (5,065,621)
Net loss attributable to ordinary shareholders of NIO Inc.(5,847,079) 720,480 72,581 (5,054,018)


Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(3.55) 0.44 0.04 (3.07)


 Three Months Ended March 31, 2022
 GAAP
Result
 Share-based compensation Accretion on redeemable
non-controlling interests
to redemption value		 Adjusted
Result
(Non-GAAP)
 RMB
 RMB RMB RMB
Cost of sales(8,463,749) 12,125 — (8,451,624)
Research and development expenses(1,761,687) 247,621 — (1,514,066)
Selling, general and administrative expenses(2,014,804) 213,293 — (1,801,511)
Total(12,240,240) 473,039 — (11,767,201)
Loss from operations(2,188,665) 473,039 — (1,715,626)
Net loss(1,782,660) 473,039 — (1,309,621)
Net loss attributable to ordinary shareholders of NIO Inc.(1,825,038) 473,039 66,775 (1,285,224)


Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)(1.12) 0.29 0.04 (0.79)

________________________

i All translations from RMB to USD for three months ended March 31, 2023 were made at the rate of RMB6.8676 to US$1.00, the noon buying rate in effect on March 31, 2023 in the H.10 statistical release of the Federal Reserve Board.

ii Vehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales only.

iii Each ADS represents one ordinary share.

iv Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated.