Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2019 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38638 |
Entity Registrant Name | NIO Inc. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Building 20, No. 56 AnTuo Road |
Entity Address, Address Line Two | Anting Town |
Entity Address, City or Town | Shanghai |
Entity Address, Postal Zip Code | 201804 |
Entity Address, Country | CN |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Document Accounting Standard | U.S. GAAP |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001736541 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
Business Contact | |
Contact Personnel Name | Wei Feng |
Entity Address, Address Line One | Building 20, No. 56 AnTuo Road |
Entity Address, Address Line Two | Anting Town |
Entity Address, City or Town | Shanghai |
Entity Address, Postal Zip Code | 201804 |
Entity Address, Country | CN |
Contact Personnel Email Address | ir@nio.com |
City Area Code | 86 |
Local Phone Number | 21-6908 2018 |
American Depositary Shares | |
Title of 12(b) Security | American depositary shares (each representing one Class A ordinary share, |
Security Exchange Name | NYSE |
Trading Symbol | NIO |
Class A Ordinary Shares | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.00025 per share |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 831,927,977 |
Trading Symbol | NIO |
Class B Ordinary Shares | |
Entity Common Stock, Shares Outstanding | 132,030,222 |
Class C Ordinary Shares | |
Entity Common Stock, Shares Outstanding | 148,500,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 123,939 | ¥ 862,839 | ¥ 3,133,847 |
Restricted cash | 11,851 | 82,507 | 57,012 |
Short-term investment | 15,944 | 111,000 | 5,154,703 |
Trade receivable | 194,216 | 1,352,093 | 756,508 |
Amounts due from related parties | 7,295 | 50,783 | 88,066 |
Inventory | 127,773 | 889,528 | 1,465,239 |
Prepayments and other current assets | 226,846 | 1,579,258 | 1,514,257 |
Total current assets | 707,864 | 4,928,008 | 12,169,632 |
Non-current assets: | |||
Long-term restricted cash | 6,395 | 44,523 | 33,528 |
Property, plant and equipment, net | 794,775 | 5,533,064 | 4,853,157 |
Intangible assets, net | 219 | 1,522 | 3,470 |
Land use rights, net | 29,994 | 208,815 | 213,662 |
Long-term investments | 16,565 | 115,325 | 148,303 |
Amounts due from related parties | 7,970 | ||
Right-of-use assets - operating lease | 286,948 | 1,997,672 | |
Other non-current assets | 251,817 | 1,753,100 | 1,412,830 |
Total non-current assets | 1,386,713 | 9,654,021 | 6,672,920 |
Total assets | 2,094,577 | 14,582,029 | 18,842,552 |
Current liabilities: | |||
Short-term borrowings | 127,211 | 885,620 | 1,870,000 |
Trade payable | 446,968 | 3,111,699 | 2,869,953 |
Amounts due to related parties | 44,490 | 309,729 | 219,583 |
Taxes payable | 6,318 | 43,986 | 51,317 |
Current portion of operating lease liabilities | 87,441 | 608,747 | |
Current portion of long-term borrowings | 46,315 | 322,436 | 198,852 |
Accruals and other liabilities | 605,682 | 4,216,641 | 3,383,681 |
Total current liabilities | 1,364,425 | 9,498,858 | 8,593,386 |
Non-current liabilities: | |||
Long-term borrowings | 1,027,722 | 7,154,798 | 1,168,012 |
Non-current operating lease liabilities | 229,592 | 1,598,372 | |
Other non-current liabilities | 165,448 | 1,151,813 | 930,812 |
Total non-current liabilities | 1,422,762 | 9,904,983 | 2,098,824 |
Total liabilities | 2,787,187 | 19,403,841 | 10,692,210 |
MEZZANINE EQUITY | |||
Redeemable non-controlling interests | 209,111 | 1,455,787 | 1,329,197 |
Total mezzanine equity | 209,111 | 1,455,787 | 1,329,197 |
SHAREHOLDERS' EQUITY/(DEFICIT) | |||
Less: Treasury shares (6,931,980 and 2,995,217 shares as of December 31, 2018 and 2019, respectively) | (9,186) | ||
Additional paid in capital | 5,778,370 | 40,227,856 | 41,918,936 |
Accumulated other comprehensive income/(loss) | (29,166) | (203,048) | (34,708) |
Accumulated deficit | (6,654,360) | (46,326,321) | (35,039,810) |
Total NIO Inc. shareholders' equity/(deficit) | (904,894) | (6,299,686) | 6,837,041 |
Non-controlling interests | 3,173 | 22,087 | (15,896) |
Total shareholders' equity/(deficit) | (901,721) | (6,277,599) | 6,821,145 |
Total liabilities, mezzanine equity and shareholders' equity | 2,094,577 | 14,582,029 | 18,842,552 |
Class A Ordinary Shares | |||
SHAREHOLDERS' EQUITY/(DEFICIT) | |||
Ordinary shares | 194 | 1,347 | 1,329 |
Class B Ordinary Shares | |||
SHAREHOLDERS' EQUITY/(DEFICIT) | |||
Ordinary shares | 32 | 226 | 226 |
Class C Ordinary Shares | |||
SHAREHOLDERS' EQUITY/(DEFICIT) | |||
Ordinary shares | $ 36 | ¥ 254 | ¥ 254 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Convertible redeemable preferred shares, per share (in dollars per share) | $ 0.00025 | |
Mezzanine equity, shares issued | 213,585,003 | |
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 4,000,000,000 | 4,000,000,000 |
Ordinary shares, shares issued | 1,067,467,877 | 1,057,731,012 |
Ordinary shares, shares outstanding | 1,064,472,660 | 1,050,799,032 |
Treasury stock, shares | 2,995,217 | 6,931,980 |
Class A Ordinary Shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 2,500,000,000 | 2,500,000,000 |
Ordinary shares, shares issued | 786,937,655 | 777,200,790 |
Ordinary shares, shares outstanding | 783,942,438 | 770,268,810 |
Class B Ordinary Shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 132,030,222 | 132,030,222 |
Ordinary shares, shares issued | 132,030,222 | |
Ordinary shares, shares outstanding | 132,030,222 | 132,030,222 |
Class C Ordinary Shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 148,500,000 | 148,500,000 |
Ordinary shares, shares issued | 148,500,000 | |
Ordinary shares, shares outstanding | 148,500,000 | 148,500,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | |
Revenues: | ||||
Total revenues | $ 1,123,978 | ¥ 7,824,904 | ¥ 4,951,171 | |
Cost of sales: | ||||
Total cost of sales | (1,296,177) | (9,023,726) | (5,207,047) | |
Gross loss | (172,199) | (1,198,822) | (255,876) | |
Operating expenses: | ||||
Research and development | (636,126) | (4,428,580) | (3,997,942) | ¥ (2,602,889) |
Selling, general and administrative | (783,100) | (5,451,787) | (5,341,790) | (2,350,707) |
Total operating expenses | (1,419,226) | (9,880,367) | (9,339,732) | (4,953,596) |
Loss from operations | (1,591,425) | (11,079,189) | (9,595,608) | (4,953,596) |
Interest income | 23,023 | 160,279 | 133,384 | 18,970 |
Interest expenses | (53,224) | (370,536) | (123,643) | (18,084) |
Share of losses of equity investees | (9,262) | (64,478) | (9,722) | (5,375) |
Investment income | 3,498 | |||
Other (loss)/income, net | 9,503 | 66,160 | (21,346) | (58,681) |
Loss before income tax expense | (1,621,385) | (11,287,764) | (9,616,935) | (5,013,268) |
Income tax expense | (1,133) | (7,888) | (22,044) | (7,906) |
Net loss | (1,622,518) | (11,295,652) | (9,638,979) | (5,021,174) |
Accretion on convertible redeemable preferred shares to redemption value | (13,667,291) | (2,576,935) | ||
Accretion on redeemable non-controlling interests to redemption value | (18,184) | (126,590) | (63,297) | |
Net loss attributable to non-controlling interests | 1,313 | 9,141 | 41,705 | 36,440 |
Net loss attributable to ordinary shareholders of NIO Inc. | (1,639,389) | (11,413,101) | (23,327,862) | (7,561,669) |
Net loss | (1,622,518) | (11,295,652) | (9,638,979) | (5,021,174) |
Other comprehensive loss | ||||
Foreign currency translation adjustment, net of nil tax | (24,181) | (168,340) | (20,786) | (124,374) |
Total other comprehensive loss | (24,181) | (168,340) | (20,786) | (124,374) |
Total comprehensive loss | (1,646,699) | (11,463,992) | (9,659,765) | (5,145,548) |
Accretion on convertible redeemable preferred shares to redemption value | (13,667,291) | (2,576,935) | ||
Accretion on redeemable non-controlling interests to redemption value | (18,184) | (126,590) | (63,297) | |
Net loss attributable to non-controlling interests | 1,313 | 9,141 | 41,705 | 36,440 |
Comprehensive loss attributable to ordinary shareholders of NIO Inc. | $ (1,663,570) | ¥ (11,581,441) | ¥ (23,348,648) | ¥ (7,686,043) |
Weighted average number of ordinary shares used in computing net loss per share | ||||
Basic and diluted (in shares) | shares | 1,029,931,705 | 1,029,931,705 | 332,153,211 | 21,801,525 |
Net loss per share attributable to ordinary shareholders | ||||
Basic and diluted | (per share) | $ (1.59) | ¥ (11.08) | ¥ (70.23) | ¥ (346.84) |
Weighted average number of ADS used in computing net loss per ADS | ||||
Basic and diluted (in shares) | shares | 1,029,931,705 | 1,029,931,705 | 332,153,211 | |
Net loss per ADS attributable to ordinary shareholders | ||||
Basic and diluted | (per share) | $ (1.59) | ¥ (11.08) | ¥ (70.23) | |
Vehicle sales | ||||
Revenues: | ||||
Total revenues | $ 1,058,220 | ¥ 7,367,113 | ¥ 4,852,470 | |
Cost of sales: | ||||
Total cost of sales | (1,162,923) | (8,096,035) | (4,930,135) | |
Other sales | ||||
Revenues: | ||||
Total revenues | 65,758 | 457,791 | 98,701 | |
Cost of sales: | ||||
Total cost of sales | $ (133,254) | ¥ (927,691) | ¥ (276,912) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other comprehensive loss | |||
Foreign current translation adjustment, tax | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIT)/EQUITY ¥ in Thousands, $ in Thousands | Series A-1 & A-2Accumulated deficitCNY (¥) | Series A-1 & A-2Total Shareholders' DeficitCNY (¥) | Series A-1 & A-2CNY (¥) | Series A-3Accumulated deficitCNY (¥) | Series A-3Total Shareholders' DeficitCNY (¥) | Series A-3CNY (¥) | Series BAccumulated deficitCNY (¥) | Series BTotal Shareholders' DeficitCNY (¥) | Series BCNY (¥) | Series CAccumulated deficitCNY (¥) | Series CTotal Shareholders' DeficitCNY (¥) | Series CCNY (¥) | Series DAccumulated deficitCNY (¥) | Series DTotal Shareholders' DeficitCNY (¥) | Series DCNY (¥) | Ordinary SharesCNY (¥)shares | Treasury SharesCNY (¥)shares | Additional paid in capitalCNY (¥) | Accumulated other comprehensive income/(loss)CNY (¥) | Accumulated deficitCNY (¥) | Total Shareholders' DeficitCNY (¥) | Non- Controlling InterestsCNY (¥) | USD ($)shares | CNY (¥)shares |
Balance at Dec. 31, 2016 | ¥ 52 | ¥ (9,186) | ¥ 70,850 | ¥ 110,452 | ¥ (4,076,945) | ¥ (3,904,777) | ¥ (11,583) | ¥ (3,916,360) | ||||||||||||||||
Balance (in shares) at Dec. 31, 2016 | shares | 32,003,810 | (14,230,351) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 2,205,227 | ¥ 2,205,227 | ¥ 2,205,227 | ¥ 120,451 | ¥ 120,451 | ¥ 120,451 | ¥ 40,011 | ¥ 40,011 | ¥ 40,011 | ¥ 56,283 | ¥ 56,283 | ¥ 56,283 | ¥ 154,963 | ¥ 154,963 | ¥ 154,963 | 2,576,935 | ||||||||
Exercise of share options | ¥ 5 | 6,207 | 6,212 | ¥ 6,212 | ||||||||||||||||||||
Exercise of share options (in shares) | shares | 2,723,540 | 2,723,540 | 2,723,540 | |||||||||||||||||||||
Vesting of restricted shares | 24,723 | 24,723 | ¥ 24,723 | |||||||||||||||||||||
Vesting of restricted shares (in shares) | shares | 3,353,344 | |||||||||||||||||||||||
Vesting of share options | 30,127 | 30,127 | 30,127 | |||||||||||||||||||||
Grant of restricted shares | ¥ 3 | 3 | 3 | |||||||||||||||||||||
Grant of restricted shares (in shares) | shares | 2,000,000 | (2,000,000) | ||||||||||||||||||||||
Capital injection by non-controlling interests | 13,376 | 13,376 | ||||||||||||||||||||||
Acquisition of additional interests in subsidiaries from non-controlling interests | (73,334) | (73,334) | 45,956 | (27,378) | ||||||||||||||||||||
Foreign currency translation adjustment | (124,374) | (124,374) | (124,374) | |||||||||||||||||||||
Net loss | (4,984,734) | (4,984,734) | (36,440) | (5,021,174) | ||||||||||||||||||||
Balance at Dec. 31, 2017 | ¥ 60 | ¥ (9,186) | 131,907 | (13,922) | (11,711,948) | (11,603,089) | 11,309 | (11,591,780) | ||||||||||||||||
Balance (in shares) at Dec. 31, 2017 | shares | 36,727,350 | (12,877,007) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Accretion on redeemable non-controlling interests to redemption value | (63,297) | |||||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 7,091,163 | ¥ 7,091,163 | ¥ 7,091,163 | ¥ 565,979 | ¥ 565,979 | ¥ 565,979 | ¥ 2,417,979 | ¥ 2,417,979 | ¥ 2,417,979 | ¥ 2,375,943 | ¥ 2,375,943 | ¥ 2,375,943 | ¥ 1,216,227 | ¥ 1,216,227 | ¥ 1,216,227 | 63,297 | 13,667,291 | |||||||
Issuance of ordinary shares | ¥ 315 | 7,526,681 | 7,526,996 | 7,526,996 | ||||||||||||||||||||
Issuance of ordinary shares (in shares) | shares | 184,000,000 | |||||||||||||||||||||||
Conversion of preferred shares | ¥ 1,408 | 33,724,621 | 33,726,029 | 33,726,029 | ||||||||||||||||||||
Conversion of preferred shares (in shares) | shares | 821,378,518 | |||||||||||||||||||||||
Exercise of share options | ¥ 27 | 42,224 | 42,251 | ¥ 42,251 | ||||||||||||||||||||
Exercise of share options (in shares) | shares | 16,026,060 | (2,176,570) | 7,732,317 | 7,732,317 | ||||||||||||||||||||
Vesting of restricted shares | 56,183 | 56,183 | ¥ 56,183 | |||||||||||||||||||||
Vesting of restricted shares (in shares) | shares | 7,720,681 | |||||||||||||||||||||||
Vesting of share options | 437,320 | 437,320 | 437,320 | |||||||||||||||||||||
Grant of restricted shares | ¥ 1 | 1 | 1 | |||||||||||||||||||||
Grant of restricted shares (in shares) | shares | 509,001 | (509,001) | ||||||||||||||||||||||
Cancellation of restricted shares | ¥ (2) | (2) | (2) | |||||||||||||||||||||
Cancellation of restricted shares (in shares) | shares | (909,917) | 909,917 | ||||||||||||||||||||||
Capital injection by non-controlling interests | 14,500 | 14,500 | ||||||||||||||||||||||
Acquisition of additional interests in subsidiaries from non-controlling interests | (20,786) | (20,786) | (20,786) | |||||||||||||||||||||
Foreign currency translation adjustment | (20,786) | |||||||||||||||||||||||
Net loss | (9,597,274) | (9,597,274) | (41,705) | (9,638,979) | ||||||||||||||||||||
Balance at Dec. 31, 2018 | ¥ 1,809 | ¥ (9,186) | 41,918,936 | (34,708) | (35,039,810) | 6,837,041 | (15,896) | 6,821,145 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | shares | 1,057,731,012 | (6,931,980) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Accretion on redeemable non-controlling interests to redemption value | (126,590) | (126,590) | (126,590) | |||||||||||||||||||||
Purchase of capped call options and zero-strike call options in connection with issuance of convertible senior notes | (1,939,567) | (1,939,567) | (1,939,567) | |||||||||||||||||||||
Exercise of share options | ¥ 22 | 50,768 | 50,790 | ¥ 50,790 | ||||||||||||||||||||
Exercise of share options (in shares) | shares | 12,775,127 | 20,133,668 | 20,133,668 | |||||||||||||||||||||
Vesting of restricted shares | 3,802 | 3,802 | ¥ 3,802 | |||||||||||||||||||||
Vesting of restricted shares (in shares) | shares | 1,636,001 | |||||||||||||||||||||||
Vesting of share options | 329,693 | 329,693 | 329,693 | |||||||||||||||||||||
Cancellation of restricted shares | ¥ (4) | ¥ 9,186 | (9,186) | (4) | (4) | |||||||||||||||||||
Cancellation of restricted shares (in shares) | shares | (3,038,262) | 2,300,762 | ||||||||||||||||||||||
Capital injection by non-controlling interests | 47,124 | 47,124 | ||||||||||||||||||||||
Foreign currency translation adjustment | (168,340) | (168,340) | $ (24,181) | (168,340) | ||||||||||||||||||||
Net loss | (11,286,511) | (11,286,511) | (9,141) | (1,622,518) | (11,295,652) | |||||||||||||||||||
Balance at Dec. 31, 2019 | ¥ 1,827 | ¥ 40,227,856 | ¥ (203,048) | ¥ (46,326,321) | ¥ (6,299,686) | ¥ 22,087 | $ (901,721) | ¥ (6,277,599) | ||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | shares | 1,067,467,877 | (2,995,217) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (1,622,518) | ¥ (11,295,652) | ¥ (9,638,979) | ¥ (5,021,174) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 143,488 | 998,938 | 474,223 | 167,858 |
Allowance against receivables | 15,579 | 108,459 | ||
Write-downs of inventory | 1,498 | 10,427 | 0 | 0 |
Impairment on property, plant and equipment | 10,813 | 75,278 | ||
Foreign exchange loss | 1,993 | 13,876 | 36,597 | 49,503 |
Share-based compensation expenses | 47,903 | 333,495 | 679,468 | 90,296 |
Investment income | (3,498) | |||
Gain from disposal of an equity investee | (5,849) | (40,722) | ||
Share of losses of equity investee | 9,262 | 64,478 | 9,722 | 5,375 |
Loss on disposal of property, plant and equipment | 7,303 | 50,845 | 21,547 | 6,192 |
Amortization of right-of-use assets | 74,986 | 522,035 | ||
Changes in operating assets and liabilities: | ||||
Prepayments and other current assets | (8,437) | (58,728) | (811,138) | (404,762) |
Inventory | 81,755 | 569,163 | (1,375,862) | (89,464) |
Other non-current assets | (35,039) | (243,936) | (657,986) | (66,698) |
Taxes payable | (1,142) | (7,948) | 21,398 | 9,650 |
Trade receivable | (97,899) | (681,556) | (756,508) | |
Trade payable | 16,738 | 116,527 | 2,827,144 | |
Long-term receivables | (11,925) | (83,021) | (574,677) | |
Operating lease liabilities | (49,603) | (345,323) | ||
Non-current deferred revenue | 14,708 | 102,391 | 193,524 | |
Accruals and other liabilities | 121,860 | 848,361 | 1,348,622 | 603,374 |
Other non-current liabilities | 31,731 | 220,907 | 291,137 | 78,629 |
Net cash used in operating activities | (1,252,795) | (8,721,706) | (7,911,768) | (4,574,719) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment and intangible assets | (245,165) | (1,706,787) | (2,643,964) | (1,113,893) |
Purchases of short-term investments | (316,407) | (2,202,762) | (8,090,703) | |
Proceeds from sale of short-term investments | 1,040,890 | 7,246,465 | 2,936,000 | |
Purchase of held for trading securities | (1,337,413) | |||
Sale of held for trading securities | 1,340,911 | |||
Loan to related parties | (65,342) | |||
Loan repayment from related parties | 34,066 | |||
Acquisitions of equity investees | (4,525) | (31,500) | (110,900) | (52,500) |
Acquisition of additional interests in subsidiaries from non-controlling interests | (27,378) | |||
Proceeds from disposal of equity investees | 11,011 | 76,653 | ||
Net cash provided by/(used in) investing activities | 485,804 | 3,382,069 | (7,940,843) | (1,190,273) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from exercise of stock options | 7,296 | 50,790 | 42,251 | 6,207 |
Capital injection from non-controlling interests | 14,500 | 13,376 | ||
Deposit from non-controlling interest | 47,124 | |||
Proceeds from issuance of redeemable non-controlling interests | 1,265,900 | |||
Repayment of non-recourse loan | 82,863 | |||
Repurchase of restricted shares | (7,490) | |||
Principal payments on finance leases | (6,308) | (43,916) | ||
Proceeds from issuance of convertible promissory note | 620,882 | 4,322,457 | 312,624 | |
Repayment of convertible promissory note | (325,013) | |||
Proceeds from borrowings | 197,733 | 1,376,580 | 2,668,461 | 633,688 |
Repayments of borrowings | (375,041) | (2,610,958) | (120,205) | |
Proceeds from issuance of ordinary share, net | 7,531,037 | |||
Net cash provided by financing activities | 444,562 | 3,094,953 | 11,603,092 | 12,867,334 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 1,460 | 10,166 | (56,947) | (168,120) |
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (320,969) | (2,234,518) | (4,306,466) | 6,934,222 |
Cash, cash equivalents and restricted cash at beginning of the year | 463,154 | 3,224,387 | 7,530,853 | 596,631 |
Cash, cash equivalents and restricted cash at end of the year | 142,185 | 989,869 | 3,224,387 | 7,530,853 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Issuance of series D convertible redeemable preferred shares | 85,553 | |||
Acquisition of an equity investee | 5,161 | 35,931 | ||
Accrual related to purchase of property and equipment | 161,124 | 1,121,715 | 1,027,377 | 410,726 |
Total | 166,285 | 1,157,646 | 1,027,377 | 496,279 |
Supplemental Disclosure | ||||
Interest paid | 37,401 | 260,377 | 112,682 | 15,434 |
Income taxes paid | $ 2,613 | ¥ 18,189 | 11,157 | 1,129 |
Series A convertible redeemable preferred shares | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 273,686 | |||
Series B | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 240,066 | |||
Series C | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 4,398,313 | |||
Series D | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | ¥ 78,651 | ¥ 7,314,387 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Nature of Operations | |
Organization and Nature of Operations | 1. Organization and Nature of Operations NIO Inc. (“NIO”, or “the Company”) was incorporated under the laws of the Cayman Islands in November, 2014, as an exempted company with limited liability. The Company was formerly known as NextCar Inc.. It changed its name to NextEV Inc. in December, 2014, and then changed to NIO Inc. in July, 2017. The Company, its subsidiaries and consolidated variable interest entities (“VIEs”) are collectively referred to as the “Group”. The Group designs and develops high-performance fully electric vehicles. It launched the first volume manufactured electric vehicle, the ES8, to the public in December 2017. The Group jointly manufactures its vehicles through strategic collaboration with other Chinese vehicle manufacturers. The Group also offers Energy and Service packages to its users. As of December 31, 2018 and 2019, its primary operations are conducted in the People’s Republic of China (“PRC”). The Group began to sell its first vehicles in June 2018. As of December 31, 2019, the Company’s principal subsidiaries and VIEs are as follows: Equity Place and date of incorporation Subsidiaries interest held or date of acquisition Principal activities NIO NextEV Limited (“NIO HK”) (formerly known as NextEV Limited) 100% Hong Kong, February 2015 Investment holding NIO GmbH (formerly known as NextEV GmbH) 100% Germany, May 2015 Design and technology development NIO Co., Ltd. (“NIO SH”) (formerly known as NextEV Co., Ltd.) 100% Shanghai, PRC, May 2015 Headquarter and technology development NIO USA, Inc. (“NIO US”) (formerly known as NextEV USA, Inc.) 100% United States, November 2015 Technology development XPT Limited (“XPT”) 100% Hong Kong, December 2015 Investment holding NIO Performance Engineering Limited ("NPE") 100% United Kingdom, July 2019 Marketing and technology development NIO Sport Limited (“NIO Sport”) (formerly known as NextEV NIO Sport Limited) 100% Hong Kong, April 2016 Racing management XPT Technology Limited (“XPT Technology”) 100% Hong Kong, April 2016 Investment holding XPT Inc. (“XPT US”) 100% United States, April 2016 Technology development XPT (Jiangsu) Investment Co., Ltd. (“XPT Jiangsu”) 100% Jiangsu, PRC, May 2016 Investment holding Shanghai XPT Technology Limited 100% Shanghai, PRC, May 2016 Technology development XPT (Nanjing) E-Powertrain Technology Co., Ltd. (“XPT NJEP”) 100% Nanjing, PRC, July 2016 Manufacturing of E-Powertrain XPT (Nanjing) Energy Storage System Co., Ltd. (“XPT NJES”) 100% Nanjing, PRC, October 2016 Manufacturing of battery pack NIO Power Express Limited (“PE HK) 100% Hong Kong, January 2017 Investment holding NextEV User Enterprise Limited (“UE HK”) 100% Hong Kong, February 2017 Investment holding Shanghai NIO Sales and Services Co., Ltd. (“UE CNHC”) 100% Shanghai, PRC, March 2017 Investment holding and sales and after sales management NIO Energy Investment (Hubei) Co., Ltd. (“PE CNHC”) 100% Wuhan PRC, April 2017 Investment holding Wuhan NIO Energy Co., Ltd. (“PE WHJV”) 100% Wuhan, PRC, May 2017 Investment holding XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (“XPT NJWL”) 50% Nanjing, PRC, June 2017 Manufacturing of components XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”) 100% Nanjing, PRC, May 2018 Investment holding Economic Place and Date of incorporation VIE and VIE’s subsidiaries interest held or date of acquisition Prime Hubs Limited (“Prime Hubs”) 100% BVI, October 2014 NIO Technology Co., Ltd. (“NIO SHTECH”) (formerly known as Shanghai NextEV Technology Co., Ltd.) 100% Shanghai, PRC, November 2014 Beijing NIO Network Technology Co., Ltd. (“NIO BJTECH”) 100% Beijing, PRC, July 2017 Shanghai Anbin Technology Co., Ltd. (“NIO ABTECH”) 100% Shanghai, PRC, April 2018 In accordance with the Article of Association of XPT NJWL, the Company has the power to control the board of directors of XPT NJWL to unilaterally govern the financial and operating policies of XPT NJWL and the non-controlling shareholder does not have substantive participating rights, therefore, the Group consolidates this entity. Initial Public Offering On September 12, 2018, the Company consummated its initial public offering (the “IPO”) on the New York Stock Exchange, where 160,000,000 ordinary shares were newly issued with the total net proceeds of RMB6,568,291 (US$956,362). Subsequently on October 12, 2018, over-allotment option were fully exercised and the Company received a net proceeds of RMB962,746 (US$138,982) associated with issuing