Quarterly Total Revenues reached
Quarterly Vehicle Deliveries were 55,432 units
Operating Highlights for the Third Quarter of 2023
- Vehicle deliveries were 55,432 in the third quarter of 2023, consisting of 37,585 premium smart electric SUVs and 17,847 premium smart electric sedans, representing an increase of 75.4% from the third quarter of 2022, and an increase of 135.7% from the second quarter of 2023.
Key Operating Results | ||||
2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | |
Deliveries | 55,432 | 23,520 | 31,041 | 40,052 |
2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | |
Deliveries | 31,607 | 25,059 | 25,768 | 25,034 |
Financial Highlights for the Third Quarter of 2023
- Vehicle sales were
RMB17,408.9 million (US$2,386.1 million ) in the third quarter of 2023, representing an increase of 45.9% from the third quarter of 2022 and an increase of 142.3% from the second quarter of 2023. - Vehicle marginii was 11.0% in the third quarter of 2023, compared with 16.4% in third quarter of 2022 and 6.2% in the second quarter of 2023.
- Total revenues were
RMB19,066.6 million (US$2,613.3 million ) in the third quarter of 2023, representing an increase of 46.6% from the third quarter of 2022 and an increase of 117.4 % from the second quarter of 2023. - Gross profit was
RMB1,523.3 million (US$208.8 million ) in the third quarter of 2023, representing a decrease of 12.2% from the third quarter of 2022 and an increase of 1,650.9% from the second quarter of 2023. - Gross margin was 8.0% in the third quarter of 2023, compared with 13.3% in the third quarter of 2022 and 1.0% in the second quarter of 2023.
- Loss from operations was
RMB4,843.9 million (US$663.9 million ) in the third quarter of 2023, representing an increase of 25.2% from the third quarter of 2022 and a decrease of 20.3% from the second quarter of 2023. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) wasRMB4,240.4 million (US$581.2 million ) in the third quarter of 2023, representing an increase of 30.1% from the third quarter of 2022 and a decrease of 22.4% from the second quarter of 2023. - Net loss was
RMB4,556.7 million (US$624.6 million ) in the third quarter of 2023, representing an increase of 10.8% from the third quarter of 2022 and a decrease of 24.8% from the second quarter of 2023. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) wasRMB3,953.2 million (US$541.8 million ) in the third quarter of 2023, representing an increase of 13.0% from the third quarter of 2022 and a decrease of 27.4% from the second quarter of 2023. - Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were
RMB45.2 billion (US$6.2 billion ) as ofSeptember 30, 2023 .
Key Financial Results for the Third Quarter of 2023 | |||||||||||
(in RMB million, except for percentage) | |||||||||||
2023 Q3 | 2023 Q2 | 2022 Q3 | % Changeiii | ||||||||
QoQ | YoY | ||||||||||
Vehicle Sales | 17,408.9 | 7,185.2 | 11,932.7 | 142.3% | 45.9% | ||||||
Vehicle Margin | 11.0% | 6.2% | 16.4% | 480bp | -540bp | ||||||
Total Revenues | 19,066.6 | 8,771.7 | 13,002.1 | 117.4% | 46.6% | ||||||
Gross Profit | 1,523.3 | 87.0 | 1,735.1 | 1,650.9% | -12.2% | ||||||
Gross Margin | 8.0% | 1.0% | 13.3% | 700bp | -530bp | ||||||
Loss from Operations | (4,843.9) | (6,074.1) | (3,870.3) | -20.3% | 25.2% | ||||||
Adjusted Loss from Operations (non-GAAP) | (4,240.4) | (5,464.1) | (3,258.4) | -22.4% | 30.1% | ||||||
Net Loss | (4,556.7) | (6,055.8) | (4,110.8) | -24.8% | 10.8% | ||||||
Adjusted Net Loss (non-GAAP) | (3,953.2) | (5,445.7) | (3,498.9) | -27.4% | 13.0% |
Recent Developments
Deliveries in October and
- NIO delivered 16,074 vehicles in
October 2023 and 15,959 vehicles inNovember 2023 . As ofNovember 30, 2023 , cumulative deliveries of NIO vehicles reached 431,582.
