NIO Inc. Reports Unaudited Second Quarter 2024 Financial Results
NIO Inc. (NYSE: NIO) reported its unaudited financial results for Q2 2024, showcasing significant growth. Total revenues reached RMB17,446.0 million (US$2,400.6 million), a 98.9% increase year-over-year. Vehicle sales were RMB15,679.6 million (US$2,157.6 million), up 118.2% from Q2 2023. NIO delivered 57,373 vehicles, a 143.9% YoY increase.
Gross profit was RMB1,688.7 million (US$232.4 million), up 1,841.0% YoY. Gross margin improved to 9.7% from 1.0% in Q2 2023. Vehicle margin increased to 12.2%. The net loss decreased by 16.7% YoY to RMB5,046.0 million (US$694.4 million).
For Q3 2024, NIO anticipates vehicle deliveries of 61,000-63,000 units and revenues between RMB19,109 million (US$2,630 million) and RMB19,669 million (US$2,707 million).
NIO Inc. (NYSE: NIO) ha riportato i risultati finanziari non verificati per il secondo trimestre del 2024, evidenziando una crescita significativa. I ricavi totali hanno raggiunto RMB17.446,0 milioni (US$2.400,6 milioni), con un aumento del 98,9% rispetto all'anno precedente. Le vendite di veicoli sono state RMB15.679,6 milioni (US$2.157,6 milioni), in aumento del 118,2% rispetto al secondo trimestre del 2023. NIO ha consegnato 57.373 veicoli, con un incremento del 143,9% su base annua.
Il profitto lordo è stato di RMB1.688,7 milioni (US$232,4 milioni), con un aumento del 1.841,0% su base annua. Il margine lordo è migliorato al 9,7% rispetto all'1,0% del secondo trimestre del 2023. Il margine dei veicoli è aumentato al 12,2%. La perdita netta è diminuita del 16,7% su base annua, scendendo a RMB5.046,0 milioni (US$694,4 milioni).
Per il terzo trimestre del 2024, NIO prevede consegne di veicoli comprese tra 61.000-63.000 unità e ricavi tra RMB19.109 milioni (US$2.630 milioni) e RMB19.669 milioni (US$2.707 milioni).
NIO Inc. (NYSE: NIO) informó sus resultados financieros no auditados para el segundo trimestre de 2024, mostrando un crecimiento significativo. Los ingresos totales alcanzaron RMB17.446,0 millones (US$2.400,6 millones), un incremento del 98,9% en comparación con el año anterior. Las ventas de vehículos fueron de RMB15.679,6 millones (US$2.157,6 millones), un aumento del 118,2% respecto al segundo trimestre de 2023. NIO entregó 57.373 vehículos, lo que representa un aumento del 143,9% interanual.
El beneficio bruto fue de RMB1.688,7 millones (US$232,4 millones), un aumento del 1.841,0% en comparación con el año anterior. El margen bruto mejoró al 9,7% desde el 1,0% en el segundo trimestre de 2023. El margen de vehículos aumentó al 12,2%. La pérdida neta se redujo en un 16,7% interanual a RMB5.046,0 millones (US$694,4 millones).
Para el tercer trimestre de 2024, NIO anticipa entregas de vehículos entre 61.000-63.000 unidades y unos ingresos de entre RMB19.109 millones (US$2.630 millones) y RMB19.669 millones (US$2.707 millones).
NIO Inc. (NYSE: NIO)는 2024년 2분기 비감사 재무 결과를 보고하며 상당한 성장을 보여주었습니다. 총 수익은 RMB17,446.0 백만 (US$2,400.6 백만)에 도달하며, 지난해 대비 98.9% 증가했습니다. 차량 판매는 RMB15,679.6 백만 (US$2,157.6 백만)으로, 2023년 2분기 대비 118.2% 증가했습니다. NIO는 57,373 대의 차량을 인도했으며, 이는 전년 대비 143.9% 증가한 수치입니다.
총 이익은 RMB1,688.7 백만 (US$232.4 백만)으로, 전년 대비 1,841.0% 증가했습니다. 총 이익률은 2023년 2분기 1.0%에서 9.7%로 개선되었습니다. 차량 이익률은 12.2%로 증가했습니다. 순손실은 전년 대비 16.7% 감소하여 RMB5,046.0 백만 (US$694.4 백만)에 이르렀습니다.