additional 24,000,000 ordinary shares. Variable interest entity NIO SHTECH was established by Li Bin and Qin Lihong (the “Nominee Shareholders”) in November, 2014. In 2015, NIO SH, NIO SHTECH, and the Nominee Shareholders of NIO SHTECH entered into a series of contractual agreements, including a loan agreement, an equity pledge agreement, exclusive call option agreement and power of attorney that irrevocably authorized the Nominee Shareholders designated by NIO SH to exercise the equity owner’s rights over NIO SHTECH. These agreements provide the Company, as the only shareholder of NIO SH, with effective control over NIO SHTECH to direct the activities that most significantly impact NIO SHTECH’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from NIO SHTECH. Management concluded that NIO SHTECH is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of NIO SHTECH and shall consolidate the financial results of NIO SHTECH in the Group’s consolidated financial statements. In April 2018, the above mentioned contractual agreements were terminated. On the same date, NIO SHTECH became a subsidiary wholly owned by NIO ABTECH, who also became a VIE of the Group on that day . In October 2014, Prime Hubs, a British Virgin Islands (“BVI”) incorporated company and a consolidated variable interest entity of the Group, was established by the shareholders of the Group to facilitate the adoption of the Company’s employee stock incentive plans. The Company entered into a management agreement with Prime Hubs and Li Bin. The agreement provides the company with effective control over Prime Hubs and enables the Company to obtain substantially all of the economic benefits arising from Prime Hubs. As of December 31, 2018 and 2019, Prime Hubs held 4,250,002 Class A Ordinary Shares and 4,250,002 Class A Ordinary Shares of the Company, respectively. In April 2018, NIO SH entered into a series of contractual arrangements with the Nominee Shareholders as well as NIO ABTECH and NIO BJTECH separately, each including a loan agreement, an equity pledge agreement, exclusive call option agreement and power of attorney that irrevocably authorized the Nominee Shareholders designated by NIO SH to exercise the equity owner’s rights over NIO ABTECH and NIO BJTECH. These agreements provide the Company, as the only shareholder of NIO SH, with effective control over NIO ABTECH and NIO BJTECH to direct the activities that most significantly impact their economic performance and enable the Company to obtain substantially all of the economic benefits arising from them. Management concluded that NIO ABTECH and NIO BJTECH are variable interest entities of the Company and the Company is the ultimate primary beneficiary of them and shall consolidate the financial results of NIO ABTECH and NIO BJTECH in the Group’s consolidated financial statements. As of December 31, 2019, NIO ABTECH and NIO BJTECH did not have significant operations, nor any material assets or liabilities. Liquidity and Going Concern The Group’s consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due. The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB5.0 billion, RMB9.6 billion and RMB11.3 billion for the years ended December 31, 2017, 2018 and 2019, respectively. Accumulated deficit amounted to RMB35.0 billion and RMB46.3 billion as of December 31, 2018 and 2019, respectively. Net cash used in operating activities was RMB4.6 billion, RMB7.9 billion and RMB8.7 billion for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2019, the Group’s total shareholders’ deficit was RMB6.3 billion and the current liabilities exceeded the current assets in the amount of RMB4.6 billion. The Group’s cash balance as of December 31, 2019 is not sufficient to meet its obligations or liabilities when they become due, nor is it adequate to provide the required working capital and liquidity for continuous operation over the next twelve months from the date of issuance of the consolidated financial statements. These adverse conditions and events indicate there could be substantial doubt about the Group’s ability to continue as a going concern. Management has developed plans to mitigate these adverse conditions and events which included a business plan covering the next twelve months from the date of issuance of the consolidated financial statements which considers the increase in revenue and optimizing operation efficiency to improve operating cash flows, the use of and the consummation of external financing projects since the Group’s operation has historically depended on, and will continue to depend on its capability to obtain sufficient external equity or debt financing. As described in Note 29, on April 29, 2020, the Group entered into a definitive agreement with several third party investors who are committed to invest in a subsidiary of the Group with a total cash consideration of RMB 7 billion. In addition, as of the date of issuance of the consolidated financial statements, the Company had unused loan facilities of RMB 1.5 billion with respective expiration dates between June 2020 and May 2022. Management believes that funds from the equity financing and available loan facilities will be sufficient to support the Group’s continuous operations and the Group will be able to meet its payment obligations when liabilities fall due within the next twelve months from the date of issuance of these consolidated financial statements. Accordingly, management continues to prepare the Group’s consolidated financial statements on going concern basis. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIE for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”): to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All significant transactions and balances between the Company, its subsidiaries and the VIE have been eliminated upon consolidation. The non-controlling interests in consolidated subsidiaries are shown separately in the consolidated financial statements. (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, the valuation and recognition of share-based compensation arrangements, depreciable lives of property, equipment and software, assessment for impairment of long-lived assets, inventory valuation for excess and obsolete inventories, lower of cost and net realizable value of inventories, valuation of deferred tax assets, recoverability of receivables, warranty liabilities as well as redemption value of the convertible redeemable preferred shares. Actual results could differ from those estimates. (d) Functional currency and foreign currency translation The Group’s reporting currency is the Renminbi (“RMB”). The functional currency of the Company and its subsidiaries which are incorporated in HK is United States dollars (“US$”), except NIO Sport which operates mainly in United Kingdom and uses Great Britain pounds (“GBP”). The functional currencies of the other subsidiaries and the VIE are their respective local currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss. The financial statements of the Group’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive loss in the consolidated statements of comprehensive gain or loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of shareholders’ (deficit)/equity. Total foreign currency translation adjustment losses were RMB124,374, RMB20,786 and RMB168,340 for the years ended December 31, 2017, 2018 and 2019, respectively. The grant-date fair value of the Group’s share-based compensation expenses is reported in US$ as the respective valuation is conducted in US$ as the shares are denominated in US$. (e) Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2019 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.9618, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2019. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2019, or at any other rate. (f) Fair value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, trade receivable, amounts due from related parties, prepayments and other current assets, long-term investments, trade payable, amounts due to related parties, short-term borrowings, taxes payable, accruals and other liabilities, long-term receivables and long-term borrowings. As of December 31, 2018 and 2019, the carrying values of these financial instruments are approximated to their fair values due to the short-term maturity of these instruments except for long-term receivables, long-term borrowings and certain investments which are carried at fair value at each balance sheet date. Certain long-term investments in equity investees classified within Level 3 are valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Below is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports on its consolidated balance sheets at fair value on a recurring basis. Time deposits Short-term borrowings Short-term receivables and payables Prepayments and other assets in non-current assets (g) Cash, cash equivalents and restricted cash Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. Restricted cash is restricted to withdrawal for use or pledged as security is reported separately on the face of the Consolidated Balance Sheets. The Group’s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of bank credit card; (b) time deposit that are pledged for property lease. Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows: December 31, December 31, December 31 2017 2018 2019 Cash and cash equivalents 7,505,954 3,133,847 862,839 Restricted cash 10,606 57,012 82,507 Long-term restricted cash 14,293 33,528 44,523 Total 7,530,853 3,224,387 989,869 (h) Short-term investment Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year and investments in money market funds and financial products issued by banks. As of December 31, 2018 and 2019, the investment in fixed deposits that were recorded as short-term investments amounted to RMB5,154,703 and RMB111,000, respectively, among which, RMB1,775,000 and RMB96,000 were restricted as collateral for bank borrowings and letter of guarantee as of December 31, 2018 and 2019 respectively. (i) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily include amounts of vehicle sales in relation of government subsidy to be collected from government on behalf of customers, current portion of battery installment and receivables due from vehicle users. The Group provides an allowance against accounts receivable when there is doubt as to the collectability of individual balances. The Group writes off accounts receivable when they are deemed uncollectible. Allowance for doubtful accounts recognized for the years ended December 31, 2017, 2018 and 2019 was nil, nil and RMB85,824, respectively. (j) Inventory Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. (k) Trading securities Trading securities are comprised of bonds and are all designated as trading securities as they have been acquired principally for the purpose of selling in the near term. They are recognized on the trade date, when the Group enters into contractual arrangements with counterparties, and are normally derecognized when sold. They are initially measured at fair value, with transaction costs taken to the Statements of Comprehensive Loss.Subsequent changes in their fair values and interest are recognized in the Statements of Comprehensive Loss. (l) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets. The estimated useful lives are as follows: Useful lives Building and constructions 20 years Production facilities 10 years Charging & battery swap infrastructure 5 years R&D equipment 5 years Computer and electronic equipment 3 years Purchased software 3 years Leasehold improvements Shorter of the estimated useful life or remaining lease term Others 3 Depreciation for mold and tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the related assets. The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest on construction-in-progress is included within property, plant and equipment and is amortized over the life of the related assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the statements of comprehensive loss. (m) Intangible assets, net Intangible assets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below: Useful lives Domain names and others 5 years License 3 years The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed. (n) Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 536 months representing the shorter of the estimated usage periods or the terms of the agreements. (o) Long-term investments The Group’s long-term investments include equity investments in entities. Investments in entities in which the Group can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures (p) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Impairment charge recognized for the years ended December 31, 2017, 2018 and 2019 was nil, nil and RMB75,278, respectively. (q) Warranty liabilities The Company accrues a warranty reserve for all new vehicles sold by the Company, which includes the Company's best estimate of the projected costs to repair or replace items under warranties. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Company's relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve when the Company accumulates more actual data and experience in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other liabilities, while the remaining balance is included within other non-current liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of cost of revenues in the consolidated statements of comprehensive loss. The following table shows a reconciliation in the current reporting period related to carried-forward warranty liabilities. For the Year Ended December 31 2017 2018 2019 Warranty – beginning of year — — 177,293 Provision for warranty — 179,766 283,647 Warranty costs incurred — (2,473) (48,936) Warranty– end of year — 177,293 412,004 (r) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: ● provides all of the benefits received and consumed simultaneously by the customer; ● creates and enhances an asset that the customer controls as the Group performs; or ● does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition. When either party to a contract has performed, the Group presents the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group’s contract liabilities primarily resulted from the multiple performance obligations identified in the vehicle sales contract and the sales of Energy and Service Packages, which is recorded as deferred revenue and advance from customers. As of December 31, 2018 and 2019, the balances of contract liabilities from vehicle sales contracts were RMB99,128 and RMB96,827, respectively. As of December 31, 2018 and 2019, the balances of contract liabilities from the sales of Energy and Service Packages were RMB32,226 and RMB65,361, respectively. Vehicle sales The Group generates revenue from sales of electric vehicles, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the vehicle as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of vehicles, charging piles, vehicle internet connection services and extended lifetime warranty which are accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when NIO transfers the control of vehicle to a user. Customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles. The government subsidies are applied on their behalves and collected by the Group or Jianghuai Automobile Group Co., Ltd. (“JAC”) from the government. The Group has concluded that government subsidies should be considered as a part of the transaction price it charges the customers for the electric vehicle, as the subsidy is granted to the buyer of the electric vehicle and the buyer remains liable for such amount in the event the subsidies were not received by the Group. For efficiency reason, the Group or JAC applies and collects the payment on behalf of the customers. In the instance that some eligible customer selects installment payment for battery, the Group believes such arrangement contains a significant financing component and as a result adjusts the amount considering the impact of time value on the transaction price using an appropriate discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). The long-term receivable of installment payment for battery was recognized as non-current assets. The difference between the gross receivable and the present value is recorded as unrealized finance income. Interest income resulting from a significant financing component will be presented separately from revenue from contracts with customers as this is not the Group’s ordinary business. The Group uses a cost plus margin approach to determine the estimated standalone selling price for each individual distinct performance obligation identified, considering the Group’s pricing policies and practices, and the data utilized in making pricing decisions. The overall contract price is then allocated to each distinct performance obligation based on the relative estimated standalone selling price in accordance with ASC 606. The revenue for vehicle sales and charging piles are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle internet connection service and free battery swapping service, the Group recognizes the revenue using a straight-line method. As for the extended lifetime warranty, given limited operating history and lack of historical data, the Group decides to recognize the revenue over time based on a straight-line method initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available. As the consideration for the vehicle and all embedded services must be paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the allocated amount regarding those unperformed obligations. Sales of Energy and Service Packages The Group also sells the two packages, Energy Package and Service Package in exchange of considerations. The Energy Package provides vehicle users with a comprehensive range of charging solutions (including charging and battery swapping). The energy service is applied by users on the mobile application depending on their needs and the Group can decide the most appropriate service to offer according to its available resource. Through the Service Package, the Group offers vehicle users with a “worry free” vehicle ownership experience (including free repair service with certain limitations, routine maintenance service, enhanced data package, etc.), which can be applied by user via mobile application. The Group identifies the users who purchase Energy Package and Service Package meet the definition of a customer. The agreements for Energy Package and Service Package create legal enforceability to both parties on a monthly basis as the respective Energy or Service Packages can be canceled at any time without any penalty. The Group concludes the energy or service provided in Energy Package or Service Package respectively meets the stand-ready criteria and contains only one performance obligation within each package, the revenue is recognized over time on a monthly basis as customer simultaneously receives and consumes the benefits provided and the term of legally enforceable contract is only one month. Incentives The Group offers a self-managed customer loyalty program points, which can be used in the Group’s online store and at NIO houses to redeem NIO merchandise. The Group determines the value of each point based on estimated incremental cost. Customers and NIO fans and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows: (i) Sales of vehicle The Group concludes the points offered linked to the purchase transaction of the vehicle is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the vehicle sales. The Group also estimates the probability of points redemption when performing the allocation. Since historical information does not yet exist for the Group to determine any potential points forfeitures and the fact that most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group believes it is reasonable to assume all points will be redeemed and no forfeiture is estimated currently. The amount allocated to the points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Group will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period. (ii) Sales of Energy Package and Service Package Energy Package—When the customers charge their vehicles Service Package-The Group grants points to the customers with safe driving record during the effective period of the service package. The Group records the value of the points as a reduction of revenue from the Service Package. Since historical information is limited for the Group to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group has used an estimated forfeiture rate of zero. (iii) Other scenarios Customers or users of the mobile application can also obtain points through any other ways such as frequent sign-ins to the Group’s mobile application, sharing articles from the application to users’ own social media. The Group believes these points are to encourage user engagement and generate market awareness. As a result, the Group accounts for such points as selling and marketing expenses with a corresponding liability recorded under other current liabilities of its consolidated balance sheets upon the points offering. The Group estimates liabilities under the customer loyalty program based on cost of the NIO merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Group records a reduction of inventory and other current liabilities. In certain cases where merchandise is sold for cash in addition to points, the Group records other revenue. Similar to the reasons above, the Group estimates no points forfeiture currently and continues to assess when and if a forfeiture rate should be applied. For the years ended December 31, 2017, 2018 and 2019, the revenue portion allocated to the points as separate performance obligation was nil, RMB47,310 and RMB66,286, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2017, 2018 and 2019, the total points recorded as a reduction of revenue was nil, RMB441 and RMB25,408, respectively. For the years ended December 31, 2017, 2018 and 2019, the total points recorded as selling and marketing expenses were RMB16,460, RMB153,057 and RMB142,425, respectively. As of December 31, 2018 and 2019, liabilities recorded related to unredeemed points were RMB143,868 and RMB178,666, respectively. Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes that lifetime roadside assistance and out-of-town charging services are not performance obligations considering these two services are value-added services to enhance user experience rather than critical items for vehicle driving and forecasted that usage of these two services will be very limited. The Group also performs an estimation on the standalone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of roadside assistance and out-of-town charging services are insignificant individually and in aggregate, representing less than 1% of vehicle gross selling price and aggregate fair value of each individual promise. Considering the qualitative assessment and the result of the quantitative estimate, the Group concluded not to assess whether promises are performance obligations if they are immaterial in the context of the contract and the relative standalone fair value individually and in aggregate is less than 3% of the contract price, namely the road-side assistance and out-of-town charging services. Related costs are recognized as incurred. (s) Cost of Sales Vehicle Cost of vehicle revenue includes direct parts, material, processing fee, loss compensation to JAC, labor costs, manufacturing overhead (including depreciation of assets associated with the production), and reserves for estimated warranty expenses. Cost of vehicle revenue also includes adjustments to warranty expense and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventory that is either obsolete or in excess of forecasted demand. Service and Other Cost of service and other revenue includes direct parts, material, labor costs, vehicle internet connectivity costs, and depreciation of assets that are associated with sales of Energy and Service packages. (t) Sales and marketing expenses Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sa |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU update on the measurement of credit losses for certain financial assets measured at amortized cost and available-for-sale debt securities. In April 2019, the FASB issued ASU 2019-04 "Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." For financial assets measured at amortized cost, this update requires an entity to (1) estimate its lifetime expected credit losses upon recognition of the financial assets and establish an allowance to present the net amount expected to be collected, (2) recognize this allowance and changes in the allowance during subsequent periods through net income and (3) consider relevant information about past events, current conditions and reasonable and supportable forecasts in assessing the lifetime expected credit losses. For available-for-sale debt securities, this update made several targeted amendments to the existing other-than-temporary impairment model, including (1) requiring disclosure of the allowance for credit losses, (2) allowing reversals of the previously recognized credit losses until the entity has the intent to sell, is more-likely-than-not required to sell the securities or the maturity of the securities, (3) limiting impairment to the difference between the amortized cost basis and fair value and (4) not allowing entities to consider the length of time that fair value has been less than amortized cost as a factor in evaluating whether a credit loss exists. The Company adopted this update in the first quarter of 2020 and applied this update on a modified retrospective basis. The adoption did not have a material impact to the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement," which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB's disclosure framework project. The new guidance is effective for the fiscal years and interim reporting periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for the adoption of either the entire ASU or only the provisions that eliminate or modify the requirements. The Company is evaluating the effects, if any, of the adoption of this guidance on the fair value disclosure in the consolidated financial statements. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact. |
