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Nio (NYSE: NIO) reported third-quarter income of RMB 19.07 billion, up 46.64 p.c year-on-year and 117.36 p.c from the second quarter.
Its internet loss for the third quarter was RMB4.557 billion, up 10.8 p.c from the third quarter of 2022 and down 24.8 p.c from the second quarter of 2023.
Excluding fairness incentive bills, its adjusted internet loss for the third quarter was RMB3,950 million, a rise of 13.0 p.c from the third quarter of 2022 and a lower of 27.4 p.c from the second quarter of 2023.
Monetary Outcomes for the Third Quarter of 2023
Revenues
Complete revenues within the third quarter of 2023 have been RMB19,066.6 million (US$2,613.3 million), representing a rise of 46.6% from the third quarter of 2022 and a rise of 117.4% from the second quarter of 2023.
Car gross sales within the third quarter of 2023 have been RMB17,408.9 million (US$2,386.1 million), representing a rise of 45.9% from the third quarter of 2022 and a rise of 142.3% from the second quarter of 2023. The rise in car gross sales over the third quarter of 2022 and the second quarter of 2023 was primarily attributable to larger car deliveries.
Different gross sales within the third quarter of 2023 have been RMB1,657.7 million (US$227.2 million), representing a rise of 55.0% from the third quarter of 2022 and a rise of 4.5% from the second quarter of 2023. The rise in different gross sales over the third quarter of 2022 was primarily as a result of improve in gross sales of equipment, used automobiles, and provision of energy options, because of continued development within the variety of our customers.
The rise in different gross sales over the second quarter of 2023 was primarily as a result of improve in gross sales of equipment, charging piles, and provision of energy options, because of continued development within the variety of our customers, partially offset by a lower in income from gross sales of used automobiles.Value of Gross sales and Gross Margin
Value of gross sales within the third quarter of 2023 was RMB17,543.2 million (US$2,404.5 million), representing a rise of 55.7% from the third quarter of 2022 and a rise of 102.0% from the second quarter of 2023.
The rise in price of gross sales over the third quarter of 2022 was primarily pushed by the rise in car deliveries, provision of energy options, gross sales of used automobiles and equipment, partially offset by the decrease battery price per unit.
The rise in price of gross sales over the second quarter of 2023 was primarily attributable to the rise in car deliveries, provision of energy options and gross sales of charging piles, partially offset by decreased quantity of used automobiles offered.
Gross revenue within the third quarter of 2023 was RMB1,523.3 million (US$208.8 million), representing a lower of 12.2% from the third quarter of 2022 and a rise of 1,650.9% from the second quarter of 2023.
Gross margin within the third quarter of 2023 was 8.0%, in contrast with 13.3% within the third quarter of 2022 and 1.0% within the second quarter of 2023. The lower of gross margin over the third quarter of 2022 was primarily attributable to the decreased car margin. The rise of gross margin over the second quarter of 2023 was primarily attributable to the elevated car margin.
Car margin within the third quarter of 2023 was 11.0%, in contrast with 16.4% within the third quarter of 2022 and 6.2% within the second quarter of 2023.
The lower in car margin from the third quarter of 2022 was primarily attributable to modifications in product combine, partially offset by the decreased battery price per unit. The rise in car margin from the second quarter of 2023 was primarily resulting from modifications in product combine, in addition to decreased promotion.
Working Bills
Analysis and improvement bills within the third quarter of 2023 have been RMB3,039.1 million (US$416.5 million), representing a rise of three.2% from the third quarter of 2022 and a lower of 9.1% from the second quarter of 2023.
Excluding share-based compensation bills, analysis and improvement bills (non-GAAP) have been RMB2,643.2 million (US$362.3 million), representing a rise of two.8% from the third quarter of 2022 and a lower of 10.2% from the second quarter of 2023.
The slight improve in analysis and improvement bills over the third quarter of 2022 was primarily attributable to the elevated personnel prices in analysis and improvement features, partially offset by the decreased design and improvement prices and deduction of bills as a result of help for know-how development supplied by native governmental authorities throughout the third quarter of 2023.
The lower in analysis and improvement bills over the second quarter of 2023 was primarily as a result of help for know-how development supplied by native governmental authorities throughout the third quarter of 2023.
Promoting, normal and administrative bills within the third quarter of 2023 have been RMB3,609.3 million (US$494.7 million), representing a rise of 33.1% from the third quarter of 2022 and a rise of 26.3% from the second quarter of 2023.
Excluding share-based compensation bills, promoting, normal and administrative bills (non-GAAP) have been RMB3,423.8 million (US$469.3 million), representing a rise of 37.5% from the third quarter of 2022 and a rise of 28.1% from the second quarter of 2023.