2024년 3분기 동안 NIO는 61,000-63,000 대의 차량 인도를 예상하며, 수익은 RMB19,109 백만 (US$2,630 백만)에서 RMB19,669 백만 (US$2,707 백만) 사이로 예상하고 있습니다.
NIO Inc. (NYSE: NIO) a annoncé ses résultats financiers non vérifiés pour le deuxième trimestre de 2024, révélant une croissance significative. Les revenus totaux ont atteint RMB17.446,0 millions (US$2.400,6 millions), soit une augmentation de 98,9% par rapport à l'année précédente. Les ventes de véhicules se sont élevées à RMB15.679,6 millions (US$2.157,6 millions), en hausse de 118,2% par rapport au deuxième trimestre 2023. NIO a livré 57.373 véhicules, soit une hausse de 143,9% d'une année sur l'autre.
Le bénéfice brut était de RMB1.688,7 millions (US$232,4 millions), en hausse de 1.841,0% par rapport à l'année précédente. La marge brute a été améliorée à 9,7% contre 1,0% au deuxième trimestre 2023. La marge sur les véhicules a augmenté à 12,2%. La perte nette a diminué de 16,7% par rapport à l'année précédente, atteignant RMB5.046,0 millions (US$694,4 millions).
Pour le troisième trimestre 2024, NIO anticipe des livraisons de véhicules entre 61.000-63.000 unités et des revenus compris entre RMB19.109 millions (US$2.630 millions) et RMB19.669 millions (US$2.707 millions).
NIO Inc. (NYSE: NIO) hat seine ungeprüften finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und zeigt ein signifikantes Wachstum. Die Gesamterlöse beliefen sich auf RMB17.446,0 Millionen (US$2.400,6 Millionen), was einem Anstieg von 98,9% im Vergleich zum Vorjahr entspricht. Der Fahrzeugverkauf betrug RMB15.679,6 Millionen (US$2.157,6 Millionen), was einem Anstieg von 118,2% gegenüber Q2 2023 entspricht. NIO lieferte 57.373 Fahrzeuge aus, was einem Anstieg von 143,9% im Jahresvergleich entspricht.
Der Bruttogewinn betrug RMB1.688,7 Millionen (US$232,4 Millionen), was einem Anstieg von 1.841,0% im Jahresvergleich entspricht. Die Bruttomarge verbesserte sich auf 9,7% von 1,0% im zweiten Quartal 2023. Die Fahrzeugmarge erhöhte sich auf 12,2%. Der Nettoverlust verringerte sich um 16,7% im Jahresvergleich auf RMB5.046,0 Millionen (US$694,4 Millionen).
Für das dritte Quartal 2024 erwartet NIO Fahrzeugauslieferungen zwischen 61.000-63.000 Einheiten und Einnahmen zwischen RMB19.109 Millionen (US$2.630 Millionen) und RMB19.669 Millionen (US$2.707 Millionen).
- Total revenues increased by 98.9% YoY to RMB17,446.0 million.
- Vehicle sales surged by 118.2% YoY to RMB15,679.6 million.
- Vehicle deliveries rose by 143.9% YoY to 57,373 units.
- Gross profit increased by 1,841.0% YoY to RMB1,688.7 million.
- Gross margin improved to 9.7%.
- Vehicle margin increased to 12.2%.
- Net loss decreased by 16.7% YoY to RMB5,046.0 million.
- Loss from operations was RMB5,209.3 million.
- Net loss was RMB5,046.0 million.
Insights
NIO's Q2 2024 results show significant improvement in key metrics. Vehicle deliveries increased 143.9% YoY to 57,373 units, driving total revenues up 98.9% YoY to
While still operating at a loss, NIO's financial health is improving. The net loss decreased 16.7% YoY to
For Q3 2024, NIO projects deliveries of 61,000-63,000 vehicles, indicating continued strong growth. However, investors should monitor the impact of increasing competition and potential economic headwinds on NIO's performance.
NIO's Q2 performance demonstrates its strengthening position in the premium EV market. The 143.9% YoY increase in deliveries outpaces the overall EV market growth in China, indicating market share gains. NIO's claim of over 40% market share in the premium BEV segment (above
The launch of the mass-market ONVO brand is a strategic move to expand NIO's addressable market. The initial reception of the L60 model seems positive, but its success will be important for NIO's growth ambitions. The company's investments in technology, including its in-house developed intelligent driving chip, could provide a competitive edge in the long run.
