NIO(09866)2022-06-09 10:00Financial Performance - Total revenue for Q1 2022 reached RMB 9.9106 billion (USD 1.5634 billion), an increase of 24.2% year-over-year and 0.1% quarter-over-quarter[5]. - Vehicle sales revenue for Q1 2022 was RMB 9.244 billion (USD 1.4582 billion), up 24.8% year-over-year and 0.3% quarter-over-quarter[9]. - Gross profit for Q1 2022 was RMB 1.4468 billion (USD 228.2 million), a decrease of 6.9% year-over-year and 14.9% quarter-over-quarter[15]. - Operating loss for Q1 2022 was RMB 2.1887 billion (USD 345.3 million), a 639.7% increase year-over-year but a 10.5% decrease quarter-over-quarter[7]. - Net loss for Q1 2022 was RMB 1.7827 billion (USD 281.2 million), a 295.3% increase year-over-year and a 16.8% decrease quarter-over-quarter[8]. - The total sales, general, and administrative expenses for the quarter were RMB 2.015 billion, up from RMB 1.802 billion, reflecting a 12% increase year-over-year[39]. - The company reported a significant increase in sales, with total costs amounting to RMB 12.240 billion for the quarter, compared to RMB 11.767 billion in the same quarter last year, marking a 4% increase[39]. - The net loss for the three months ended March 31, 2022, was RMB 1.783 billion, compared to RMB 1.310 billion in the same period last year, representing a 36% increase[39]. Vehicle Deliveries - Vehicle deliveries in Q1 2022 amounted to 25,768 units, representing a 28.5% increase compared to Q1 2021 and a 2.9% increase compared to Q4 2021[4]. - The company achieved a record quarterly delivery of 25,768 vehicles in Q1 2022 and surpassed 200,000 cumulative vehicle deliveries in May 2022[12]. - In April 2022, the company delivered 5,074 vehicles, and in May 2022, it delivered 7,024 vehicles, bringing total deliveries to 204,936 units by May 31, 2022[10]. - Vehicle deliveries are expected to be between 23,000 and 25,000 units, representing a growth of approximately 5.0% to 14.2% compared to Q2 2021[25]. Cash and Investments - As of March 31, 2022, cash and cash equivalents, restricted cash, and short-term investments totaled RMB 53.3 billion (USD 8.4 billion)[8]. - The cash and cash equivalents stood at RMB 15,900,150 thousand as of March 31, 2022, compared to RMB 15,333,719 thousand at the end of 2021, representing an increase of approximately 3.7%[33]. - The total current assets as of March 31, 2022, were RMB 64,308,455 thousand, slightly up from RMB 63,641,315 thousand at the end of 2021, marking an increase of about 1.0%[33]. Research and Development - R&D expenses in Q1 2022 were RMB 1.7617 billion (USD 277.9 million), an increase of 156.6% year-over-year[17]. - Research and development expenses for the same period were RMB 1.762 billion, up from RMB 1.514 billion, indicating a 16% increase year-over-year[39]. - Research and development expenses for the first quarter of 2022 were RMB 1,761,687 thousand, a decrease from RMB 1,828,516 thousand in the previous quarter, reflecting a reduction of approximately 3.7%[36]. Market Position and Strategy - NIO aims to create a community centered around smart electric vehicles, emphasizing innovation in autonomous driving and battery technologies[26]. - The company has launched several high-end smart electric vehicles, including the ES8, ES6, EC6, ET7, and ET5, with deliveries starting from 2018 to 2022[27]. - NIO's innovative technologies include battery swapping (BaaS) and autonomous driving subscription services (ADaaS), which are expected to enhance its market position[26]. - The company is focusing on expanding its market presence and developing new technologies, although specific details were not disclosed in the earnings call[42]. - The company plans to launch the ET5 in September 2022 and the ES7 in August 2022, expanding its product lineup[12]. Financial Metrics and Adjustments - NIO uses non-GAAP financial metrics to assess operational performance, excluding stock-based compensation expenses to provide clearer insights into business trends[29]. - The company encourages investors to consider a comprehensive review of financial data rather than relying solely on non-GAAP metrics[30]. - The financial data presented is preliminary and subject to potential adjustments during the year-end audit, which may lead to significant differences[32]. - The exchange rate used for converting RMB to USD is set at 6.3393 RMB per 1 USD, based on the rate as of March 31, 2022[31]. Assets and Liabilities - As of March 31, 2022, NIO Group reported total assets of RMB 87,194,294 thousand, an increase from RMB 82,883,601 thousand as of December 31, 2021, representing a growth of approximately 5.8%[33]. - The total liabilities increased to RMB 49,708,039 thousand as of March 31, 2022, up from RMB 44,820,178 thousand at the end of 2021, indicating a rise of about 10.5%[35]. - NIO Group's total equity attributable to shareholders was RMB 33,940,237 thousand as of March 31, 2022, a decrease from RMB 34,709,924 thousand at the end of 2021, indicating a decline of about 2.2%[35].