NIO Inc. Reports Unaudited Third Quarter 2024 Financial Results
NIO reported Q3 2024 financial results with total revenues of RMB18,673.5 million (US$2,661.0 million), down 2.1% YoY. Vehicle deliveries reached 61,855 units, up 11.6% YoY. The company achieved a vehicle margin of 13.1%, improving from 11.0% in Q3 2023. However, net loss increased 11.0% YoY to RMB5,059.7 million. For Q4 2024, NIO expects deliveries between 72,000-75,000 units and revenues of RMB19,676-20,383 million. The company launched ONVO L60, a mid-size family smart electric SUV, and secured strategic investment of RMB3.3 billion in NIO China.
NIO ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato totale di RMB18.673,5 milioni (US$2.661,0 milioni), in calo del 2,1% anno su anno. Le consegne di veicoli hanno raggiunto 61.855 unità, con un incremento dell'11,6% rispetto all'anno precedente. L'azienda ha ottenuto un margine sui veicoli del 13,1%, in miglioramento rispetto all'11,0% del terzo trimestre 2023. Tuttavia, la perdita netta è aumentata dell'11,0% rispetto all'anno precedente, raggiungendo RMB5.059,7 milioni. Per il quarto trimestre 2024, NIO prevede consegne tra 72.000 e 75.000 unità e ricavi compresi tra RMB19.676 e RMB20.383 milioni. L'azienda ha lanciato l'ONVO L60, un SUV elettrico smart di medie dimensioni per famiglie, e ha acquisito un investimento strategico di RMB3,3 miliardi in NIO China.
NIO reportó los resultados financieros del tercer trimestre de 2024, con ingresos totales de RMB18,673.5 millones (US$2,661.0 millones), una disminución del 2.1% interanual. Las entregas de vehículos alcanzaron 61,855 unidades, un aumento del 11.6% interanual. La compañía logró un margen de vehículos del 13.1%, mejorando desde el 11.0% en el tercer trimestre de 2023. Sin embargo, la pérdida neta aumentó un 11.0% interanual, alcanzando RMB5,059.7 millones. Para el cuarto trimestre de 2024, NIO espera entregas entre 72,000 y 75,000 unidades y ingresos de RMB19,676-20,383 millones. La compañía lanzó el ONVO L60, un SUV eléctrico inteligente de tamaño mediano para familias, y aseguró una inversión estratégica de RMB3.3 mil millones en NIO China.
NIO는 2024년 3분기 재무 결과를 발표하며 총 수익이 RMB18,673.5백만 (US$2,661.0백만)으로 전년 대비 2.1% 감소했다고 밝혔습니다. 차량 배송량은 61,855대에 도달하여 전년 대비 11.6% 증가했습니다. 회사는 13.1%의 차량 마진을 달성했으며, 이는 2023년 3분기 11.0%에서 개선된 수치입니다. 그러나 순손실은 전년 대비 11.0% 증가하여 RMB5,059.7백만에 달했습니다. 2024년 4분기 동안 NIO는 72,000-75,000 대의 배송을 예상하고 있으며, 수익은 RMB19,676-20,383백만으로 예상하고 있습니다. 이 회사는 중형 가족 스마트 전기 SUV인 ONVO L60을 출시했으며, NIO 중국에 대해 RMB3.3억의 전략적 투자를 확보했습니다.
NIO a annoncé ses résultats financiers du troisième trimestre 2024, avec des revenus totaux de RMB18.673,5 millions (US$2.661,0 millions), en baisse de 2,1% par rapport à l'année précédente. Les livraisons de véhicules ont atteint 61.855 unités, enregistrant une augmentation de 11,6% par rapport à l'année précédente. L'entreprise a réalisé une marge de véhicule de 13,1%, en amélioration par rapport à 11,0% au troisième trimestre 2023. Cependant, la perte nette a augmenté de 11,0% par rapport à l'année précédente, atteignant RMB5.059,7 millions. Pour le quatrième trimestre 2024, NIO prévoit des livraisons comprises entre 72.000 et 75.000 unités et des revenus de RMB19.676 à 20.383 millions. L'entreprise a lancé l'ONVO L60, un SUV électrique intelligent de taille moyenne pour les familles, et a sécurisé un investissement stratégique de RMB3,3 milliards en NIO Chine.
