NIO Inc 6-K, filed Sep 7, 2022

NIO Inc. (NIO)

6-K 2022-09-07 For: 2022-09-07

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Added on April 11, 2026

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NIO Inc filed this 6-K on September 7, 2022.

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Exhibit No.		Description
99.1		Press Release—NIO Inc. Reports Unaudited Second Quarter 2022 Financial Results

NIO Inc.

By	:	/s/ Wei Feng
Name	:	Wei Feng
Title	:	Chief Financial Officer

		2022 Q2		2022 Q1		2021 Q4		2021 Q3
Deliveries		25,059		25,768		25,034		24,439

		2021 Q2		2021 Q1		2020 Q4		2020 Q3
Deliveries		21,896		20,060		17,353		12,206

	·	Gross margin was 13.0% in the second quarter of 2022, compared with 18.6% in the second quarter of 2021 and 14.6% in the first quarter of 2022.
	·	Loss from operations was RMB2,845.6 million (US$424.8 million) in the second quarter of 2022, representing an increase of 272.8% from the second quarter of 2021 and an increase of 30.0% from the first quarter of 2022. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB2,355.1 million (US$351.6 million) in the second quarter of 2022, representing an increase of 360.1% from the second quarter of 2021 and an increase of 37.3% from the first quarter of 2022.

(in RMB million, except for per ordinary share data and percentage)
	2022 Q2		2022 Q1		2021 Q2		% Change^iv
							QoQ		YoY
Vehicle Sales	9,570.8		9,244.0		7,911.8		3.5	%	21.0	%
Vehicle Margin	16.7	%	18.1	%	20.3	%	-140	bp	-360	bp
Total Revenues	10,292.4		9,910.6		8,448.0		3.9	%	21.8	%
Gross Profit	1,340.3		1,446.8		1,573.9		-7.4	%	-14.8	%
Gross Margin	13.0	%	14.6	%	18.6	%	-160	bp	-560	bp
Loss from Operations	(2,845.6	)	(2,188.7	)	(763.3	)	30.0	%	272.8	%
Adjusted Loss from Operations (non-GAAP)	(2,355.1	)	(1,715.6	)	(511.9	)	37.3	%	360.1	%
Net Loss	(2,757.5	)	(1,782.7	)	(587.2	)	54.7	%	369.6	%
Adjusted Net Loss (non-GAAP)	(2,267.0	)	(1,309.6	)	(335.8	)	73.1	%	575.1	%
Net Loss Attributable to Ordinary Shareholders	(2,745.0	)	(1,825.0	)	(659.3	)	50.4	%	316.4	%
Net Loss per Ordinary Share/ADS-Basic and Diluted	(1.68	)	(1.12	)	(0.42	)	50.0	%	300.0	%
Adjusted Net Loss per Ordinary Share/ADS-Basic and Diluted (non-GAAP)	(1.34	)	(0.79	)	(0.21	)	69.6	%	538.1	%

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:		10024719

	As of
	December 31, 2021		June 30, 2022		June 30, 2022
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		15,333,719		24,513,677		3,659,796
Restricted cash		2,994,408		3,790,113		565,849
Short-term investments		37,057,554		26,091,241		3,895,320
Trade and notes receivable		2,797,805		3,487,559		520,679
Amounts due from related parties		1,551,334		1,213,507		181,172
Inventory		2,056,352		3,360,593		501,723
Prepayments and other current assets		1,850,143		2,344,406		350,010
Total current assets		63,641,315		64,801,096		9,674,549
Non-current assets:
Long-term restricted cash		46,437		58,356		8,712
Property, plant and equipment, net		7,399,516		9,731,791		1,452,918
Land use rights, net		199,121		215,255		32,137
Long-term investments		3,059,383		4,418,184		659,618
Right-of-use assets - operating lease		2,988,374		7,940,191		1,185,439
Other non-current assets		5,549,455		6,738,675		1,006,058
Total non-current assets		19,242,286		29,102,452		4,344,882
Total assets		82,883,601		93,903,548		14,019,431
LIABILITIES
Current liabilities:
Short-term borrowings		5,230,000		6,115,000		912,945
Trade and notes payable		12,638,991		16,232,628		2,423,468
Amounts due to related parties		687,200		522,691		78,036
Taxes payable		627,794		355,632		53,094
Current portion of operating lease liabilities		744,561		1,042,370		155,622
Current portion of long-term borrowings		2,067,962		2,062,616		307,940
Accruals and other liabilities		7,201,644		8,230,570		1,228,793
Total current liabilities		29,198,152		34,561,507		5,159,898
Non-current liabilities:
Long-term borrowings		9,739,176		12,161,493		1,815,663
Non-current operating lease liabilities		2,317,193		7,055,535		1,053,364
Deferred tax liabilities		25,199		208,428		31,118
Other non-current liabilities		3,540,458		4,217,344		629,633
Total non-current liabilities		15,622,026		23,642,800		3,529,778
Total liabilities		44,820,178		58,204,307		8,689,676

