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NIO Inc. Reports Unaudited Fourth Quarter and Full Year 2023 Financial Results

March 5, 2024 5:00 AM

Quarterly Total Revenues reached RMB17,103.2 million (US$2,408.9 million)iQuarterly Vehicle Deliveries were 50,045 units Full Year Total Revenues reached RMB55,617.9 million (US$7,833.6 million) Full Year Vehicle Deliveries were 160,038 units

SHANGHAI, China, March 05, 2024 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023.

Operating Highlights for the Fourth Quarter and Full Year of 2023

Key Operating Results
2023 Q42023 Q32023 Q22023 Q1
Deliveries50,04555,43223,52031,041
2022 Q42022 Q32022 Q22022 Q1
Deliveries40,05231,60725,05925,768

Financial Highlights for the Fourth Quarter of 2023

Key Financial Results for the Fourth Quarter of 2023
(in RMB million, except for percentage)
2023 Q42023 Q3 2022 Q4 % Changeiii
QoQYoY
Vehicle Sales15,438.717,408.9 14,759.0 -11.3%4.6%
Vehicle Margin11.9%11.0% 6.8% 90bp510bp
Total Revenues17,103.219,066.6 16,063.5 -10.3%6.5%
Gross Profit1,279.21,523.3 621.8 -16.0%105.7%
Gross Margin7.5%8.0% 3.9% -50bp360bp
Loss from Operations(6,625.3)(4,843.9) (6,736.1) 36.8%-1.6%
Adjusted Loss from Operations (non-GAAP)(6,059.3)(4,240.4) (6,015.7) 42.9%0.7%
Net Loss(5,367.7)(4,556.7) (5,786.1) 17.8%-7.2%
Adjusted Net Loss (non-GAAP)(4,801.7)(3,953.2) (5,065.6) 21.5%-5.2%

Financial Highlights for the Full Year of 2023

Key Financial Results for Full Year 2023
(in RMB million, except for percentage)
2023 2022 % Changeiii
Vehicle Sales 49,257.3 45,506.6 8.2%
Vehicle Margin 9.5% 13.7% -420bp
Total Revenues 55,617.9 49,268.6 12.9%
Gross Profit 3,051.8 5,144.0 -40.7%
Gross Margin 5.5% 10.4% -490bp
Loss from Operations (22,655.2) (15,640.7) 44.8%
Adjusted Loss from Operations (non-GAAP) (20,286.1) (13,344.8) 52.0%
Net Loss (20,719.8) (14,437.1) 43.5%
Adjusted Net Loss (non-GAAP) (18,350.7) (12,141.2) 51.1%

Recent DevelopmentsDeliveries in January and February 2024

NIO Day and Launch of ET9

Listed in MIIT’s Catalog of Vehicle Manufacturers

Strategic Equity Investment from CYVN

Completion of the Repurchase Right Offer for Convertible Senior Notes due 2026

Board Change

Technology License Transaction

CEO and CFO Comments

“In 2023, NIO set a new delivery record of 160,038 vehicles, ranking first in China’s premium BEV market with an average transaction price over RMB 300,000,” said William Bin Li, founder, chairman and chief executive officer of NIO, “At NIO Day 2023, we unveiled ET9, our smart electric executive flagship, showcasing a suite of our latest technologies, including our self-developed AD chip, full-domain 900V architecture, advanced intelligent chassis system and various other industry-leading innovations.”

“We will soon start deliveries of 2024 NIO products equipped with the highest computing power among production vehicles and constantly enhance users' driving and digital experience. Meanwhile, we plan to release Navigate on Pilot Plus (NOP+) for urban roads to all NT2.0 users in the second quarter. Our continuous investments in technologies, battery swapping network and user community will bolster our competitive advantages as we navigate the future competition,” added William Bin Li.

“Our vehicle margin continued to grow, reaching 11.9% in the fourth quarter of 2023,” added Steven Wei Feng, NIO's chief financial officer, “In December 2023, we closed the US$2.2 billion strategic equity investment from CYVN, demonstrating our unique positioning and competitiveness in the global smart EV industry. Moving forward into 2024, we will prioritize our business objectives, improve system capabilities and optimize cost management efficiency.”