NIO hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit Gesamteinnahmen von RMB18.673,5 Millionen (US$2.661,0 Millionen), was einem Rückgang von 2,1 % im Vergleich zum Vorjahr entspricht. Die Fahrzeuglieferungen erreichten 61.855 Einheiten, ein Anstieg von 11,6 % im Jahresvergleich. Das Unternehmen erzielte eine Fahrzeugmarge von 13,1 %, was eine Verbesserung von 11,0 % im 3. Quartal 2023 darstellt. Allerdings hat sich der Nettoverlust um 11,0 % im Vergleich zum Vorjahr auf RMB5.059,7 Millionen erhöht. Für das 4. Quartal 2024 erwartet NIO Lieferungen zwischen 72.000 und 75.000 Einheiten sowie Einnahmen von RMB19.676-20.383 Millionen. Das Unternehmen hat das ONVO L60, ein mittelgroßes, intelligentes Elektro-SUV für Familien, eingeführt und eine strategische Investition von RMB3,3 Milliarden in NIO China gesichert.
- Vehicle deliveries increased 11.6% YoY to 61,855 units
- Vehicle margin improved to 13.1% from 11.0% YoY
- Gross margin increased to 10.7% from 8.0% YoY
- Free cash flow turned positive in Q3 2024
- Secured RMB3.3 billion strategic investment in NIO China
- Total revenues decreased 2.1% YoY to RMB18,673.5 million
- Vehicle sales declined 4.1% YoY to RMB16,697.6 million
- Net loss increased 11.0% YoY to RMB5,059.7 million
- Operating loss increased 8.1% YoY to RMB5,237.8 million
Insights
NIO's Q3 2024 results show mixed signals. While delivery volume hit a record 61,855 units (+11.6% YoY), vehicle sales decreased by
However, net loss widened by
Q4 guidance of 72,000-75,000 deliveries (+43.9-49.9% YoY) suggests strong momentum, though profitability remains a key concern.
NIO's market positioning remains strong with over
However, the declining average selling price amid intense competition and significant marketing expenses raise concerns about sustainable profitability. The positive free cash flow in Q3 is encouraging, but continued high R&D spending of
Quarterly Total Revenues reached RMB18,673.5 million (US
Quarterly Vehicle Deliveries were 61,855 units
SHANGHAI, Nov. 20, 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 third quarter ended September 30, 2024.
Operating Highlights for the Third Quarter of 2024
- Vehicle deliveries were 61,855 in the third quarter of 2024, consisting of 61,023 vehicles from the Company’s premium smart electric vehicle brand NIO and 832 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO, representing an increase of
11.6% from the third quarter of 2023, and an increase of7.8% from the second quarter of 2024.
| Key Operating Results | ||||
| 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | |
| Deliveries | 61,855 | 57,373 | 30,053 | 50,045 |
| 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | |
| Deliveries | 55,432 | 23,520 | 31,041 | 40,052 |
Financial Highlights for the Third Quarter of 2024
- Vehicle sales were RMB16,697.6 million (US
$2,379.4 million ) in the third quarter of 2024, representing a decrease of4.1% from the third quarter of 2023 and an increase of6.5% from the second quarter of 2024. - Vehicle marginii was
13.1% in the third quarter of 2024, compared with11.0% in the third quarter of 2023 and12.2% in the second quarter of 2024. - Total revenues were RMB18,673.5 million (US
$2,661.0 million ) in the third quarter of 2024, representing a decrease of2.1% from the third quarter of 2023 and an increase of7.0% from the second quarter of 2024. - Gross profit was RMB2,007.4 million (US
$286.0 million ) in the third quarter of 2024, representing an increase of31.8% from the third quarter of 2023 and an increase of18.9% from the second quarter of 2024. - Gross margin was
10.7% in the third quarter of 2024, compared with8.0% in the third quarter of 2023 and9.7% in the second quarter of 2024. - Loss from operations was RMB5,237.8 million (US
$746.4 million ) in the third quarter of 2024, representing an increase of8.1% from the third quarter of 2023 and an increase of0.5% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,590.7 million (US$654.2 million ) in the third quarter of 2024, representing an increase of8.3% from the third quarter of 2023 and a decrease of2.3% from the second quarter of 2024. - Net loss was RMB5,059.7 million (US
$721.0 million ) in the third quarter of 2024, representing an increase of11.0% from the third quarter of 2023 and an increase of0.3% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB4,412.6 million (US$628.8 million ) in the third quarter of 2024, representing an increase of11.6% from the third quarter of 2023 and a decrease of2.7% from the second quarter of 2024. - Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB42.2 billion (US
$6.0 billion ) as of September 30, 2024.
