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NIO Inc. Reports Unaudited Second Quarter 2024 Financial Results

Bay Street

Quarterly Total Revenues reached RMB17,446.0 million (US$2,400.6 million)i
Quarterly Vehicle Deliveries were 57,373 units

SHANGHAI, Sept. 05, 2024 (GLOBE NEWSWIRE) — NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the global smart electric vehicle market, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Operating Highlights for the Second Quarter of 2024

Key Operating Results  
  2024 Q2 2024 Q1 2023 Q4 2023 Q3
Deliveries 57,373 30,053 50,045 55,432
         
  2023 Q2 2023 Q1 2022 Q4 2022 Q3
Deliveries 23,520 31,041 40,052 31,607
         

Financial Highlights for the Second Quarter of 2024

Key Financial Results for the Second Quarter of 2024
(in RMB million, except for percentage)
  2024 Q2 2024 Q1   2023 Q2   % Changeiii
            QoQ YoY
Vehicle Sales 15,679.6   8,381.3     7,185.2     87.1%   118.2%  
Vehicle Margin 12.2%   9.2%     6.2%     300bp   600bp  
               
Total Revenues 17,446.0   9,908.6     8,771.7     76.1%   98.9%  
Gross Profit 1,688.7   487.7     87.0     246.3%   1,841.0%  
Gross Margin 9.7%   4.9%     1.0%     480bp   870bp  
               
Loss from Operations (5,209.3)   (5,394.1)     (6,074.1)     -3.4%   -14.2%  
Adjusted Loss from Operations (non-GAAP) (4,698.5)   (5,112.7)     (5,464.1)     -8.1%   -14.0%  
               
Net Loss (5,046.0)   (5,184.6)     (6,055.8)     -2.7%   -16.7%  
Adjusted Net Loss (non-GAAP) (4,535.2)   (4,903.2)     (5,445.7)     -7.5%   -16.7%  
                         

Recent Developments

Deliveries in July and August 2024

Power Up Counties Plan

Share Issuance for Share Incentive Plans

CEO and CFO Comments

“In the second quarter of 2024, NIO achieved a record-breaking delivery of 57,373 premium smart electric vehicles, securing over 40% of the market share in the battery electric vehicle segment priced above RMB 300,000 in China,” said William Bin Li, founder, chairman and chief executive officer of NIO, “NIO’s core competitive advantages in technology, product, service and community are earning increasing recognition from users, driving the continued strong vehicle sales performance. In July and August 2024, NIO delivered 20,498 and 20,176 vehicles, respectively. The total delivery volume for the third quarter is expected to set another record, further solidifying and expanding market share.”

“At the AI-themed NIO IN 2024, we unveiled major technological breakthroughs across multiple domains, including the in-house developed intelligent driving chip, full-domain vehicle operating system, smart system and intelligent driving. Through sustained and dedicated investment in technological research and development, NIO has positioned itself at the forefront of product and technological innovation, while achieving long-term cost competitiveness. Additionally, on September 1, 105 ONVO brand stores opened simultaneously. The brand’s inaugural model, L60 has commenced its initial presentations and is expected to be officially launched and begin deliveries within this month. L60 has been widely embraced by the market since its debut and we expect the new brand to secure a strong position for us in the mass market,” added William Bin Li.

“Due to ongoing cost optimizations, our vehicle gross margin increased to 12.2% in the second quarter,” added Stanley Yu Qu, NIO’s chief financial officer, “We will continue to focus on efficient R&D and infrastructure investment, leverage the growth potential in the mass market, adopt flexible market strategies and continuously optimize our product portfolio. We are confident that these efforts will result in steady improvements in gross profit and cost efficiency in the future.”

Financial Results for the Second Quarter of 2024

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 third 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 8:00 AM U.S. Eastern Time on September 5, 2024 (8:00 PM Beijing/Hong Kong/Singapore Time on September 5, 2024).