The rise in promoting, normal and administrative bills over the third quarter of 2022 and the second quarter of 2023 was primarily attributable to (i) the rise in personnel prices associated to gross sales features, and (ii) the rise in gross sales and advertising and marketing actions, together with the launch of latest merchandise.Loss from Operations
Achieve on extinguishment of debt within the third quarter of 2023 have been RMB170.2 million (US$23.3 million), in contrast with nil within the third quarter of 2022 and second quarter of 2023, which was attributable to achieve 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 quantity of RMB1,822.0 million (US$253.8 million) and RMB1,739.3 million (US$242.2 million), respectively, within the third quarter of 2023.
Loss from operations within the third quarter of 2023 was RMB4,843.9 million (US$663.9 million), representing a rise of 25.2% from the third quarter of 2022 and a lower of 20.3% from the second quarter of 2023.
Excluding share-based compensation bills, adjusted loss from operations (non-GAAP) was RMB4,240.4 million (US$581.2 million) within the third quarter of 2023, representing a rise of 30.1% from the third quarter of 2022 and a lower of twenty-two.4% from second quarter of 2023.Web Loss and Earnings Per Share/ADS
Web loss within the third quarter of 2023 was RMB4,556.7 million (US$624.6 million), representing a rise of 10.8% from the third quarter of 2022 and a lower of 24.8% from the second quarter of 2023.
Excluding share-based compensation bills, adjusted internet loss (non-GAAP) was RMB3,953.2 million (US$541.8 million) within the third quarter of 2023, representing a rise of 13.0% from the third quarter of 2022 and a lower of 27.4% from the second quarter of 2023.
Web loss attributable to NIO’s odd shareholders within the third quarter of 2023 was RMB 4,628.6 million (US$634.4 million), representing a rise of 11.7% from the third quarter of 2022 and a lower of 24.4% from the second quarter of 2023.
Excluding share-based compensation bills and accretion on redeemable non-controlling pursuits to redemption worth, adjusted internet loss attributable to NIO’s odd shareholders (non-GAAP) was RMB 3,947.9 million (US$541.1 million) within the third quarter of 2023.
Fundamental and diluted internet loss per odd share/ADS within the third quarter of 2023 have been each RMB2.67 (US$0.37), in contrast with RMB2.53 within the third quarter of 2022 and RMB3.70 within the second quarter of 2023.
Excluding share-based compensation bills and accretion on redeemable non-controlling pursuits to redemption worth, adjusted fundamental and diluted internet loss per share/ADS (non-GAAP) have been each RMB2.28 (US$0.31), in contrast with RMB2.11 within the third quarter of 2022 and RMB3.28 within the second quarter of 2023.
Steadiness Sheet
Steadiness of money and money equivalents, restricted money, short-term funding and long-term time deposits was RMB45.2 billion (US$6.2 billion) as of September 30, 2023.
Enterprise Outlook
For the fourth quarter of 2023, the Firm expects:
Deliveries of autos to be between 47,000 and 49,000 autos, representing a rise of roughly 17.3% to 22.3% from the identical quarter of 2022.
Complete revenues to be between RMB16,079 million (US$2,204 million) and RMB16,701 million (US$2,289 million), representing a rise of roughly 0.1% to 4.0% from the identical quarter of 2022.This enterprise outlook displays the Firm’s present and preliminary view on the enterprise state of affairs and market situation, which is topic to vary.
Latest Developments
Deliveries in October and November 2023
NIO delivered 16,074 autos in October 2023 and 15,959 autos in November 2023. As of November 30, 2023, cumulative deliveries of NIO autos reached 431,582.
Completion of Providing of Convertible Senior Notes Due 2029 and 2030
In September and October 2023, the Firm accomplished an providing of US$575 million combination principal quantity of three.875% convertible senior notes due 2029, and US$575 million combination principal quantity of 4.625% convertible senior notes due 2030 (the “Notes Providing”).
Shortly after the pricing of the notes, the Firm bought, in separate privately negotiated transactions effected by means of one of many preliminary purchasers and its associates, roughly US$256 million combination principal quantity of the Firm’s excellent 0.00% convertible senior notes due 2026 and roughly US$244 million combination principal quantity of the Firm’s excellent 0.50% convertible senior notes due 2027 for money, utilizing the web proceeds from the Notes Providing.
The Firm plans to make use of the rest of the web proceeds from the Notes Providing primarily to additional strengthen its stability sheet place in addition to for normal company functions.
Manufacturing Tools and Belongings Acquisition
On December 5, 2023, the Firm entered into definitive agreements with Anhui Jianghuai Car Group Corp., Ltd. (“JAC”) relating to the acquisition of sure manufacturing tools and property.
JAC is a significant state-owned vehicle producer in China that at the moment collectively manufactures with NIO all of NIO’s present car fashions.
Pursuant to the definitive agreements, the Firm will purchase the manufacturing tools and property of the primary superior manufacturing base and the second superior manufacturing base from JAC for a complete consideration of roughly RMB3.16 billion, excluding tax.
Launch of the All-New EC6
On September 15, 2023, NIO launched and began deliveries of the All-New EC6, a wise electrical coupe SUV.