| Key Financial Results for the Third Quarter of 2024 | |||||||||||||
| (in RMB million, except for percentage) | |||||||||||||
| 2024 Q3 | 2024 Q2 | 2023 Q3 | % Changeiii | ||||||||||
| QoQ | YoY | ||||||||||||
| Vehicle Sales | 16,697.6 | 15,679.6 | 17,408.9 | - | |||||||||
| Vehicle Margin | 90bp | 210bp | |||||||||||
| Total Revenues | 18,673.5 | 17,446.0 | 19,066.6 | - | |||||||||
| Gross Profit | 2,007.4 | 1,688.7 | 1,523.3 | ||||||||||
| Gross Margin | 100bp | 270bp | |||||||||||
| Loss from Operations | (5,237.8) | (5,209.3) | (4,843.9) | ||||||||||
| Adjusted Loss from Operations (non-GAAP) | (4,590.7) | (4,698.5) | (4,240.4) | - | |||||||||
| Net Loss | (5,059.7) | (5,046.0) | (4,556.7) | ||||||||||
| Adjusted Net Loss (non-GAAP) | (4,412.6) | (4,535.2) | (3,953.2) | - | |||||||||
Recent Developments
Deliveries in October 2024
- The Company delivered 20,976 vehicles in October 2024. The deliveries consisted of 16,657 vehicles from the Company’s premium smart electric vehicle brand NIO, and 4,319 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO. As of October 31, 2024, the Company had delivered 170,257 vehicles in 2024, with cumulative deliveries reaching 619,851.
Launch of ONVO L60
- On September 19, 2024, ONVO’s first model, the L60, a mid-size family smart electric SUV was launched. The production and delivery of the ONVO L60 have been steadily ramping up since late September 2024.
NIO China Strategic Investment
- On September 29, 2024, the Company entered into definitive agreements for investment in NIO Holding Co., Ltd., a PRC subsidiary in which it holds
92.1% controlling equity interest (“NIO China”), with Hefei Jianheng New Energy Automobile Investment Fund Partnership (Limited Partnership), Anhui Provincial Emerging Industry Investment Co., Ltd. and CS Capital Co., Ltd. (collectively, the “Strategic Investors”), pursuant to which the Strategic Investors will invest an aggregate of RMB3.3 billion in cash in NIO China. Concurrently, NIO will invest an aggregate of RMB10 billion in cash in NIO China (collectively, the “Investment Transaction”). Upon completion of the Investment Transaction, NIO will hold88.3% controlling equity interest in NIO China. In addition, NIO also has the right to invest an additional RMB20 billion in NIO China by December 31, 2025, based on the same price and terms of the Investment Transaction. The Investment Transaction is subject to regulatory and internal approvals, as well as the satisfaction of customary closing conditions. NIO and the Strategic Investors will each inject cash into NIO China in two installments according to the arrangements in the definitive agreements.
CEO and CFO Comments
“In the third quarter of 2024, we achieved a record-breaking delivery of 61,855 smart electric vehicles. NIO brand has firmly secured the top position in China’s BEV market for vehicles priced over RMB 300,000, holding more than a
“NIO’s executive flagship, the ET9, is in the final preparation stage of mass production. The ET9 embodies NIO’s full-stack technological expertise with cutting-edge global innovations, and its mass production will further solidify NIO’s positioning in the premium segment. In addition, firefly, a boutique brand positioned in the compact vehicle segment, will be unveiled at NIO Day 2024, further enriching our product portfolio and catering to a larger user base,” added William Bin Li.
