Bay Street News

NIO Inc. Reports Unaudited Fourth Quarter and Full Year 2023 Financial Results

Quarterly Total Revenues reached RMB17,103.2 million (US$2,408.9 million)i
Quarterly Vehicle Deliveries were 50,045 units
Full Year Total Revenues reached RMB55,617.9 million (US$7,833.6 million)
Full Year Vehicle Deliveries were 160,038 units

SHANGHAI, China, March 05, 2024 (GLOBE NEWSWIRE) — NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023.

Operating Highlights for the Fourth Quarter and Full Year of 2023

Key Operating Results
  2023 Q4 2023 Q3 2023 Q2 2023 Q1
Deliveries 50,045 55,432 23,520 31,041
         
  2022 Q4 2022 Q3 2022 Q2 2022 Q1
Deliveries 40,052 31,607 25,059 25,768
         

Financial Highlights for the Fourth Quarter of 2023

Key Financial Results for the Fourth Quarter of 2023
(in RMB million, except for percentage)
  2023 Q4 2023 Q3   2022 Q4   % Changeiii
            QoQ YoY
Vehicle Sales 15,438.7 17,408.9   14,759.0   -11.3% 4.6%
Vehicle Margin 11.9% 11.0%   6.8%   90bp 510bp
               
Total Revenues 17,103.2 19,066.6   16,063.5   -10.3% 6.5%
Gross Profit 1,279.2 1,523.3   621.8   -16.0% 105.7%
Gross Margin 7.5% 8.0%   3.9%   -50bp 360bp
               
Loss from Operations (6,625.3) (4,843.9)   (6,736.1)   36.8% -1.6%
Adjusted Loss from Operations (non-GAAP) (6,059.3) (4,240.4)   (6,015.7)   42.9% 0.7%
               
Net Loss (5,367.7) (4,556.7)   (5,786.1)   17.8% -7.2%
Adjusted Net Loss (non-GAAP) (4,801.7) (3,953.2)   (5,065.6)   21.5% -5.2%
               

Financial Highlights for the Full Year of 2023

Key Financial Results for Full Year 2023
(in RMB million, except for percentage)
    2023   2022   % Changeiii
             
Vehicle Sales   49,257.3   45,506.6   8.2%
Vehicle Margin   9.5%   13.7%   -420bp
             
Total Revenues   55,617.9   49,268.6   12.9%
Gross Profit   3,051.8   5,144.0   -40.7%
Gross Margin   5.5%   10.4%   -490bp
             
Loss from Operations   (22,655.2)   (15,640.7)   44.8%
Adjusted Loss from Operations (non-GAAP)   (20,286.1)   (13,344.8)   52.0%
             
Net Loss   (20,719.8)   (14,437.1)   43.5%
Adjusted Net Loss (non-GAAP)   (18,350.7)   (12,141.2)   51.1%
             

Recent Developments
Deliveries in January and February 2024

NIO Day and Launch of ET9

Listed in MIIT’s Catalog of Vehicle Manufacturers

Strategic Equity Investment from CYVN

Completion of the Repurchase Right Offer for Convertible Senior Notes due 2026

Board Change

Technology License Transaction

CEO and CFO Comments

“In 2023, NIO set a new delivery record of 160,038 vehicles, ranking first in China’s premium BEV market with an average transaction price over RMB 300,000,” said William Bin Li, founder, chairman and chief executive officer of NIO, “At NIO Day 2023, we unveiled ET9, our smart electric executive flagship, showcasing a suite of our latest technologies, including our self-developed AD chip, full-domain 900V architecture, advanced intelligent chassis system and various other industry-leading innovations.”

“We will soon start deliveries of 2024 NIO products equipped with the highest computing power among production vehicles and constantly enhance users’ driving and digital experience. Meanwhile, we plan to release Navigate on Pilot Plus (NOP+) for urban roads to all NT2.0 users in the second quarter. Our continuous investments in technologies, battery swapping network and user community will bolster our competitive advantages as we navigate the future competition,” added William Bin Li.