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

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

https://s1.c-conf.com/diamondpass/10041542-rfivqj.html

A replay of the conference call will be accessible by phone at the following numbers, until September 12, 2024:

United States: +1-855-883-1031
Hong Kong, China: +852-800-930-639
Mainland, China: +86-400-1209-216
Singapore: +65-800-1013-223
International: +61-7-3107-6325
Replay PIN: 10041542
   

About NIO Inc.

NIO Inc. is a pioneer and a leading company in the global smart electric vehicle market. Founded in November 2014, NIO aspires to shape a sustainable and brighter future with the mission of “Blue Sky Coming”. NIO envisions itself as a user enterprise where innovative technology meets experience excellence. NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO distinguishes itself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. NIO provides premium smart electric vehicles under the NIO brand, and family-oriented smart electric vehicles through the ONVO brand.

Safe Harbor Statement

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

Non-GAAP Disclosure

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

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

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

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

Exchange Rate

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024 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 Condensed Consolidated Balance Sheets
 
(All amounts in thousands)
 
    As of
    December 31, 2023   June 30, 2024   June 30, 2024
    RMB   RMB   US$
ASSETS            
Current assets:                        
Cash and cash equivalents             32,935,111       24,652,488       3,392,295  
Restricted cash             5,542,271       3,689,287       507,663  
Short-term investments             16,810,107       11,616,175       1,598,439  
Trade and notes receivables             4,657,652       1,939,329       266,861  
Amounts due from related parties             1,722,603       3,696,187       508,612  
Inventory             5,277,726       4,885,743       672,301  
Prepayments and other current assets             3,434,763       5,032,716       692,525  
Total current assets             70,380,233       55,511,925       7,638,696  
Non-current assets:                        
Long-term restricted cash             144,125       100,118       13,777  
Property, plant and equipment, net.             24,847,004       24,517,864       3,373,770  
Intangible assets, net     29,648       29,648       4,080  
Land use rights, net             207,299       204,647       28,160  
Long-term investments             5,487,216       5,375,958       739,756  
Right-of-use assets – operating lease             11,404,116       11,563,603       1,591,205  
Other non-current assets             4,883,561       3,212,052       441,993  
Total non-current assets             47,002,969       45,003,890       6,192,741  
Total assets             117,383,202       100,515,815       13,831,437  
LIABILITIES                        
Current liabilities:                        
Short-term borrowings             5,085,411       5,302,326       729,624  
Trade and notes payable             29,766,134       24,585,433       3,383,068  
Amounts due to related parties             561,625       320,146       44,054  
Taxes payable             349,349       691,051       95,092  
Current portion of operating lease liabilities             1,743,156       1,748,419       240,590  
Current portion of long-term borrowings             4,736,087       4,211,017       579,455  
Accruals and other liabilities             15,556,354       13,295,715       1,829,551  
Total current liabilities             57,798,116       50,154,107       6,901,434  
Non-current liabilities:                        
Long-term borrowings             13,042,861       11,614,644       1,598,228  
Non-current operating lease liabilities             10,070,057       10,247,541       1,410,109  
Deferred tax liabilities             212,347       211,317       29,078  
Amounts due to related parties             –       282,733       38,905  
Other non-current liabilities             6,663,805       7,289,020       1,003,004  
Total non-current liabilities             29,989,070       29,645,255       4,079,324  
Total liabilities             87,787,186       79,799,362       10,980,758  
NIO INC.
Unaudited Condensed Consolidated Balance Sheets
 
(All amounts in thousands)
 
    As of
    December 31, 2023   June 30, 2024   June 30, 2024
    RMB   RMB   US$
MEZZANINE EQUITY                        
Redeemable non-controlling interests     3,860,384       4,461,563       613,932  
Total mezzanine equity             3,860,384       4,461,563       613,932  
SHAREHOLDERS’ EQUITY                        
Total NIO Inc. shareholders’ equity             25,546,233       16,074,652       2,211,945  
Non-controlling interests             189,399       180,238       24,802  
Total shareholders’ equity             25,735,632       16,254,890       2,236,747  
Total liabilities, mezzanine equity and shareholders’ equity             117,383,202       100,515,815       13,831,437  
                         
NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
 
(All amounts in thousands, except for share and per share/ADS data)
 
     
    Three Months Ended 
    June 30, 2023   March 31, 2024   June 30, 2024   June 30, 2024
    RMB   RMB   RMB   US$
Revenues:                
Vehicle sales             7,185,214       8,381,318       15,679,623       2,157,588  
Other sales             1,586,521       1,527,318       1,766,345       243,057  
Total revenues             8,771,735       9,908,636       17,445,968       2,400,645  
Cost of sales:     　       　       　       　  
Vehicle sales             (6,738,344 )     (7,613,242 )     (13,773,438 )     (1,895,288 )
Other sales             (1,946,435 )     (1,807,663 )     (1,983,815 )     (272,982 )
Total cost of sales             (8,684,779 )     (9,420,905 )     (15,757,253 )     (2,168,270 )
Gross profit             86,956       487,731       1,688,715       232,375  
Operating expenses:                                
Research and development             (3,344,572 )     (2,864,216 )     (3,218,522 )     (442,883 )
Selling, general and administrative             (2,856,603 )     (2,996,798 )     (3,757,458 )     (517,043 )
Other operating income/(losses)             40,104       (20,790 )     77,967       10,729  
Total operating expenses             (6,161,071 )     (5,881,804 )     (6,898,013 )     (949,197 )
Loss from operations             (6,074,115 )     (5,394,073 )     (5,209,298 )     (716,822 )
Interest and investment income             247,180       350,793       362,731       49,913  
Interest expenses             (82,440 )     (170,875 )     (176,141 )     (24,238 )
Loss on extinguishment of debt             —       (11,326 )     —       —  
Share of income/(losses) of equity investees             10,641       (19,482 )     (73,607 )     (10,129 )
Other (losses)/income, net             (138,345 )     67,376       52,351       7,204  
Loss before income tax expense             (6,037,079 )     (5,177,587 )     (5,043,964 )     (694,072 )
Income tax expense             (18,671 )     (6,990 )     (2,019 )     (278 )
Net loss             (6,055,750 )     (5,184,577 )     (5,045,983 )     (694,350 )
Accretion on redeemable non-controlling interests to redemption value             (74,772 )     (79,524 )     (83,022 )     (11,424 )
Net loss attributable to non-controlling interests             8,586       6,183       2,635       363  
Net loss attributable to ordinary shareholders of NIO Inc.             (6,121,936 )     (5,257,918 )     (5,126,370 )     (705,411 )
                                 
Net loss             (6,055,750 )     (5,184,577 )     (5,045,983 )     (694,350 )
Other comprehensive income                                
Change in unrealized gains on cash flow hedges             1,329       —       —       —  
Foreign currency translation adjustment, net of nil tax             327,472       7,468       89,483       12,313  
Total other comprehensive income             328,801       7,468       89,483       12,313  
Total comprehensive loss             (5,726,949 )     (5,177,109 )     (4,956,500 )     (682,037 )
                                 
Accretion on redeemable non-controlling interests to redemption value             (74,772 )     (79,524 )     (83,022 )     (11,424 )
Net loss attributable to non-controlling interests             8,586       6,183       2,635       363  
Comprehensive loss attributable to ordinary shareholders of NIO Inc.             (5,793,135 )     (5,250,450 )     (5,036,887 )     (693,098 )
                 
Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS                
Basic and diluted             1,652,857,917       2,044,151,465       2,049,836,045       2,049,836,045  
Net loss per share/ADS attributable to ordinary shareholders                                
Basic and diluted             (3.70 )     (2.57 )     (2.50 )     (0.34 )
NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
 
(All amounts in thousands, except for share and per share/ADS data)
     