Completion of Offering of Convertible Senior Notes Due 2029 and 2030
- In September and
October 2023 , the Company completed an offering ofUS$575 million aggregate principal amount of 3.875% convertible senior notes due 2029, andUS$575 million aggregate principal amount of 4.625% convertible senior notes due 2030 (the “Notes Offering”). Shortly after the pricing of the notes, the Company purchased, in separate privately negotiated transactions effected through one of the initial purchasers and its affiliates, approximatelyUS$256 million aggregate principal amount of the Company’s outstanding 0.00% convertible senior notes due 2026 and approximatelyUS$244 million aggregate principal amount of the Company’s outstanding 0.50% convertible senior notes due 2027 for cash, using the net proceeds from the Notes Offering. The Company plans to use the remainder of the net proceeds from the Notes Offering mainly to further strengthen its balance sheet position as well as for general corporate purposes.
Manufacturing Equipment and Assets Acquisition
- On
December 5, 2023 , the Company entered into definitive agreements with Anhui Jianghuai Automobile Group Corp., Ltd. (“JAC”) regarding the acquisition of certain manufacturing equipment and assets. JAC is a major state-owned automobile manufacturer inChina that currently jointly manufactures with NIO all of NIO’s current vehicle models. Pursuant to the definitive agreements, the Company will acquire the manufacturing equipment and assets of the first advanced manufacturing base and the second advanced manufacturing base from JAC for a total consideration of approximatelyRMB3.16 billion , excluding tax.
Launch of the All-New EC6
- On
September 15, 2023 , NIO launched and started deliveries of the All-New EC6, a smart electric coupe SUV.
ESG Report
- On
September 25, 2023 , NIO released its 2022 Environmental, Social, and Governance (ESG) report, illustrating the Company’s ESG practices and accomplishments in sustainable development.
Appointment of Independent Director
- On
November 13, 2023 , NIO appointed ProfessorYonggang Wen as a new independent director to the Company’s board of directors.
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
“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
“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
Financial Results for the Third Quarter of 2023
Revenues
- Total revenues in the third quarter of 2023 were
RMB19,066.6 million (US$2,613.3 million ), representing an increase of 46.6% from the third quarter of 2022 and an increase of 117.4% from the second quarter of 2023. - Vehicle sales in the third quarter of 2023 were
RMB17,408.9 million (US$2,386.1 million ), representing an increase of 45.9% from the third quarter of 2022 and an increase of 142.3% from the second quarter of 2023. The increase in vehicle sales over the third quarter of 2022 and the second quarter of 2023 was mainly attributable to higher vehicle deliveries. - Other sales in the third quarter of 2023 were
RMB1,657.7 million (US$227.2 million ), representing an increase of 55.0% from the third quarter of 2022 and an increase of 4.5% from the second quarter of 2023. The increase in other sales over the third quarter of 2022 was mainly due to the increase in sales of accessories, used cars, and provision of power solutions, as a result of continued growth in the number of our users. The increase in other sales over the second quarter of 2023 was mainly due to the increase in sales of accessories, charging piles, and provision of power solutions, as a result of continued growth in the number of our users, partially offset by a decrease in revenue from sales of used cars.
Cost of Sales and Gross Margin
- Cost of sales in the third quarter of 2023 was
RMB17,543.2 million (US$2,404.5 million ), representing an increase of 55.7% from the third quarter of 2022 and an increase of 102.0% from the second quarter of 2023. The increase in cost of sales over the third quarter of 2022 was mainly driven by the increase in vehicle deliveries, provision of power solutions, sales of used cars and accessories, partially offset by the lower battery cost per unit. The increase in cost of sales over the second quarter of 2023 was mainly attributable to the increase in vehicle deliveries, provision of power solutions and sales of charging piles, partially offset by decreased volume of used cars sold. - Gross profit in the third quarter of 2023 was
RMB1,523.3 million (US$208.8 million ), representing a decrease of 12.2% from the third quarter of 2022 and an increase of 1,650.9% from the second quarter of 2023. - Gross margin in the third quarter of 2023 was 8.0%, compared with 13.3% in the third quarter of 2022 and 1.0% in the second quarter of 2023. The decrease of gross margin over the third quarter of 2022 was mainly attributable to the decreased vehicle margin. The increase of gross margin over the second quarter of 2023 was mainly attributable to the increased vehicle margin.
- Vehicle margin in the third quarter of 2023 was 11.0%, compared with 16.4% in the third quarter of 2022 and 6.2% in the second quarter of 2023. The decrease in vehicle margin from the third quarter of 2022 was mainly attributable to changes in product mix, partially offset by the decreased battery cost per unit. The increase in vehicle margin from the second quarter of 2023 was mainly due to changes in product mix, as well as decreased promotion.
