Operating Highlights for the First Quarter of 2024
- Vehicle deliveries were 30,053 in the first quarter of 2024, consisting of 17,809 premium smart electric SUVs and 12,244 premium smart electric sedans, representing a decrease of 3.2% from the first quarter of 2023, and a decrease of 39.9% from the fourth quarter of 2023.
Key Operating Results | ||||||
2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | |||
Deliveries | 30,053 | 50,045 | 55,432 | 23,520 | ||
2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | |||
Deliveries | 31,041 | 40,052 | 31,607 | 25,059 |
Financial Highlights for the First Quarter of 2024
- Vehicle sales were
RMB8,381.3 million (US$1,160.8 million )i in the first quarter of 2024, representing a decrease of 9.1% from the first quarter of 2023 and a decrease of 45.7% from the fourth quarter of 2023. - Vehicle marginii was 9.2% in the first quarter of 2024, compared with 5.1% in the first quarter of 2023 and 11.9% in the fourth quarter of 2023.
- Total revenues were
RMB9,908.6 million (US$1,372.3 million ) in the first quarter of 2024, representing a decrease of 7.2% from the first quarter of 2023 and a decrease of 42.1% from the fourth quarter of 2023. - Gross profit was
RMB487.7 million (US$67.6 million ) in the first quarter of 2024, representing an increase of 200.5% from the first quarter of 2023 and a decrease of 61.9% from the fourth quarter of 2023. - Gross margin was 4.9% in the first quarter of 2024, compared with 1.5% in the first quarter of 2023 and 7.5% in the fourth quarter of 2023.
- Loss from operations was
RMB5,394.1 million (US$747.1 million ) in the first quarter of 2024, representing an increase of 5.5% from the first quarter of 2023 and a decrease of 18.6% from the fourth quarter of 2023. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) wasRMB5,112.7 million (US$708.1 million ) in the first quarter of 2024, representing an increase of 13.1% from the first quarter of 2023 and a decrease of 15.6% from the fourth quarter of 2023. - Net loss was
RMB5,184.6 million (US$718.1 million ) in the first quarter of 2024, representing an increase of 9.4% from the first quarter of 2023 and a decrease of 3.4% from the fourth quarter of 2023. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) wasRMB4,903.2 million (US$679.1 million ) in the first quarter of 2024, representing an increase of 18.1% from the first quarter of 2023 and an increase of 2.1% from the fourth quarter of 2023. - Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were
RMB45.3 billion (US$6.3 billion ) as ofMarch 31, 2024 .
Key Financial Results for the First Quarter of 2024 | |||||||||
(in RMB million, except for percentage) | |||||||||
2024 Q1 | 2023 Q4 | 2023 Q1 | % Changeiii | ||||||
QoQ | YoY | ||||||||
Vehicle Sales | 8,381.3 | 15,438.7 | 9,224.5 | -45.7% | -9.1% | ||||
Vehicle Margin | 9.2% | 11.9% | 5.1% | -270bp | 410bp | ||||
Total Revenues | 9,908.6 | 17,103.2 | 10,676.5 | -42.1% | -7.2% | ||||
Gross Profit | 487.7 | 1,279.2 | 162.3 | -61.9% | 200.5% | ||||
Gross Margin | 4.9% | 7.5% | 1.5% | -260bp | 340bp | ||||
Loss from Operations | (5,394.1) | (6,625.3) | (5,111.8) | -18.6% | 5.5% | ||||
Adjusted Loss from Operations (non-GAAP) | (5,112.7) | (6,059.3) | (4,522.4) | -15.6% | 13.1% | ||||
Net Loss | (5,184.6) | (5,367.7) | (4,739.5) | -3.4% | 9.4% | ||||
Adjusted Net Loss (non-GAAP) | (4,903.2) | (4,801.7) | (4,150.1) | 2.1% | 18.1% |
Recent Developments
Deliveries in April and
- NIO delivered 15,620 vehicles in
April 2024 and 20,544 vehicles inMay 2024 . As ofMay 31, 2024 , cumulative deliveries of NIO vehicles reached 515,811.