Financial Results for the Fourth Quarter and Full Year of 2023Revenues

Cost of Sales and Gross Margin

Operating Expenses

Loss from Operations

Net Loss and Earnings Per Share/ADS

Balance Sheet

Business OutlookFor the first quarter of 2024, 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.

Conference Call The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on March 5, 2024 (8:00 PM Beijing/Hong Kong/Singapore Time on March 5, 2024).

A live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.nio.com/news-events/events.

For participants who wish to join the conference using dial-in numbers, please register in advance using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

https://s1.c-conf.com/diamondpass/10037213-hg876t.html

A replay of the conference call will be accessible by phone at the following numbers, until March 12, 2024:

United States:+1-855-883-1031
Hong Kong, China:+852-800-930-639
Mainland, China:+86-400-1209-216
Singapore:+65-800-1013-223
International:+61-7-3107-6325
Replay PIN:10037213

About NIO Inc.NIO Inc. is a pioneer and a leading company in the premium smart electric vehicle market. Founded in November 2014, NIO’s mission is to shape a joyful lifestyle. NIO aims to build a community starting with smart electric vehicles to share joy and grow together with users. NIO designs, develops, jointly manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in assisted and intelligent driving, digital technologies, electric powertrains and batteries. NIO differentiates itself through its continuous technological breakthroughs and innovations, such as the industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as proprietary NIO Assisted and Intelligent Driving and its subscription services.

Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture a car of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the newly introduced BaaS and ADaaS; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO’s ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build the NIO brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Non-GAAP Disclosure The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP), adjusted loss from operations (non-GAAP), adjusted net loss (non-GAAP), adjusted net loss attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted net loss per share/ADS (non-GAAP), in evaluating its operating results and for financial and operational decision-making purposes. The Company defines adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP) and adjusted loss from operations (non-GAAP) and adjusted net loss (non-GAAP) as cost of sales, research and development expenses, selling, general and administrative expenses, loss from operations and net loss excluding share-based compensation expenses. The Company defines adjusted net loss attributable to ordinary shareholders (non-GAAP), adjusted basic and diluted net loss per share/ADS (non-GAAP) as net loss attributable to ordinary shareholders and basic and diluted net loss per share/ADS excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange RateThis announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

For more information, please visit: http://ir.nio.com.

Investor Relations[email protected]Media Relations[email protected]

Source: NIO

NIO INC.Unaudited Consolidated Balance Sheets(All amounts in thousands)
As of
December 31, 2022 December 31, 2023 December 31, 2023
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 19,887,575 32,935,111 4,638,813
Restricted cash 3,154,240 5,542,271 780,613
Short-term investments 19,171,017 16,810,107 2,367,654
Trade and notes receivables 5,118,170 4,657,652 656,017
Amounts due from related parties 1,380,956 1,722,603 242,624
Inventory 8,191,386 5,277,726 743,352
Prepayments and other current assets 2,246,408 3,434,763 483,776
Total current assets 59,149,752 70,380,233 9,912,849
Non-current assets:
Long-term restricted cash 113,478 144,125 20,300
Property, plant and equipment, net. 15,658,666 24,847,004 3,499,627
Intangible assets, net — 29,648 4,176
Land use rights, net 212,603 207,299 29,197
Long-term investments 6,356,411 5,487,216 772,858
Right-of-use assets - operating lease 7,374,456 11,404,116 1,606,236
Other non-current assets 7,398,559 4,883,561 687,835
Total non-current assets 37,114,173 47,002,969 6,620,229
Total assets 96,263,925 117,383,202 16,533,078
LIABILITIES
Current liabilities:
Short-term borrowings 4,039,210 5,085,411 716,265
Trade and notes payable 25,223,687 29,766,134 4,192,472
Amounts due to related parties 384,611 561,625 79,103
Taxes payable 286,300 349,349 49,205
Current portion of operating lease liabilities 1,025,968 1,743,156 245,518
Current portion of long-term borrowings 1,237,916 4,736,087 667,064
Accruals and other liabilities 13,654,362 15,556,354 2,191,067
Total current liabilities 45,852,054 57,798,116 8,140,694
Non-current liabilities:
Long-term borrowings 10,885,799 13,042,861 1,837,049
Non-current operating lease liabilities 6,517,096 10,070,057 1,418,338
Deferred tax liabilities 218,189 212,347 29,908
Other non-current liabilities 5,144,027 6,663,805 938,578
Total non-current liabilities 22,765,111 29,989,070 4,223,873
Total liabilities 68,617,165 87,787,186 12,364,567