“Our vehicle margin continued to grow, reaching 11.9% in the fourth quarter of 2023,” added Steven Wei Feng, NIO’s chief financial officer, “In December 2023, we closed the US$2.2 billion strategic equity investment from CYVN, demonstrating our unique positioning and competitiveness in the global smart EV industry. Moving forward into 2024, we will prioritize our business objectives, improve system capabilities and optimize cost management efficiency.”

Financial Results for the Fourth Quarter and Full Year of 2023
Revenues

Cost of Sales and Gross Margin

Operating Expenses

Loss from Operations

Net Loss and Earnings Per Share/ADS

Balance Sheet

Business Outlook
For the first quarter of 2024, the Company expects:

This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.

Conference Call 
The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on March 5, 2024 (8:00 PM Beijing/Hong Kong/Singapore Time on March 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/10037213-hg876t.html

A replay of the conference call will be accessible by phone at the following numbers, until March 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: 10037213
   

About NIO Inc.
NIO Inc. is a pioneer and a leading company in the premium smart electric vehicle market. Founded in November 2014, NIO’s mission is to shape a joyful lifestyle. NIO aims to build a community starting with smart electric vehicles to share joy and grow together with users. NIO designs, develops, jointly manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in assisted and intelligent driving, digital technologies, electric powertrains and batteries. NIO differentiates itself through its continuous technological breakthroughs and innovations, such as the industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as proprietary NIO Assisted and Intelligent Driving and its subscription services.

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

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

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

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

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

Exchange Rate
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

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

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

Source: NIO

 
NIO INC.
Unaudited Consolidated Balance Sheets

(All amounts in thousands)
 
  As of
  December 31, 2022   December 31, 2023   December 31, 2023
  RMB   RMB   US$
ASSETS          
Current assets:                      
Cash and cash equivalents   19,887,575       32,935,111       4,638,813  
Restricted cash   3,154,240       5,542,271       780,613  
Short-term investments   19,171,017       16,810,107       2,367,654  
Trade and notes receivables   5,118,170       4,657,652       656,017  
Amounts due from related parties   1,380,956       1,722,603       242,624  
Inventory   8,191,386       5,277,726       743,352  
Prepayments and other current assets   2,246,408       3,434,763       483,776  
Total current assets   59,149,752       70,380,233       9,912,849  
Non-current assets:                      
Long-term restricted cash   113,478       144,125       20,300  
Property, plant and equipment, net.   15,658,666       24,847,004       3,499,627  
Intangible assets, net         29,648       4,176  
Land use rights, net   212,603       207,299       29,197  
Long-term investments   6,356,411       5,487,216       772,858  
Right-of-use assets – operating lease   7,374,456       11,404,116       1,606,236  
Other non-current assets   7,398,559       4,883,561       687,835  
Total non-current assets   37,114,173       47,002,969       6,620,229  
Total assets   96,263,925       117,383,202       16,533,078  
LIABILITIES                      
Current liabilities:                      
Short-term borrowings   4,039,210       5,085,411       716,265  
Trade and notes payable   25,223,687       29,766,134       4,192,472  
Amounts due to related parties   384,611       561,625       79,103  
Taxes payable   286,300       349,349       49,205  
Current portion of operating lease liabilities   1,025,968       1,743,156       245,518  
Current portion of long-term borrowings   1,237,916       4,736,087       667,064  
Accruals and other liabilities   13,654,362       15,556,354       2,191,067  
Total current liabilities   45,852,054       57,798,116       8,140,694  
Non-current liabilities:                      
Long-term borrowings   10,885,799       13,042,861       1,837,049  
Non-current operating lease liabilities   6,517,096       10,070,057       1,418,338  
Deferred tax liabilities   218,189       212,347       29,908  
Other non-current liabilities   5,144,027       6,663,805       938,578  
Total non-current liabilities   22,765,111       29,989,070       4,223,873  
Total liabilities   68,617,165       87,787,186       12,364,567  
 
