NIO(09866)2023-12-05 09:30Financial Performance - Total revenue for Q3 2023 reached RMB 19.0666 billion (USD 2.6133 billion), an increase of 46.6% year-over-year and 117.4% quarter-over-quarter[4] - Automotive sales revenue for Q3 2023 was RMB 17.4089 billion (USD 2.3861 billion), up 45.9% year-over-year and 142.3% quarter-over-quarter[6] - Gross profit for Q3 2023 was RMB 1.5233 billion (USD 208.8 million), a decrease of 12.2% year-over-year but a significant increase of 1,650.9% quarter-over-quarter[5] - Net loss for Q3 2023 was RMB 4.5567 billion (USD 646.2 million), a 10.8% increase year-over-year and a 24.8% decrease quarter-over-quarter[5] - Total revenue for Q3 2023 was RMB 19.0666 billion (USD 2.6133 billion), up 46.6% year-over-year and 117.4% quarter-over-quarter[12] - Vehicle sales revenue in Q3 2023 reached RMB 17.4089 billion (USD 2.3861 billion), reflecting a 45.9% increase year-over-year and a 142.3% increase quarter-over-quarter[12] - The gross profit for NIO Group in Q3 2023 was RMB 1.52 billion, compared to RMB 1.74 billion in Q3 2022, showing a decrease of about 12.2%[30] - NIO Group's net loss for the three months ended September 30, 2023, was RMB 4.56 billion, compared to a net loss of RMB 4.11 billion for the same period in 2022, indicating an increase in losses of approximately 10.9%[30] Vehicle Deliveries - Vehicle deliveries in Q3 2023 amounted to 55,432 units, representing a 75.4% increase year-over-year and a 135.7% increase quarter-over-quarter[3] - In Q3 2023, NIO delivered 55,432 vehicles, a year-over-year increase of 75.4%, setting a new quarterly delivery record[11] - In October and November 2023, vehicle deliveries were 16,074 and 15,959 units respectively, bringing cumulative deliveries to 431,582 units by November 30, 2023[7] - The company expects vehicle deliveries for Q4 2023 to be between 47,000 and 49,000 units, representing a year-over-year growth of approximately 17.3% to 22.3% compared to the same quarter in 2022[20] Cash and Investments - As of September 30, 2023, cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 45.2 billion (USD 6.2 billion)[5] - Cash and cash equivalents increased to RMB 24.08 billion as of September 30, 2023, from RMB 19.89 billion at the end of 2022, marking a growth of about 20.9%[28] - The company issued USD 575 million of convertible preferred bonds due in 2029 and 2030, with plans to use proceeds to strengthen the balance sheet and for general corporate purposes[8] - The company issued USD 1.15 billion in convertible senior notes in September and October 2023, strengthening its balance sheet[11] Operating Loss and Expenses - Operating loss for Q3 2023 was RMB 4.8439 billion (USD 683.9 million), an increase of 25.2% year-over-year but a decrease of 20.3% quarter-over-quarter[5] - Operating expenses totaled RMB 6.37 billion for Q3 2023, compared to RMB 5.61 billion in Q3 2022, indicating an increase of approximately 13.5%[30] - R&D expenses for Q3 2023 were RMB 3.0391 billion (USD 416.5 million), a 3.2% increase year-over-year but a 9.1% decrease quarter-over-quarter[15] - The company reported a significant increase in R&D expenses, which amounted to RMB 3.04 billion in Q3 2023, compared to RMB 2.94 billion in Q3 2022, reflecting a growth of about 3.4%[30] Assets and Liabilities - As of September 30, 2023, NIO Group's total assets increased to RMB 102.47 billion from RMB 96.26 billion as of December 31, 2022, representing a growth of approximately 6.3%[28] - The total liabilities of NIO Group rose to RMB 82.77 billion as of September 30, 2023, up from RMB 68.62 billion at the end of 2022, indicating an increase of about 20.5%[29] Future Outlook - Total revenue is projected to be between RMB 16.079 billion (approximately 2.289 billion), reflecting a year-over-year growth of about 0.1% to 4.0% compared to the same quarter in 2022[20] - NIO aims to enhance its core technology and product development while optimizing organization and reducing costs[11] Company Strategy and Technology - The company is a pioneer in the high-end smart electric vehicle market, focusing on innovation in autonomous driving, digital technology, and battery technologies[23] - The product lineup includes several models such as the ES8, ES7, ES6, EC7, EC6, ET7, ET5, and ET5T, showcasing a diverse range of smart electric vehicles[23] - The company emphasizes its leading battery swapping technology and battery-as-a-service (BaaS) offerings as key competitive advantages[23] Conference and Communication - The management will hold an earnings conference call on December 5, 2023, at 7 AM EST, with a live stream available on the investor relations website[21] Financial Reporting and Risks - The company uses non-GAAP financial measures to assess its operating performance, including adjusted sales costs and adjusted net losses, which exclude stock-based compensation expenses[25] - The company acknowledges inherent risks and uncertainties in forward-looking statements regarding its business strategy and future performance[24] - The company encourages investors to review its financial data comprehensively rather than relying solely on non-GAAP financial indicators[25] Shareholder Information - The weighted average number of ordinary shares for the three months ended September 30, 2023, was 1,735,661,387, an increase from 1,640,001,909 in the same period last year[31]