NIO(09866)2022-11-10 10:05Financial Performance - Total revenue for Q3 2022 reached RMB 13.0021 billion (USD 1.8278 billion), an increase of 32.6% year-over-year and 26.3% quarter-over-quarter[5]. - Vehicle deliveries in Q3 2022 amounted to 31,607 units, a historical high, representing a 29.3% increase year-over-year and a 26.1% increase quarter-over-quarter[4]. - Vehicle sales revenue for Q3 2022 was RMB 11.9327 billion (USD 1.6775 billion), up 38.2% year-over-year and 24.7% quarter-over-quarter[8]. - Gross profit for Q3 2022 was RMB 1.7351 billion (USD 243.9 million), down 12.9% year-over-year but up 29.5% quarter-over-quarter[13]. - Operating loss for Q3 2022 was RMB 3.8703 billion (USD 544.1 million), a 290.2% increase year-over-year and a 36.0% increase quarter-over-quarter[6]. - Net loss for Q3 2022 was RMB 4.1108 billion (USD 577.9 million), a 392.1% increase year-over-year and a 49.1% increase quarter-over-quarter[7]. - Other sales revenue for Q3 2022 was RMB 1.0694 billion (USD 150.3 million), down 8.5% year-over-year but up 48.2% quarter-over-quarter[12]. - The total comprehensive loss for the three months ended September 30, 2022, was RMB 3,678.51 million[35]. Cash and Assets - Cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 51.4 billion (USD 7.2 billion) as of September 30, 2022[7]. - As of September 30, 2022, the total assets of NIO Group amounted to RMB 96,877,215 thousand (approximately USD 13,618,783 thousand), reflecting a significant increase from RMB 82,883,601 thousand as of December 31, 2021[32]. - Cash and cash equivalents as of September 30, 2022, were RMB 18,080,674 thousand (approximately USD 2,541,741 thousand), an increase from RMB 15,333,719 thousand as of December 31, 2021[32]. - The total current liabilities increased to RMB 39,729,428 thousand (approximately USD 5,585,074 thousand) as of September 30, 2022, from RMB 29,198,152 thousand as of December 31, 2021[33]. - NIO Group's inventory as of September 30, 2022, was RMB 6,671,568 thousand (approximately USD 937,874 thousand), significantly higher than RMB 2,056,352 thousand as of December 31, 2021[32]. Research and Development - R&D expenses for Q3 2022 were RMB 2.9445 billion (USD 413.9 million), a 146.8% increase year-over-year and 37.0% increase quarter-over-quarter[15]. - The R&D expenses for the three months ended September 30, 2022, were RMB 2,944.52 million, representing a significant investment in technology development[36]. Future Outlook - In Q4 2022, the company expects vehicle deliveries to be between 43,000 and 48,000 units, representing a growth of approximately 71.8% to 91.7% compared to Q4 2021[24]. - The projected total revenue for Q4 2022 is between RMB 17.368 billion (USD 2.442 billion) and RMB 19.225 billion (USD 2.703 billion), reflecting a growth of approximately 75.4% to 94.2% year-over-year[24]. - The company has indicated plans for market expansion and new product development, although specific details were not disclosed in the earnings call[34]. Share Issuance - The company issued 8,805,770 Class A ordinary shares on August 23, 2022, due to the conversion of certain convertible preferred bonds maturing in 2022[23]. - On November 4, 2022, the company issued 18,000,000 Class A ordinary shares to Deutsche Bank Trust Company Americas for future stock option exercises under its 2018 equity incentive plan[23]. Competitive Position - The company is a pioneer in the high-end smart electric vehicle market, focusing on innovation in autonomous driving, digital technology, and electric powertrains[26]. - The product lineup includes flagship SUVs ES8, ES7 (or EL7), ES6, EC6, and sedans ET7 and ET5, catering to various market segments[26]. - The company emphasizes its leading battery swapping technology and battery-as-a-service (BaaS) model as key competitive advantages[26]. Management and Governance - The company launched its first ESG report on September 30, 2022, detailing its management and performance in environmental, social, and governance aspects[10]. - The management will hold an earnings conference call on November 10, 2022, to discuss the financial results and future outlook[25]. - The company uses non-GAAP financial measures to assess its operating performance, excluding stock-based compensation expenses[28]. - The company acknowledges inherent risks and uncertainties that may cause actual results to differ significantly from forward-looking statements[27].