Operating Expenses
- Research and development expenses in the third quarter of 2023 were
RMB3,039.1 million (US$416.5 million ), representing an increase of 3.2% from the third quarter of 2022 and a decrease of 9.1% from the second quarter of 2023. Excluding share-based compensation expenses, research and development expenses (non-GAAP) wereRMB2,643.2 million (US$362.3 million ), representing an increase of 2.8% from the third quarter of 2022 and a decrease of 10.2% from the second quarter of 2023. The slight increase in research and development expenses over the third quarter of 2022 was mainly attributable to the increased personnel costs in research and development functions, partially offset by the decreased design and development costs and deduction of expenses due to the support for technology advancement provided by local governmental authorities during the third quarter of 2023. The decrease in research and development expenses over the second quarter of 2023 was mainly due to the support for technology advancement provided by local governmental authorities during the third quarter of 2023. - Selling, general and administrative expenses in the third quarter of 2023 were
RMB3,609.3 million (US$494.7 million ), representing an increase of 33.1% from the third quarter of 2022 and an increase of 26.3% from the second quarter of 2023. Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) wereRMB3,423.8 million (US$469.3 million ), representing an increase of 37.5% from the third quarter of 2022 and an increase of 28.1% from the second quarter of 2023. The increase in selling, general and administrative expenses over the third quarter of 2022 and the second quarter of 2023 was mainly attributable to (i) the increase in personnel costs related to sales functions, and (ii) the increase in sales and marketing activities, including the launch of new products.
Loss from Operations
- Gain on extinguishment of debt in the third quarter of 2023 were
RMB170.2 million (US$23.3 million ), compared with nil in the third quarter of 2022 and second quarter of 2023, which was attributable to gain from repurchase of a portion of our 0.00% convertible senior notes due 2026 and repurchase of a portion of our 0.50% convertible senior notes due 2027 with the carrying amount ofRMB1,822.0 million (US$253.8 million ) andRMB1,739.3 million (US$242.2 million ), respectively, in the third quarter of 2023. - Loss from operations in the third quarter of 2023 was
RMB4,843.9 million (US$663.9 million ), representing an increase of 25.2% from the third quarter of 2022 and a decrease of 20.3% from the second quarter of 2023. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) wasRMB4,240.4 million (US$581.2 million ) in the third quarter of 2023, representing an increase of 30.1% from the third quarter of 2022 and a decrease of 22.4% from second quarter of 2023.
Net Loss and Earnings Per Share/ADS
- Net loss in the third quarter of 2023 was
RMB4,556.7 million (US$624.6 million ), representing an increase of 10.8% from the third quarter of 2022 and a decrease of 24.8% from the second quarter of 2023. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) wasRMB3,953.2 million (US$541.8 million ) in the third quarter of 2023, representing an increase of 13.0% from the third quarter of 2022 and a decrease of 27.4% from the second quarter of 2023. - Net loss attributable to NIO’s ordinary shareholders in the third quarter of 2023 was
RMB 4,628.6 million (US$634.4 million ), representing an increase of 11.7% from the third quarter of 2022 and a decrease of 24.4% from the second 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) wasRMB 3,947.9 million (US$541.1 million ) in the third quarter of 2023. - Basic and diluted net loss per ordinary share/ADS in the third quarter of 2023 were both
RMB2.67 (US$0.37 ), compared withRMB2.53 in the third quarter of 2022 andRMB3.70 in the second 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 bothRMB2.28 (US$0.31 ), compared withRMB2.11 in the third quarter of 2022 andRMB3.28 in the second quarter of 2023.
Balance Sheet
- Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was
RMB45.2 billion (US$6.2 billion ) as ofSeptember 30, 2023 .
Business Outlook
For the fourth quarter of 2023, the Company expects:
- Deliveries of vehicles to be between 47,000 and 49,000 vehicles, representing an increase of approximately 17.3% to 22.3% from the same quarter of 2022.
- Total revenues to be between
RMB16,079 million (US$2,204 million ) andRMB16,701 million (US$2,289 million ), representing an increase of approximately 0.1% to 4.0% from the same quarter of 2022.