NIO INC.Unaudited Consolidated Balance Sheets(All amounts in thousands)
As of
December 31, 2022 December 31, 2023 December 31, 2023
RMB RMB US$
MEZZANINE EQUITY
Redeemable non-controlling interests 3,557,221 3,860,384 543,724
Total mezzanine equity 3,557,221 3,860,384 543,724
SHAREHOLDERS’ EQUITY
Total NIO Inc. shareholders’ equity 23,868,165 25,546,233 3,598,111
Non-controlling interests 221,374 189,399 26,676
Total shareholders’ equity 24,089,539 25,735,632 3,624,787
Total liabilities, mezzanine equity and shareholders’ equity 96,263,925 117,383,202 16,533,078

NIO INC. Unaudited Consolidated Statements of Comprehensive Loss(All amounts in thousands, except for share and per share/ADS data)
Three Months Ended
December 31, 2022 September 30, 2023 December 31, 2023 December 31, 2023
RMB RMB RMB US$
Revenues:
Vehicle sales 14,759,016 17,408,864 15,438,709 2,174,497
Other sales 1,304,498 1,657,687 1,664,467 234,435
Total revenues 16,063,514 19,066,551 17,103,176 2,408,932
Cost of sales: 　 　 　
Vehicle sales (13,749,365) (15,491,494) (13,600,327) (1,915,566)
Other sales (1,692,391) (2,051,734) (2,223,621) (313,190)
Total cost of sales (15,441,756) (17,543,228) (15,823,948) (2,228,756)
Gross profit 621,758 1,523,323 1,279,228 180,176
Operating expenses:
Research and development (3,980,578) (3,039,089) (3,972,127) (559,462)
Selling, general and administrative (3,527,371) (3,609,319) (3,972,706) (559,544)
Other operating income 150,057 281,174 40,295 5,675
Total operating expenses (7,357,892) (6,367,234) (7,904,538) (1,113,331)
Loss from operations (6,736,134) (4,843,911) (6,625,310) (933,155)
Interest and investment income 351,960 288,014 1,368,062 192,688
Interest expenses (70,669) (88,546) (163,881) (23,082)
Gain on extinguishment of debt 118,400 170,193 — —
Share of income of equity investees 251,439 7,781 32,373 4,560
Other income/(losses), net 315,699 (88,645) 253,891 35,760
Loss before income tax expense (5,769,305) (4,555,114) (5,134,865) (723,229)
Income tax expense (16,796) (1,610) (232,880) (32,800)
Net loss (5,786,101) (4,556,724) (5,367,745) (756,029)
Accretion on redeemable non-controlling interests to redemption value (72,581) (77,159) (78,767) (11,094)
Net loss/(profit) attributable to non-controlling interests 11,603 5,254 (146,261) (20,600)
Net loss attributable to ordinary shareholders of NIO Inc. (5,847,079) (4,628,629) (5,592,773) (787,723)
Net loss (5,786,101) (4,556,724) (5,367,745) (756,029)
Other comprehensive loss
Change in unrealized losses related to available-for-sale debt securities, net of tax (24,495) — (770,560) (108,531)
Change in unrealized gains on cash flow hedges 817 — — —
Foreign currency translation adjustment, net of nil tax (134,783) (61,222) (200,131) (28,188)
Total other comprehensive loss (158,461) (61,222) (970,691) (136,719)
Total comprehensive loss (5,944,562) (4,617,946) (6,338,436) (892,748)
Accretion on redeemable non-controlling interests to redemption value (72,581) (77,159) (78,767) (11,094)
Net loss/(profit) attributable to non-controlling interests 11,603 5,254 (146,261) (20,600)
Other comprehensive loss attributable to non-controlling interests 5,229 — 156,026 21,976
Comprehensive loss attributable to ordinary shareholders of NIO Inc. (6,000,311) (4,689,851) (6,407,438) (902,466)
Weighted average number of ordinary shares/ADS used in computing net loss per share/ADS
Basic and diluted 1,647,356,108 1,735,661,387 1,761,324,976 1,761,324,976
Net loss per share/ADS attributable to ordinary shareholders
Basic and diluted (3.55) (2.67) (3.18) (0.45)