    Six Months Ended
    June 30, 2023   June 30, 2024   June 30, 2024
    RMB   RMB   US$
Revenues:            
Vehicle sales             16,409,697       24,060,941       3,310,896  
Other sales             3,038,509       3,293,663       453,223  
Total revenues             19,448,206       27,354,604       3,764,119  
Cost of sales:             　       　  
Vehicle sales             (15,495,751 )     (21,386,680 )     (2,942,905 )
Other sales             (3,703,210 )     (3,791,478 )     (521,725 )
Total cost of sales             (19,198,961 )     (25,178,158 )     (3,464,630 )
Gross profit             249,245       2,176,446       299,489  
Operating expenses:                        
Research and development             (6,420,183 )     (6,082,738 )     (837,013 )
Selling, general and administrative             (5,302,531 )     (6,754,256 )     (929,416 )
Other operating income              287,506       57,177       7,868  
Total operating expenses             (11,435,208 )     (12,779,817 )     (1,758,561 )
Loss from operations             (11,185,963 )     (10,603,371 )     (1,459,072 )
Interest and investment income             553,942       713,524       98,184  
Interest expenses             (151,103 )     (347,016 )     (47,751 )
Loss on extinguishment of debt             —       (11,326 )     (1,559 )
Share of income/(losses) of equity investees             24,240       (93,089 )     (12,809 )
Other (losses)/income, net             (10,055 )     119,727       16,475  
Loss before income tax expense             (10,768,939 )     (10,221,551 )     (1,406,532 )
Income tax expense             (26,345 )     (9,009 )     (1,240 )
Net loss             (10,795,284 )     (10,230,560 )     (1,407,772 )
Accretion on redeemable non-controlling interests to redemption value             (147,237 )     (162,546 )     (22,367 )
Net loss attributable to non-controlling interests     16,956       8,818       1,213  
Net loss attributable to ordinary shareholders of NIO Inc.             (10,925,565 )     (10,384,288 )     (1,428,926 )
                         
Net loss             (10,795,284 )     (10,230,560 )     (1,407,772 )
Other comprehensive income                        
Foreign currency translation adjustment, net of nil tax             272,867       96,951       13,341  
Total other comprehensive income             272,867       96,951       13,341  
Total comprehensive loss             (10,522,417 )     (10,133,609 )     (1,394,431 )
Accretion on redeemable non-controlling interests to redemption value             (147,237 )     (162,546 )     (22,367 )
Net loss attributable to non-controlling interests             16,956       8,818       1,213  
Comprehensive loss attributable to ordinary shareholders of NIO Inc.             (10,652,698 )     (10,287,337 )     (1,415,585 )
             
Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS            
Basic and diluted             1,651,113,461       2,047,257,903       2,047,257,903  
Net loss per share/ADS attributable to ordinary shareholders                        
Basic and diluted             (6.62 )     (5.07 )     (0.70 )
NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP Results
 
(All amounts in thousands, except for share and per share/ADS data)
     
    Three Months Ended June 30, 2024
      GAAP
Result		       Share-based
compensation		       Accretion on redeemable
non-controlling interests
to redemption value		       Adjusted
Result
(Non-GAAP)		  
      RMB       RMB       RMB       RMB  
Cost of sales             (15,757,253 )     18,698       —       (15,738,555 )
Research and development expenses             (3,218,522 )     330,110       —       (2,888,412 )
Selling, general and administrative expenses             (3,757,458 )     161,945       —       (3,595,513 )
Total             (22,733,233 )     510,753       —       (22,222,480 )
Loss from operations             (5,209,298 )     510,753       —       (4,698,545 )
Net loss             (5,045,983 )     510,753       —       (4,535,230 )
Net loss attributable to ordinary shareholders of NIO Inc.             (5,126,370 )     510,753       83,022       (4,532,595 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)             (2.50 )     0.25       0.04       (2.21 )
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD)             (0.34 )     0.03       0.01       (0.30 )
(All amounts in thousands, except for share and per share/ADS data)
     
