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NIO Inc. Reports Third Quarter 2021 Financial Results
Quarterly Total Revenues reached RMB9,805.3 million (US$1,521.8 million)i Quarterly Deliveries of the ES8, the ES6 and the EC6 were 24,439 vehicles

NIO inc. a leading company of premium smart electric vehicle makers reported its third-quarter financial results on Tuesday. It is listed on New York Stock Exchange by the symbol of (NYSE: NIO).

Financial Highlights for the Third Quarter 2021

Vehicle sales

They were increased to RMB8,636.8 million ( around US$1,340.4 million) in the third quarter of 2021, representing an increase of 102.4% from the third quarter of 2020.

The vehicle margin

It was 18.0%, compared with 14.5% in the third quarter of 2020

Total revenues

They were increased to RMB9,805.3 million (US$1,521.8 million) in the third quarter of 2021, representing an increase of 116.6% from the third quarter of 2020.

Gross profit 

It was RMB1,993.2 million (US$309.3 million) in the third quarter of 2021, representing an increase of 240.3% from the third quarter of 2020.

The gross margin

It was 20.3%, compared with 12.9% in the third quarter of 2020.

Loss from operations

It was RMB991.9 million (US$153.9 million) in the third quarter of 2021, representing an increase of 4.9% from the third quarter of 2020. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB726.3 million (US$112.7 million) in the third quarter of 2021, representing a decrease of 19.0% from the third quarter of 2020.

Net loss

It was RMB835.3 million (US$129.6 million) in the third quarter of 2021, representing a decrease of 20.2% from the third quarter of 2020.

Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB 569.7 million (US$88.4 million) in the third quarter of 2021, representing a decrease of 42.9% from the third quarter of 2020.

Net loss attributable to NIO’s ordinary shareholders

It was RMB2,858.9 million (US$443.7 million) in the third quarter of 2021, representing an increase of 140.7% from the third quarter of 2020 and an increase of 333.6% from the second quarter of 2021. In the third quarter of 2021.

NIO repurchased 1.418% equity interest in NIO China from a minority strategic investor for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023.5 million (US$314.0 million) in accretion on redeemable non-controlling interests to redemption value.

Basic and diluted net losses

They were both RMB1.82 (US$0.28) in the third quarter of 2021.

Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB0.36 (US$0.06).

Cash and cash equivalents, restricted cash, and short-term investment

They were RMB47.0 billion (US$7.3 billion) as of September 30, 2021.

Financial Statement:

NIO INC.

Unaudited Consolidated Statements of Comprehensive Loss

Amounts expressed in Renminbi (“RMB”) unless otherwise stated
(in thousands, except for share and per share data)
Three Months Ended
September 30, 2020
June 30, 2021
September 30, 2021
September 30,  2021 (US$)
Revenues:
Vehicle sales 4,266,788 7,911,813 8,636,765 1,340,405
Other sales 259,172 536,234 1,168,536 181,354
Total revenues 4,525,960 8,448,047 9,805,301 1,521,759
Cost of sales:
Vehicle sales (3,649,069 ) (6,308,001 ) (7,078,180 ) (1,098,516 )
Other sales (291,079 ) (566,125 ) (733,959 ) (113,909 )
The total cost of sales (3,940,148 ) (6,874,126 ) (7,812,139 ) (1,212,425 )
Gross profit 585,812 1,573,921 1,993,162 309,334
Operating expenses:
Research and development (590,783 ) (883,666 ) (1,193,122 ) (185,170 )
Selling, general and administrative (940,331 ) (1,497,760 ) (1,824,875 ) (283,216 )
Other operating (loss)/income, net (686 ) 44,182 32,910 5,108
Total operating expenses (1,531,800 ) (2,337,244 ) (2,985,087 ) (463,278 )
Loss from operations (945,988 ) (763,323 ) (991,925 ) (153,944 )
Interest income 51,652 193,034 240,120 37,266
Interest expenses (108,761 ) (60,527 ) (77,190 ) (11,980 )
Share of losses of equity investees (13,638 ) (3,450 ) (35,631 ) (5,530 )
Other (loss)/income, net (29,049 ) 48,907 32,574 5,055
Loss before income tax expense (1,045,784 ) (585,359 ) (832,052 ) (129,133 )
Income tax expense (1,213 ) (1,811 ) (3,250 ) (504 )
Net loss (1,046,997 ) (587,170 ) (835,302 ) (129,637 )
Accretion on redeemable non-controlling interests to redemption value (142,742 ) (72,168 ) (2,023,534 ) (314,048 )
Net loss/(profit) attributable to non-controlling interests 1,802 61 (14 ) (2 )
Net loss attributable to ordinary shareholders of NIO Inc. (1,187,937 ) (659,277 ) (2,858,850 ) (443,687 )
Net loss (1,046,997 ) (587,170 ) (835,302 ) (129,637 )
Other comprehensive income/(loss)
Foreign currency translation adjustment, net of nil tax 207,985 (114,327 ) 19,912 3,090
Total other comprehensive income/(loss) 207,985 (114,327 ) 19,912 3,090
Total comprehensive loss (839,012 ) (701,497 ) (815,390 ) (126,547 )

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