“Ongoing cost optimizations helped increase the vehicle gross margin to
Financial Results for the Third Quarter of 2024
Revenues
- Total revenues in the third quarter of 2024 were RMB18,673.5 million (US
$2,661.0 million ), representing a decrease of2.1% from the third quarter of 2023 and an increase of7.0% from the second quarter of 2024. - Vehicle sales in the third quarter of 2024 were RMB16,697.6 million (US
$2,379.4 million ), representing a decrease of4.1% from the third quarter of 2023 and an increase of6.5% from the second quarter of 2024. The slight decrease in vehicle sales over the third quarter of 2023 was mainly due to the lower average selling price as a result of changes in product mix, partially offset by the increase in delivery volume. The increase in vehicle sales over the second quarter of 2024 was mainly attributable to an increase in delivery volume. - Other sales in the third quarter of 2024 were RMB1,976.0 million (US
$281.6 million ), representing an increase of19.2% from the third quarter of 2023 and an increase of11.9% from the second quarter of 2024. The increase in other sales over the third 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 second quarter of 2024 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.
Cost of Sales and Gross Margin
- Cost of sales in the third quarter of 2024 was RMB16,666.2 million (US
$2,374.9 million ), representing a decrease of5.0% from the third quarter of 2023 and an increase of5.8% from the second quarter of 2024. The decrease in cost of sales over the third quarter of 2023 was mainly attributable to the decreased material cost per vehicle, partially offset by the increase in delivery volume. The increase in cost of sales over the second quarter of 2024 was mainly attributable to the increase in delivery volume, partially offset by the decreased material cost per vehicle.
- Gross profit in the third quarter of 2024 was RMB2,007.4 million (US
$286.0 million ), representing an increase of31.8% from the third quarter of 2023 and an increase of18.9% from the second quarter of 2024. - Gross margin in the third quarter of 2024 was
10.7% , compared with8.0% in the third quarter of 2023 and9.7% in the second quarter of 2024. The increase in gross margin over the third quarter of 2023 was mainly attributable to the increased vehicle margin and the increased sales of parts, accessories and after-sales vehicle services with relatively higher margins. The increase in gross margin over the second quarter of 2024 was mainly attributable to the increased vehicle margin. - Vehicle margin in the third quarter of 2024 was
13.1% , compared with11.0% in the third quarter of 2023 and12.2% in the second quarter of 2024. The increase in vehicle margin from the third quarter of 2023 was mainly attributable to decreased material cost per unit, and partially offset by lower average selling price as a result of changes in product mix. The increase in vehicle margin from the second quarter of 2024 was mainly due to the decreased material cost per unit.
Operating Expenses
- Research and development expenses in the third quarter of 2024 were RMB3,318.7 million (US
$472.9 million ), representing an increase of9.2% from the third quarter of 2023 and an increase of3.1% from the second quarter of 2024. Excluding share-based compensation expenses, research and development expenses (non-GAAP) were RMB2,902.8 million (US$413.6 million ), representing an increase of9.8% from the third quarter of 2023 and an increase of0.5% from the second quarter of 2024. The increase in research and development expenses over the third quarter of 2023 was mainly due to the increased personnel costs in research and development functions. Research and development expenses remained relatively stable compared with the second quarter of 2024. - Selling, general and administrative expenses in the third quarter of 2024 were RMB4,108.8 million (US
$585.5 million ), representing an increase of13.8% from the third quarter of 2023 and an increase of9.3% from the second quarter of 2024. Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) were RMB3,901.4 million (US$555.9 million ), representing an increase of13.9% from the third quarter of 2023 and an increase of8.5% from the second quarter of 2024. The increase in selling, general and administrative expenses over the third quarter of 2023 and the second 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 associated with new product launch.
Loss from Operations
- Loss from operations in the third quarter of 2024 was RMB5,237.8 million (US
$746.4 million ), representing an increase of8.1% from the third quarter of 2023 and an increase of0.5% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,590.7 million (US$654.2 million ) in the third quarter of 2024, representing an increase of8.3% from the third quarter of 2023 and a decrease of2.3% from second quarter of 2024.