NIO INC.Unaudited Consolidated Statements of Comprehensive Loss(All amounts in thousands, except for share and per share data)
For the Year Ended December 31,
2022 2023 2023
RMB RMB US$
Revenues:
Vehicle sales 45,506,581 49,257,270 6,937,741
Other sales 3,761,980 6,360,663 895,881
Total revenues 49,268,561 55,617,933 7,833,622
Cost of sales:
Vehicle sales (39,271,801) (44,587,572) (6,280,028)
Other sales (4,852,767) (7,978,565) (1,123,757)
Total cost of sales (44,124,568) (52,566,137) (7,403,785)
Gross profit 5,143,993 3,051,796 429,837
Operating expenses:
Research and development (10,836,261) (13,431,399) (1,891,773)
Selling, general and administrative (10,537,119) (12,884,556) (1,814,752)
Other operating income 588,728 608,975 85,772
Total operating expenses (20,784,652) (25,706,980) (3,620,753)
Loss from operations (15,640,659) (22,655,184) (3,190,916)
Interest and investment income 1,358,719 2,210,018 311,275
Interest expenses (333,216) (403,530) (56,836)
Gain on extinguishment of debt 138,332 170,193 23,971
Share of income of equity investees 377,775 64,394 9,070
Other (losses)/income, net (282,952) 155,191 21,858
Loss before income tax expense (14,382,001) (20,458,918) (2,881,578)
Income tax expense (55,103) (260,835) (36,738)
Net loss (14,437,104) (20,719,753) (2,918,316)
Accretion on redeemable non-controlling interests to redemption value (279,355) (303,163) (42,700)
Net loss/(profit) attributable to non-controlling interests 157,014 (124,051) (17,472)
Net loss attributable to ordinary shareholders of NIO Inc. (14,559,445) (21,146,967) (2,978,488)
Net loss (14,437,104) (20,719,753) (2,918,316)
Other comprehensive income
Change in unrealized gains/(losses) related to available-for-sale debt securities, net of tax 746,336 (770,560) (108,531)
Foreign currency translation adjustment, net of nil tax 717,274 11,514 1,622
Total other comprehensive income/(loss) 1,463,610 (759,046) (106,909)
Total comprehensive loss (12,973,494) (21,478,799) (3,025,225)
Accretion on redeemable non-controlling interests to redemption value (279,355) (303,163) (42,700)
Net loss/(profit) attributable to non-controlling interests 157,014 (124,051) (17,472)
Other comprehensive (income)/loss attributable to non-controlling interests (151,299) 156,026 21,976
Comprehensive loss attributable to ordinary shareholders of NIO Inc. (13,247,134) (21,749,987) (3,063,421)
Weighted average number of ordinary shares/ADS used in computing net loss per share
Basic and diluted 1,636,999,280 1,700,203,886 1,700,203,886
Net loss per share/ADS attributable to ordinary shareholders
Basic and diluted (8.89) (12.44) (1.75)

NIO INC.Unaudited Reconciliation of GAAP and Non-GAAP Results(All amounts in thousands, except for share and per share/ADS data)
Three Months Ended December 31, 2023
GAAPResult Share-basedcompensation Accretion on redeemablenon-controlling intereststo redemption value AdjustedResult(Non-GAAP)
RMB RMB RMB RMB
Cost of sales (15,823,948) 19,120 — (15,804,828)
Research and development expenses (3,972,127) 355,694 — (3,616,433)
Selling, general and administrative expenses (3,972,706) 191,235 — (3,781,471)
Total (23,768,781) 566,049 — (23,202,732)
Loss from operations (6,625,310) 566,049 — (6,059,261)
Net loss (5,367,745) 566,049 — (4,801,696)
Net loss attributable to ordinary shareholders of NIO Inc. (5,592,773) 566,049 78,767 (4,947,957)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (3.18) 0.33 0.04 (2.81)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD) (0.45) 0.05 0.01 (0.39)