NIO INC.
Unaudited Consolidated Balance Sheets(All amounts in thousands)
 
  As of
  December 31, 2022   December 31, 2023   December 31, 2023
  RMB   RMB   US$
MEZZANINE EQUITY                      
Redeemable non-controlling interests   3,557,221       3,860,384       543,724  
Total mezzanine equity           3,557,221       3,860,384       543,724  
SHAREHOLDERS’ EQUITY                      
Total NIO Inc. shareholders’ equity           23,868,165       25,546,233       3,598,111  
Non-controlling interests           221,374       189,399       26,676  
Total shareholders’ equity           24,089,539       25,735,632       3,624,787  
Total liabilities, mezzanine equity and shareholders’ equity           96,263,925       117,383,202       16,533,078  
                       
NIO INC.
Unaudited Consolidated Statements of Comprehensive Loss(All amounts in thousands, except for share and per share/ADS data)
 
  Three Months Ended 
  December 31, 2022   September 30, 2023   December 31, 2023   December 31, 2023
  RMB   RMB   RMB   US$
Revenues:              
Vehicle sales           14,759,016       17,408,864       15,438,709       2,174,497  
Other sales           1,304,498       1,657,687       1,664,467       234,435  
Total revenues           16,063,514       19,066,551       17,103,176       2,408,932  
Cost of sales:                              
Vehicle sales           (13,749,365 )     (15,491,494 )     (13,600,327 )     (1,915,566 )
Other sales           (1,692,391 )     (2,051,734 )     (2,223,621 )     (313,190 )
Total cost of sales           (15,441,756 )     (17,543,228 )     (15,823,948 )     (2,228,756 )
Gross profit           621,758       1,523,323       1,279,228       180,176  
Operating expenses:                              
Research and development           (3,980,578 )     (3,039,089 )     (3,972,127 )     (559,462 )
Selling, general and administrative           (3,527,371 )     (3,609,319 )     (3,972,706 )     (559,544 )
Other operating income           150,057       281,174       40,295       5,675  
Total operating expenses           (7,357,892 )     (6,367,234 )     (7,904,538 )     (1,113,331 )
Loss from operations           (6,736,134 )     (4,843,911 )     (6,625,310 )     (933,155 )
Interest and investment income           351,960       288,014       1,368,062       192,688  
Interest expenses           (70,669 )     (88,546 )     (163,881 )     (23,082 )
Gain on extinguishment of debt           118,400       170,193              
Share of income of equity investees           251,439       7,781       32,373       4,560  
Other income/(losses), net           315,699       (88,645 )     253,891       35,760  
Loss before income tax expense           (5,769,305 )     (4,555,114 )     (5,134,865 )     (723,229 )
Income tax expense           (16,796 )     (1,610 )     (232,880 )     (32,800 )
Net loss           (5,786,101 )     (4,556,724 )     (5,367,745 )     (756,029 )
Accretion on redeemable non-controlling interests to redemption value           (72,581 )     (77,159 )     (78,767 )     (11,094 )
Net loss/(profit) attributable to non-controlling interests           11,603       5,254       (146,261 )     (20,600 )
Net loss attributable to ordinary shareholders of NIO Inc.           (5,847,079 )     (4,628,629 )     (5,592,773 )     (787,723 )
                               
Net loss           (5,786,101 )     (4,556,724 )     (5,367,745 )     (756,029 )
Other comprehensive loss                              
Change in unrealized losses related to available-for-sale debt securities, net of tax           (24,495 )           (770,560 )     (108,531 )
Change in unrealized gains on cash flow hedges           817                    
Foreign currency translation adjustment, net of nil tax           (134,783 )     (61,222 )     (200,131 )     (28,188 )
Total other comprehensive loss           (158,461 )     (61,222 )     (970,691 )     (136,719 )
Total comprehensive loss           (5,944,562 )     (4,617,946 )     (6,338,436 )     (892,748 )
                               