Launch of ONVO and its First Model L60
- On
May 15, 2024 , ONVO, the second smart electric vehicle brand ofNIO Inc. , made its debut. ONVO originates from “On Voyage,” and its Chinese name, “Le Dao,” translates to “Path to Happiness,” meaning “Happiness on Every Path We Travel With Family.” The logo of ONVO resembles an upward path, representing ONVO’s aspiration of growing with all the families on a path always going up and full of happiness. With a focus on families, ONVO is committed to creating better family life, and bringing better brand and product experiences to family users. On the same day, ONVO introduced its first product, the L60, a family-oriented smart electric mid-size SUV. The L60 is now accepting pre-orders inChina .
Share Lending Program on Singapore Exchange
- On
May 21, 2024 ,CHJ Limited , a wholly-owned, consolidated special purpose vehicle of NIO, commenced its participation as a lender in theSingapore Exchange Securities Trading Limited securities lending program (the “SGX Securities Lending Program”). Under this program,CHJ Limited will lend up to 2,000,000 of NIO’s Class A ordinary shares. Borrowers registered under the SGX Securities Lending Program may borrow the Class A ordinary shares of NIO from the SGX Securities Lending Program and such shares may be publicly traded.
Investment in
- On
May 31, 2024 ,NIO Holding Co., Ltd. (“NIO China”), a subsidiary of the Company, andNIO Energy Investment (Hubei) Co., Ltd. (“NIO Power”), a wholly-owned subsidiary of NIO China, entered into definitive agreements withWuhan Guangchuang Emerging Technology Phase I Venture Capital Fund Partnership (Limited Partnership) (the “Investor”) for an investment inNIO Power . Pursuant to these agreements, the Investor will initially investRMB1.0 billion in cash inNIO Power , subject to the satisfaction of customary closing conditions in the definitive agreements. Upon completion of the investment, the Investor will hold a 10% equity interest inNIO Power and will be entitled to certain customary investor rights. The Investor has the right to invest up to an additionalRMB500 million inNIO Power at the same valuation as the current transaction, prior to the closing of NIO Power’s next financing round.
CEO and CFO Comments
“Despite the intensifying market competition, NIO’s premium brand positioning, industry-leading technologies, and innovative ‘chargeable, swappable, upgradeable’ power experience have been recognized for their exceptional competitiveness, leading to solid sequential growth in vehicle deliveries in recent months. In April and
“In
“We are continuously enhancing the operational efficiency of our power and service network and aim to consistently extend our services to a wider user base. As of today, we have forged strategic partnerships with seven automakers in
Financial Results for the First Quarter of 2024
Revenues
- Total revenues in the first quarter of 2024 were
RMB9,908.6 million (US$1,372.3 million ), representing a decrease of 7.2% from the first quarter of 2023 and a decrease of 42.1% from the fourth quarter of 2023. - Vehicle sales in the first quarter of 2024 were
RMB8,381.3 million (US$1,160.8 million ), representing a decrease of 9.1% from the first quarter of 2023 and a decrease of 45.7% from the fourth quarter of 2023. The decrease in vehicle sales over the first quarter of 2023 was mainly due to a lower average selling price as a result of user rights adjustments sinceJune 2023 , and the decrease in delivery volume. The decrease in vehicle sales over the fourth quarter of 2023 was mainly attributable to a decrease in delivery volume, which was affected by seasonal factors. - Other sales in the first quarter of 2024 were
RMB1,527.3 million (US$211.5 million ), representing an increase of 5.2% from the first quarter of 2023 and a decrease of 8.2% from the fourth quarter of 2023. The increase in other sales over the first quarter of 2023 was mainly due to the increase in sales of parts, after-sales vehicle services, and provision of power solutions, as a result of continued growth in the number of users, and partially offset by a decrease in revenue from sales of used cars and auto financing services. The decrease in other sales over the fourth quarter of 2023 was mainly due to a decrease in revenue from sales of used cars.
