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NIO Inc. Unaudited Second Quarter 2023 Financial Results

NIO

NIO Inc. announced its unaudited financial results for the second quarter ended June 30, 2023.

Operating Highlights for the Second Quarter of 2023

Key Operating Results
 
 2023 Q22023 Q12022 Q42022 Q3
Deliveries23,52031,04140,05231,607
     
 2022 Q22022 Q12021 Q42021 Q3
Deliveries25,05925,76825,03424,439

Financial Highlights for the Second Quarter of 2023

Key Financial Results for the Second Quarter of 2023
(in RMB million, except for percentage)
  2023 Q22023 Q1 2022 Q2 % Changeiii
      QoQYoY
Vehicle Sales 7,185.2 9,224.5  9,570.8  -22.1%-24.9%
Vehicle Margin 6.2%5.1% 16.7% 110bp-1050bp
         
Total Revenues 8,771.7 10,676.5  10,292.4  -17.8%-14.8%
Gross Profit 87.0 162.3  1,340.3  -46.4%-93.5%
Gross Margin 1.0%1.5% 13.0% -50bp-1200bp
         
Loss from Operations (6,074.1)(5,111.8) (2,845.6) 18.8%113.5%
Adjusted Loss from Operations (non-GAAP)(5,464.1)(4,522.4) 

(2,355.1


)
 20.8%132.0%
        
Net Loss (6,055.8)(4,739.5) (2,757.5) 27.8%119.6%
Adjusted Net Loss (non-GAAP)(5,445.7)(4,150.1) (2,267.0) 31.2%140.2%

Recent Developments
Deliveries in July 2023

Launch of the ET5T

Strategic Equity Investment from CYVN

CEO and CFO Comments
“NIO delivered 23,520 vehicles in the second quarter of 2023. In July 2023, NIO delivered 20,462 vehicles, representing a substantial increase of 103.6% year-over-year, which propelled NIO to the top position in China’s premium electric vehicle market for vehicles priced above RMB300,000,” said William Bin Li, founder, chairman and chief executive officer of NIO.

“Attributed to the product transition based on the NT2.0 Platform, coupled with the expansion of our power network and the strengthening of our sales capabilities, we expect a solid growth in vehicle deliveries in the second half of 2023,” added Mr. Li.

“In July 2023, NIO closed the US$738.5 million strategic equity investment from CYVN Entities, which demonstrated NIO’s unique values in the smart electric vehicle industry. This transaction further strengthened our balance sheet, powering our continuous endeavors in accelerating business growth, driving technological innovations and building long-term competitiveness,” added Steven Wei Feng, NIO’s chief financial officer, “Meanwhile, we will remain dedicated to improving our operational efficiency while pursuing continuous growth.”

Financial Results for the Second Quarter of 2023
Revenues

Cost of Sales and Gross Margin

Operating Expenses                               

Loss from Operations

Net Loss and Earnings Per Share/ADS

Balance Sheet

Share Issuance

Business Outlook
For the third quarter of 2023, the Company expects:

This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.

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