Accretion on redeemable non-controlling interests to redemption value           (72,581 )     (77,159 )     (78,767 )     (11,094 )
Net loss/(profit) attributable to non-controlling interests           11,603       5,254       (146,261 )     (20,600 )
Other comprehensive loss attributable to non-controlling interests           5,229             156,026       21,976  
Comprehensive loss attributable to ordinary shareholders of NIO Inc.           (6,000,311 )     (4,689,851 )     (6,407,438 )     (902,466 )
               
Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS              
Basic and diluted           1,647,356,108       1,735,661,387       1,761,324,976       1,761,324,976  
Net loss per share/ADS attributable to ordinary shareholders                              
Basic and diluted           (3.55 )     (2.67 )     (3.18 )     (0.45 )
                               
NIO INC.
Unaudited Consolidated Statements of Comprehensive Loss(All amounts in thousands, except for share and per share data)
 
  For the Year Ended December 31, 
  2022   2023   2023
  RMB   RMB   US$
Revenues:          
Vehicle sales           45,506,581       49,257,270       6,937,741  
Other sales           3,761,980       6,360,663       895,881  
Total revenues           49,268,561       55,617,933       7,833,622  
Cost of sales:                      
Vehicle sales           (39,271,801 )     (44,587,572 )     (6,280,028 )
Other sales           (4,852,767 )     (7,978,565 )     (1,123,757 )
Total cost of sales           (44,124,568 )     (52,566,137 )     (7,403,785 )
Gross profit           5,143,993       3,051,796       429,837  
Operating expenses:                      
Research and development           (10,836,261 )     (13,431,399 )     (1,891,773 )
Selling, general and administrative           (10,537,119 )     (12,884,556 )     (1,814,752 )
Other operating income            588,728       608,975       85,772  
Total operating expenses           (20,784,652 )     (25,706,980 )     (3,620,753 )
Loss from operations           (15,640,659 )     (22,655,184 )     (3,190,916 )
Interest and investment income           1,358,719       2,210,018       311,275  
Interest expenses           (333,216 )     (403,530 )     (56,836 )
Gain on extinguishment of debt           138,332       170,193       23,971  
Share of income of equity investees           377,775       64,394       9,070  
Other (losses)/income, net           (282,952 )     155,191       21,858  
Loss before income tax expense           (14,382,001 )     (20,458,918 )     (2,881,578 )
Income tax expense           (55,103 )     (260,835 )     (36,738 )
Net loss           (14,437,104 )     (20,719,753 )     (2,918,316 )
Accretion on redeemable non-controlling interests to redemption value           (279,355 )     (303,163 )     (42,700 )
Net loss/(profit) attributable to non-controlling interests   157,014       (124,051 )     (17,472 )
Net loss attributable to ordinary shareholders of NIO Inc.           (14,559,445 )     (21,146,967 )     (2,978,488 )
                       
Net loss           (14,437,104 )     (20,719,753 )     (2,918,316 )
Other comprehensive income                      
Change in unrealized gains/(losses) related to available-for-sale debt securities, net of tax           746,336       (770,560 )     (108,531 )
Foreign currency translation adjustment, net of nil tax           717,274       11,514       1,622  
Total other comprehensive income/(loss)           1,463,610       (759,046 )     (106,909 )
Total comprehensive loss           (12,973,494 )     (21,478,799 )     (3,025,225 )
                       
Accretion on redeemable non-controlling interests to redemption value           (279,355 )     (303,163 )     (42,700 )
Net loss/(profit) attributable to non-controlling interests           157,014       (124,051 )     (17,472 )
Other comprehensive (income)/loss attributable to non-controlling interests   (151,299 )     156,026       21,976  
Comprehensive loss attributable to ordinary shareholders of NIO Inc.           (13,247,134 )     (21,749,987 )     (3,063,421 )
           