Cost of Sales and Gross Margin
- Cost of sales in the first quarter of 2024 was
RMB9,420.9 million (US$1,304.8 million ), representing a decrease of 10.4% from the first quarter of 2023 and a decrease of 40.5% from the fourth quarter of 2023. The decrease in cost of sales over the first quarter of 2023 was mainly attributable to the decreased material cost per vehicle and the decrease in delivery volume. The decrease in cost of sales over the fourth quarter of 2023 was mainly attributable to a decrease in delivery volume. - Gross profit in the first quarter of 2024 was
RMB487.7 million (US$67.6 million ), representing an increase of 200.5% from the first quarter of 2023 and a decrease of 61.9% from the fourth quarter of 2023. - Gross margin in the first quarter of 2024 was 4.9%, compared with 1.5% in the first quarter of 2023 and 7.5% in the fourth quarter of 2023. The increase of gross margin over the first quarter of 2023 was mainly attributable to the increased vehicle margin. The decrease of gross margin over the fourth quarter of 2023 was mainly attributable to the lower vehicle margin.
- Vehicle margin in the first quarter of 2024 was 9.2%, compared with 5.1% in the first quarter of 2023 and 11.9% in the fourth quarter of 2023. The increase in vehicle margin from the first quarter of 2023 was mainly attributable to decreased material cost per unit. The decrease in vehicle margin from the fourth quarter of 2023 was mainly due to lower average selling price as a result of increased promotion during product transitioning, changes in product mix, and partially offset by the decreased material cost per unit.
Operating Expenses
- Research and development expenses in the first quarter of 2024 were
RMB2,864.2 million (US$396.7 million ), representing a decrease of 6.9% from the first quarter of 2023 and a decrease of 27.9% from the fourth quarter of 2023. Excluding share-based compensation expenses, research and development expenses (non-GAAP) wereRMB2,658.2 million (US$368.2 million ), representing a decrease of 2.0% from the first quarter of 2023 and a decrease of 26.5% from the fourth quarter of 2023. The decrease in research and development expenses over the first quarter of 2023 and the fourth quarter of 2023 was mainly due to decreased design and development costs resulting from different stages of development for new products and technologies, and decreased personnel costs in research and development functions in the first quarter of 2024. - Selling, general and administrative expenses in the first quarter of 2024 were
RMB2,996.8 million (US$415.1 million ), representing an increase of 22.5% from the first quarter of 2023 and a decrease of 24.6% from the fourth quarter of 2023. Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) wereRMB2,931.1 million (US$406.0 million ), representing an increase of 30.9% from the first quarter of 2023 and a decrease of 22.5% from the fourth quarter of 2023. The increase in selling, general and administrative expenses over the first quarter of 2023 was mainly attributable to (i) the increase in personnel costs related to sales functions, (ii) the increase in expenses related to the Company’s sales and service network expansion, and (iii) the increase in sales and marketing activities. The decrease in selling, general and administrative expenses over the fourth quarter of 2023 was mainly due to (i) the decrease in sales and marketing activities and professional services, and (ii) the decrease in personnel costs related to sales and general corporate functions.
Loss from Operations
- Loss from operations in the first quarter of 2024 was
RMB5,394.1 million (US$747.1 million ), representing an increase of 5.5% from the first quarter of 2023 and a decrease of 18.6% from the fourth quarter of 2023. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) wasRMB5,112.7 million (US$708.1 million ) in the first quarter of 2024, representing an increase of 13.1% from the first quarter of 2023 and a decrease of 15.6% from fourth quarter of 2023.