Net Loss and Earnings Per Share/ADS
- Net loss in the third quarter of 2024 was RMB5,059.7 million (US
$721.0 million ), representing an increase of11.0% from the third quarter of 2023 and an increase of0.3% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB4,412.6 million (US$628.8 million ) in the third quarter of 2024, representing an increase of11.6% from the third quarter of 2023 and a decrease of2.7% from the second quarter of 2024. - Net loss attributable to NIO’s ordinary shareholders in the third quarter of 2024 was RMB5,141.6 million (US
$732.7 million ), representing an increase of11.1% from the third quarter of 2023 and an increase of0.3% from the second 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 RMB4,403.2 million (US$627.5 million ) in the third quarter of 2024. - Basic and diluted net loss per ordinary share/ADS in the third quarter of 2024 were both RMB2.50 (US
$0.36) , compared with RMB2.67 in the third quarter of 2023 and RMB2.50 in the second 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 RMB2.14 (US$0.31) , compared with RMB2.28 in the third quarter of 2023 and RMB2.21 in the second quarter of 2024.
Balance Sheet
- Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was RMB42.2 billion (US
$6.0 billion ) as of September 30, 2024.
Business Outlook
For the fourth quarter of 2024, the Company expects:
- Deliveries of vehicles to be between 72,000 and 75,000 units, representing an increase of approximately
43.9% to49.9% from the same quarter of 2023. - Total revenues to be between RMB19,676 million (US
$2,804 million ) and RMB20,383 million (US$2,904 million ), representing an increase of approximately15.0% to19.2% 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 7:00 AM U.S. Eastern Time on November 20, 2024 (8:00 PM Beijing/Hong Kong/Singapore Time on November 20, 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/10043136-gh7y6t.html
A replay of the conference call will be accessible by phone at the following numbers, until November 27, 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: | 10043136 |
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 RMB7.0176 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 | September 30, 2024 | September 30, 2024 | ||
| RMB | RMB | US$ | ||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | 32,935,111 | 23,791,903 | 3,390,319 | |
| Restricted cash | 5,542,271 | 4,920,257 | 701,131 | |
| Short-term investments | 16,810,107 | 13,358,496 | 1,903,570 | |
| Trade and notes receivables | 4,657,652 | 1,903,642 | 271,267 | |
| Amounts due from related parties | 1,722,603 | 5,122,638 | 729,970 | |
| Inventory | 5,277,726 | 6,818,641 | 971,649 | |
| Prepayments and other current assets | 3,434,763 | 4,140,854 | 590,067 | |
| Total current assets | 70,380,233 | 60,056,431 | 8,557,973 | |
| Non-current assets: | ||||
| Long-term restricted cash | 144,125 | 101,216 | 14,423 | |
| Property, plant and equipment, net. | 24,847,004 | 24,618,039 | 3,508,042 | |
| Intangible assets, net……………………………………………… | 29,648 | 29,648 | 4,225 | |
| Land use rights, net | 207,299 | 203,321 | 28,973 | |
| Long-term investments | 5,487,216 | 3,731,701 | 531,763 | |
| Right-of-use assets - operating lease | 11,404,116 | 11,890,060 | 1,694,320 | |
| Other non-current assets | 4,883,561 | 3,358,601 | 478,597 | |
| Total non-current assets | 47,002,969 | 43,932,586 | 6,260,343 | |
| Total assets | 117,383,202 | 103,989,017 | 14,818,316 | |
| LIABILITIES | ||||
| Current liabilities: | ||||
| Short-term borrowings | 5,085,411 | 6,010,924 | 856,550 | |
| Trade and notes payable | 29,766,134 | 30,197,021 | 4,303,041 | |