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/10035239-k4wca1.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: | 10035239 |
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 Consolidated Balance Sheets
(All amounts in thousands)
As of | ||||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 19,887,575 | 24,084,635 | 3,301,074 | |||
Restricted cash | 3,154,240 | 4,155,376 | 569,542 | |||
Short-term investments | 19,171,017 | 14,869,603 | 2,038,049 | |||
Trade and notes receivables | 5,118,170 | 5,372,382 | 736,346 | |||
Amounts due from related parties | 1,380,956 | 1,947,234 | 266,891 | |||
Inventory | 8,191,386 | 7,063,308 | 968,107 | |||
Prepayments and other current assets | 2,246,408 | 3,176,611 | 435,391 | |||
Total current assets | 59,149,752 | 60,669,149 | 8,315,400 | |||
Non-current assets: | ||||||
Long-term restricted cash | 113,478 | 144,401 | 19,792 | |||
Property, plant and equipment, net. | 15,658,666 | 20,740,663 | 2,842,744 | |||
Intangible assets, net……………………………………………… | — | 29,648 | 4,064 | |||
Land use rights, net | 212,603 | 208,625 | 28,594 | |||
Long-term investments | 6,356,411 | 5,532,418 | 758,281 | |||
Right-of-use assets - operating lease | 7,374,456 | 9,627,068 | 1,319,499 | |||
Other non-current assets | 7,398,559 | 5,514,308 | 755,799 | |||
Total non-current assets | 37,114,173 | 41,797,131 | 5,728,773 | |||
Total assets | 96,263,925 | 102,466,280 | 14,044,173 | |||
LIABILITIES | ||||||
Current liabilities: | ||||||
Short-term borrowings | 4,039,210 | 4,833,000 | 662,418 | |||
Trade and notes payable | 25,223,687 | 28,117,924 | 3,853,882 | |||
Amounts due to related parties | 384,611 | 635,816 | 87,146 | |||
Taxes payable | 286,300 | 406,682 | 55,740 | |||
Current portion of operating lease liabilities | 1,025,968 | 1,352,542 | 185,381 | |||
Current portion of long-term borrowings | 1,237,916 | 5,231,765 | 717,073 | |||
Accruals and other liabilities | 13,654,362 | 14,865,338 | 2,037,464 | |||
Total current liabilities | 45,852,054 | 55,443,067 | 7,599,104 | |||
Non-current liabilities: | ||||||
Long-term borrowings | 10,885,799 | 12,155,738 | 1,666,083 | |||
Non-current operating lease liabilities | 6,517,096 | 8,664,054 | 1,187,507 | |||
Deferred tax liabilities | 218,189 | 216,003 | 29,606 | |||
Other non-current liabilities | 5,144,027 | 6,295,799 | 862,912 | |||
Total non-current liabilities | 22,765,111 | 27,331,594 | 3,746,108 | |||
Total liabilities | 68,617,165 | 82,774,661 | 11,345,212 |
Unaudited Consolidated Balance Sheets
(All amounts in thousands)
As of | |||||
RMB | RMB | US$ | |||
MEZZANINE EQUITY | |||||
Redeemable non-controlling interests | 3,557,221 | 3,781,618 | 518,314 | ||
Total mezzanine equity | 3,557,221 | 3,781,618 | 518,314 | ||
SHAREHOLDERS’ EQUITY | |||||
23,868,165 | 15,710,837 | 2,153,349 | |||
Non-controlling interests | 221,374 | 199,164 | 27,298 | ||
Total shareholders’ equity | 24,089,539 | 15,910,001 | 2,180,647 | ||
Total liabilities, mezzanine equity and shareholders’ equity | 96,263,925 | 102,466,280 | 14,044,173 |
Unaudited 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 | 11,932,709 | 7,185,214 | 17,408,864 | 2,386,083 | ||||
Other sales | 1,069,386 | 1,586,521 | 1,657,687 | 227,205 | ||||
Total revenues | 13,002,095 | 8,771,735 | 19,066,551 | 2,613,288 | ||||
Cost of sales: | ||||||||
Vehicle sales | (9,978,261 | ) | (6,738,344 | ) | (15,491,494 | ) | (2,123,286 | ) |
Other sales | (1,288,741 | ) | (1,946,435 | ) | (2,051,734 | ) | (281,214 | ) |
Total cost of sales | (11,267,002 | ) | (8,684,779 | ) | (17,543,228 | ) | (2,404,500 | ) |
Gross profit | 1,735,093 | 86,956 | 1,523,323 | 208,788 | ||||
Operating expenses: | ||||||||
Research and development | (2,944,517 | ) | (3,344,572 | ) | (3,039,089 | ) | (416,542 | ) |
Selling, general and administrative | (2,712,483 | ) | (2,856,603 | ) | (3,609,319 | ) | (494,698 | ) |