Net Loss and Earnings Per Share/ADS
- Net loss in the first quarter of 2024 was
RMB5,184.6 million (US$718.1 million ), representing an increase of 9.4% from the first quarter of 2023 and a decrease of 3.4% from the fourth quarter of 2023. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) wasRMB4,903.2 million (US$679.1 million ) in the first quarter of 2024, representing an increase of 18.1% from the first quarter of 2023 and an increase of 2.1% from the fourth quarter of 2023. - Net loss attributable to NIO’s ordinary shareholders in the first quarter of 2024 was
RMB5,257.9 million (US$728.2 million ), representing an increase of 9.5% from the first quarter of 2023 and a decrease of 6.0% from the fourth quarter of 2023. 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) wasRMB4,897.0 million (US$678.2 million ) in the first quarter of 2024. - Basic and diluted net loss per ordinary share/ADS in the first quarter of 2024 were both
RMB2.57 (US$0.36 ), compared withRMB2.91 in the first quarter of 2023 andRMB3.18 in the fourth quarter of 2023. 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 bothRMB2.39 (US$0.33 ), compared withRMB2.51 in the first quarter of 2023 andRMB2.81 in the fourth quarter of 2023.
Balance Sheet
- Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was
RMB45.3 billion (US$6.3 billion ) as ofMarch 31, 2024 .
Business Outlook
For the second quarter of 2024, the Company expects:
- Deliveries of vehicles to be between 54,000 and 56,000 units, representing an increase of approximately 129.6% to 138.1% from the same quarter of 2023.
- Total revenues to be between
RMB16 ,587 million (US$2,297 million ) andRMB17,135 million (US$2,373 million ), representing an increase of approximately 89.1% to 95.3% 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
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/10039242-7wnhft.html
A replay of the conference call will be accessible by phone at the following numbers, until
+1-855-883-1031 | ||
+852-800-930-639 | ||
Mainland, | +86-400-1209-216 | |
+65-800-1013-223 | ||
International: | +61-7-3107-6325 | |
Replay PIN: | 10039242 |
About
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the
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
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable
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
For more information, please visit: http://ir.nio.com.
Investor Relations
ir@nio.com
Media Relations
global.press@nio.com
Source: NIO
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands) | |||||
As of | |||||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 32,935,111 | 23,821,960 | 3,299,303 | ||
Restricted cash | 5,542,271 | 4,861,410 | 673,298 | ||
Short-term investments | 16,810,107 | 14,603,982 | 2,022,628 | ||
Trade and notes receivables | 4,657,652 | 3,382,708 | 468,500 | ||
Amounts due from related parties | 1,722,603 | 1,910,133 | 264,550 | ||
Inventory | 5,277,726 | 6,209,727 | 860,037 | ||
Prepayments and other current assets | 3,434,763 | 4,218,952 | 584,318 | ||
Total current assets | 70,380,233 | 59,008,872 | 8,172,634 | ||
Non-current assets: | |||||
Long-term restricted cash | 144,125 | 125,645 | 17,402 | ||
Property, plant and equipment, net | 24,847,004 | 24,630,734 | 3,411,317 | ||
Intangible assets, net | 29,648 | 29,648 | 4,106 | ||
Land use rights, net | 207,299 | 205,973 | 28,527 | ||
Long-term investments | 5,487,216 | 5,454,717 | 755,470 | ||
Right-of-use assets - operating lease | 11,404,116 | 11,302,823 | 1,565,423 | ||