| Amounts due to related parties, current | 561,625 | 264,508 | 37,692 | |
| Taxes payable | 349,349 | 558,558 | 79,594 | |
| Current portion of operating lease liabilities | 1,743,156 | 1,781,617 | 253,878 | |
| Current portion of long-term borrowings | 4,736,087 | 4,229,267 | 602,666 | |
| Accruals and other liabilities | 15,556,354 | 14,430,852 | 2,056,380 | |
| Total current liabilities | 57,798,116 | 57,472,747 | 8,189,801 | |
| Non-current liabilities: | ||||
| Long-term borrowings | 13,042,861 | 11,281,994 | 1,607,671 | |
| Non-current operating lease liabilities | 10,070,057 | 10,575,748 | 1,507,032 | |
| Deferred tax liabilities | 212,347 | 210,166 | 29,948 | |
| Amounts due to related parties, non-current | - | 318,481 | 45,383 | |
| Other non-current liabilities | 6,663,805 | 8,059,286 | 1,148,439 | |
| Total non-current liabilities | 29,989,070 | 30,445,675 | 4,338,473 | |
| Total liabilities | 87,787,186 | 87,918,422 | 12,528,274 | |
| NIO INC. | ||||
| Unaudited Condensed Consolidated Balance Sheets | ||||
| (All amounts in thousands) | ||||
| As of | ||||
| December 31, 2023 | September 30, 2024 | September 30, 2024 | ||
| RMB | RMB | US$ | ||
| MEZZANINE EQUITY | ||||
| Redeemable non-controlling interests | 3,860,384 | 4,552,963 | 648,792 | |
| Total mezzanine equity | 3,860,384 | 4,552,963 | 648,792 | |
| SHAREHOLDERS’ EQUITY | ||||
| Total NIO Inc. shareholders’ equity | 25,546,233 | 11,346,837 | 1,616,912 | |
| Non-controlling interests | 189,399 | 170,795 | 24,338 | |
| Total shareholders’ equity | 25,735,632 | 11,517,632 | 1,641,250 | |
| Total liabilities, mezzanine equity and shareholders’ equity | 117,383,202 | 103,989,017 | 14,818,316 | |
| NIO INC. | ||||||||
| Unaudited Condensed Consolidated Statements of Comprehensive Loss | ||||||||
| (All amounts in thousands, except for share and per share/ADS data) | ||||||||
| Three Months Ended | ||||||||
| September 30, 2023 | June 30, 2024 | September 30, 2024 | September 30, 2024 | |||||
| RMB | RMB | RMB | US$ | |||||
| Revenues: | ||||||||
| Vehicle sales | 17,408,864 | 15,679,623 | 16,697,558 | 2,379,383 | ||||
| Other sales | 1,657,687 | 1,766,345 | 1,975,970 | 281,573 | ||||
| Total revenues | 19,066,551 | 17,445,968 | 18,673,528 | 2,660,956 | ||||
| Cost of sales: | ||||||||
| Vehicle sales | (15,491,494 | ) | (13,773,438 | ) | (14,516,999 | ) | (2,068,656 | ) |
| Other sales | (2,051,734 | ) | (1,983,815 | ) | (2,149,156 | ) | (306,252 | ) |
| Total cost of sales | (17,543,228 | ) | (15,757,253 | ) | (16,666,155 | ) | (2,374,908 | ) |
| Gross profit | 1,523,323 | 1,688,715 | 2,007,373 | 286,048 | ||||
| Operating expenses: | ||||||||
| Research and development | (3,039,089 | ) | (3,218,522 | ) | (3,318,740 | ) | (472,917 | ) |
| Selling, general and administrative | (3,609,319 | ) | (3,757,458 | ) | (4,108,806 | ) | (585,500 | ) |
| Other operating income | 281,174 | 77,967 | 182,406 | 25,993 | ||||
| Total operating expenses | (6,367,234 | ) | (6,898,013 | ) | (7,245,140 | ) | (1,032,424 | ) |
| Loss from operations | (4,843,911 | ) | (5,209,298 | ) | (5,237,767 | ) | (746,376 | ) |
| Interest and investment income | 288,014 | 362,731 | 310,123 | 44,192 | ||||
| Interest expenses | (88,546 | ) | (176,141 | ) | (203,761 | ) | (29,036 | ) |
| Gain on extinguishment of debt | 170,193 | — | — | — | ||||
| Share of income/(losses) of equity investees | 7,781 | (73,607 | ) | (199,662 | ) | (28,452 | ) | |
| Other (losses)/income, net | (88,645 | ) | 52,351 | 309,654 | 44,125 | |||
| Loss before income tax expense | (4,555,114 | ) | (5,043,964 | ) | (5,021,413 | ) | (715,547 | ) |
