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SECURITIES AND EXCHANGE
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2023
Commission File Number: 001-38638
Building 20, 56 Antuo Road
Jiading District, Shanghai 201804
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NIO Inc. Reports Unaudited Third Quarter 2023
Quarterly Total Revenues reached RMB19,066.6
million (US$2,613.3 million)i
Quarterly Vehicle Deliveries were 55,432 units
SHANGHAI, China, December 5, 2023 (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 third quarter ended September 30, 2023.
Operating Highlights for the Third Quarter
Financial Highlights for the Third Quarter
Deliveries in October and November 2023
Completion of Offering of Convertible Senior Notes
Due 2029 and 2030
Manufacturing Equipment and Assets Acquisition
Launch of the All-New EC6
Appointment of Independent Director
CEO and CFO Comments
“NIO delivered 55,432 vehicles in the third
quarter of 2023, representing a solid year-over-year growth of 75.4% and setting a new record for quarterly delivery,” said William
Bin Li, founder, chairman and chief executive officer of NIO, “According to the retail sales data from China Automotive Technology
and Research Center, NIO ranked first in the battery electric vehicle market segment priced over RMB300,000 in China, with a market share
of 45% in the third quarter of 2023.”
“We have recently completed a thorough review
of the Company’s two-year operating plans to determine our objectives, priorities, and action plans. Meanwhile, we have identified
opportunities to optimize our organization, reduce costs and enhance efficiency. Our focus remains on advancing core technologies, developing
key products, and expanding sales and service capabilities. We are confident in NIO's long-term competitiveness in the smart electric
vehicle market,” added Mr. Li.
“Our vehicle margin increased to 11% in
the third quarter of 2023, attributed to the elevated average selling price, ongoing vehicle cost reduction and economies of scale,”
added Steven Wei Feng, NIO's chief financial officer, “In September and October 2023, NIO completed the offering of US$1.15 billion
aggregate principal amount of convertible senior notes, further strengthening our balance sheet and powering our continuous endeavors
to navigate the intense competition.”
Financial Results for the Third Quarter
Cost of Sales and Gross Margin
Loss from Operations
Net Loss and Earnings Per Share/ADS
For the fourth quarter of 2023, the Company expects:
business outlook reflects the Company’s current and preliminary
view on the business situation and market condition, which is subject to change.
Company’s management will host an earnings conference call at 7:00
AM U.S. Eastern Time on December 5, 2023 (8:00 PM Beijing/Hong Kong/Singapore Time on December 5, 2023).
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.
A replay of the conference call will be accessible
by phone at the following numbers, until December 12, 2023:
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 autonomous driving, digital technologies,
electric powertrains and batteries. NIO differentiates itself through its continuous technological breakthroughs and innovations, such
as its industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as its proprietary autonomous driving technologies
and Autonomous Driving as a Service, or ADaaS. NIO’s product portfolio consists of the ES8, a six-seater smart electric flagship
SUV, the ES7 (or the EL7), a mid-large five-seater smart electric SUV, the ES6 (or the EL6), a five-seater all-round smart electric SUV,
the EC7, a five-seater smart electric flagship coupe SUV, the EC6, a five-seater smart electric coupe SUV, the ET7, a smart electric flagship
sedan, the ET5, a mid-size smart electric sedan, and the ET5T, a smart electric tourer.
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.
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
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
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 RMB7.2960 to US$1.00, the noon buying rate in effect on September 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.
Unaudited Consolidated Balance Sheets
(All amounts in thousands)
Unaudited Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS data)
Unaudited Reconciliation of GAAP and Non-GAAP Results
i All translations from RMB to USD
for three months ended September 30, 2023 were made at the rate of RMB7.2960 to US$1.00, the noon buying rate in effect on Septermber
29, 2023 in the H.10 statistical release of the Federal Reserve Board.
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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