Other non-current assets | 4,883,561 | 3,427,624 | 474,720 | ||
Total non-current assets | 47,002,969 | 45,177,164 | 6,256,965 | ||
Total assets | 117,383,202 | 104,186,036 | 14,429,599 | ||
LIABILITIES | |||||
Current liabilities: | |||||
Short-term borrowings | 5,085,411 | 4,647,795 | 643,712 | ||
Trade and notes payable | 29,766,134 | 24,164,726 | 3,346,776 | ||
Amounts due to related parties | 561,625 | 681,693 | 94,413 | ||
Taxes payable | 349,349 | 1,120,699 | 155,215 | ||
Current portion of operating lease liabilities | 1,743,156 | 1,641,119 | 227,292 | ||
Current portion of long-term borrowings | 4,736,087 | 4,965,415 | 687,702 | ||
Accruals and other liabilities | 15,556,354 | 13,890,088 | 1,923,755 | ||
Total current liabilities | 57,798,116 | 51,111,535 | 7,078,865 | ||
Non-current liabilities: | |||||
Long-term borrowings | 13,042,861 | 11,384,242 | 1,576,699 | ||
Non-current operating lease liabilities | 10,070,057 | 10,105,111 | 1,399,542 | ||
Deferred tax liabilities | 212,347 | 213,708 | 29,598 | ||
Other non-current liabilities | 6,663,805 | 6,657,163 | 922,007 | ||
Total non-current liabilities | 29,989,070 | 28,360,224 | 3,927,846 | ||
Total liabilities | 87,787,186 | 79,471,759 | 11,006,711 |
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands) | ||||||||
As of | ||||||||
RMB | RMB | US$ | ||||||
MEZZANINE EQUITY | ||||||||
Redeemable non-controlling interests | 3,860,384 | 3,939,908 | 545,671 | |||||
Total mezzanine equity | 3,860,384 | 3,939,908 | 545,671 | |||||
SHAREHOLDERS’ EQUITY | ||||||||
25,546,233 | 20,591,153 | 2,851,842 | ||||||
Non-controlling interests | 189,399 | 183,216 | 25,375 | |||||
Total shareholders’ equity | 25,735,632 | 20,774,369 | 2,877,217 | |||||
Total liabilities, mezzanine equity and shareholders’ equity | 117,383,202 | 104,186,036 | 14,429,599 |
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS data) | |||||||||||
Three Months Ended | |||||||||||
RMB | RMB | RMB | US$ | ||||||||
Revenues: | |||||||||||
Vehicle sales | 9,224,483 | 15,438,709 | 8,381,318 | 1,160,799 | |||||||
Other sales | 1,451,988 | 1,664,467 | 1,527,318 | 211,531 | |||||||
Total revenues | 10,676,471 | 17,103,176 | 9,908,636 | 1,372,330 | |||||||
Cost of sales: | |||||||||||
Vehicle sales | (8,757,407 | ) | (13,600,327 | ) | (7,613,242 | ) | (1,054,422 | ) | |||
Other sales | (1,756,775 | ) | (2,223,621 | ) | (1,807,663 | ) | (250,358 | ) | |||
Total cost of sales | (10,514,182 | ) | (15,823,948 | ) | (9,420,905 | ) | (1,304,780 | ) | |||
Gross profit | 162,289 | 1,279,228 | 487,731 | 67,550 | |||||||
Operating expenses: | |||||||||||
Research and development | (3,075,611 | ) | (3,972,127 | ) | (2,864,216 | ) | (396,689 | ) | |||
Selling, general and administrative | (2,445,928 | ) | (3,972,706 | ) | (2,996,798 | ) | (415,052 | ) | |||
Other operating income/(losses) | 247,402 | 40,295 | (20,790 | ) | (2,879 | ) | |||||
Total operating expenses | (5,274,137 | ) | (7,904,538 | ) | (5,881,804 | ) | (814,620 | ) | |||
Loss from operations | (5,111,848 | ) | (6,625,310 | ) | (5,394,073 | ) | (747,070 | ) | |||
Interest and investment income | 306,762 | 1,368,062 | 350,793 | 48,584 | |||||||
Interest expenses | (68,663 | ) | (163,881 | ) | (170,875 | ) | (23,666 | ) | |||
Loss on extinguishment of debt | — | — | (11,326 | ) | (1,569 | ) | |||||
Share of income/(losses) of equity investees | 13,599 | 32,373 | (19,482 | ) | (2,698 | ) | |||||
Other income, net | 128,290 | 253,891 | 67,376 | 9,331 | |||||||
