Ayush BansalNIO 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).
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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$7.3 billion) as of September 30, 2021.
Financial Statement:
NIO INC.
Unaudited Consolidated Statements of Comprehensive Loss
| Amounts expressed in Renminbi (“RMB”) unless otherwise stated | ||||||||||||
| (in thousands, except for share and per share data) | ||||||||||||
| Three Months Ended |
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| September 30, 2020 |
June 30, 2021 |
September 30, 2021 |
September 30, 2021 (US$) |
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| 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 | ) | ||||