	Three Months Ended
	June 30, 2021			March 31, 2022			June 30, 2022			June 30, 2022
	RMB			RMB			RMB			US$
Revenues:
Vehicle sales		7,911,813			9,244,014			9,570,842			1,428,889
Other sales		536,234			666,574			721,522			107,720
Total revenues		8,448,047			9,910,588			10,292,364			1,536,609
Cost of sales:
Vehicle sales		(6,308,001	)		(7,567,550	)		(7,976,625	)		(1,190,879	)
Other sales		(566,125	)		(896,199	)		(975,436	)		(145,629	)
Total cost of sales		(6,874,126	)		(8,463,749	)		(8,952,061	)		(1,336,508	)
Gross profit		1,573,921			1,446,839			1,340,303			200,101
Operating expenses:
Research and development		(883,666	)		(1,761,687	)		(2,149,479	)		(320,909	)
Selling, general and administrative		(1,497,760	)		(2,014,804	)		(2,282,461	)		(340,762	)
Other operating income		44,182			140,987			246,077			36,738
Total operating expenses		(2,337,244	)		(3,635,504	)		(4,185,863	)		(624,933	)
Loss from operations		(763,323	)		(2,188,665	)		(2,845,560	)		(424,832	)
Interest and investment income		193,034			400,688			292,863			43,723
Interest expenses		(60,527	)		(77,339	)		(64,712	)		(9,661	)
Share of (loss)/income of equity investees		(3,450	)		26,229			48,053			7,174
Other income/(losses), net		48,907			86,886			(189,955	)		(28,360	)
Loss before income tax expense		(585,359	)		(1,752,201	)		(2,759,311	)		(411,956	)
Income tax (expense)/benefit		(1,811	)		(30,459	)		1,791			267
Net loss		(587,170	)		(1,782,660	)		(2,757,520	)		(411,689	)
Accretion on redeemable non-controlling interests to redemption value		(72,168	)		(66,775	)		(68,899	)		(10,286	)
Net loss attributable to non-controlling interests		61			24,397			81,411			12,154
Net loss attributable to ordinary shareholders of NIO Inc.		(659,277	)		(1,825,038	)		(2,745,008	)		(409,821	)

Net loss		(587,170	)		(1,782,660	)		(2,757,520	)		(411,689	)
Other comprehensive (loss)/income
Change in unrealized gains related to available-for-sale debt securities, net of tax		—			743,103			(4,999	)		(746	)
Change in unrealized losses on cash flow hedges		—			—			(20	)		(3	)
Foreign currency translation adjustment, net of nil tax		(114,327	)		(38,879	)		490,549			73,237
Total other comprehensive (loss)/income		(114,327	)		704,224			485,530			72,488
Total comprehensive loss		(701,497	)		(1,078,436	)		(2,271,990	)		(339,201	)