Loss before income tax expense | (4,731,860 | ) | (5,134,865 | ) | (5,177,587 | ) | (717,088 | ) | |||
Income tax expense | (7,674 | ) | (232,880 | ) | (6,990 | ) | (968 | ) | |||
Net loss | (4,739,534 | ) | (5,367,745 | ) | (5,184,577 | ) | (718,056 | ) | |||
Accretion on redeemable non-controlling interests to redemption value | (72,465 | ) | (78,767 | ) | (79,524 | ) | (11,014 | ) | |||
Net loss/(profit) attributable to non-controlling interests | 8,370 | (146,261 | ) | 6,183 | 856 | ||||||
Net loss attributable to ordinary shareholders of | (4,803,629 | ) | (5,592,773 | ) | (5,257,918 | ) | (728,214 | ) | |||
Net loss | (4,739,534 | ) | (5,367,745 | ) | (5,184,577 | ) | (718,056 | ) | |||
Other comprehensive (loss)/income | |||||||||||
Change in unrealized losses related to available-for-sale debt securities, net of tax | — | (770,560 | ) | — | — | ||||||
Change in unrealized losses on cash flow hedges | (1,329 | ) | — | — | — | ||||||
Foreign currency translation adjustment, net of nil tax | (54,605 | ) | (200,131 | ) | 7,468 | 1,034 | |||||
Total other comprehensive (loss)/income | (55,934 | ) | (970,691 | ) | 7,468 | 1,034 | |||||
Total comprehensive loss | (4,795,468 | ) | (6,338,436 | ) | (5,177,109 | ) | (717,022 | ) | |||
Accretion on redeemable non-controlling interests to redemption value | (72,465 | ) | (78,767 | ) | (79,524 | ) | (11,014 | ) | |||
Net loss/(profit) attributable to non-controlling interests | 8,370 | (146,261 | ) | 6,183 | 856 | ||||||
Other comprehensive loss attributable to non-controlling interests | — | 156,026 | — | — | |||||||
Comprehensive loss attributable to ordinary shareholders of | (4,859,563 | ) | (6,407,438 | ) | (5,250,450 | ) | (727,180 | ) |
Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS | |||||||||||
Basic and diluted | 1,649,309,669 | 1,761,324,976 | 2,044,151,465 | 2,044,151,465 | |||||||
Net loss per share/ADS attributable to ordinary shareholders | |||||||||||
Basic and diluted | (2.91 | ) | (3.18 | ) | (2.57 | ) | (0.36 | ) |
Unaudited Reconciliation of GAAP and Non-GAAP Results
(All amounts in thousands, except for share and per share/ADS data) | |||||||||
Three Months Ended | |||||||||
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 | (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 | ) | |||
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD) | (0.36 | ) | 0.02 | 0.01 | (0.33 | ) |
Three Months Ended | |||||||||
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 | (15,823,948 | ) | 19,120 | — | (15,804,828 | ) | |||
Research and development expenses | (3,972,127 | ) | 355,694 | — | (3,616,433 | ) | |||
Selling, general and administrative expenses | (3,972,706 | ) | 191,235 | — | (3,781,471 | ) | |||
Total | (23,768,781 | ) | 566,049 | — | (23,202,732 | ) | |||
Loss from operations | (6,625,310 | ) | 566,049 | — | (6,059,261 | ) | |||
Net loss | (5,367,745 | ) | 566,049 | — | (4,801,696 | ) | |||
Net loss attributable to ordinary shareholders of | (5,592,773 | ) | 566,049 | 78,767 | (4,947,957 | ) | |||
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) | (3.18 | ) | 0.33 | 0.04 | (2.81 | ) |
Three Months Ended | |||||||||
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 | (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 | ) |
i All translations from RMB to USD for the first quarter of 2024 were made at the rate of
ii Vehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales only.
iii Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated.
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2024 GlobeNewswire, Inc., source