| Income tax expense | (1,610 | ) | (2,019 | ) | (38,265 | ) | (5,453 | ) |
| Net loss | (4,556,724 | ) | (5,045,983 | ) | (5,059,678 | ) | (721,000 | ) |
| Accretion on redeemable non-controlling interests to redemption value | (77,159 | ) | (83,022 | ) | (91,400 | ) | (13,024 | ) |
| Net loss attributable to non-controlling interests | 5,254 | 2,635 | 9,443 | 1,346 | ||||
| Net loss attributable to ordinary shareholders of NIO Inc. | (4,628,629 | ) | (5,126,370 | ) | (5,141,635 | ) | (732,678 | ) |
| Net loss | (4,556,724 | ) | (5,045,983 | ) | (5,059,678 | ) | (721,000 | ) |
| Other comprehensive (loss)/income | ||||||||
| Foreign currency translation adjustment, net of nil tax | (61,222 | ) | 89,483 | (298,383 | ) | (42,519 | ) | |
| Total other comprehensive (loss)/income | (61,222 | ) | 89,483 | (298,383 | ) | (42,519 | ) | |
| Total comprehensive loss | (4,617,946 | ) | (4,956,500 | ) | (5,358,061 | ) | (763,519 | ) |
| Accretion on redeemable non-controlling interests to redemption value | (77,159 | ) | (83,022 | ) | (91,400 | ) | (13,024 | ) |
| Net loss attributable to non-controlling interests | 5,254 | 2,635 | 9,443 | 1,346 | ||||
| Comprehensive loss attributable to ordinary shareholders of NIO Inc. | (4,689,851 | ) | (5,036,887 | ) | (5,440,018 | ) | (775,197 | ) |
| Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS | ||||||||
| Basic and diluted | 1,735,661,387 | 2,049,836,045 | 2,055,159,231 | 2,055,159,231 | ||||
| Net loss per share/ADS attributable to ordinary shareholders | ||||||||
| Basic and diluted | (2.67 | ) | (2.50 | ) | (2.50 | ) | (0.36 | ) |
| NIO INC. | ||||||||
| Unaudited Reconciliation of GAAP and Non-GAAP Results | ||||||||
| (All amounts in thousands, except for share and per share/ADS data) | ||||||||
| Three Months Ended September 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 | (16,666,155 | ) | 23,688 | — | (16,642,467) | |||
| Research and development expenses | (3,318,740 | ) | 415,955 | — | (2,902,785) | |||
| Selling, general and administrative expenses | (4,108,806 | ) | 207,413 | — | (3,901,393) | |||
| Total | (24,093,701 | ) | 647,056 | — | (23,446,645) | |||
| Loss from operations | (5,237,767 | ) | 647,056 | — | (4,590,711) | |||
| Net loss | (5,059,678 | ) | 647,056 | — | (4,412,622) | |||
| Net loss attributable to ordinary shareholders of NIO Inc. | (5,141,635 | ) | 647,056 | 91,400 | (4,403,179) | |||
| Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) | (2.50 | ) | 0.32 | 0.04 | (2.14) | |||
| Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD) | (0.36 | ) | 0.04 | 0.01 | (0.31) | |||
| 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 | ) | ||
| Three Months Ended September 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 | (17,543,228 | ) | 22,197 | — | (17,521,031 | ) |
| Research and development expenses | (3,039,089 | ) | 395,856 | — | (2,643,233 | ) |
| Selling, general and administrative expenses | (3,609,319 | ) | 185,496 | — | (3,423,823 | ) |
| Total | (24,191,636 | ) | 603,549 | — | (23,588,087 | ) |
| Loss from operations | (4,843,911 | ) | 603,549 | — | (4,240,362 | ) |
| Net loss | (4,556,724 | ) | 603,549 | — | (3,953,175 | ) |
| Net loss attributable to ordinary shareholders of NIO Inc. | (4,628,629 | ) | 603,549 | 77,159 | (3,947,921 | ) |
| Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) | (2.67 | ) | 0.35 | 0.04 | (2.28 | ) |
i All translations from RMB to USD for three months ended September 30, 2024 were made at the rate of RMB7.0176 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 Q3 2024 vehicle delivery numbers?
What is NIO's vehicle margin for Q3 2024?
What is NIO's delivery guidance for Q4 2024?