Accretion on redeemable non-controlling interests to redemption value		(72,168	)		(66,775	)		(68,899	)		(10,286	)
Net loss attributable to non-controlling interests		61			24,397			81,411			12,154
Other comprehensive income attributable to non-controlling interests		—			(150,141	)		—			—
Comprehensive loss attributable to ordinary shareholders of NIO Inc.		(773,604	)		(1,270,955	)		(2,259,478	)		(337,333	)
Weighted average number of ordinary shares used in computing net loss per share
Basic and diluted		1,563,893,630			1,624,805,030			1,632,803,993			1,632,803,993
Net loss per share attributable to ordinary shareholders
Basic and diluted		(0.42	)		(1.12	)		(1.68	)		(0.25	)
Weighted average number of ADS used in computing net loss per share
Basic and diluted		1,563,893,630			1,624,805,030			1,632,803,993			1,632,803,993
Net loss per ADS attributable to ordinary shareholders
Basic and diluted		(0.42	)		(1.12	)		(1.68	)		(0.25	)

	Six Months Ended
	June 30, 2021			June 30, 2022			June 30, 2022
	RMB			RMB			US$
Revenues:
Vehicle sales		15,317,600			18,814,856			2,808,984
Other sales		1,112,780			1,388,096			207,237
Total revenues		16,430,380			20,202,952			3,016,221
Cost of sales:
Vehicle sales		(12,146,943	)		(15,544,175	)		(2,320,684	)
Other sales		(1,154,710	)		(1,871,635	)		(279,428	)
Total cost of sales		(13,301,653	)		(17,415,810	)		(2,600,112	)
Gross profit		3,128,727			2,787,142			416,109
Operating expenses:
Research and development		(1,570,214	)		(3,911,166	)		(583,922	)
Selling, general and administrative		(2,695,008	)		(4,297,265	)		(641,565	)
Other operating income		77,248			387,064			57,787
Total operating expenses		(4,187,974	)		(7,821,367	)		(1,167,700	)
Loss from operations		(1,059,247	)		(5,034,225	)		(751,591	)
Interest and investment income		312,652			693,551			103,544
Interest expenses		(484,283	)		(142,051	)		(21,208	)
Share of income of equity investees		99,838			74,282			11,090
Other income/(losses), net		98,590			(103,069	)		(15,388	)
Loss before income tax expense		(1,032,450	)		(4,511,512	)		(673,553	)
Income tax expense		(5,768	)		(28,668	)		(4,280	)
Net loss		(1,038,218	)		(4,540,180	)		(677,833	)
Accretion on redeemable non-controlling interests to redemption value		(4,496,164	)		(135,674	)		(20,256	)
Net loss attributable to non-controlling interests		145			105,808			15,797
Net loss attributable to ordinary shareholders of NIO Inc.		(5,534,237	)		(4,570,046	)		(682,292	)

Net loss		(1,038,218	)		(4,540,180	)		(677,833	)
Other comprehensive (loss)/income
Change in unrealized gains related to available-for-sale debt securities, net of tax		—			738,104			110,196
Change in unrealized losses on cash flow hedges		—			(20	)		(3	)
Foreign currency translation adjustment, net of nil tax		(188,856	)		451,670			67,433
Total other comprehensive (loss)/income		(188,856	)		1,189,754			177,626
Total comprehensive loss		(1,227,074	)		(3,350,426	)		(500,207	)

Accretion on redeemable non-controlling interests to redemption value		(4,496,164	)		(135,674	)		(20,256	)
Net loss attributable to non-controlling interests		145			105,808			15,797
Other comprehensive income attributable to non-controlling interests		—			(150,141	)		(22,415	)
Comprehensive loss attributable to ordinary shareholders of NIO Inc.		(5,723,093	)		(3,530,433	)		(527,081	)
Weighted average number of ordinary shares used in computing net loss per share
Basic and diluted		1,557,911,888			1,631,602,522			1,631,602,522
Net loss per share attributable to ordinary shareholders
Basic and diluted		(3.55	)		(2.80	)		(0.42	)
Weighted average number of ADS used in computing net loss per share
Basic and diluted		1,557,911,888			1,631,602,522			1,631,602,522
Net loss per ADS attributable to ordinary shareholders
Basic and diluted		(3.55	)		(2.80	)		(0.42	)