Three Months Ended September 30, 2023
GAAPResult Share-based compensation Accretion on redeemablenon-controlling intereststo redemption value AdjustedResult(Non-GAAP)
RMB RMB RMB RMB
Cost of sales (17,543,228) 22,197 — (17,521,031)
Research and development expenses (3,039,089) 395,856 — (2,643,233)
Selling, general and administrative expenses (3,609,319) 185,496 — (3,423,823)
Total (24,191,636) 603,549 — (23,588,087)
Loss from operations (4,843,911) 603,549 — (4,240,362)
Net loss (4,556,724) 603,549 — (3,953,175)
Net loss attributable to ordinary shareholders of NIO Inc. (4,628,629) 603,549 77,159 (3,947,921)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (2.67) 0.35 0.04 (2.28)

Three Months Ended December 31, 2022
GAAPResult Share-based compensation Accretion on redeemable non-controlling interests to redemption value AdjustedResult(Non-GAAP)
RMB RMB RMB RMB
Cost of sales (15,441,756) 23,522 — (15,418,234)
Research and development expenses (3,980,578) 426,701 — (3,553,877)
Selling, general and administrative expenses (3,527,371) 270,257 — (3,257,114)
Total (22,949,705) 720,480 — (22,229,225)
Loss from operations (6,736,134) 720,480 — (6,015,654)
Net loss (5,786,101) 720,480 — (5,065,621)
Net loss attributable to ordinary shareholders of NIO Inc. (5,847,079) 720,480 72,581 (5,054,018)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (3.55) 0.44 0.04 (3.07)

NIO INC.Unaudited Reconciliation of GAAP and Non-GAAP Results(All amounts in thousands, except for share and per share data)
Year Ended December 31, 2023
GAAPResult Share-basedcompensation Accretion on redeemablenon-controlling intereststo redemption value AdjustedResult(Non-GAAP)
RMB RMB RMB RMB
Cost of sales (52,566,137) 83,972 — (52,482,165)
Research and development expenses (13,431,399) 1,517,206 — (11,914,193)
Selling, general and administrative expenses (12,884,556) 767,863 — (12,116,693)
Total (78,882,092) 2,369,041 — (76,513,051)
Loss from operations (22,655,184) 2,369,041 — (20,286,143)
Net loss (20,719,753) 2,369,041 — (18,350,712)
Net loss attributable to ordinary shareholders of NIO Inc. (21,146,967) 2,369,041 303,163 (18,474,763)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (12.44) 1.39 0.18 (10.87)
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD) (1.75) 0.20 0.03 (1.52)

(All amounts in thousands, except for share and per share data)
Year Ended December 31, 2022
GAAPResult Share-basedcompensation Accretion on redeemablenon-controlling intereststo redemption value AdjustedResult(Non-GAAP)
RMB RMB RMB RMB
Cost of sales (44,124,568) 66,914 — (44,057,654)
Research and development expenses (10,836,261) 1,323,370 — (9,512,891)
Selling, general and administrative expenses (10,537,119) 905,612 — (9,631,507)
Total (65,497,948) 2,295,896 — (63,202,052)
Loss from operations (15,640,659) 2,295,896 — (13,344,763)
Net loss (14,437,104) 2,295,896 — (12,141,208)
Net loss attributable to ordinary shareholders of NIO Inc. (14,559,445) 2,295,896 279,355 (11,984,194)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (8.89) 1.40 0.17 (7.32)

i All translations from RMB to USD for the fourth quarter and full year of 2023 were made at the rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023 in the H.10 statistical release of the Federal Reserve Board.ii Vehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales only.iii Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated.

Source: NIO Inc.

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