However, the increasing SG&A expenses (up 31.5% YoY) warrant attention, as they could pressure profitability if not managed effectively as the company scales.
NIO's technological advancements are noteworthy. The development of an in-house intelligent driving chip and a full-domain vehicle operating system could significantly enhance NIO's competitiveness and reduce reliance on external suppliers. These investments align with the industry trend towards greater vertical integration in EV technology.
The company's 'Power Up Counties' plan to strengthen its charging and battery swapping network across China is a strategic move. This infrastructure expansion could be a key differentiator, especially in lower-tier cities where charging infrastructure may be less developed.
NIO's focus on AI, as highlighted in their 'NIO IN 2024' event, suggests a forward-looking approach to vehicle intelligence. However, the effectiveness of these technologies in real-world conditions and their impact on consumer preference remain to be seen. Investors should monitor the rollout and user adoption of these new technologies in upcoming vehicle models.
Quarterly Total Revenues reached RMB17,446.0 million (US
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 of90.9% 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 of118.2% from the second quarter of 2023 and an increase of87.1% from the first quarter of 2024. - Vehicle marginii was
12.2% in the second quarter of 2024, compared with6.2% in the second quarter of 2023 and9.2% 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 of98.9% from the second quarter of 2023 and an increase of76.1% 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 of246.3% from the first quarter of 2024. - Gross margin was
9.7% in the second quarter of 2024, compared with1.0% in the second quarter of 2023 and4.9% 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 of14.2% from the second quarter of 2023 and a decrease of3.4% 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 of14.0% from the second quarter of 2023 and a decrease of8.1% 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 of16.7% from the second quarter of 2023 and a decrease of2.7% 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 of16.7% from the second quarter of 2023 and a decrease of7.5% 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 | |||||||||
| Vehicle Margin | 300bp | 600bp | ||||||||||
| Total Revenues | 17,446.0 | 9,908.6 | 8,771.7 | |||||||||
| Gross Profit | 1,688.7 | 487.7 | 87.0 | 1, | ||||||||
| Gross Margin | 480bp | 870bp | ||||||||||
| Loss from Operations | (5,209.3) | (5,394.1) | (6,074.1) | - | - | |||||||
| Adjusted Loss from Operations (non-GAAP) | (4,698.5) | (5,112.7) | (5,464.1) | - | - | |||||||
| Net Loss | (5,046.0) | (5,184.6) | (6,055.8) | - | - | |||||||
| Adjusted Net Loss (non-GAAP) | (4,535.2) | (4,903.2) | (5,445.7) | - | - | |||||||
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
“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
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 of98.9% from the second quarter of 2023 and an increase of76.1% 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 of118.2% from the second quarter of 2023 and an increase of87.1% 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 of11.3% from the second quarter of 2023 and an increase of15.6% 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 of81.4% from the second quarter of 2023 and an increase of67.3% 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 of246.3% from the first quarter of 2024. - Gross margin in the second quarter of 2024 was
9.7% , compared with1.0% in the second quarter of 2023 and4.9% 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 with6.2% in the second quarter of 2023 and9.2% 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 of3.8% from the second quarter of 2023 and an increase of12.4% 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 of1.9% from the second quarter of 2023 and an increase of8.7% 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 of31.5% from the second quarter of 2023 and an increase of25.4% 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 of34.6% from the second quarter of 2023 and an increase of22.7% 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 of14.2% from the second quarter of 2023 and a decrease of3.4% 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 of14.0% from the second quarter of 2023 and a decrease of8.1% 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 of16.7% from the second quarter of 2023 and a decrease of2.7% 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 of16.7% from the second quarter of 2023 and a decrease of7.5% 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 of16.3% from the second quarter of 2023 and a decrease of2.5% 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% to13.7% 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 approximately0.2% to3.2% 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
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
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.
FAQ
What were NIO's total revenues for Q2 2024?
How many vehicles did NIO deliver in Q2 2024?
What was NIO's vehicle sales revenue in Q2 2024?
What was NIO's gross profit for Q2 2024?
What is NIO's gross margin for Q2 2024?
What is NIO's vehicle margin for Q2 2024?
What is NIO's net loss for Q2 2024?
What is NIO's forecast for vehicle deliveries in Q3 2024?
What revenue does NIO expect for Q3 2024?