	Three Months Ended June 30, 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		(8,952,061	)	14,227	—	(8,937,834	)
Research and development expenses		(2,149,479	)	275,894	—	(1,873,585	)
Selling, general and administrative expenses		(2,282,461	)	200,382	—	(2,082,079	)
Total		(13,384,001	)	490,503	—	(12,893,498	)
Loss from operations		(2,845,560	)	490,503	—	(2,355,057	)
Net loss		(2,757,520	)	490,503	—	(2,267,017	)
Net loss attributable to ordinary shareholders of NIO Inc.		(2,745,008	)	490,503	68,899	(2,185,606	)

Net loss per share attributable to ordinary shareholders, basic and diluted (RMB)		(1.68	)	0.30	0.04	(1.34	)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (RMB)		(1.68	)	0.30	0.04	(1.34	)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD)		(0.25	)	0.04	0.01	(0.20	)

	Three Months Ended March 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		(8,463,749	)	12,125	—	(8,451,624	)
Research and development expenses		(1,761,687	)	247,621	—	(1,514,066	)
Selling, general and administrative expenses		(2,014,804	)	213,293	—	(1,801,511	)
Total		(12,240,240	)	473,039	—	(11,767,201	)
Loss from operations		(2,188,665	)	473,039	—	(1,715,626	)
Net loss		(1,782,660	)	473,039	—	(1,309,621	)
Net loss attributable to ordinary shareholders of NIO Inc.		(1,825,038	)	473,039	66,775	(1,285,224	)

Net loss per share attributable to ordinary shareholders, basic and diluted (RMB)		(1.12	)	0.29	0.04	(0.79	)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (RMB)		(1.12	)	0.29	0.04	(0.79	)

	Three Months Ended June 30, 2021
		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		(6,874,126	)	8,393	—	(6,865,733	)
Research and development expenses		(883,666	)	82,772	—	(800,894	)
Selling, general and administrative expenses		(1,497,760	)	160,215	—	(1,337,545	)
Total		(9,255,552	)	251,380	—	(9,004,172	)
Loss from operations		(763,323	)	251,380	—	(511,943	)
Net loss		(587,170	)	251,380	—	(335,790	)
Net loss attributable to ordinary shareholders of NIO Inc.		(659,277	)	251,380	72,168	(335,729	)

Net loss per share attributable to ordinary shareholders, basic and diluted (RMB)		(0.42	)	0.16	0.05	(0.21	)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (RMB)		(0.42	)	0.16	0.05	(0.21	)

	Six Months Ended June 30, 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		(17,415,810	)	26,352	—	(17,389,458	)
Research and development expenses		(3,911,166	)	523,515	—	(3,387,651	)
Selling, general and administrative expenses		(4,297,265	)	413,675	—	(3,883,590	)
Total		(25,624,241	)	963,542	—	(24,660,699	)
Loss from operations		(5,034,225	)	963,542	—	(4,070,683	)
Net loss		(4,540,180	)	963,542	—	(3,576,638	)
Net loss attributable to ordinary shareholders of NIO Inc.		(4,570,046	)	963,542	135,674	(3,470,830	)

Net loss per share attributable to ordinary shareholders, basic and diluted (RMB)		(2.80	)	0.59	0.08	(2.13	)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (RMB)		(2.80	)	0.59	0.08	(2.13	)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD)		(0.42	)	0.09	0.01	(0.32	)

	Six Months Ended June 30, 2021
		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		(13,301,653	)	12,044	—	(13,289,609	)
Research and development expenses		(1,570,214	)	119,287	—	(1,450,927	)
Selling, general and administrative expenses		(2,695,008	)	216,529	—	(2,478,479	)
Total		(17,566,875	)	347,860	—	(17,219,015	)
Loss from operations		(1,059,247	)	347,860	—	(711,387	)
Net loss		(1,038,218	)	347,860	—	(690,358	)
Net loss attributable to ordinary shareholders of NIO Inc.		(5,534,237	)	347,860	4,496,164	(690,213	)

Net loss per share attributable to ordinary shareholders, basic and diluted (RMB)		(3.55	)	0.22	2.89	(0.44	)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (RMB)		(3.55	)	0.22	2.89	(0.44	)