Other operating income | 51,607 | 40,104 | 281,174 | 38,538 | ||||
Total operating expenses | (5,605,393 | ) | (6,161,071 | ) | (6,367,234 | ) | (872,702 | ) |
Loss from operations | (3,870,300 | ) | (6,074,115 | ) | (4,843,911 | ) | (663,914 | ) |
Interest and investment income | 313,208 | 247,180 | 288,014 | 39,476 | ||||
Interest expenses | (100,564 | ) | (82,440 | ) | (88,546 | ) | (12,136 | ) |
Gain on extinguishment of debt | — | — | 170,193 | 23,327 | ||||
Share of income of equity investees | 52,054 | 10,641 | 7,781 | 1,066 | ||||
Other losses, net | (495,582 | ) | (138,345 | ) | (88,645 | ) | (12,150 | ) |
Loss before income tax expense | (4,101,184 | ) | (6,037,079 | ) | (4,555,114 | ) | (624,331 | ) |
Income tax expense | (9,639 | ) | (18,671 | ) | (1,610 | ) | (221 | ) |
Net loss | (4,110,823 | ) | (6,055,750 | ) | (4,556,724 | ) | (624,552 | ) |
Accretion on redeemable non-controlling interests to redemption value | (71,100 | ) | (74,772 | ) | (77,159 | ) | (10,576 | ) |
Net loss attributable to non-controlling interests | 39,603 | 8,586 | 5,254 | 720 | ||||
Net loss attributable to ordinary shareholders of | (4,142,320 | ) | (6,121,936 | ) | (4,628,629 | ) | (634,408 | ) |
Net loss | (4,110,823 | ) | (6,055,750 | ) | (4,556,724 | ) | (624,552 | ) |
Other comprehensive income/(loss) | ||||||||
Change in unrealized gains related to available-for-sale debt securities, net of tax | 32,727 | — | — | — | ||||
Change in unrealized (losses)/gains on cash flow hedges | (797 | ) | 1,329 | — | — | |||
Foreign currency translation adjustment, net of nil tax | 400,386 | 327,472 | (61,222 | ) | (8,391 | ) | ||
Total other comprehensive income/(loss) | 432,316 | 328,801 | (61,222 | ) | (8,391 | ) | ||
Total comprehensive loss | (3,678,507 | ) | (5,726,949 | ) | (4,617,946 | ) | (632,943 | ) |
Accretion on redeemable non-controlling interests to redemption value | (71,100 | ) | (74,772 | ) | (77,159 | ) | (10,576 | ) |
Net loss attributable to non-controlling interests | 39,603 | 8,586 | 5,254 | 720 | ||||
Other comprehensive income attributable to non-controlling interests | (6,387 | ) | — | — | — | |||
Comprehensive loss attributable to ordinary shareholders of | (3,716,391 | ) | (5,793,135 | ) | (4,689,851 | ) | (642,799 | ) |
Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS | ||||||||
Basic and diluted | 1,640,001,909 | 1,652,857,917 | 1,735,661,387 | 1,735,661,387 | ||||
Net loss per share/ADS attributable to ordinary shareholders | ||||||||
Basic and diluted | (2.53 | ) | (3.70 | ) | (2.67 | ) | (0.37 | ) |
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 | (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 | (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 | ) | ||
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD) | (0.37 | ) | 0.05 | 0.01 | (0.31 | ) |
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 | (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 | (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 | ) |
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 | (11,267,002 | ) | 17,040 | — | (11,249,962 | ) | ||
Research and development expenses | (2,944,517 | ) | 373,154 | — | (2,571,363 | ) | ||
Selling, general and administrative expenses | (2,712,483 | ) | 221,680 | — | (2,490,803 | ) | ||
Total | (16,924,002 | ) | 611,874 | — | (16,312,128 | ) | ||
Loss from operations | (3,870,300 | ) | 611,874 | — | (3,258,426 | ) | ||
Net loss | (4,110,823 | ) | 611,874 | — | (3,498,949 | ) | ||
Net loss attributable to ordinary shareholders of | (4,142,320 | ) | 611,874 | 71,100 | (3,459,346 | ) | ||
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) | (2.53 | ) | 0.37 | 0.05 | (2.11 | ) |
i All translations from RMB to USD for three months ended
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.
Source:
2023 GlobeNewswire, Inc., source