Weighted average number of ordinary shares/ADS used in computing net loss per share          
Basic and diluted           1,636,999,280       1,700,203,886       1,700,203,886  
Net loss per share/ADS attributable to ordinary shareholders                      
Basic and diluted           (8.89 )     (12.44 )     (1.75 )
                       
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 December 31, 2023
    GAAP
Result
      Share-based
compensation
      Accretion on redeemable
non-controlling interests
to redemption value
      Adjusted
Result
(Non-GAAP)
 
    RMB       RMB       RMB       RMB  
Cost of sales   (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 NIO Inc.   (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 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD)   (0.45 )     0.05       0.01       (0.39 )
  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 )
  Three Months Ended December 31, 2022 
    GAAP
Result
      Share-based
compensation
      Accretion on redeemable
non-controlling interests
to redemption value
      Adjusted
Result
(Non-GAAP)
 
    RMB       RMB       RMB       RMB  
Cost of sales           (15,441,756 )     23,522             (15,418,234 )
Research and development expenses           (3,980,578 )     426,701             (3,553,877 )
Selling, general and administrative expenses           (3,527,371 )     270,257             (3,257,114 )
Total           (22,949,705 )     720,480             (22,229,225 )
Loss from operations           (6,736,134 )     720,480             (6,015,654 )
Net loss           (5,786,101 )     720,480             (5,065,621 )
Net loss attributable to ordinary shareholders of NIO Inc.           (5,847,079 )     720,480       72,581       (5,054,018 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)           (3.55 )     0.44       0.04       (3.07 )
                               
NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP Results(All amounts in thousands, except for share and per share data)
  Year Ended December 31, 2023
    GAAP
Result
      Share-based
compensation
      Accretion on redeemable
non-controlling interests
to redemption value
      Adjusted
Result
(Non-GAAP)
 
    RMB       RMB       RMB       RMB  
Cost of sales   (52,566,137 )     83,972             (52,482,165 )
Research and development expenses   (13,431,399 )     1,517,206             (11,914,193 )
Selling, general and administrative expenses   (12,884,556 )     767,863             (12,116,693 )
Total   (78,882,092 )     2,369,041             (76,513,051 )
Loss from operations   (22,655,184 )     2,369,041             (20,286,143 )
Net loss   (20,719,753 )     2,369,041             (18,350,712 )
Net loss attributable to ordinary shareholders of NIO Inc.   (21,146,967 )     2,369,041       303,163       (18,474,763 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)   (12.44 )     1.39       0.18       (10.87 )
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD)   (1.75 )     0.20       0.03       (1.52 )
(All amounts in thousands, except for share and per share data)
 
  Year Ended December 31, 2022
    GAAP
Result
      Share-based
compensation
      Accretion on redeemable
non-controlling interests
to redemption value
      Adjusted
Result
(Non-GAAP)
 
    RMB       RMB       RMB       RMB  
Cost of sales   (44,124,568 )     66,914             (44,057,654 )
Research and development expenses   (10,836,261 )     1,323,370             (9,512,891 )
Selling, general and administrative expenses   (10,537,119 )     905,612             (9,631,507 )
Total   (65,497,948 )     2,295,896             (63,202,052 )
Loss from operations   (15,640,659 )     2,295,896             (13,344,763 )
Net loss   (14,437,104 )     2,295,896             (12,141,208 )
Net loss attributable to ordinary shareholders of NIO Inc.   (14,559,445 )     2,295,896       279,355       (11,984,194 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)   (8.89 )     1.40       0.17       (7.32 )

iAll translations from RMB to USD for the fourth quarter and full year of 2023 were made at the rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023 in the H.10 statistical release of the Federal Reserve Board.
iiVehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales only.
iiiExcept for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated. 


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