    Three Months Ended March 31, 2024
      GAAP
Result		       Share-based
compensation		       Accretion on redeemable
non-controlling interests
to redemption value		       Adjusted
Result
(Non-GAAP)		  
      RMB       RMB       RMB       RMB  
Cost of sales             (9,420,905 )     9,753       —       (9,411,152 )
Research and development expenses             (2,864,216 )     205,983       —       (2,658,233 )
Selling, general and administrative expenses             (2,996,798 )     65,675       —       (2,931,123 )
Total             (15,281,919 )     281,411       —       (15,000,508 )
Loss from operations             (5,394,073 )     281,411       —       (5,112,662 )
Net loss             (5,184,577 )     281,411       —       (4,903,166 )
Net loss attributable to ordinary shareholders of NIO Inc.             (5,257,918 )     281,411       79,524       (4,896,983 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)             (2.57 )     0.14       0.04       (2.39 )
    Three Months Ended June 30, 2023
      GAAP
Result		       Share-based
compensation		       Accretion on redeemable
non-controlling interests
to redemption value		       Adjusted
Result
(Non-GAAP)		  
      RMB       RMB       RMB       RMB  
Cost of sales             (8,684,779 )     23,887       —       (8,660,892 )
Research and development expenses             (3,344,572 )     401,689       —       (2,942,883 )
Selling, general and administrative expenses             (2,856,603 )     184,462       —       (2,672,141 )
Total             (14,885,954 )     610,038       —       (14,275,916 )
Loss from operations             (6,074,115 )     610,038       —       (5,464,077 )
Net loss             (6,055,750 )     610,038       —       (5,445,712 )
Net loss attributable to ordinary shareholders of NIO Inc.             (6,121,936 )     610,038       74,772       (5,437,126 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)             (3.70 )     0.37       0.05       (3.28 )
    Six Months Ended June 30, 2024
      GAAP
Result		       Share-based
compensation		       Accretion on redeemable
non-controlling interests
to redemption value		       Adjusted
Result
(Non-GAAP)		  
      RMB       RMB       RMB       RMB  
Cost of sales             (25,178,158 )     28,451       —       (25,149,707 )
Research and development expenses             (6,082,738 )     536,093       —       (5,546,645 )
Selling, general and administrative expenses             (6,754,256 )     227,620       —       (6,526,636 )
Total             (38,015,152 )     792,164       —       (37,222,988 )
Loss from operations             (10,603,371 )     792,164       —       (9,811,207 )
Net loss             (10,230,560 )     792,164       —       (9,438,396 )
Net loss attributable to ordinary shareholders of NIO Inc.             (10,384,288 )     792,164       162,546       (9,429,578 )
                                 
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)             (5.07 )     0.39       0.08       (4.60 )
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD)             (0.70 )     0.05       0.02       (0.63 )
    Six Months Ended June 30, 2023
      GAAP
Result		       Share-based
compensation		       Accretion on redeemable
non-controlling interests
to redemption value		       Adjusted
Result
(Non-GAAP)		  
      RMB       RMB       RMB       RMB  
Cost of sales             (19,198,961 )     42,655       —       (19,156,306 )
Research and development expenses             (6,420,183 )     765,656       —       (5,654,527 )
Selling, general and administrative expenses             (5,302,531 )     391,132       —       (4,911,399 )
Total             (30,921,675 )     1,199,443       —       (29,722,232 )
Loss from operations             (11,185,963 )     1,199,443       —       (9,986,520 )
Net loss             (10,795,284 )     1,199,443       —       (9,595,841 )
Net loss attributable to ordinary shareholders of NIO Inc.             (10,925,565 )     1,199,443       147,237       (9,578,885 )
                                 
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)             (6.62 )     0.73       0.09       (5.80 )

iAll translations from RMB to USD for three months and six months ended June 28, 2024 were made at the rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024 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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