Concentration and Risks
Concentration and Risks | 12 Months Ended |
Dec. 31, 2019 | |
Concentration and Risks | |
Concentration and Risks | 4. Concentration and Risks (a) Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash and short-term investment. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2018 and 2019, all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the PRC and Hong Kong which management believes are of high credit quality. The PRC does not have an official deposit insurance program, nor does it have an agency similar to the Federal Deposit Insurance Corporation (FDIC) in the United States. However, the Group believes that the risk of failure of any of these PRC banks is remote. Bank failure is uncommon in China and the Group believes that those Chinese banks that hold the Group’s cash and cash equivalents and restricted cash are financially sound based on publicly available information. (b) Currency convertibility risk The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents and restricted cash denominated in RMB that are subject to such government controls amounted to RMB2,051,482 and RMB829,175 as of December 31, 2018 and 2019, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. (c) Foreign currency exchange rate risk Since July 21, 2005, the RMB has been permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. While the international reaction to the RMB appreciation has generally been positive, there remains significant international pressure on the PRC government to adopt an even more flexible currency policy, which could result in a further and more significant appreciation of the RMB against other currencies. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Inventory | |
Inventory | 5. Inventory Inventory consists of the following: December 31, December 31, 2018 2019 Raw materials 696,005 510,990 Work in process 6,727 1,862 Finished Goods 723,591 291,116 Merchandise 38,916 95,987 Less: write-downs — (10,427) Total 1,465,239 889,528 Raw materials primarily consist of materials for volume production as well as spare parts used for aftersales services. Work in progress are mainly used for research and development of new models and will be expensed when incurred. Electric drive systems in production are also recorded as work in progress. Finished goods include vehicles ready for transit at production factory, vehicles in transit to fulfill customer orders, new vehicles available for immediate sale at our sales and service center locations and charging piles. Merchandise inventory includes accessories and branded merchandise of NIO which can be redeemed by deducting membership rewards points of customer loyalty program in the Group’s application store. Inventory write-downs recognized in cost of sales for the years ended December 31, 2017 and 2018 and 2019 were nil, nil and 10,427, respectively. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Prepayments and Other Current Assets | |
Prepayments and Other Current Assets | 6. Prepayments and Other Current Assets Prepayments and other current assets consist of the following: December 31, December 31, 2018 2019 Deductible VAT input 1,018,766 1,253,617 Prepayment to vendors 333,367 88,900 Deposits 23,321 73,271 Other receivables 138,803 186,105 Less: Allowance for doubtful accounts — (22,635) Total 1,514,257 1,579,258 Prepayment to vendors mainly consist of prepayment for raw materials, prepaid rental for offices and NIO Houses, and prepaid expenses for R&D services provided by suppliers. Allowance for doubtful accounts in prepayments and other current assets recognized for the years ended December 31, 2017, 2018 and 2019 was nil, nil and RMB22,635, respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Net | |
Property, Plant and Equipment, Net | 7. Property, Plant and Equipment, Net Property and equipment and related accumulated depreciation were as follows: December 31, December 31, 2018 2019 Mold and tooling 1,032,685 1,898,975 Leasehold improvements 653,298 1,025,570 Production facilities 456,569 869,819 Building and construction 481,121 828,958 Charging & battery swap infrastructure 470,506 608,919 Construction in process 1,289,611 475,977 Computer and electronic equipment 393,931 428,028 R&D equipment 320,362 400,461 Purchased software 286,034 341,379 Others 146,869 279,233 Subtotal 5,530,986 7,157,319 Less: Accumulated depreciation (677,829) (1,548,977) Less: Accumulated impairment — (75,278) Total property, plant and equipment, net 4,853,157 5,533,064 The Group recorded depreciation expenses of RMB165,960, RMB469,408 and RMB993,070 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets, Net | |
Intangible Assets, Net | 8. Intangible Assets, Net Intangible assets and related accumulated amortization were as follows: December 31, 2018 December 31, 2019 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying value amortization value value amortization value Domain names and others 5,269 (1,974) 3,295 4,342 (2,820) 1,522 License 3,161 (2,986) 175 — — — Total intangible assets, net 8,430 (4,960) 3,470 4,342 (2,820) 1,522 The Group recorded amortization expenses of RMB1,898, RMB1,988 and RMB1,021 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Land Use Rights, Net
Land Use Rights, Net | 12 Months Ended |
Dec. 31, 2019 | |
Land Use Rights, Net. | |
Land Use Rights, Net | 9. Land Use Rights, Net Land use rights and related accumulated amortization were as follows: December 31, December 31, 2018 2019 Land use rights 216,489 216,489 Less: Accumulated amortization—land use rights (2,827) (7,674) Total land use rights, net 213,662 208,815 In June 2018, XPT NJEP entered into an agreement to purchase land use rights for usage of land to build a factory for manufacturing of e-powertrain for the Group. The Group recorded amortization expenses for land use rights of nil, RMB2,827 and RMB4,847 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Non-current Assets | |
Other Non-current Assets | 10. Other Non-current Assets Other non-current assets consist of the following: December 31, December 31, 2018 2019 Long-term deposits 616,199 848,655 Receivables of installment payments for battery 574,677 657,698 Right-of-use assets - finance lease — 155,051 Prepayments for purchase of property and equipment 159,341 17,603 Others 62,613 74,093 Total 1,412,830 1,753,100 Long-term deposit mainly consists of deposits to vendors for guarantee of production capacity as well as rental deposit for offices and NIO Houses which will not be collectible within one year. |
Accruals and Other Liabilities
Accruals and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accruals and Other Liabilities | |
Accruals and Other Liabilities | 11. Accruals and Other Liabilities Accruals and other liabilities consist of the following: December 31, December 31, 2018 2019 Payables for purchase of property and equipment 1,027,377 1,121,715 Payable for R&D expenses 437,731 694,081 Payables for marketing events 423,953 436,610 Salaries and benefits payable 402,163 344,922 Advance from customers 233,767 297,096 Accrued expenses 308,486 246,121 Current portion of deferred revenue 108,250 189,172 Investment deposit from investors 47,124 154,643 Warranty liabilities 46,574 120,161 Interest payables 2,584 105,940 Current portion of deferred construction allowance 87,330 84,495 Current portion of finance lease liabilities — 40,334 Payables for traveling expenses of employees 43,147 17,685 Other payables 215,195 363,666 Total 3,383,681 4,216,641 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings | |
Borrowings | 12. Borrowings Borrowings consist of the following: December 31, December 31, 2018 2019 Short-term borrowing: Bank loan (i) 1,870,000 188,000 Convertible notes (ii) — 697,620 Current portion of long-term bank loan (iii) 198,852 322,436 Long-term borrowings: Bank loan(iii) 766,592 950,154 Convertible notes(ii) — 5,784,984 Loan from joint investor(iv) 401,420 419,660 Total 3,236,864 8,362,854 (i) Short-term bank loan As of December 31, 2018, we obtained short-term borrowings from ten banks of RMB1,870,000 in aggregate collateralized by bank deposit of RMB1,375,000 classified as short-term investment provided by one of our wholly-owned subsidiaries. The annual interest rate of these borrowings is approximately 4.35% to 5.22%. As of December 31, 2019, we obtained short-term borrowings from several banks of RMB128,000 in aggregate and bank acceptance of RMB60,000. The annual interest rate of these borrowings is approximately 3.45% to 4.87%. (ii) Convertible notes On January 30, 2019, the Group issued US$650,000 convertible senior notes and additional US$100,000 senior notes (collectively the “Notes”) to the notes purchasers (the “Notes Offering”). The Notes bears interest at a rate of 4.50% per year, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2019. The Notes is convertible into the Company’s American Depositary Shares at the pre-agreed fixed conversion price at the discretion of the holders and will mature for repayment on February 1, 2024. Holders of the Notes are entitled to require the Company to repurchase all or part of the Notes in cash on February 1, 2022 or in the event of certain fundamental changes. In connection with the Notes Offering, the Company entered into capped call transactions with certain notes purchasers and/or their respective affiliates and/or other financial institutions (the “Capped Call Option Counterparties”) and used a portion of the net proceeds of the Notes Offering to pay the cost of such transactions. In addition, the Company also entered into privately negotiated zero-strike call option transactions with certain notes purchasers or their respective affiliates (the “Zero-Strike Call Option Counterparties”) and used a portion of the net proceeds of the Notes Offering to pay the aggregate premium under such transactions. The Company accounts for the Notes as a single instruments as a long-term debt. The debt issuance cost were recorded as reduction to the long-term debts and are amortised as interest expenses using the effective interest method. The value of the Notes are measured by the cash received. The cost for the capped call transactions have been recorded as deduction of additional paid-in capital within total shareholders’ deficit. The zero-strike call option was deemed as a prepaid forward to purchase the Company’s own shares and recognized as permanent equity at its fair value at inception as a reduction to additional paid in capital in the consolidated balance sheet. On September 5, 2019, the Group issued US$200,000 convertible senior notes to an affiliate of Tencent Holdings Limited and Mr. Bin Li, chairman and chief executive officer of the Company. Tencent and Mr. Li each subscribed for US$100 principal amount of the convertible notes, each in two equally split tranches. The 360-day Notes will be convertible into Class A ordinary shares (or ADSs) of the Company at a conversion price of US$2.98 per ADS at the holder’s option from the 15th day immediately prior to maturity, and the 3-year Notes will be convertible into Class A ordinary shares (or ADSs) of the Company at a conversion price of US$3.12 per ADS at the holder’s option from the first anniversary of the issuance date. The holders of the 3-year Notes will have the right to require the Company to repurchase for cash all of the Notes or any portion thereof on February 1, 2022. The 360-day Notes was recorded in short-term borrowings and the 3-year Notes were recorded in short-term borrowings. The company will pay an annual premium of 2% at maturity. Interest expenses were accrued over the term of each note using the effective interest method. As of December 31, 2019, RMB697,620 of convertible notes will be due within one year. (iii) Long-term bank loan On May 17, 2017, the Group entered into a secured loan agreement with the Bank of Nanjing of a facility amount of RMB685,000 with a maturity date of May 17, 2022. As of December 31, 2018 and 2019, the aggregated draw amounted to RMB674,279 and RMB475,382, respectively. The annual interest rate of these borrowings is approximately 4.75% to 5.80%. The loan was guaranteed by Nanjing Xingzhi to support XPT NJES to continue doing business in the respective region. There is no restrictive financial covenants attached to the loan. On September 28, 2017, the Group entered into a loan agreement with China Merchants Bank of a facility amount of RMB200,000 with a maturity date of September 14, 2021. December 31, 2019, the aggregated draw amounted to RMB96,000 subject to a floating interest of 10% to 18% above the benchmark interest rate of three-year RMB loan announced by PBOC. On February 2, 2018, the Group entered into a loan agreement with China CITIC Bank of a principal of RMB50,000 with a maturity date of February 1, 2021. The As of December 31, 2019, the aggregated draw amounted to RMB44,500 subject to a floating interest rate of 10% above the average quoted interest rate of one-year RMB loan announced by the National Interbank Funding Center. On August 17, 2018, the Group entered into a loan agreement with China CITIC Bank of a principal of RMB50,000 with a maturity date of Mar 7, 2021. As of December 31, 2019, the aggregated draw amounted to RMB49,500 subject to a floating interest rate of 26% above the average quoted interest rate of one-year RMB loan announced by the National Interbank Funding Center. On November 30, 2018, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB5,200 with a maturity date of November 30, 2021. As of December 31, 2019, the aggregated draw amounted to RMB4,102 subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On December 24, 2018, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB40,000 with a maturity date of November 30, 2021. As of December 31, 2019, the aggregated draw amounted to RMB32,305, subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On September 7, 2016, the Group entered into a joint investment agreement with Nanjing Xingzhi Technology Industry Development Co., Ltd (“Nanjing Xingzhi”, formerly known as Nanjing Zijin (New Harbor) Technology Entrepreneurial Special Community Construction Development Co., Ltd). Nanjing Xingzhi invested in XPT NJES, a subsidiary of the Group, with a contribution of RMB37,500. According to the agreement, the annual rate of return on investment of Nanjing Xingzhi equals the benchmark interest rate of one-year RMB loan announced by PBOC. Given Nanjing Xingzhi does not bear the risk of the losses and only entitles to fixed interest income, the Group regarded it a loan in substance and recorded it in liability with the interest expenses amortized through the period. On May 16, 2018, the Group entered into an agreement with Nanjing Xingzhi to purchase Nanjing Xingzhi’s shareholding in XPT NJES at a price of RMB41,773, which approximately the entire principal plus interest accrued then. On January 3, 2019, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB20,000 with a maturity date of November 30, 2021. As of December 31, 2019, the aggregated draw amounted to RMB16,145, subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On January 10, 2019, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB40,000 with a maturity date of November 30, 2021. As of December 31, 2019, the aggregated draw amounted to RMB32,305, subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On January 17, 2019, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB40,000 with a maturity date of November 30, 2021.As of December 31, 2019, the aggregated draw amounted to RMB32,305, is subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On January 24, 2019, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB35,000 with a maturity date of November 30, 2021. As of December 31, 2019, the aggregated draw amounted to RMB28,257, subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On March 25, 2019, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB150,000 with a maturity date of November 30, 2021.As of December 31, 2019, the aggregated draw amounted to RMB128,354, subject to a floating interest rate of 15% above the average quoted interest rate of three-year RMB loan announced by PBOC. On March 27, 2019, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB50,000 with a maturity date of November 30, 2021. As of December 31, 2019, the aggregated draw amounted to RMB42,777, subject to a floating interest rate of 15% above the average quoted interest rate of three-year RMB loan announced by PBOC. On March 29, 2019, the Group entered into a loan agreement with Hanhou Bank of a facility amount of RMB200,000 with a maturity date of March 29, 2022. As of December 31, 2019, the aggregated draw amounted to RMB199,000, subject to a floating interest of 20% above the benchmark interest rate of three-year RMB loan announced by PBOC. On June 26, 2019, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB20,000 with a maturity date of November 30, 2021.As of December 31, 2019, the aggregated draw amounted to RMB18,072, is subject to a floating interest rate of 15% above the average quoted interest rate of three-year RMB loan announced by PBOC. On September 11, 2019, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB80,000 with a maturity date of November 30, 2021.As of December 31, 2019, the aggregated draw amounted to RMB73,587, is subject to a floating interest rate of 15% above the average quoted interest rate of three-year RMB loan announced by PBOC. As of December 31, 2018 and 2019, RMB198,852 and RMB322,436 of long-term bank borrowings will be due within one year, respectively. (iv) Loan from joint investor On May 18, 2017, the Group entered into a joint investment agreement with Wuhan Donghu New Technology Development Zone Management Committee ("Wuhan Donghu") to set up an entity (the "PE WHJV"). Wuhan Donghu subscribed for RMB384,000 paid in capital in PE WHJV with 49% of the shares. On June 30, 2017, September 29, 2017 and April 16, 2018, Wuhan Donghu injected RMB50,000, RMB100,000 and RMB234,000 in cash to PE WHJV, respectively. Pursuant to the investment agreement, Wuhan Donghu does not have substantive participating rights to PE WHJV, nor is allowed to transfer its equity interest in PE WHJV to other third party. In addition, within five years or when the net assets of PE WHJV is less than RMB550,000, the Group is obligated to purchase from Wuhan Donghu all of its interest in PE WHJV at its investment amount paid plus interest at the current market rate announced by PBOC. As such, the Group consolidates PE WHJV. The investment by Wuhan Donghu is accounted for as a loan because it is only entitled to fixed interest income and subject to repayment within five years or upon the financial covenant violation. As of December 31, 2018 and 2019, RMB17,420 and RMB35,660 of interest were accrued at the benchmark rate of medium and long-term loan announced by PBOC. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Non-Current Liabilities | |
Other Non-Current Liabilities | 13. Other Non-Current Liabilities Other non-current liabilities consist of the following: December 31, December 31, 2018 2019 Deferred government grants 351,896 340,667 Deferred revenue 193,524 295,915 Warranty liabilities 130,719 291,843 Non-current finance lease liabilities — 88,790 Deferred construction allowance 124,678 72,762 Rental payable 129,995 — Others — 61,836 Total 930,812 1,151,813 Deferred government grants mainly consist of specific government subsidies for purchase of land use right and buildings, product development and renewal of production facilities, which is amortized using the straight-line method as a deduction of the amortization expense of the land use right over its remaining estimated useful life. Rental payable represents the difference between the straight-line rental expenses and the actual rental fee paid for long term rental agreements. On January 1, 2019, the Group adopted ASC 842 Leases Deferred construction allowance consists of long-term payable of construction projects, with payment terms over one year. |
Lease
Lease | 12 Months Ended |
Dec. 31, 2019 | |
Lease | |
Lease | 14. Lease The Group has entered into various non-cancellable operating and finance lease agreements for certain offices, warehouses, retail and service locations, equipment and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The balances for the operating and finance leases where the Group is the lessee are presented as follows within the consolidated balance sheet: As of December 31, 2019 Operating leases: Right-of-use assets - operating lease 1,997,672 Current portion of operating lease liabilities 608,747 Non-current operating lease liabilities 1,598,372 Total operating lease liabilities 2,207,119 Finance leases: Right-of-use assets - finance lease 155,051 Current portion of finance lease liabilities 40,334 Non-current finance lease liabilities 88,790 Total finance lease liabilities 129,124 The components of lease expenses were as follows: Year Ended December 31, Lease cost: 2019 Amortization of right-of-use assets 522,035 Interest of operating lease liabilities 137,459 Expenses for short-term leases within 12 months and other non-lease component 155,613 Total lease cost 815,107 Other information related to leases where the Group is the lessee is as follows: As of December 31, 2019 Weighted-average remaining lease term: Operating leases 4.7 years Finance leases 3.9 years Weighted-average discount rate: Operating leases 5.83 % Finance leases 5.77 % Supplemental cash flow information related to leases where we are the lessee is as follows (in thousands): Year Ended December 31, 2019 Operating cash outflows from operating leases 482,782 Operating cash outflows from finance leases (interest payments) 5,969 Financing cash outflows from finance leases 43,916 Right-of-use assets obtained in exchange for operating lease liabilities 777,169 As of Dec 31, 2019, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows (in thousands): Operating Finance Leases Leases 2020 716,289 50,043 2021 574,702 36,585 2022 466,041 28,206 2023 332,357 20,042 2024 173,133 7,858 Thereafter 254,607 — Total minimum lease payments 2,517,129 142,734 Less: Interest 310,010 13,610 Present value of lease obligations 2,207,119 129,124 Less: Current portion 608,747 40,334 Long-term portion of lease obligations 1,598,372 88,790 As of December 31, 2019, the Group had future minimum lease payments for non-cancelable short-term operating leases of RMB33,580. As previously reported in our Annual Report on Form 20-F for the year ended December 31, 2018 and under legacy lease accounting (ASC 840), future minimum lease payments under non-cancellable leases as of December 31, 2018 are as follows: Operating Leases 2019 393,734 2020 457,892 2021 444,909 Thereafter 1,091,911 Total minimum lease payments 2,388,446 For the year ended December 31, 2017 and 2018, the Company recognized lease expense of RMB228,478 and RMB490,936, respectively, under ASC 840. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenues | |
Revenues | 15. Revenues Revenues by source consists of the following: For the Year Ended December 31, 2017 2018 2019 Vehicle sales — 4,852,470 7,367,113 Sales of charging pile — 82,184 127,632 Sales of Packages — 10,220 111,448 Others — 6,297 218,711 Total — 4,951,171 7,824,904 |
Deferred Revenue_Income
Deferred Revenue/Income | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Revenue/Income | |
Deferred Revenue/Income | 16. Deferred Revenue/Income The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue/income. For the Year Ended December 31 2017 2018 2019 Deferred revenue/income – beginning of year — — 301,774 Additions — 384,116 428,786 Recognition — (82,342) (246,861) Effects on foreign exchange adjustment — — 1,388 Deferred revenue/income – end of year — 301,774 485,087 Deferred revenue mainly includes the transaction price allocated to the performance obligations that are unsatisfied, or partially satisfied, which mainly arises from the undelivered charging pile, the vehicle internet connection service, the extended lifetime warranty service, the points offered to customers as well as free battery swapping service embedded in the vehicle sales contract, with unrecognized deferred revenue balance of RMB181,539 and RMB405,326 as of December 31, 2018 and 2019. The Group expects that 39% of the transaction price allocated to unsatisfied performance obligation as at December 31, 2019 December 31, 2020 Deferred income includes the reimbursement from a depository bank in connection with the advancement of the Company’s ADR and investor relations programs in the next five years. The Company initially recorded the payment from the depository bank as deferred revenue and then recognized as other gain over the beneficial period, with unrecognized deferred income balance of RMB99,684 and RMB79,761 as of December 31, 2018 and 2019. |
Manufacturing in collaboration
Manufacturing in collaboration with JAC | 12 Months Ended |
Dec. 31, 2019 | |
Manufacturing in collaboration with JAC | |
Manufacturing in collaboration with JAC | 17. Manufacturing in collaboration with JAC In May 2016 and April 2019, the Group entered into an arrangement with JAC for the manufacture of the ES8 and the ES6 for five years. Pursuant to the arrangement, JAC built up a new manufacturing plant (“Hefei Manufacturing Plant”) and is responsible for the equipment used on the product line while NIO is responsible for the tooling. For each vehicle produced the Group pays processing fee to JAC on a per-vehicle basis monthly for the first three years on the basis that NIO provides all the raw materials to JAC. In addition, for the first 36 months after agreed time of start of production, which was April 2018, the Group should compensate JAC operating losses incurred in Hefei Manufacturing Plant. For the years ended December 31, 2017, 2018 and 2019, JAC charged the Group nil, RMB126,425 and RMB206,736, respectively, based on the actual losses incurred in Hefei Manufacturing Plant during the same periods, which was recorded in cost of sales. |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Research and Development Expenses | |
Research and Development Expenses | 18. Research and Development Expenses Research and development expenses consist of the following: Year Ended December 31, 2017 2018 2019 Design and development expenses 1,455,297 1,827,980 2,041,024 Employee compensation 1,004,835 1,850,886 2,004,931 Depreciation and amortization expenses 38,940 103,427 187,137 Travel and entertainment expenses 60,622 104,949 63,998 Rental and related expenses 12,367 33,105 57,401 Others 30,828 77,595 74,089 Total 2,602,889 3,997,942 4,428,580 |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Selling, General and Administrative Expenses | |
Selling, General and Administrative Expenses | 19. Selling, General and Administrative Expenses Selling, general and administrative expenses consist of the following: Year Ended December 31, 2017 2018 2019 Employee compensation 929,928 2,256,455 2,231,698 Marketing and promotional expenses 523,535 1,158,519 818,053 Rental and related expenses 216,111 450,113 737,578 Professional services 238,740 578,469 487,537 Depreciation and amortization expenses 128,918 249,765 457,364 Travel and entertainment expenses 71,278 197,187 126,571 IT consumable, office supply and other low value consumable 114,668 167,323 109,501 Allowance against receivables — — 108,459 Others 127,529 283,959 375,026 Total 2,350,707 5,341,790 5,451,787 |
Convertible Promissory Note
Convertible Promissory Note | 12 Months Ended |
Dec. 31, 2019 | |
Convertible Promissory Note | |
Convertible Promissory Note | 20. Convertible Promissory Note On February 16, 2017, the Company issued convertible promissory note (“the Note”) in the aggregated principal amount of US$48,000 (RMB312,624 equivalent) to one of its existing convertible redeemable preferred shareholder with compounding interest at 15% per annum, maturing 90 days after the issuance date. Pursuant to the Note agreements, the holders of the Note may (i) convert the outstanding principal and accrued interest of the Note into the most recent round of equity security at a conversion price equal to 97% of the per share price paid by the investors in the event that the Company issues and sells equity security to investors on or before the date of the repayment in full of this Note in an equity financing resulting in gross proceeds to the Company of at least US$100,000 (“Qualified Financing”), however, the Company and the Note holder both agreed that the 3% discount on the price shall not be applicable to the Series C Convertible Redeemable Preferred Shares (“Series C Preferred Shares”), or (ii) convert the outstanding principal and accrued interest of the Note into Series B Convertible Redeemable Preferred Shares (“Series B Preferred Shares”) of the Company at a conversion price of US$2.751 per share if no Qualified Financing occurred before prior to the maturity date. The Company may elect to repay the accrued interests in cash under either way. The issuance cost for the Note was immaterial. On May 17, 2017, the Note was fully repaid in cash together with the accrued interest of US$1,800 (RMB12,389 equivalent). |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2019 | |
Convertible Redeemable Preferred Shares | |
Convertible Redeemable Preferred Shares | 21. Convertible Redeemable Preferred Shares In March 2015, the Company issued 165,000,000 shares of Series A-1 convertible redeemable preferred shares (“Series A-1 Preferred Shares”) for US$1.00 per share for cash of US$165,000. The total consideration was paid in three instalments and were fully paid in January 2017. In March and May 2015, the Company issued 130,000,000 shares of Series A-2 convertible redeemable preferred shares (“Series A-2 Preferred Shares”) for US$1.00 per share for cash of US$130,000. In September 2015, the Company issued 24,210,431 shares of Series A-3 Preferred Shares for US$1.6522 per share for cash of US$40,000. The Series A-1, A-2 and A-3 Preferred Shares are collectively referred to as the “Series A Preferred Shares”. In June, July, August, September 2016 and February 2017, the Company issued 114,867,321 shares of Series B convertible redeemable preferred shares (“Series B Preferred Shares”) for US$2.751 per share for cash of US$316,000. In March, April, May and July 2017, the Company issued 166,205,830 shares of Series C convertible redeemable preferred shares (“Series C Preferred Shares”) for US$3.885 per share for cash of US$645,709. In November and December 2017, the Company issued 211,156,415 shares of Series D convertible redeemable preferred shares (“Series D Preferred Shares”) for US$5.353 per share for cash of US$1,130,320. US$12,000 out of the total consideration from one of the investor was not paid until March 28, 2018 and it was treated as a reduction of Series D Preferred Shares until it was paid. In addition, a finder’s commission of US$26,000 was incurred for the Series D Preferred Shares financing. The Company paid 50% of the commission in cash amounted US$13,000 and the remaining 50% by issuance of 2,428,588 shares of Series D Preferred Shares for free to the financial advisory. The total of the finder’s commission was also recorded as an issuance cost as a deduction of the preferred shares. The Series A-1, A-2, A-3, B, C and D Preferred Shares are collectively referred to as the “Preferred Shares”. All series of Preferred Shares have the same par value of US$0.00025 per share. The Company classified the Preferred Shares in the mezzanine section of the consolidated balance sheets because they were redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control, that being the Company’s failure to complete a QIPO by December 31, 2021. The Preferred Shares are recorded initially at fair value, net of issuance costs. The issuance costs for Series A-1, A-2, A-3, B, C, and D were RMB1,892, RMB1,177, RMB1,296, RMB11,857, RMB10,039 and RMB6,033 (US$301, US$189, US$208, US$1,782, US$1,489 and US$901, equivalent). The major rights, preferences and privileges of the Preferred Shares are as follows: Voting Rights The holders of the Preferred Shares shall have the right to one vote for each ordinary share into which each outstanding Preferred Share held could then be converted. The holders of the Preferred Shares vote together with the Ordinary Shareholders, and not as a separate class or series, on all matters put before the shareholders. The holders of the Preferred Shares are entitled to appoint a total of 10 out of 11 directors of the Board. Dividends Subject to the approval and declaration by the Board of Directors, the holders of the Preferred Shares (exclusive of unpaid shares) are entitled to receive dividends in the following order: ● Series D Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series C preferred Shares, Series B preferred shares, Series A Preferred Shares and ordinary shares; ● Series C Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series B preferred shares, Series A Preferred Shares and ordinary shares; ● Series B Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series A Preferred Shares and ordinary shares; ● Series A Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any ordinary shares; ● any remaining dividends shall be distributed on a pro rata basis to holders of all the Preferred Shares and ordinary shares on a fully diluted and as-if converted basis. No dividends on preferred and ordinary shares have been declared since the issuance date through December 31, 2018 and 2019. Liquidation In the event of any liquidation, the holders of Preferred Shares have preference over holders of ordinary shares with respect to payment of dividends and distribution of assets. Upon Liquidation, Series D Preferred Shares shall rank senior to Series C Preferred Shares, Series C Preferred Shares shall rank senior to Series B Preferred Shares, Series B Preferred Shares shall rank senior to Series A-3 Preferred Shares, Series A-3 Preferred Shares shall rank senior to Series A-1 and A-2 Preferred Shares, Series A-1 and A-2 Preferred Shares shall rank senior to ordinary shares. The holders of Preferred Shares (exclusive of unpaid shares) shall be entitled to receive an amount per share equal to (A) an amount equal to the higher of (1) 100% of the original issue price of such Preferred Shares, and (2) the amount that would be payable on such Preferred Shares if converted into ordinary shares immediately before such Liquidation; and (B) the amount of all declared but unpaid dividends on such Preferred Shares based on such holder’s pro rata portion of the total number of the Preferred Shares. If there are still assets of the Company legally available for distribution, such remaining assets of the Company shall be distributed to the holders of issued and outstanding Ordinary Shares on pro rata basis among themselves. Conversion The Preferred Shares (exclusive of unpaid shares) would automatically be converted into common shares 1) upon a QIPO; or 2) upon the written consent of the holders of a majority of the outstanding Preferred Share of each class with respect to conversion of each class. The initial conversion ratio of Preferred Shares to ordinary shares shall be 1:1, subject to adjustments in the event of (i) share splits, share dividends, combinations, recapitalization and similar events, or (ii) issuance of Ordinary Shares (excluding certain events such as issuance of ordinary shares pursuant to a public offering) at a price per share less than the conversion price in effect on the date of or immediately prior to such issuance. The Company determined that there were no beneficial conversion features identified for any of the Preferred Shares during any of the periods. In making this determination, the Company compared the fair value of the ordinary shares into which the Preferred Shares are convertible with the respective effective conversion price at the issuance date. In all instances, the effective conversion price was greater than the fair value of the ordinary shares. To the extent a conversion price adjustment occurs, as described above, the Company will re-evaluate whether or not a beneficial conversion feature should be recognized. Redemption The Company shall redeem, at the option of any holder of outstanding Preferred Shares, all of the outstanding Preferred Shares (other than the unpaid shares) held by the requesting holder, at any time after the earliest to occur of (a) December 31, 2021, if no QIPO or Approved Sale has been consummated prior to such date, (b) any material change in applicable law that would prohibit or otherwise make it illegal to continue to operate the business under the then-existing equity structure of the Group, which could not be solved by alteration or adjustment of the equity structure of the Group after good faith consultation among the Company and its shareholders, (c) the early termination of employment or service contracts of no less than 30% of the certain key employees (or subsequent persons holding their respective positions) with the Group during any six-month period (excluding any early termination with cause) which has resulted in material adverse effect with respect to the Business of the Group as a whole, and (d) termination or disruption of the business of the Group as a whole, which is attributable to any Group Company’s non-compliance with applicable laws or breach or early termination of material business contracts or business arrangements with any supplier, clients or otherwise (any matter or event as described in items (a) to (d), hereinafter a “Redemption Event”), or (e) any other Preferred Share holder has requested the Company to redeem its shares in any Redemption Event by delivery of a notice. The redemption amount payable for each Preferred Share (other than the unpaid shares) will be an amount equal to the greater of (a) 100% of the Preferred Shares’ original issue price, plus all accrued but unpaid dividends thereon up to the date of redemption and compound interest on the preferred shares’ original issue price at the rate of 8% per annum, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations, mergers or similar transactions, and (b) the fair market value of such Preferred Shares at the date of redemption. Upon the redemption, Series D Preferred Shares shall rank senior to Series C Preferred Shares, Series C Preferred Shares shall rank senior to Series B Preferred Shares, Series B Preferred Shares shall rank senior to Series A-3 Preferred Shares, Series A-3 Preferred Shares shall rank senior to Series A-1 and A-2 Preferred Shares, Series A-1 and A-2 Preferred Shares shall rank pari passu to each other. Conversion upon IPO On September 14, 2018, in connection with the completion of IPO, all of the Preferred Shares were automatically converted to 821,378,518 ordinary shares based on the aforementioned conversion price. Accounting for Preferred Shares The Company recognized accretion to the respective redemption value of the Preferred Shares over the period starting from issuance date to September 12, 2018, the earliest redemption date. According to the redemption price calculation described above, the Company recognized accretion of the Preferred Shares amounted to RMB2,576,935, RMB13,667,291 and nil for the years ended December 31, 2017, 2018 and 2019. The Company’s convertible redeemable preferred shares activities for the years ended December 31, 2017 and 2018 are summarized below.: Series A ‑ 1 & A ‑ 2 Series A ‑ 3 Series B Series C Series D Total Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount shares (RMB) shares (RMB) shares (RMB) shares (RMB) shares (RMB) shares (RMB) Balances as of December 31, 2016 295,000,000 2,539,993 24,210,431 306,678 102,144,675 2,014,903 — — — — 421,355,106 4,861,574 Proceeds from Series A-1 Preferred Shares — 266,511 — — — — — — — — — 266,511 Issuance of preferred shares — — — — 12,722,646 240,066 166,205,830 4,398,313 213,585,003 7,314,387 392,513,479 11,952,766 Accretion on convertible redeemable preferred shares to redemption value — 2,205,227 — 120,451 — 40,011 — 56,283 — 154,963 — 2,576,935 Balances as of December 31, 2017 295,000,000 5,011,731 24,210,431 427,129 114,867,321 2,294,980 166,205,830 4,454,596 213,585,003 7,469,350 813,868,585 19,657,786 Series A ‑ 1 & A ‑ 2 Series A ‑ 3 Series B Series C Series D Total Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount shares (RMB) shares (RMB) shares (RMB) shares (RMB) shares (RMB) shares (RMB) Balances as of December 31, 2017 295,000,000 5,011,731 24,210,431 427,129 114,867,321 2,294,980 166,205,830 4,454,596 213,585,003 7,469,350 813,868,585 19,657,786 Issuance of Series A‑3 Preferred Shares (note 24(c)) — — 7,509,933 — — — — — — — 7,509,933 — Proceeds from Series D Preferred Shares — — — — — — — — — 78,651 — 78,651 Accretion on convertible redeemable preferred shares to redemption value — 7,091,163 — 565,979 — 2,417,979 — 2,375,943 — 1,216,227 — 13,667,291 Conversion of Series A‑1 and A‑2 Preferred Shares to Ordinary shares (295,000,000) (12,102,894) — — — — — — — — (295,000,000) (12,102,894) Conversion of Series A‑3 Preferred Shares to Ordinary shares — — (31,720,364) (993,108) — — — — — — (31,720,364) (993,108) Conversion of Series B Preferred Shares to Ordinary shares — — — — (114,867,321) (4,712,959) — — — — (114,867,321) (4,712,959) Conversion of Series C Preferred Shares to Ordinary shares — — — — — — (166,205,830) (6,830,539) — — (166,205,830) (6,830,539) Conversion of Series D Preferred Shares to Ordinary shares — — — — — — — — (213,585,003) (8,764,228) (213,585,003) (8,764,228) Balances as of December 31, 2018 — — — — — — — — — — — — |
Redeemable non-controlling inte
Redeemable non-controlling interests | 12 Months Ended |
Dec. 31, 2019 | |
Redeemable non-controlling interests | |
Redeemable non-controlling interests | 22. Redeemable non-controlling interests XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT Auto”), the Group’s wholly owned subsidiary had its redeemable preferred share (“XPT Auto PS”) financing of RMB1,269,900 to certain third party strategic investors in the second quarter of 2018. These third party strategic investors’ contributions in XPT Auto were accounted for as the Group’s redeemable non-controlling interests, and were classified as Mezzanine equity. Pursuant to XPT Auto’s share purchase agreement, the XPT Auto PS issued to third party strategic investors have the same rights as the existing ordinary shareholder of XPT Auto except that they have following privileges: Redemption The holders of XPT Auto PS have the option to request XPT Auto to redeem those shares under certain circumstance: (1) a qualified initial public offering of XPT Auto has not occurred by the fifth anniversary after the issuance of XPT Auto PS; (2) XPT Auto doesn’t meet its performance target (revenue and net profit) for each of the year during FY2019 and FY2023; or (3) a deadlock event lasts for 60 The redemption price should be equal to the original issue price plus simple interest on the original issue price at the rate of 10% per annum minus the dividends paid up to the date of redemption. Liquidation In the event of any liquidation, the holders of XPT Auto PS have preference over holders of ordinary shares. On a return of capital on liquidation, XPT Auto’s assets available for distribution among the investors shall first be paid to XPT Auto PS investors at the amount equal to the original issue price plus simple interest on the original issue price at the rate of 10% per annum minus the dividends paid up to the date of liquidation. The remaining assets of XPT Auto shall all be distributed to its ordinary shareholders. The Company recognized accretion to the respective redemption value of the XPT Auto PS as a reduction of additional paid in capital over the period starting from issuance date. As of December 31, 2019, RMB1,265,900 out of the total consideration was paid by those investors and the remaining RMB4,000 were still outstanding. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2019 | |
Ordinary Shares | |
Ordinary Shares | 23. Ordinary Shares Upon inception, each ordinary share was issued at a par value of US$0.00025 per share. Various numbers of ordinary shares were issued to share-based compensation award recipients. As of December 31, 2018 and 2019, the authorized share capital of the Company is US$1,000 divided into 4,000,000,000 shares, comprising of: 2,500,000,000 Class A Ordinary Shares, 132,030,222 Class B Ordinary Shares, 148,500,000 Class C Ordinary Shares, each at a par value of US$0.00025 per share, and 1,219,469,778 shares of a par value of US$0.00025 each of such class or classes as the board of directors may determine. As of December 31, 2018 and 2019, 4,000,000,000 ordinary shares were authorized. 1,057,731,012 and 1,067,467,877 shares were issued and 1,050,799,032 and 1,064,472,660 shares were outstanding as of December 31, 2018 and 2019, respectively. The share number excludes 47,985,539 Class A Ordinary Shares issued to the depositary bank for bulk issuance of ADSs reserved for future issuance upon the exercise or vesting of awards granted under the Company’s share incentive plans. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation | |
Share-based Compensation | 24. Share-based Compensation Compensation expenses recognized for share-based awards granted by the Company were as follows: For the Year Ended December 31, 2017 2018 2019 Cost of sales — 9,289 9,763 Research and development expenses 23,210 109,124 82,680 Selling, general and administrative expenses 67,086 561,055 241,052 Total 90,296 679,468 333,495 There was no income tax benefit recognized in the consolidated statements of comprehensive loss for share-based compensation expenses and the Group did not capitalize any of the share-based compensation expenses as part of the cost of any assets in the years ended December 31, 2017, 2018 and 2019. (a) Prime Hubs’ Restricted Shares Plan In 2015, the Company adopted the Prime Hubs Restricted Shares Plan (the “Prime Hubs Plan”). Pursuant to the Prime Hubs Plan, restricted shares were granted to certain employees and non-employee consultants of the Group as approved by the board of directors. The restricted shares granted require the non-employee consultants to serve the Group for a period of one year with 100% of the restricted shares vesting upon the completion of the service period and the employees to serve the group for a period of four years with 25% of the restricted shares vesting at each anniversary of the service commencement date. The restricted shares issued under the Prime Hubs Plan are held by Prime Hubs, a consolidated variable interest entity of the Company, and are accounted for as treasury stocks of the Company prior to their vesting. The following table summarizes activities of the Company’s restricted shares granted to employees under the Prime Hubs Plan: Number of Shares Weighted Average Employees Outstanding Grant Date Fair Value US$ Unvested as of December 31, 2016 8,400,000 0.72 Granted 2,000,000 2.05 Vested (3,133,329) 0.84 Forfeited (208,333) 0.72 Unvested as of December 31, 2017 7,058,338 1.04 Vested (7,058,338) 1.04 Unvested as of December 31, 2018 — — In August 2018, the Company agreed to repurchase 562,500 vested Prime Hubs restricted shares from a former employee who passed away with total cash consideration of RMB7,490 at the fair value. For the years ended December 31, 2017, 2018 and 2019, total share-based compensation expenses recognized for the employee restricted shares granted under the Prime Hubs Plan were RMB20,572, RMB39,560 and nil, respectively. As of December 31, 2018 , all the employee restricted shares granted under the Prime Hubs Plan have been fully vested and hence all related share-based compensation expenses have been recognized. (b) NIO Incentive Plans In 2015, the Company adopted the 2015 Stock Incentive Plan (the “2015 Plan”), which allows the plan administrator to grant options and restricted shares of the Company to its employees, directors, and consultants. The Company granted both share options and restricted shares to the employees. The share options and restricted shares of the Company under 2015 Plan have a contractual term of ten years from the grant date, and vest over a period of four years of continuous service, one fourth (1/4) vest In 2016, 2017 and 2018, the Board of Directors further approved the 2016 Stock Incentive Plan (the “2016 Plan”), the 2017 Stock Incentive Plan (the “2017 Plan") and the 2018 Stock Incentive Plan (the "2018 Plan”). The share options of the Company under 2016 and 2017 Plan have a contractual term of seven four The Group did not recognize any share-based compensation expenses for options granted to the non-NIO US employees of the Group until completion of the Company’s IPO on September 12, 2018. The Group recognized the share options and restricted shares of the Company granted to the employees of NIO US on a straight-line basis over the vesting term of the awards, net of estimated forfeitures. Share-based compensation expenses for options granted to the non-NIO US employees of the Group before IPO were recognized by using the graded-vesting method. (i) Share Options The following table summarizes activities of the Company’s share options under the 2016, 2017 and 2018 Plans for the years ended December 31, 2017, 2018 and 2019: Weighted Weighted Number of Average Average Aggregate Options Exercise Remaining Intrinsic Outstanding Price Contractual Life Value US$ In Years US$ Outstanding as of December 31, 2016 52,623,554 0.32 8.30 51,506 Granted 13,460,477 1.46 — — Exercised (2,723,540) 0.39 — — Cancelled (5,236,562) 0.44 — — Expired (348,015) 0.25 — — Outstanding as of December 31, 2017 57,775,914 0.57 8.52 114,299 Granted 47,216,792 2.79 — — Exercised (7,732,317) 0.40 — — Cancelled (5,498,453) 1.17 — — Expired (687,796) 0.62 — — Outstanding as of December 31, 2018 91,074,140 1.69 8.23 425,988 Granted 33,964,176 3.29 — — Exercised (20,133,668) 0.49 — — Cancelled (14,759,778) 2.69 — — Expired (1,300,898) 4.11 — — Outstanding as of December 31, 2019 88,843,972 2.38 6.77 164,363 Vested and expected to vest as of December 31, 2017 55,832,678 — — 107,299 Exercisable as of December 31, 2017 5,089,894 — — 11,070 Vested and expected to vest as of December 31, 2018 99,702,386 — — 467,127 Exercisable as of December 31, 2018 32,959,964 — — 185,787 Vested and expected to vest as of December 31, 2019 118,546,834 — — 354,839 Exercisable as of December 31, 2019 32,925,154 — — 80,801 The weighted-average grant date fair value for options granted under the Company’s 2016, 2017 and 2018 Plans during the years ended December 31, 2017, 2018 and 2019 was US$1.21, US$1.93 and US$1.46, respectively, computed using the binomial option pricing model. The total share-based compensation expenses recognized for share options during the years ended December 31, 2017, 2018 and 2019 was RMB30,127, RMB437,320 and RMB329,693 respectively. The fair value of each option granted under the Company’s 2016, 2017 and 2018 Plans during 2017,2018 and 2019 was estimated on the date of each grant using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: 2017 2018 2019 Exercise price (US$) 0.61 - 2.55 0.10 - 6.74 1.80 - 7.09 Fair value of the ordinary shares on the date of option grant (US$) 1.30 - 2.55 3.38 - 6.74 1.80 - 7.09 Risk-free interest rate 2.31 % - 2.40 % 2.74 % - 3.15 % 1.66 % - 2.54 % Expected term (in years) 10 7 - 10 7 - 10 Expected dividend yield 0 % 0 % 0 % Expected volatility 51 % - 52 % 47 % - 51 % 44 % - 52 % Expected forfeiture rate (post-vesting) 5 % 5 % - 8 % 6 % - 8 % Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options. As of December 31, 2018 and 2019, there were RMB117,367 and RMB89,896 of unrecognized compensation expenses related to the stock options granted to the employees of NIO US, which is expected to be recognized over a weighted-average period of 2.67 and 2.78 years, respectively. As of December 31, 2018 and 2019, there were RMB345,072 and RMB269,425 of unrecognized compensation expenses related to the stocks options granted to the Group’s non-NIO US employees which is expected to be recognized over a weighted-average period of 3.02 years and 2.67 years, respectively. (ii) Restricted shares The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant. The following table summarizes activities of the Company’s restricted shares to US employees under the 2016 plan: Number of Restricted Weighted Average Shares Outstanding Grant Date Fair Value US$ Unvested at December 31, 2016 1,837,387 0.96 Vested (470,015) 0.96 Forfeited (254,395) 0.96 Unvested at December 31, 2017 1,112,977 0.96 Vested (608,406) 0.96 Forfeited (63,058) 0.96 Unvested at December 31, 2018 441,513 0.96 Vested (362,685) 0.96 Forfeited (78,828) 0.96 Unvested at December 31, 2019 — — Share-based compensation expenses of RMB4,151, RMB3,790 and RMB2,357 related to restricted shares granted to the employees of NIO US was recognized for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2018 and 2019, there were RMB2,812 and nil of unrecognized compensation expenses related to restricted shares granted to the employees of NIO US, which is expected to be recognized over a weighted-average period of 0.75 and 0 years, respectively. The following table summarizes activities of the Company’s restricted shares to non-US employees under the 2017 and 2018 plan: Number of Restricted Weighted Average Shares Outstanding Grant Date Fair Value US$ Unvested at December 31, 2017 — — Granted 509,001 6.72 Vested (445,104) 6.74 Unvested at December 31, 2018 63,897 6.60 Granted — — Vested (31,949) 6.60 Unvested at December 31, 2019 31,948 6.60 As of December 31, 2018 and 2019, there were RMB2,798 and RMB1,028 of unrecognized compensation expenses related to restricted shares granted to the non-US employees, which is expected to be recognized over a weighted-average period of 1.7 and 0.7 years, respectively. Share-based compensation expenses of nil, RMB20,323 and RMB1,445 related to restricted shares granted to the non-US employees was recognized for the years ended December 31, 2017, 2018 and 2019. (c) Non-recourse Loan In November 2015, the Company issued an offer letter to one of its key management team member (“the Borrower”). In the offer letter, the Company offered the Borrower to purchase 7,509,933 Series A-3 Preferred Shares of the Company at the price of US $1.6522 per share, which equals to the purchase price same class of preferred shares by other third party investors in the most recent round of financing prior to the offer letter. In addition, the Company agreed to provide a loan in the amount of US $12,408 with an interest rate of 1.8% compounded semiannually to paid for the fund the purchase of such Series A-3 Preferred Shares by the Borrower (“the Loan”). The Loan agreement was signed on March 10, 2016. The Loan is subject to a three-year service condition with 25% immediately vested on the grant date and 25% cliff vesting annually. The Borrower’s personal liability on the Loan, and the Company’s recourse against the Borrower personally on the Loan, shall be limited to 50% of the then-outstanding principal amount of the Loan, including any interest accrued thereon. In June 2018, the Borrower repaid the loan pursuant to the agreement, including the interest accrued, to the Company, amounting to RMB82,863. By the time of the repayment, 75% of the Award was vested and considered as exercised while 25% remained as unvested. Pursuant to ASC 718, the Company accounted for the Loan as a stock liability (the “Award”). Given the underlying of the Award is Series A-3 Preferred Shares, it was treated as a liability award following ASC 480. The Award was initially recognized at fair value and subsequently re-measured by recognizing the change in fair value as an adjustment to the compensation costs. The fair value of the Award granted was estimated on each reporting date using the Black-Scholes option pricing model with the assumptions (or ranges thereof) in the following table: 2017 2018 Exercise price 1.82 1.74 Fair value of the Preferred Shares on the measurement date 2.70 4.54 Risk-free interest rate 2 % 2 % Remaining life (in years) 3.64 0.26 Expected dividend yield 0 % 0 % Expected volatility 47 -48 % 43%-44 % As of December 31, 2018, the Award was fully vested and exercised. Share-based compensation expenses related to the Award of RMB35,446, RMB178,475 and nil was recognized for the years ended December 31, 2017, 2018 and 2019, respectively. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2019 | |
Taxation | |
Taxation | 25. Taxation (a) Income taxes Cayman Islands The Company was incorporated in the Cayman Islands and conducts most of its business through its subsidiaries located in Mainland China, Hong Kong, United States, United Kingdom and Germany. Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. PRC All Chinese companies are subject to enterprise income tax (“EIT”) at a uniform rate of 25%. Under the EIT Law enacted by the National People’s Congress of PRC on March 16, 2007 and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by a foreign investment enterprise in the PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of 5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with PRC. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC will be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%. According to relevant laws and regulations promulgated by the State Administration of Tax of the PRC effective from 2008 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses so incurred as tax deductible expenses when determining their assessable profits for the year (‘Super Deduction’). The additional deduction of 75% of qualified research and development expenses can only be claimed directly in the annual EIT filing and subject to the approval from the relevant tax authorities. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. Other Countries The maximum applicable income tax rates of other countries where the Company’s subsidiaries having significant operations for the years ended December 31, 2017, 2018 and 2019 are as follows: For the Year Ended December 31, 2017 2018 2019 United States 42.84 % 29.84 % 29.84 % United Kingdom 19.25 % 19.00 % 19.00 % Germany 32.98 % 32.98 % 32.98 % Composition of income tax expense for the periods presented are as follows: For the Year Ended December 31, 2017 2018 2019 Current income tax expense 7,906 22,044 7,888 Reconciliations of the income tax expense computed by applying the PRC statutory income tax rate of 25%to the Group’s income tax expense of the years presented are as follows: For the Year Ended December 31, 2017 2018 2019 Loss before income tax expense (5,013,268) (9,616,935) (11,287,764) Income tax expense computed at PRC statutory income tax rate of 25% (1,253,318) (2,404,234) (2,821,941) Non-deductible expenses 91,093 96,684 58,374 Foreign tax rates differential (74,531) 167,180 107,617 Additional 75% (2017: 50%) tax deduction for qualified research and development expenses (93,513) (216,993) (22,630) Tax exempted interest income (845) (10,377) (3,093) Effect of U.S. tax law change 165,898 — — US tax credits (52,185) (42,781) (72,448) Prior year adjustments (10,293) (1,422) (16,259) Tax benefit contributed by Non-controlling interest — — 2,285 Tax benefit not utilized 1,235,600 2,433,987 2,775,983 Income tax expense 7,906 22,044 7,888 The PRC statutory income tax rate was used because the majority of the Group’s operations are based in PRC. (b) Deferred tax The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying business. The statutory income tax rate of 25%or applicable preferential income tax rates were applied when calculating deferred tax assets. The Group’s deferred tax assets consist of the following components: As of December 31, 2017 2018 2019 Deferred tax assets Net operating loss carry-forwards 1,620,535 3,777,696 6,005,461 Accrued and prepaid expenses 84,320 255,240 420,714 Tax credit carry-forwards 60,624 117,801 213,773 Deferred Revenue — 83,877 105,840 Intangible assets 7,104 15,687 36,362 Unrealized financing cost — 41,939 29,200 Allowance against receivables — — 27,196 Deferred rent 8,699 36,729 19,035 Property, plant and equipment, net 27,463 17,467 10,584 Share-based compensation 4,106 8,962 7,688 Write-downs of inventory — — 2,607 Advertising expenses in excess of deduction limit 65,737 14,234 353 Unrealized foreign exchange loss 55 55 55 Others — — 162 Total deferred tax assets 1,878,643 4,369,687 6,879,030 Less: Valuation allowance (1,878,643) (4,369,687) (6,879,030) Total deferred tax assets, net — — — Full valuation allowances have been provided where, based on all available evidence, management determined that deferred tax assets are not more likely than not to be realizable in future tax years. Movement of valuation allowance is as follow: As of December 31, 2017 2018 2019 Valuation allowance Balance at beginning of the year 672,889 1,878,643 4,369,687 Additions 1,205,754 2,491,044 2,509,343 Balance at end of the year 1,878,643 4,369,687 6,879,030 The Group has tax losses arising in Mainland China of 18,484,434 that will expire in one Loss expiring in 2020 186,827 Loss expiring in 2021 1,335,168 Loss expiring in 2022 3,007,243 Loss expiring in 2023 5,950,981 Loss expiring in 2024 8,004,215 Total 18,484,434 The Group has tax losses arising in Hong Kong of 2,497,854 for which could be carried forward indefinitely against future taxable income. The Group has tax losses arising in United States of 24,513, 248,151, 869,914 and 2,139,756 that will expire in sixteen, seventeen, eighteen and infinite years for deduction against future taxable income. Uncertain Tax Position The Group did not identify any significant unrecognized tax benefits for each of the periods presented. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expense and also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2019. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Loss Per Share | |
Loss Per Share | 26. Loss Per Share Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2017, 2018 and 2019 as follows: For the Year Ended December 31, 2017 2018 2019 Numerator: Net loss (5,021,174) (9,638,979) (11,295,652) Accretion on convertible redeemable preferred shares to redemption value (2,576,935) (13,667,291) — Accretion on redeemable non-controlling interests to redemption value — (63,297) (126,590) Net loss attributable to non-controlling interests 36,440 41,705 9,141 Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (7,561,669) (23,327,862) (11,413,101) Denominator: Weighted-average number of ordinary shares outstanding — basic and diluted 21,801,525 332,153,211 1,029,931,705 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (346.84) (70.23) (11.08) For the years ended December 31, 2017, 2018 and 2019, assumed conversion of the Preferred Shares into ordinary shares were excluded from the calculations of diluted net loss per share of the Company due to the anti-dilutive effect. The effects of all outstanding share options have also been excluded from the computation of diluted net loss per share for the years ended December 31, 2017, 2018 and 2019 as their effects would be anti-dilutive. For the years ended December 31, 2017, 2018 and 2019, the Company had potential ordinary shares, including non-vested restricted shares, option granted, Convertible Notes and Preferred Shares. As the Group incurred losses for the years ended December 31, 2017, 2018 and 2019, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company. Such weighted average numbers of ordinary shares outstanding are as following: For the Year Ended December 31, 2017 2018 2019 Non-vested restricted shares 8,323,591 340,518 459,199 Outstanding weighted average options granted 27,495,737 72,735,288 31,276,979 Convertible Notes — — 92,512,382 Preferred Shares 593,611,970 678,614,152 — Total 629,431,298 751,689,958 124,248,560 |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Balances and Transactions | |
Related Party Balances and Transactions | 27. Related Party Balances and Transactions The principal related parties with which the Group had transactions during the years presented are as follows: Name of Entity or Individual Relationship with the Company Baidu Capital L.P. Shareholder Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. Controlled by Principal Shareholder Jiangsu Xindian Automotive Co., Ltd. Controlled by Principal Shareholder Beijing CHJ Information Technology Co., Ltd. Controlled by Principal Shareholder Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. Controlled by Principal Shareholder Shanghai NIO Hongling Investment Management Co., Ltd. Controlled by Principal Shareholder NIO Capital Controlled by Principal Shareholder Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership) Controlled by Principal Shareholder Suzhou Zenlead XPT New Energy Technologies Co., Ltd. Affiliate Beijing Chehui Hudong Guanggao Co., Ltd. Controlled by Principal Shareholder Beijing Xinyi Hudong Guanggao Co., Ltd. Controlled by Principal Shareholder Bite Shijie (Beijing) Keji Co., Ltd. Controlled by Principal Shareholder Kunshan Siwopu Intelligent Equipment Co., Ltd. Affiliate Nanjing Weibang Transmission Technology Co., Ltd. Affiliate Shanghai Weishang Business Consulting Co., Ltd. Controlled by Principal Shareholder Beijing Bit Ep Information Technology Co., Ltd. Controlled by Principal Shareholder Serene View Investment Limited Controlled by Principal Shareholder Huang River Investment Limited Controlled by Principal Shareholder Tianjin Boyou Information Technology Co., Ltd. Controlled by Principal Shareholder Wistron Info Comm (Kunshan) Co., Ltd. Subsidiary's Non-controlling shareholder Beijing Yiche Information Science and Technology Co., Ltd. Controlled by Principal Shareholder Beijing Yiche Interactive Advertising Co., Ltd. Shanghai Branch Controlled by Principal Shareholder Shanghai Yiju Information Technology Co., Ltd. Controlled by Principal Shareholder Beijing Changxing Information Technology Co., Ltd. Significantly influenced by Principal Shareholder In September 2018, Xiang Li resigned as the Company's board director. Since then, Beijing CHJ Information Technology Co., Ltd. and Jiangsu Xindian Automotive Co., Ltd., companies controlled by Xiang Li, were no longer the Group's related parties. In June 2018, Wenjie Wu, originally appointed by Baidu Capital L.P. to be a board director of the Company, resigned and since then, Baidu Capital L.P. ceased to have significant influence over the Company and was no longer the Group's related party. (a) The Group entered into the following significant related party transactions: (i) Provision of service For the years ended December 31, 2017, 2018 and 2019, service income was primarily generated from property management and miscellaneous research and development services the Group provided to its related parties. For the Year Ended December 31, 2017 2018 2019 Nanjing Weibang Transmission Technology Co., Ltd. — — 2,417 Shanghai Weishang Business Consulting Co., Ltd. — 905 1,806 Shanghai NIO Hongling Investment Management Co., Ltd. — 2,707 — Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. 11,121 — — Beijing CHJ Information Technology Co., Ltd. 4,588 — — Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership) 4,015 — — Jiangsu Xindian Automotive Co., Ltd. 1,785 — — 21,509 3,612 4,223 (ii) Acceptance of service For the Year Ended December 31, 2017 2018 2019 Beijing Xinyi Hudong Guanggao Co., Ltd. 8,021 28,245 37,935 Beijing Chehui Hudong Guanggao Co., Ltd. 544 6,915 29,599 Beijing Yiche Interactive Advertising Co., Ltd. Shanghai Branch — — 6,132 Beijing Bit Ep Information Technology Co., Ltd. — — 3,627 Bite Shijie (Beijing) Keji Co., Ltd. 6,987 2,865 1,664 Beijing Yiche Information Science and — 32 466 Tianjin Boyou Information Technology Co., Ltd. — — 264 Shanghai Yiju Information Technology Co., Ltd. — — 76 15,552 38,057 79,763 (iii) Loan to related party For the Year Ended December 31, 2017 2018 2019 NIO Capital — 66,166 — Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. 50,000 — — 50,000 66,166 — In 2017, the Company granted interest-free loans to Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. As of December 31, 2019, the loans remain outstanding. On January 12, 2018, the Group granted two interest free loans to NIO Capital, with principal amount of US$5,000 each. The loans mature in six months. One of the loan has been received by the Group and the other has been converted into the investment in ordinary shares of a subsidiary of NIO Capital, which was further disposed in 2019. (iv) Cost of manufacturing consignment For the Year Ended December 31, 2017 2018 2019 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 18,324 132,152 132,511 (v) Purchase of property and equipment For the Year Ended December 31, 2017 2018 2019 Nanjing Weibang Transmission Technology Co., Ltd. — — 34,220 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 11,107 7,982 Bite Shijie (Beijing) Keji Co., Ltd. 2,960 — — 2,960 11,107 42,202 (vi) Interest payable on behalf of related party For the Year Ended December 31, 2017 2018 2019 Baidu Capital L.P. 21,671 8,065 — (vii) Acceptance of R&D and maintenance service For the Year Ended December 31, 2017 2018 2019 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 2,436 341 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. — 14,776 — — 17,212 341 (viii) Payment on behalf of related party For the Year Ended December 31, 2017 2018 2019 Nanjing Weibang Transmission Technology Co., Ltd. — 2,790 — (ix) Loan from related party For the Year Ended December 31, 2017 2018 2019 Beijing Changxing Information Technology Co., Ltd. — — 25,799 In 2019, the Company signed a loan agreement with Beijing Changxing Information Technology Co., Ltd. for a loan of RMB25,799 at an interest rate of 15%. As of December 31, 2019, the loan remains outstanding. (x) Sale of raw material, property and equipment For the Year Ended December 31, 2017 2018 2019 Wistron Info Comm (Kunshan) Co., Ltd. — — 725 (xi) Convertible notes issued to related parties (Note 12) For the Year Ended December 31, 2017 2018 2019 Huang River Investment Limited — — 920,914 Serene View Investment Limited — — 614,926 — — 1,535,840 (b) The Group had the following significant related party balances: (i) Amounts due from related parties December 31, December 31, 2018 2019 Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. 50,000 50,000 Nanjing Weibang Transmission Technology Co., Ltd. 2,790 674 Wistron Info Comm (Kunshan) Co., Ltd. — 109 NIO Capital 34,316 — Kunshan Siwopu Intelligent Equipment Co., Ltd. 7,970 — Shanghai NIO Hongling Investment Management Co., Ltd. 960 — Total 96,036 50,783 (ii) Amounts due to related parties December 31, December 31, 2018 2019 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 210,868 180,687 Beijing Xinyi Hudong Guanggao Co., Ltd. 3,530 36,714 Nanjing Weibang Transmission Technology Co., Ltd. — 33,018 Beijing Changxing Information Technology Co., Ltd. — 25,799 Beijing Chehui Hudong Guanggao Co., Ltd. 4,085 25,170 Beijing Yiche Interactive Advertising Co., Ltd. Shanghai Branch — 3,500 Beijing Bit Ep Information Technology Co., Ltd. — 2,598 Bite Shijie (Beijing) Keji Co., Ltd. 339 1,549 Kunshan Siwopu Intelligent Equipment Co., Ltd. 761 379 Beijing Yiche Information Technology Cp., Ltd. — 205 Shanghai Yiju Information Technology Co., Ltd. — 80 Tianjin Boyou Information Technology Co., Ltd. — 30 Total 219,583 309,729 (iii) Short-term borrowings December 31, 2018 December 31, 2019 Huang River Investment Limited — 354,840 Serene View Investment Limited — 350,255 Total — 705,095 (iv) Long-term borrowings December 31, December 31, 2018 2019 Huang River Investment Limited — 560,325 Serene View Investment Limited — 258,213 Total — 818,538 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Commitments and Contingencies | 28. Commitments and Contingencies (a) Capital commitment Capital expenditures contracted for at the balance sheet dates but not recognized in the Group’s consolidated financial statements are as follows: December 31, December 31, 2018 2019 Property and equipment 1,454,031 551,582 Leasehold improvements 149,551 68,652 Total 1,603,582 620,234 (b) Contingencies Between March and July 2019, several putative securities class action lawsuits were filed against the Company, certain of the Company’s directors and officers, the underwriters in the IPO and the process agent, alleging, in sum and substance, that the Company’s statements in the Registration Statement and/or other public statements were false or misleading and in violation of the U.S. federal securities laws. Some of these actions have been withdrawn, transferred or consolidated. Currently, three securities class actions remain pending in the U.S. District Court for the Eastern District of New York (E.D.N.Y.), Supreme Court of the State of New York, New York County (N.Y. County), and Supreme Court of the State of New York, County of Kings (Kings County) respectively. These actions remain in their preliminary stages. The Company is currently unable to determine any estimate of the amount or range of any potential loss, if any, associated with the resolution of such lawsuits, if they proceed. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Subsequent Events | 29. Subsequent Events In January and February 2020, the Company consummated the issuance of convertible notes to several third party investors in an aggregate principal amount of US$200 million (Rmb 1,389 million). The notes issued bear zero interest and mature on February 4, 2021. Prior to maturity, the holder of the notes has the right to convert the notes (a) after the six-month anniversary, into ADSs representing Class A ordinary shares of the Company at an initial conversion price of US$3.07 per ADS or (b) upon the completion of a bona fide issuance of equity securities of the Company for fundraising purposes, into ADSs representing Class A ordinary shares of the Company at the conversion price derived from such equity financing. In March 2020, the Company consummated the issuance of convertible notes to several third party investors with in an aggregate principal amount of US$235 million (Rmb 1,636 million). The notes issued bear zero interest and will mature on March 5, 2021. Prior to maturity, holders of the notes have the right to convert either all or part of the principal amount of the notes into Class A ordinary shares (or ADSs) of the Company from September 5, 2020, at a conversion price of US$3.50 per ADS, subject to certain adjustments. In December 2019, it was reported that a novel strain of coronavirus, later named COVID-19, has surfaced and subsequently spread throughout China and worldwide. In response to intensifying efforts to contain the spread of COVID-19, the Chinese government has taken a number of actions, which included extending the Chinese New Year holiday, quarantining individuals infected with or suspected of having COVID-19, prohibiting residents from free travel, encouraging employees of enterprises to work remotely from home and cancelling public activities, among others. The COVID-19 has also resulted in temporary closure of many corporate offices, retail stores, manufacturing facilities and factories across China. The COVID-19 has impact on China’s auto industry in general and the production and delivery of vehicles of the Group. The production of electric vehicles were suspended due to the temporary closure of manufacturing facilities of the Group’s suppliers and JAC. In addition, the Group has several service centers and vehicle delivery centers in Wuhan and other major cities in China, which were temporarily closed during the outbreak. As a result of the outbreak of COVID-19, the Group’s businesses, results of operation, financial positions and cash flows are materially and adversely affected in the first quarter of 2020 with potential continuing impacts on subsequent periods, including but not limited to the adverse impact on the Group’s revenues and operating cash flows. The Group has been closely monitoring the impacts of COVID-19 and because of the uncertainties surrounding the COVID-19, the exact financial impact is unpredictable and will depend on future developments, including the duration, severity and reach of the COVID-19 outbreak globally. On April 29, 2020, the Group entered into definitive agreements for investments in NIO (Anhui) Holding Ltd., (“NIO China”) with a group of investors (collectively, the “Strategic Investors”) led by Hefei City Construction and Investment Holding (Group) Co., Ltd., CMG-SDIC Capital Co., Ltd., and Anhui Provincial Emerging Industry Investment Co., Ltd. Under the definitive agreements, the Strategic Investors will invest an aggregate of RMB7 billion in cash into NIO China. The Group will inject its core businesses and assets in China, including vehicle research and development, supply chain, sales and services and NIO Power (the “Asset Consideration”), into NIO China. The Asset Consideration is valued at RMB17.77 billion, as calculated based on 85% of the market value of NIO Inc. (calculated based on the Company’s average ADS trading price over the thirty public trading days preceding April 21, 2020). Further, NIO will invest RMB4.26 billion in cash into NIO China. Upon the completion of the investments, NIO will hold 75.9% of controlling equity interests in NIO China, and the Strategic Investors will collectively hold the remaining 24.1%. The Strategic Investors and NIO will each inject cash into NIO China in five installments, namely (i) RMB3.5 billion and RMB1.278 billion respectively within five business days of the satisfaction of closing conditions, (ii) RMB1.5 billion and RMB1.278 billion respectively on or prior to June 30, 2020, (iii) RMB1 billion and RMB0.852 billion respectively on or prior to September 30, 2020, (iv) RMB0.5 billion and RMB0.426 billion respectively on or prior to December 31, 2020, and (v) RMB0.5 billion and RMB0.426 billion respectively on or prior to March 31, 2021. The Group expects the closing of the investments to take place in the second quarter of 2020 when certain customary closing conditions are met. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Parent Company Only Condensed Financial Information | |
Parent Company Only Condensed Financial Information | 30. Parent Company Only Condensed Financial Information The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the Company only. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant capital and other commitments, or guarantees as of December 31, 2019. Condensed Balance Sheets As of December 31, 2018 2019 2019 RMB RMB US$ Note 2(e) ASSETS Current assets: Cash and cash equivalents 17,179 11,629 1,670 Amounts due from related parties 20,701 22,698 3,260 Prepayments and other current assets 54,847 — — Total current assets 92,727 34,327 4,930 Non-current assets: Investments in subsidiaries and VIEs 8,891,882 2,884,635 414,352 Total non-current assets 8,891,882 2,884,635 414,352 Total assets 8,984,609 2,918,962 419,282 LIABILITIES Current liabilities: Short-term borrowings — 697,620 100,207 Amounts due to related parties 2,046,971 2,555,511 367,076 Accruals and other liabilities 913 100,772 14,475 Total current liabilities 2,047,884 3,353,903 481,758 Long-term borrowings — 5,784,984 830,961 Deferred revenue 99,684 79,761 11,457 Total non-current liabilities 99,684 5,864,745 842,418 Total liabilities 2,147,568 9,218,648 1,324,176 SHAREHOLDERS’ EQUITY/(DEFICIT) Class A Ordinary Shares 1,329 1,347 194 Class B Ordinary Shares 226 226 32 Class C Ordinary Shares 254 254 36 Treasury shares (9,186) — — Additional paid in capital 41,918,936 40,227,856 5,778,370 Accumulated other comprehensive loss (34,708) (203,048) (29,166) Accumulated deficit (35,039,810) (46,326,321) (6,654,360) Total shareholders’ equity/(deficit) 6,837,041 (6,299,686) (904,894) Total liabilities, mezzanine equity and shareholders’ equity 8,984,609 2,918,962 419,282 Condensed Statements of Comprehensive Loss For the Year ended December 31, 2017 2018 2019 2019 RMB RMB RMB US$ Note 2(e) Operating expenses: Selling, general and administrative (52,518) (178,479) (97) (14) Total operating expenses (52,518) (178,479) (97) (14) Loss from operations (52,518) (178,479) (97) (14) Interest income 2,391 7,692 4,212 605 Interest expense (12,389) — (237,374) (34,097) Equity in loss of subsidiaries and VIEs (4,924,897) (9,432,640) (11,076,907) (1,591,097) Investment income 3,498 — — — Other (loss)/gain, net (819) 6,153 23,655 3,398 Loss before income tax expense (4,984,734) (9,597,274) (11,286,511) (1,621,205) Income tax expense — — — — Net loss (4,984,734) (9,597,274) (11,286,511) (1,621,205) Accretion on convertible redeemable preferred shares to redemption value (2,576,935) (13,667,291) — — Accretion on redeemable non-controlling interests to redemption value — (63,297) (126,590) (18,184) Net loss attributable to ordinary shareholders of NIO Inc. (7,561,669) (23,327,862) (11,413,101) (1,639,389) Condensed Statements of Cash Flows For The Year ended December 31, 2017 2018 2019 2019 RMB RMB RMB US$ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (4,920,905) 3,917,654 438,465 62,981 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of trading securities 1,340,911 — — — Purchase of held for trading securities (1,337,413) — — — Acquisitions of equity investees (6,223,178) (11,693,144) (4,817,498) (691,990) Net cash used in investing activities (6,219,680) (11,693,144) (4,817,498) (691,990) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of stock options 6,207 42,251 50,790 7,296 Repurchase of restricted shares — (7,490) — — Proceeds from issuance of convertible promissory note 312,624 — 4,322,457 620,882 Repayment of convertible promissory note (325,013) — — — Repayment of non-recourse loan — 82,863 — — Proceeds from issuance of ordinary shares, net of issuance costs — 7,566,470 — — Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs 11,093,377 78,651 — — Net cash provided by financing activities 11,087,195 7,762,745 4,373,247 628,178 Effects of exchange rate changes on cash and cash equivalents (3,031) 6,654 236 33 NET DECREASE IN CASH AND CASH EQUIVALENTS (56,421) (6,091) (5,550) (798) Cash and cash equivalents at beginning of the year 79,691 23,270 17,179 2,468 Cash and cash equivalents at end of the year 23,270 17,179 11,629 1,670 Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and VIEs. For the Company only condensed financial information, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries and VIEs” and shares in the subsidiaries and VIEs’ loss are presented as “Equity in loss of subsidiaries and VIEs” on the Condensed Statements of Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Principles of consolidation | (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIE for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”): to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All significant transactions and balances between the Company, its subsidiaries and the VIE have been eliminated upon consolidation. The non-controlling interests in consolidated subsidiaries are shown separately in the consolidated financial statements. |
Use of estimates | (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, the valuation and recognition of share-based compensation arrangements, depreciable lives of property, equipment and software, assessment for impairment of long-lived assets, inventory valuation for excess and obsolete inventories, lower of cost and net realizable value of inventories, valuation of deferred tax assets, recoverability of receivables, warranty liabilities as well as redemption value of the convertible redeemable preferred shares. Actual results could differ from those estimates. |
Functional currency and foreign currency translation | (d) Functional currency and foreign currency translation The Group’s reporting currency is the Renminbi (“RMB”). The functional currency of the Company and its subsidiaries which are incorporated in HK is United States dollars (“US$”), except NIO Sport which operates mainly in United Kingdom and uses Great Britain pounds (“GBP”). The functional currencies of the other subsidiaries and the VIE are their respective local currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss. The financial statements of the Group’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive loss in the consolidated statements of comprehensive gain or loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of shareholders’ (deficit)/equity. Total foreign currency translation adjustment losses were RMB124,374, RMB20,786 and RMB168,340 for the years ended December 31, 2017, 2018 and 2019, respectively. The grant-date fair value of the Group’s share-based compensation expenses is reported in US$ as the respective valuation is conducted in US$ as the shares are denominated in US$. |
Convenience translation | (e) Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2019 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.9618, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2019. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2019, or at any other rate. |
Fair value | (f) Fair value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, trade receivable, amounts due from related parties, prepayments and other current assets, long-term investments, trade payable, amounts due to related parties, short-term borrowings, taxes payable, accruals and other liabilities, long-term receivables and long-term borrowings. As of December 31, 2018 and 2019, the carrying values of these financial instruments are approximated to their fair values due to the short-term maturity of these instruments except for long-term receivables, long-term borrowings and certain investments which are carried at fair value at each balance sheet date. Certain long-term investments in equity investees classified within Level 3 are valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Below is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports on its consolidated balance sheets at fair value on a recurring basis. Time deposits Short-term borrowings Short-term receivables and payables Prepayments and other assets in non-current assets |
Cash, cash equivalents and restricted cash | (g) Cash, cash equivalents and restricted cash Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. Restricted cash is restricted to withdrawal for use or pledged as security is reported separately on the face of the Consolidated Balance Sheets. The Group’s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of bank credit card; (b) time deposit that are pledged for property lease. Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows: December 31, December 31, December 31 2017 2018 2019 Cash and cash equivalents 7,505,954 3,133,847 862,839 Restricted cash 10,606 57,012 82,507 Long-term restricted cash 14,293 33,528 44,523 Total 7,530,853 3,224,387 989,869 |
Short-term investment | (h) Short-term investment Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year and investments in money market funds and financial products issued by banks. As of December 31, 2018 and 2019, the investment in fixed deposits that were recorded as short-term investments amounted to RMB5,154,703 and RMB111,000, respectively, among which, RMB1,775,000 and RMB96,000 were restricted as collateral for bank borrowings and letter of guarantee as of December 31, 2018 and 2019 respectively. |
Account Receivable and Allowance for Doubtful Accounts | (i) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily include amounts of vehicle sales in relation of government subsidy to be collected from government on behalf of customers, current portion of battery installment and receivables due from vehicle users. The Group provides an allowance against accounts receivable when there is doubt as to the collectability of individual balances. The Group writes off accounts receivable when they are deemed uncollectible. Allowance for doubtful accounts recognized for the years ended December 31, 2017, 2018 and 2019 was nil, nil and RMB85,824, respectively. |
Inventory | (j) Inventory Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. |
Trading securities | (k) Trading securities Trading securities are comprised of bonds and are all designated as trading securities as they have been acquired principally for the purpose of selling in the near term. They are recognized on the trade date, when the Group enters into contractual arrangements with counterparties, and are normally derecognized when sold. They are initially measured at fair value, with transaction costs taken to the Statements of Comprehensive Loss.Subsequent changes in their fair values and interest are recognized in the Statements of Comprehensive Loss. |
Property, plant and equipment, net | (l) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets. The estimated useful lives are as follows: Useful lives Building and constructions 20 years Production facilities 10 years Charging & battery swap infrastructure 5 years R&D equipment 5 years Computer and electronic equipment 3 years Purchased software 3 years Leasehold improvements Shorter of the estimated useful life or remaining lease term Others 3 Depreciation for mold and tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the related assets. The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest on construction-in-progress is included within property, plant and equipment and is amortized over the life of the related assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the statements of comprehensive loss. |
Intangible assets, net | (m) Intangible assets, net Intangible assets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below: Useful lives Domain names and others 5 years License 3 years The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed. |
Land use rights, net | (n) Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 536 months representing the shorter of the estimated usage periods or the terms of the agreements. |
Long-term investments | (o) Long-term investments The Group’s long-term investments include equity investments in entities. Investments in entities in which the Group can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures |
Impairment of long-lived assets | (p) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Impairment charge recognized for the years ended December 31, 2017, 2018 and 2019 was nil, nil and RMB75,278, respectively. |
Warranty liabilities | (q) Warranty liabilities The Company accrues a warranty reserve for all new vehicles sold by the Company, which includes the Company's best estimate of the projected costs to repair or replace items under warranties. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Company's relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve when the Company accumulates more actual data and experience in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other liabilities, while the remaining balance is included within other non-current liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of cost of revenues in the consolidated statements of comprehensive loss. The following table shows a reconciliation in the current reporting period related to carried-forward warranty liabilities. For the Year Ended December 31 2017 2018 2019 Warranty – beginning of year — — 177,293 Provision for warranty — 179,766 283,647 Warranty costs incurred — (2,473) (48,936) Warranty– end of year — 177,293 412,004 |
Revenue recognition | (r) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: ● provides all of the benefits received and consumed simultaneously by the customer; ● creates and enhances an asset that the customer controls as the Group performs; or ● does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition. When either party to a contract has performed, the Group presents the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group’s contract liabilities primarily resulted from the multiple performance obligations identified in the vehicle sales contract and the sales of Energy and Service Packages, which is recorded as deferred revenue and advance from customers. As of December 31, 2018 and 2019, the balances of contract liabilities from vehicle sales contracts were RMB99,128 and RMB96,827, respectively. As of December 31, 2018 and 2019, the balances of contract liabilities from the sales of Energy and Service Packages were RMB32,226 and RMB65,361, respectively. Vehicle sales The Group generates revenue from sales of electric vehicles, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the vehicle as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of vehicles, charging piles, vehicle internet connection services and extended lifetime warranty which are accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when NIO transfers the control of vehicle to a user. Customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles. The government subsidies are applied on their behalves and collected by the Group or Jianghuai Automobile Group Co., Ltd. (“JAC”) from the government. The Group has concluded that government subsidies should be considered as a part of the transaction price it charges the customers for the electric vehicle, as the subsidy is granted to the buyer of the electric vehicle and the buyer remains liable for such amount in the event the subsidies were not received by the Group. For efficiency reason, the Group or JAC applies and collects the payment on behalf of the customers. In the instance that some eligible customer selects installment payment for battery, the Group believes such arrangement contains a significant financing component and as a result adjusts the amount considering the impact of time value on the transaction price using an appropriate discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). The long-term receivable of installment payment for battery was recognized as non-current assets. The difference between the gross receivable and the present value is recorded as unrealized finance income. Interest income resulting from a significant financing component will be presented separately from revenue from contracts with customers as this is not the Group’s ordinary business. The Group uses a cost plus margin approach to determine the estimated standalone selling price for each individual distinct performance obligation identified, considering the Group’s pricing policies and practices, and the data utilized in making pricing decisions. The overall contract price is then allocated to each distinct performance obligation based on the relative estimated standalone selling price in accordance with ASC 606. The revenue for vehicle sales and charging piles are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle internet connection service and free battery swapping service, the Group recognizes the revenue using a straight-line method. As for the extended lifetime warranty, given limited operating history and lack of historical data, the Group decides to recognize the revenue over time based on a straight-line method initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available. As the consideration for the vehicle and all embedded services must be paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the allocated amount regarding those unperformed obligations. Sales of Energy and Service Packages The Group also sells the two packages, Energy Package and Service Package in exchange of considerations. The Energy Package provides vehicle users with a comprehensive range of charging solutions (including charging and battery swapping). The energy service is applied by users on the mobile application depending on their needs and the Group can decide the most appropriate service to offer according to its available resource. Through the Service Package, the Group offers vehicle users with a “worry free” vehicle ownership experience (including free repair service with certain limitations, routine maintenance service, enhanced data package, etc.), which can be applied by user via mobile application. The Group identifies the users who purchase Energy Package and Service Package meet the definition of a customer. The agreements for Energy Package and Service Package create legal enforceability to both parties on a monthly basis as the respective Energy or Service Packages can be canceled at any time without any penalty. The Group concludes the energy or service provided in Energy Package or Service Package respectively meets the stand-ready criteria and contains only one performance obligation within each package, the revenue is recognized over time on a monthly basis as customer simultaneously receives and consumes the benefits provided and the term of legally enforceable contract is only one month. Incentives The Group offers a self-managed customer loyalty program points, which can be used in the Group’s online store and at NIO houses to redeem NIO merchandise. The Group determines the value of each point based on estimated incremental cost. Customers and NIO fans and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows: (i) Sales of vehicle The Group concludes the points offered linked to the purchase transaction of the vehicle is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the vehicle sales. The Group also estimates the probability of points redemption when performing the allocation. Since historical information does not yet exist for the Group to determine any potential points forfeitures and the fact that most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group believes it is reasonable to assume all points will be redeemed and no forfeiture is estimated currently. The amount allocated to the points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Group will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period. (ii) Sales of Energy Package and Service Package Energy Package—When the customers charge their vehicles Service Package-The Group grants points to the customers with safe driving record during the effective period of the service package. The Group records the value of the points as a reduction of revenue from the Service Package. Since historical information is limited for the Group to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group has used an estimated forfeiture rate of zero. (iii) Other scenarios Customers or users of the mobile application can also obtain points through any other ways such as frequent sign-ins to the Group’s mobile application, sharing articles from the application to users’ own social media. The Group believes these points are to encourage user engagement and generate market awareness. As a result, the Group accounts for such points as selling and marketing expenses with a corresponding liability recorded under other current liabilities of its consolidated balance sheets upon the points offering. The Group estimates liabilities under the customer loyalty program based on cost of the NIO merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Group records a reduction of inventory and other current liabilities. In certain cases where merchandise is sold for cash in addition to points, the Group records other revenue. Similar to the reasons above, the Group estimates no points forfeiture currently and continues to assess when and if a forfeiture rate should be applied. For the years ended December 31, 2017, 2018 and 2019, the revenue portion allocated to the points as separate performance obligation was nil, RMB47,310 and RMB66,286, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2017, 2018 and 2019, the total points recorded as a reduction of revenue was nil, RMB441 and RMB25,408, respectively. For the years ended December 31, 2017, 2018 and 2019, the total points recorded as selling and marketing expenses were RMB16,460, RMB153,057 and RMB142,425, respectively. As of December 31, 2018 and 2019, liabilities recorded related to unredeemed points were RMB143,868 and RMB178,666, respectively. Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes that lifetime roadside assistance and out-of-town charging services are not performance obligations considering these two services are value-added services to enhance user experience rather than critical items for vehicle driving and forecasted that usage of these two services will be very limited. The Group also performs an estimation on the standalone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of roadside assistance and out-of-town charging services are insignificant individually and in aggregate, representing less than 1% of vehicle gross selling price and aggregate fair value of each individual promise. Considering the qualitative assessment and the result of the quantitative estimate, the Group concluded not to assess whether promises are performance obligations if they are immaterial in the context of the contract and the relative standalone fair value individually and in aggregate is less than 3% of the contract price, namely the road-side assistance and out-of-town charging services. Related costs are recognized as incurred. |
Cost of Sales | (s) Cost of Sales Vehicle Cost of vehicle revenue includes direct parts, material, processing fee, loss compensation to JAC, labor costs, manufacturing overhead (including depreciation of assets associated with the production), and reserves for estimated warranty expenses. Cost of vehicle revenue also includes adjustments to warranty expense and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventory that is either obsolete or in excess of forecasted demand. Service and Other Cost of service and other revenue includes direct parts, material, labor costs, vehicle internet connectivity costs, and depreciation of assets that are associated with sales of Energy and Service packages. |
Sales and marketing expenses | (t) Sales and marketing expenses Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended December 31, 2017, 2018 and 2019, advertising costs totalled RMB63,427, RMB218,060 and RMB230,061, respectively. |
Research and development expenses | (u) Research and development expenses Certain costs associated with developing internal-use software are capitalized when such costs are incurred within the application development stage of software development. Other than that, all costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses are primary comprised of charges for R&D and consulting work performed by third parties; salaries, bonuses, share-based compensation, and benefits for those employees engaged in research, design and development activities; costs related to design tools; license expenses related to intellectual property, supplies and services; and allocated costs, including depreciation and amortization, rental fees, and utilities. |
General and administrative expenses | (v) General and administrative expenses General and administrative expenses consist primarily of salaries, bonuses, share-based compensation and benefits for employees involved in general corporate functions and those not specifically dedicated to research and development activities, depreciation and amortization of fixed assets which are not used in research and development activities, legal and other professional services fees, rental and other general corporate related expenses. |
Employee benefits | (w) Employee benefits Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIE of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB231,070, RMB517,787 and RMB553,523 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Government grants | (x) Government grants The Group’s PRC based subsidiaries received government subsidies from certain local governments. The Group’s government subsidies consisted of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as product development and renewal of production facilities. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group; receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. The Group recorded specific purpose subsidies as advances payable when received. For specific subsidies, upon government acceptance of the related project development or asset acquisition, the specific purpose subsidies are recognized to reduce related R&D expenses or the cost of asset acquisition. Other subsidies are recognized as other income upon receipt as further performance by the Group is not required. |
Income taxes | (y) Income taxes Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax The Group records liabilities related to uncertain tax positions when, despite the Group’s belief that the Group’s tax return positions are supportable, the Group believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. The Group did not recognize uncertain tax positions as of December 31, 2018 and 2019. |
Share-based compensation | (z) Share-based compensation The Company grants restricted shares and share options to eligible employees and non-employee consultants and accounts for share-based compensation in accordance with ASC 718, Compensation— Stock Compensation Equity-Based Payments to Non-Employees Employees’ share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share options or restricted shares granted with only service conditions, using the straight-line vesting method, net of estimated forfeitures, over the vesting period; or c) for share options granted with service conditions and the occurrence of an IPO as performance condition, cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO, using the graded vesting method. This performance condition was met upon completion of the Company’s IPO on September 12, 2018 and the associated share-based compensation expense for awards vested as of that date were recognized; or d) for share options where the underlying share is liability within the scope of ASC 480, using the graded vesting method, net of estimated forfeitures, over the vesting period, and re-measuring the fair value of the award at each reporting period end until the award is settled. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Share-based compensation expenses for share options and restricted shares granted to non-employees are measured at fair value at the earlier of the performance commitment date or the date service is completed, and recognized over the period during which the service is provided. The Group applies the guidance in ASC 505-50 to measure share options and restricted shares granted to non-employees based on the then-current fair value at each reporting date. Before the completion of the Company's IPO, the fair value of the restricted shares was assessed using the income approaches / market approaches, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. Upon the completion of the IPO, the fair value of the restricted shares is based on the fair market value of the underlying ordinary shares on the date of grant. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of these awards was determined taking into account independent valuation advice. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting options and records share-based compensation expenses only for those awards that are expected to vest. |
Comprehensive income/(loss) | (aa) Comprehensive income/(loss) The Group applies ASC 220, Comprehensive Income |
Leases | (ab) Leases In February 2016, the FASB issued ASU No. 2016-02 (“ASC 842”), Leases, to require lessees to recognize all leases, with certain exceptions, on the balance sheet, while recognition on the statement of operations will remain similar to current lease accounting. Subsequently, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, ASU No. 2018-11, Targeted Improvements, ASU No. 2018-20, Narrow-Scope Improvements for Lessors, and ASU 2019-01, Codification Improvements, to clarify and amend the guidance in ASU No. 2016-02. ASC 842 eliminates real estate-specific provisions and modifies certain aspects of lessor accounting. This standard is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Group adopted ASC 842 as of January 1, 2019 using the additional transition method (“adoption of the new lease standard”). In addition, the Group elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward the historical determination of contracts as leases, lease classification and not reassess initial direct costs for historical lease arrangements. Accordingly, previously reported financial statements, including footnote disclosures, have not been recast to reflect the application of the new standard to all comparative periods presented. The finance lease classification under ASC 842 includes leases previously classified as capital leases under ASC 840. Operating lease assets are included within right-of-use assets - operating lease, and the corresponding operating lease liabilities are included within operating lease liabilities on the consolidated balance sheet as of December 31, 2019. Finance lease assets are included within other non-current assets, and the corresponding finance lease liabilities are included within accruals and other liabilities for the current portion, and within other non-current liabilities on our consolidated balance sheet as of December 31, 2019. Adoption of the new lease standard on January 1, 2019 had a material impact on the consolidated financial statements. The most significant impacts related to the 1) recognition of right-of-use assets of RMB2,023.8 million and lease liabilities of RMB2,102.2 million for operating leases on the consolidated balance sheet; 2) recognition of right-of-use assets of RMB5.6 million and lease liabilities of RMB7.7 million for finance leases on the consolidated balance sheet. There was no impact to accumulated deficit at adoption. The cumulative effect of the changes made to our consolidated balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows (in thousands): Adjustments from Adoption Balances at of New Lease Balances at December 31, 2018 Standard January 1, 2019 Assets Prepayments and other current assets 1,514,257 (90,074) 1,424,183 Property, plant and equipment, net 4,853,157 (5,563) 4,847,594 Right-of-use assets - operating lease — 2,023,785 2,023,785 Other non-current assets — 5,563 5,563 Liabilities Current portion of operating lease liabilities — 510,295 510,295 Accruals and other liabilities 3,383,681 (37,137) 3,346,544 Non-current operating lease liabilities — 1,591,865 1,591,865 Other non-current liabilities 930,812 (131,312) 799,500 |
Dividends | (ac) Dividends Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2017, 2018 and 2019. |
Earnings/(Loss) per share | (ad) Earnings/(Loss) per share Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method, unvested restricted shares, restricted share units and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive. |
Segment reporting | (ae) Segment reporting ASC 280, Segment Reporting Based on the criteria established by ASC 280, the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s long-lived assets are substantially located in the PRC, no geographical segments are presented. |
Organization and Nature of Op_2
Organization and Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Nature of Operations | |
Schedule of principal subsidiaries | Equity Place and date of incorporation Subsidiaries interest held or date of acquisition Principal activities NIO NextEV Limited (“NIO HK”) (formerly known as NextEV Limited) 100% Hong Kong, February 2015 Investment holding NIO GmbH (formerly known as NextEV GmbH) 100% Germany, May 2015 Design and technology development NIO Co., Ltd. (“NIO SH”) (formerly known as NextEV Co., Ltd.) 100% Shanghai, PRC, May 2015 Headquarter and technology development NIO USA, Inc. (“NIO US”) (formerly known as NextEV USA, Inc.) 100% United States, November 2015 Technology development XPT Limited (“XPT”) 100% Hong Kong, December 2015 Investment holding NIO Performance Engineering Limited ("NPE") 100% United Kingdom, July 2019 Marketing and technology development NIO Sport Limited (“NIO Sport”) (formerly known as NextEV NIO Sport Limited) 100% Hong Kong, April 2016 Racing management XPT Technology Limited (“XPT Technology”) 100% Hong Kong, April 2016 Investment holding XPT Inc. (“XPT US”) 100% United States, April 2016 Technology development XPT (Jiangsu) Investment Co., Ltd. (“XPT Jiangsu”) 100% Jiangsu, PRC, May 2016 Investment holding Shanghai XPT Technology Limited 100% Shanghai, PRC, May 2016 Technology development XPT (Nanjing) E-Powertrain Technology Co., Ltd. (“XPT NJEP”) 100% Nanjing, PRC, July 2016 Manufacturing of E-Powertrain XPT (Nanjing) Energy Storage System Co., Ltd. (“XPT NJES”) 100% Nanjing, PRC, October 2016 Manufacturing of battery pack NIO Power Express Limited (“PE HK) 100% Hong Kong, January 2017 Investment holding NextEV User Enterprise Limited (“UE HK”) 100% Hong Kong, February 2017 Investment holding Shanghai NIO Sales and Services Co., Ltd. (“UE CNHC”) 100% Shanghai, PRC, March 2017 Investment holding and sales and after sales management NIO Energy Investment (Hubei) Co., Ltd. (“PE CNHC”) 100% Wuhan PRC, April 2017 Investment holding Wuhan NIO Energy Co., Ltd. (“PE WHJV”) 100% Wuhan, PRC, May 2017 Investment holding XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (“XPT NJWL”) 50% Nanjing, PRC, June 2017 Manufacturing of components XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”) 100% Nanjing, PRC, May 2018 Investment holding |
Schedule of variable interest entities | Economic Place and Date of incorporation VIE and VIE’s subsidiaries interest held or date of acquisition Prime Hubs Limited (“Prime Hubs”) 100% BVI, October 2014 NIO Technology Co., Ltd. (“NIO SHTECH”) (formerly known as Shanghai NextEV Technology Co., Ltd.) 100% Shanghai, PRC, November 2014 Beijing NIO Network Technology Co., Ltd. (“NIO BJTECH”) 100% Beijing, PRC, July 2017 Shanghai Anbin Technology Co., Ltd. (“NIO ABTECH”) 100% Shanghai, PRC, April 2018 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Schedule of cash and cash equivalents | December 31, December 31, December 31 2017 2018 2019 Cash and cash equivalents 7,505,954 3,133,847 862,839 Restricted cash 10,606 57,012 82,507 Long-term restricted cash 14,293 33,528 44,523 Total 7,530,853 3,224,387 989,869 |
Schedule of estimate useful life of property, plant and equipment | Useful lives Building and constructions 20 years Production facilities 10 years Charging & battery swap infrastructure 5 years R&D equipment 5 years Computer and electronic equipment 3 years Purchased software 3 years Leasehold improvements Shorter of the estimated useful life or remaining lease term Others 3 |
Schedule of estimate useful life of intangible assets, net | Useful lives Domain names and others 5 years License 3 years |
Schedule of reconciliation of carried-forward warranty liabilities | For the Year Ended December 31 2017 2018 2019 Warranty – beginning of year — — 177,293 Provision for warranty — 179,766 283,647 Warranty costs incurred — (2,473) (48,936) Warranty– end of year — 177,293 412,004 |
Schedule of cumulative effect of the changes made to our consolidated balance sheet on adoption of the new lease standard | The cumulative effect of the changes made to our consolidated balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows (in thousands): Adjustments from Adoption Balances at of New Lease Balances at December 31, 2018 Standard January 1, 2019 Assets Prepayments and other current assets 1,514,257 (90,074) 1,424,183 Property, plant and equipment, net 4,853,157 (5,563) 4,847,594 Right-of-use assets - operating lease — 2,023,785 2,023,785 Other non-current assets — 5,563 5,563 Liabilities Current portion of operating lease liabilities — 510,295 510,295 Accruals and other liabilities 3,383,681 (37,137) 3,346,544 Non-current operating lease liabilities — 1,591,865 1,591,865 Other non-current liabilities 930,812 (131,312) 799,500 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory | |
Schedule of inventory | December 31, December 31, 2018 2019 Raw materials 696,005 510,990 Work in process 6,727 1,862 Finished Goods 723,591 291,116 Merchandise 38,916 95,987 Less: write-downs — (10,427) Total 1,465,239 889,528 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Prepayments and Other Current Assets | |
Schedule of prepayments and other current assets | December 31, December 31, 2018 2019 Deductible VAT input 1,018,766 1,253,617 Prepayment to vendors 333,367 88,900 Deposits 23,321 73,271 Other receivables 138,803 186,105 Less: Allowance for doubtful accounts — (22,635) Total 1,514,257 1,579,258 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Net | |
Schedule of property, plant and equipment | December 31, December 31, 2018 2019 Mold and tooling 1,032,685 1,898,975 Leasehold improvements 653,298 1,025,570 Production facilities 456,569 869,819 Building and construction 481,121 828,958 Charging & battery swap infrastructure 470,506 608,919 Construction in process 1,289,611 475,977 Computer and electronic equipment 393,931 428,028 R&D equipment 320,362 400,461 Purchased software 286,034 341,379 Others 146,869 279,233 Subtotal 5,530,986 7,157,319 Less: Accumulated depreciation (677,829) (1,548,977) Less: Accumulated impairment — (75,278) Total property, plant and equipment, net 4,853,157 5,533,064 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets, Net | |
Schedule of impaired intangible assets | December 31, 2018 December 31, 2019 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying value amortization value value amortization value Domain names and others 5,269 (1,974) 3,295 4,342 (2,820) 1,522 License 3,161 (2,986) 175 — — — Total intangible assets, net 8,430 (4,960) 3,470 4,342 (2,820) 1,522 |
Land Use Rights (Tables)
Land Use Rights (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Land Use Rights, Net. | |
Schedule of land user rights, net | December 31, December 31, 2018 2019 Land use rights 216,489 216,489 Less: Accumulated amortization—land use rights (2,827) (7,674) Total land use rights, net 213,662 208,815 |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Non-current Assets | |
Schedule of other non current assets | December 31, December 31, 2018 2019 Long-term deposits 616,199 848,655 Receivables of installment payments for battery 574,677 657,698 Right-of-use assets - finance lease — 155,051 Prepayments for purchase of property and equipment 159,341 17,603 Others 62,613 74,093 Total 1,412,830 1,753,100 |
Accruals and Other Liabilities
Accruals and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accruals and Other Liabilities | |
Schedule of accruals and other liabilities | December 31, December 31, 2018 2019 Payables for purchase of property and equipment 1,027,377 1,121,715 Payable for R&D expenses 437,731 694,081 Payables for marketing events 423,953 436,610 Salaries and benefits payable 402,163 344,922 Advance from customers 233,767 297,096 Accrued expenses 308,486 246,121 Current portion of deferred revenue 108,250 189,172 Investment deposit from investors 47,124 154,643 Warranty liabilities 46,574 120,161 Interest payables 2,584 105,940 Current portion of deferred construction allowance 87,330 84,495 Current portion of finance lease liabilities — 40,334 Payables for traveling expenses of employees 43,147 17,685 Other payables 215,195 363,666 Total 3,383,681 4,216,641 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings | |
Schedule of long-term borrowings | December 31, December 31, 2018 2019 Short-term borrowing: Bank loan (i) 1,870,000 188,000 Convertible notes (ii) — 697,620 Current portion of long-term bank loan (iii) 198,852 322,436 Long-term borrowings: Bank loan(iii) 766,592 950,154 Convertible notes(ii) — 5,784,984 Loan from joint investor(iv) 401,420 419,660 Total 3,236,864 8,362,854 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Non-Current Liabilities | |
Schedule of other noncurrent liabilities | December 31, December 31, 2018 2019 Deferred government grants 351,896 340,667 Deferred revenue 193,524 295,915 Warranty liabilities 130,719 291,843 Non-current finance lease liabilities — 88,790 Deferred construction allowance 124,678 72,762 Rental payable 129,995 — Others — 61,836 Total 930,812 1,151,813 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease | |
Schedule of lessee lease information | As of December 31, 2019 Operating leases: Right-of-use assets - operating lease 1,997,672 Current portion of operating lease liabilities 608,747 Non-current operating lease liabilities 1,598,372 Total operating lease liabilities 2,207,119 Finance leases: Right-of-use assets - finance lease 155,051 Current portion of finance lease liabilities 40,334 Non-current finance lease liabilities 88,790 Total finance lease liabilities 129,124 As of December 31, 2019 Weighted-average remaining lease term: Operating leases 4.7 years Finance leases 3.9 years Weighted-average discount rate: Operating leases 5.83 % Finance leases 5.77 % Year Ended December 31, 2019 Operating cash outflows from operating leases 482,782 Operating cash outflows from finance leases (interest payments) 5,969 Financing cash outflows from finance leases 43,916 Right-of-use assets obtained in exchange for operating lease liabilities 777,169 |
Schedule of lease cost | Year Ended December 31, Lease cost: 2019 Amortization of right-of-use assets 522,035 Interest of operating lease liabilities 137,459 Expenses for short-term leases within 12 months and other non-lease component 155,613 Total lease cost 815,107 |
Schedule of maturities of operating and finance lease liabilities | Operating Finance Leases Leases 2020 716,289 50,043 2021 574,702 36,585 2022 466,041 28,206 2023 332,357 20,042 2024 173,133 7,858 Thereafter 254,607 — Total minimum lease payments 2,517,129 142,734 Less: Interest 310,010 13,610 Present value of lease obligations 2,207,119 129,124 Less: Current portion 608,747 40,334 Long-term portion of lease obligations 1,598,372 88,790 Operating Leases 2019 393,734 2020 457,892 2021 444,909 Thereafter 1,091,911 Total minimum lease payments 2,388,446 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues | |
Schedule of revenue | For the Year Ended December 31, 2017 2018 2019 Vehicle sales — 4,852,470 7,367,113 Sales of charging pile — 82,184 127,632 Sales of Packages — 10,220 111,448 Others — 6,297 218,711 Total — 4,951,171 7,824,904 |
Deferred Revenue_Income (Tables
Deferred Revenue/Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Revenue/Income | |
Schedule of reconciliation in the current reporting period related to carried-forward deferred revenue/income | For the Year Ended December 31 2017 2018 2019 Deferred revenue/income – beginning of year — — 301,774 Additions — 384,116 428,786 Recognition — (82,342) (246,861) Effects on foreign exchange adjustment — — 1,388 Deferred revenue/income – end of year — 301,774 485,087 |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Research and Development Expenses | |
Schedule of research and development expenses | Year Ended December 31, 2017 2018 2019 Design and development expenses 1,455,297 1,827,980 2,041,024 Employee compensation 1,004,835 1,850,886 2,004,931 Depreciation and amortization expenses 38,940 103,427 187,137 Travel and entertainment expenses 60,622 104,949 63,998 Rental and related expenses 12,367 33,105 57,401 Others 30,828 77,595 74,089 Total 2,602,889 3,997,942 4,428,580 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selling, General and Administrative Expenses | |
Schedule of selling, general and administrative expenses | Year Ended December 31, 2017 2018 2019 Employee compensation 929,928 2,256,455 2,231,698 Marketing and promotional expenses 523,535 1,158,519 818,053 Rental and related expenses 216,111 450,113 737,578 Professional services 238,740 578,469 487,537 Depreciation and amortization expenses 128,918 249,765 457,364 Travel and entertainment expenses 71,278 197,187 126,571 IT consumable, office supply and other low value consumable 114,668 167,323 109,501 Allowance against receivables — — 108,459 Others 127,529 283,959 375,026 Total 2,350,707 5,341,790 5,451,787 |
Convertible Redeemable Prefer_2
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Convertible Redeemable Preferred Shares | |
Schedule of convertible redeemable preferred shares activities | Series A ‑ 1 & A ‑ 2 Series A ‑ 3 Series B Series C Series D Total Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount shares (RMB) shares (RMB) shares (RMB) shares (RMB) shares (RMB) shares (RMB) Balances as of December 31, 2016 295,000,000 2,539,993 24,210,431 306,678 102,144,675 2,014,903 — — — — 421,355,106 4,861,574 Proceeds from Series A-1 Preferred Shares — 266,511 — — — — — — — — — 266,511 Issuance of preferred shares — — — — 12,722,646 240,066 166,205,830 4,398,313 213,585,003 7,314,387 392,513,479 11,952,766 Accretion on convertible redeemable preferred shares to redemption value — 2,205,227 — 120,451 — 40,011 — 56,283 — 154,963 — 2,576,935 Balances as of December 31, 2017 295,000,000 5,011,731 24,210,431 427,129 114,867,321 2,294,980 166,205,830 4,454,596 213,585,003 7,469,350 813,868,585 19,657,786 Series A ‑ 1 & A ‑ 2 Series A ‑ 3 Series B Series C Series D Total Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount shares (RMB) shares (RMB) shares (RMB) shares (RMB) shares (RMB) shares (RMB) Balances as of December 31, 2017 295,000,000 5,011,731 24,210,431 427,129 114,867,321 2,294,980 166,205,830 4,454,596 213,585,003 7,469,350 813,868,585 19,657,786 Issuance of Series A‑3 Preferred Shares (note 24(c)) — — 7,509,933 — — — — — — — 7,509,933 — Proceeds from Series D Preferred Shares — — — — — — — — — 78,651 — 78,651 Accretion on convertible redeemable preferred shares to redemption value — 7,091,163 — 565,979 — 2,417,979 — 2,375,943 — 1,216,227 — 13,667,291 Conversion of Series A‑1 and A‑2 Preferred Shares to Ordinary shares (295,000,000) (12,102,894) — — — — — — — — (295,000,000) (12,102,894) Conversion of Series A‑3 Preferred Shares to Ordinary shares — — (31,720,364) (993,108) — — — — — — (31,720,364) (993,108) Conversion of Series B Preferred Shares to Ordinary shares — — — — (114,867,321) (4,712,959) — — — — (114,867,321) (4,712,959) Conversion of Series C Preferred Shares to Ordinary shares — — — — — — (166,205,830) (6,830,539) — — (166,205,830) (6,830,539) Conversion of Series D Preferred Shares to Ordinary shares — — — — — — — — (213,585,003) (8,764,228) (213,585,003) (8,764,228) Balances as of December 31, 2018 — — — — — — — — — — — — |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of compensation expenses recognized for share based awards granted | For the Year Ended December 31, 2017 2018 2019 Cost of sales — 9,289 9,763 Research and development expenses 23,210 109,124 82,680 Selling, general and administrative expenses 67,086 561,055 241,052 Total 90,296 679,468 333,495 |
Schedule of stock option activity | Weighted Weighted Number of Average Average Aggregate Options Exercise Remaining Intrinsic Outstanding Price Contractual Life Value US$ In Years US$ Outstanding as of December 31, 2016 52,623,554 0.32 8.30 51,506 Granted 13,460,477 1.46 — — Exercised (2,723,540) 0.39 — — Cancelled (5,236,562) 0.44 — — Expired (348,015) 0.25 — — Outstanding as of December 31, 2017 57,775,914 0.57 8.52 114,299 Granted 47,216,792 2.79 — — Exercised (7,732,317) 0.40 — — Cancelled (5,498,453) 1.17 — — Expired (687,796) 0.62 — — Outstanding as of December 31, 2018 91,074,140 1.69 8.23 425,988 Granted 33,964,176 3.29 — — Exercised (20,133,668) 0.49 — — Cancelled (14,759,778) 2.69 — — Expired (1,300,898) 4.11 — — Outstanding as of December 31, 2019 88,843,972 2.38 6.77 164,363 Vested and expected to vest as of December 31, 2017 55,832,678 — — 107,299 Exercisable as of December 31, 2017 5,089,894 — — 11,070 Vested and expected to vest as of December 31, 2018 99,702,386 — — 467,127 Exercisable as of December 31, 2018 32,959,964 — — 185,787 Vested and expected to vest as of December 31, 2019 118,546,834 — — 354,839 Exercisable as of December 31, 2019 32,925,154 — — 80,801 |
Nio Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of weighted average assumptions used | 2017 2018 2019 Exercise price (US$) 0.61 - 2.55 0.10 - 6.74 1.80 - 7.09 Fair value of the ordinary shares on the date of option grant (US$) 1.30 - 2.55 3.38 - 6.74 1.80 - 7.09 Risk-free interest rate 2.31 % - 2.40 % 2.74 % - 3.15 % 1.66 % - 2.54 % Expected term (in years) 10 7 - 10 7 - 10 Expected dividend yield 0 % 0 % 0 % Expected volatility 51 % - 52 % 47 % - 51 % 44 % - 52 % Expected forfeiture rate (post-vesting) 5 % 5 % - 8 % 6 % - 8 % |
Stock Liability Award [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of weighted average assumptions used | 2017 2018 Exercise price 1.82 1.74 Fair value of the Preferred Shares on the measurement date 2.70 4.54 Risk-free interest rate 2 % 2 % Remaining life (in years) 3.64 0.26 Expected dividend yield 0 % 0 % Expected volatility 47 -48 % 43%-44 % |
Employees | Prime Hubs Restricted Shares Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted shares activity | Number of Shares Weighted Average Employees Outstanding Grant Date Fair Value US$ Unvested as of December 31, 2016 8,400,000 0.72 Granted 2,000,000 2.05 Vested (3,133,329) 0.84 Forfeited (208,333) 0.72 Unvested as of December 31, 2017 7,058,338 1.04 Vested (7,058,338) 1.04 Unvested as of December 31, 2018 — — |
Employees | Nio Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted shares activity | Number of Restricted Weighted Average Shares Outstanding Grant Date Fair Value US$ Unvested at December 31, 2016 1,837,387 0.96 Vested (470,015) 0.96 Forfeited (254,395) 0.96 Unvested at December 31, 2017 1,112,977 0.96 Vested (608,406) 0.96 Forfeited (63,058) 0.96 Unvested at December 31, 2018 441,513 0.96 Vested (362,685) 0.96 Forfeited (78,828) 0.96 Unvested at December 31, 2019 — — |
Non-employees | Nio Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted shares activity | Number of Restricted Weighted Average Shares Outstanding Grant Date Fair Value US$ Unvested at December 31, 2017 — — Granted 509,001 6.72 Vested (445,104) 6.74 Unvested at December 31, 2018 63,897 6.60 Granted — — Vested (31,949) 6.60 Unvested at December 31, 2019 31,948 6.60 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Taxation | |
Schedule of maximum applicable income tax rates of other countries | For the Year Ended December 31, 2017 2018 2019 United States 42.84 % 29.84 % 29.84 % United Kingdom 19.25 % 19.00 % 19.00 % Germany 32.98 % 32.98 % 32.98 % |
Schedule of composition of income tax expense | For the Year Ended December 31, 2017 2018 2019 Current income tax expense 7,906 22,044 7,888 |
Schedule of reconciliation of the income tax expense | For the Year Ended December 31, 2017 2018 2019 Loss before income tax expense (5,013,268) (9,616,935) (11,287,764) Income tax expense computed at PRC statutory income tax rate of 25% (1,253,318) (2,404,234) (2,821,941) Non-deductible expenses 91,093 96,684 58,374 Foreign tax rates differential (74,531) 167,180 107,617 Additional 75% (2017: 50%) tax deduction for qualified research and development expenses (93,513) (216,993) (22,630) Tax exempted interest income (845) (10,377) (3,093) Effect of U.S. tax law change 165,898 — — US tax credits (52,185) (42,781) (72,448) Prior year adjustments (10,293) (1,422) (16,259) Tax benefit contributed by Non-controlling interest — — 2,285 Tax benefit not utilized 1,235,600 2,433,987 2,775,983 Income tax expense 7,906 22,044 7,888 |
Schedule of deferred tax assets | As of December 31, 2017 2018 2019 Deferred tax assets Net operating loss carry-forwards 1,620,535 3,777,696 6,005,461 Accrued and prepaid expenses 84,320 255,240 420,714 Tax credit carry-forwards 60,624 117,801 213,773 Deferred Revenue — 83,877 105,840 Intangible assets 7,104 15,687 36,362 Unrealized financing cost — 41,939 29,200 Allowance against receivables — — 27,196 Deferred rent 8,699 36,729 19,035 Property, plant and equipment, net 27,463 17,467 10,584 Share-based compensation 4,106 8,962 7,688 Write-downs of inventory — — 2,607 Advertising expenses in excess of deduction limit 65,737 14,234 353 Unrealized foreign exchange loss 55 55 55 Others — — 162 Total deferred tax assets 1,878,643 4,369,687 6,879,030 Less: Valuation allowance (1,878,643) (4,369,687) (6,879,030) Total deferred tax assets, net — — — |
Summary of valuation allowance | As of December 31, 2017 2018 2019 Valuation allowance Balance at beginning of the year 672,889 1,878,643 4,369,687 Additions 1,205,754 2,491,044 2,509,343 Balance at end of the year 1,878,643 4,369,687 6,879,030 |
Schedule of tax losses expiration dates | Loss expiring in 2020 186,827 Loss expiring in 2021 1,335,168 Loss expiring in 2022 3,007,243 Loss expiring in 2023 5,950,981 Loss expiring in 2024 8,004,215 Total 18,484,434 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Loss Per Share | |
Schedule of loss per share | For the Year Ended December 31, 2017 2018 2019 Numerator: Net loss (5,021,174) (9,638,979) (11,295,652) Accretion on convertible redeemable preferred shares to redemption value (2,576,935) (13,667,291) — Accretion on redeemable non-controlling interests to redemption value — (63,297) (126,590) Net loss attributable to non-controlling interests 36,440 41,705 9,141 Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (7,561,669) (23,327,862) (11,413,101) Denominator: Weighted-average number of ordinary shares outstanding — basic and diluted 21,801,525 332,153,211 1,029,931,705 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (346.84) (70.23) (11.08) For the Year Ended December 31, 2017 2018 2019 Non-vested restricted shares 8,323,591 340,518 459,199 Outstanding weighted average options granted 27,495,737 72,735,288 31,276,979 Convertible Notes — — 92,512,382 Preferred Shares 593,611,970 678,614,152 — Total 629,431,298 751,689,958 124,248,560 |
Related Party Balance and Trans
Related Party Balance and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Balances and Transactions | |
Schedule of related party transactions | (i) Provision of service For the years ended December 31, 2017, 2018 and 2019, service income was primarily generated from property management and miscellaneous research and development services the Group provided to its related parties. For the Year Ended December 31, 2017 2018 2019 Nanjing Weibang Transmission Technology Co., Ltd. — — 2,417 Shanghai Weishang Business Consulting Co., Ltd. — 905 1,806 Shanghai NIO Hongling Investment Management Co., Ltd. — 2,707 — Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. 11,121 — — Beijing CHJ Information Technology Co., Ltd. 4,588 — — Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership) 4,015 — — Jiangsu Xindian Automotive Co., Ltd. 1,785 — — 21,509 3,612 4,223 (ii) Acceptance of service For the Year Ended December 31, 2017 2018 2019 Beijing Xinyi Hudong Guanggao Co., Ltd. 8,021 28,245 37,935 Beijing Chehui Hudong Guanggao Co., Ltd. 544 6,915 29,599 Beijing Yiche Interactive Advertising Co., Ltd. Shanghai Branch — — 6,132 Beijing Bit Ep Information Technology Co., Ltd. — — 3,627 Bite Shijie (Beijing) Keji Co., Ltd. 6,987 2,865 1,664 Beijing Yiche Information Science and — 32 466 Tianjin Boyou Information Technology Co., Ltd. — — 264 Shanghai Yiju Information Technology Co., Ltd. — — 76 15,552 38,057 79,763 (iii) Loan to related party For the Year Ended December 31, 2017 2018 2019 NIO Capital — 66,166 — Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. 50,000 — — 50,000 66,166 — In 2017, the Company granted interest-free loans to Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. As of December 31, 2019, the loans remain outstanding. On January 12, 2018, the Group granted two interest free loans to NIO Capital, with principal amount of US$5,000 each. The loans mature in six months. One of the loan has been received by the Group and the other has been converted into the investment in ordinary shares of a subsidiary of NIO Capital, which was further disposed in 2019. (iv) Cost of manufacturing consignment For the Year Ended December 31, 2017 2018 2019 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 18,324 132,152 132,511 (v) Purchase of property and equipment For the Year Ended December 31, 2017 2018 2019 Nanjing Weibang Transmission Technology Co., Ltd. — — 34,220 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 11,107 7,982 Bite Shijie (Beijing) Keji Co., Ltd. 2,960 — — 2,960 11,107 42,202 (vi) Interest payable on behalf of related party For the Year Ended December 31, 2017 2018 2019 Baidu Capital L.P. 21,671 8,065 — (vii) Acceptance of R&D and maintenance service For the Year Ended December 31, 2017 2018 2019 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 2,436 341 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. — 14,776 — — 17,212 341 (viii) Payment on behalf of related party For the Year Ended December 31, 2017 2018 2019 Nanjing Weibang Transmission Technology Co., Ltd. — 2,790 — (ix) Loan from related party For the Year Ended December 31, 2017 2018 2019 Beijing Changxing Information Technology Co., Ltd. — — 25,799 In 2019, the Company signed a loan agreement with Beijing Changxing Information Technology Co., Ltd. for a loan of RMB25,799 at an interest rate of 15%. As of December 31, 2019, the loan remains outstanding. (x) Sale of raw material, property and equipment For the Year Ended December 31, 2017 2018 2019 Wistron Info Comm (Kunshan) Co., Ltd. — — 725 (xi) Convertible notes issued to related parties (Note 12) For the Year Ended December 31, 2017 2018 2019 Huang River Investment Limited — — 920,914 Serene View Investment Limited — — 614,926 — — 1,535,840 |
Schedule of due from related parties | (i) Amounts due from related parties December 31, December 31, 2018 2019 Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. 50,000 50,000 Nanjing Weibang Transmission Technology Co., Ltd. 2,790 674 Wistron Info Comm (Kunshan) Co., Ltd. — 109 NIO Capital 34,316 — Kunshan Siwopu Intelligent Equipment Co., Ltd. 7,970 — Shanghai NIO Hongling Investment Management Co., Ltd. 960 — Total 96,036 50,783 |
Schedule of due to related parties | (ii) Amounts due to related parties December 31, December 31, 2018 2019 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 210,868 180,687 Beijing Xinyi Hudong Guanggao Co., Ltd. 3,530 36,714 Nanjing Weibang Transmission Technology Co., Ltd. — 33,018 Beijing Changxing Information Technology Co., Ltd. — 25,799 Beijing Chehui Hudong Guanggao Co., Ltd. 4,085 25,170 Beijing Yiche Interactive Advertising Co., Ltd. Shanghai Branch — 3,500 Beijing Bit Ep Information Technology Co., Ltd. — 2,598 Bite Shijie (Beijing) Keji Co., Ltd. 339 1,549 Kunshan Siwopu Intelligent Equipment Co., Ltd. 761 379 Beijing Yiche Information Technology Cp., Ltd. — 205 Shanghai Yiju Information Technology Co., Ltd. — 80 Tianjin Boyou Information Technology Co., Ltd. — 30 Total 219,583 309,729 (iii) Short-term borrowings December 31, 2018 December 31, 2019 Huang River Investment Limited — 354,840 Serene View Investment Limited — 350,255 Total — 705,095 (iv) Long-term borrowings December 31, December 31, 2018 2019 Huang River Investment Limited — 560,325 Serene View Investment Limited — 258,213 Total — 818,538 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Schedule of capital expenditures contracted | December 31, December 31, 2018 2019 Property and equipment 1,454,031 551,582 Leasehold improvements 149,551 68,652 Total 1,603,582 620,234 |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Parent Company Only Condensed Financial Information | |
Schedule of condensed balance sheets | As of December 31, 2018 2019 2019 RMB RMB US$ Note 2(e) ASSETS Current assets: Cash and cash equivalents 17,179 11,629 1,670 Amounts due from related parties 20,701 22,698 3,260 Prepayments and other current assets 54,847 — — Total current assets 92,727 34,327 4,930 Non-current assets: Investments in subsidiaries and VIEs 8,891,882 2,884,635 414,352 Total non-current assets 8,891,882 2,884,635 414,352 Total assets 8,984,609 2,918,962 419,282 LIABILITIES Current liabilities: Short-term borrowings — 697,620 100,207 Amounts due to related parties 2,046,971 2,555,511 367,076 Accruals and other liabilities 913 100,772 14,475 Total current liabilities 2,047,884 3,353,903 481,758 Long-term borrowings — 5,784,984 830,961 Deferred revenue 99,684 79,761 11,457 Total non-current liabilities 99,684 5,864,745 842,418 Total liabilities 2,147,568 9,218,648 1,324,176 SHAREHOLDERS’ EQUITY/(DEFICIT) Class A Ordinary Shares 1,329 1,347 194 Class B Ordinary Shares 226 226 32 Class C Ordinary Shares 254 254 36 Treasury shares (9,186) — — Additional paid in capital 41,918,936 40,227,856 5,778,370 Accumulated other comprehensive loss (34,708) (203,048) (29,166) Accumulated deficit (35,039,810) (46,326,321) (6,654,360) Total shareholders’ equity/(deficit) 6,837,041 (6,299,686) (904,894) Total liabilities, mezzanine equity and shareholders’ equity 8,984,609 2,918,962 419,282 |
Schedule of condensed statements of comprehensive loss | For the Year ended December 31, 2017 2018 2019 2019 RMB RMB RMB US$ Note 2(e) Operating expenses: Selling, general and administrative (52,518) (178,479) (97) (14) Total operating expenses (52,518) (178,479) (97) (14) Loss from operations (52,518) (178,479) (97) (14) Interest income 2,391 7,692 4,212 605 Interest expense (12,389) — (237,374) (34,097) Equity in loss of subsidiaries and VIEs (4,924,897) (9,432,640) (11,076,907) (1,591,097) Investment income 3,498 — — — Other (loss)/gain, net (819) 6,153 23,655 3,398 Loss before income tax expense (4,984,734) (9,597,274) (11,286,511) (1,621,205) Income tax expense — — — — Net loss (4,984,734) (9,597,274) (11,286,511) (1,621,205) Accretion on convertible redeemable preferred shares to redemption value (2,576,935) (13,667,291) — — Accretion on redeemable non-controlling interests to redemption value — (63,297) (126,590) (18,184) Net loss attributable to ordinary shareholders of NIO Inc. (7,561,669) (23,327,862) (11,413,101) (1,639,389) |
Schedule of condensed statements of cash flows | For The Year ended December 31, 2017 2018 2019 2019 RMB RMB RMB US$ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (4,920,905) 3,917,654 438,465 62,981 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of trading securities 1,340,911 — — — Purchase of held for trading securities (1,337,413) — — — Acquisitions of equity investees (6,223,178) (11,693,144) (4,817,498) (691,990) Net cash used in investing activities (6,219,680) (11,693,144) (4,817,498) (691,990) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of stock options 6,207 42,251 50,790 7,296 Repurchase of restricted shares — (7,490) — — Proceeds from issuance of convertible promissory note 312,624 — 4,322,457 620,882 Repayment of convertible promissory note (325,013) — — — Repayment of non-recourse loan — 82,863 — — Proceeds from issuance of ordinary shares, net of issuance costs — 7,566,470 — — Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs 11,093,377 78,651 — — Net cash provided by financing activities 11,087,195 7,762,745 4,373,247 628,178 Effects of exchange rate changes on cash and cash equivalents (3,031) 6,654 236 33 NET DECREASE IN CASH AND CASH EQUIVALENTS (56,421) (6,091) (5,550) (798) Cash and cash equivalents at beginning of the year 79,691 23,270 17,179 2,468 Cash and cash equivalents at end of the year 23,270 17,179 11,629 1,670 |
Organization and Nature of Op_3
Organization and Nature of Operations - Subsidiaries (Details) | Dec. 31, 2019 |
Nio Nextev Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Nio Gmbh [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
NIO SH | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Nio Usa Inc [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Xpt Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
NIO Performance Engineering Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Nio Sport Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Xpt Technology Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Xpt Inc [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Xpt (Jiangsu) Investment Co Ltd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Shanghai Xpt Technology Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Xpt (Nanjing) E-Powertrain Technology Co Ltd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Xpt (Nanjing) Energy Storage System Co Ltd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Nio Power Express Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
NextEV User Enterprise Limited | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Shanghai Nio Sales And Services Co Ltd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Nio Energy Investment (Hubei) Co Ltd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Wuhan NIO Energy Co., Ltd. ("PE WHJV") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Xtronics (Nanjing) Automotive Intelligent Technologies Co Ltd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 50.00% |
Xpt Automotive Technology Co Ltd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Organization and Nature of Op_4
Organization and Nature of Operations - VIEs (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Prime Hubs | |
Variable Interest Entity [Line Items] | |
Economic interest held | 100.00% |
Nio Technology Co Ltd [Member] | |
Variable Interest Entity [Line Items] | |
Economic interest held | 100.00% |
Beijing Nio Network Technology Co Ltd [Member] | |
Variable Interest Entity [Line Items] | |
Economic interest held | 100.00% |
Shanghai Anbin Technology Co., Ltd. ("NIO ABTECH") | |
Variable Interest Entity [Line Items] | |
Economic interest held | 100.00% |
Organization and Nature of Op_5
Organization and Nature of Operations - IPO, VIEs, Liquidity and Going Concern (Details) ¥ in Thousands, $ in Thousands | Oct. 12, 2018USD ($)shares | Oct. 12, 2018CNY (¥)shares | Sep. 12, 2018USD ($)shares | Sep. 12, 2018CNY (¥)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) |
Variable Interest Entity [Line Items] | |||||||||
Net loss | $ 1,622,518 | ¥ 11,295,652 | ¥ 9,638,979 | ¥ 5,021,174 | |||||
Accumulated deficit | 6,654,360 | 35,039,810 | ¥ 46,326,321 | ||||||
Net cash used in operating activities | 1,252,795 | 8,721,706 | 7,911,768 | 4,574,719 | |||||
Total shareholder's deficit | 6,300,000 | ||||||||
Working capital | 4,600,000 | ||||||||
Total cash consideration | ¥ 7,000,000 | ||||||||
Cash and cash equivalents | $ 123,939 | ¥ 3,133,847 | ¥ 7,505,954 | 862,839 | |||||
Facility amount | ¥ 1,500,000 | ||||||||
Initial public offering (the "IPO") | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of newly issued ordinary shares | shares | 160,000,000 | 160,000,000 | |||||||
Total net proceeds public offering | $ 956,362 | ¥ 6,568,291 | |||||||
Over-Allotment Option [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of newly issued ordinary shares | shares | 24,000,000 | 24,000,000 | |||||||
Total net proceeds public offering | $ 138,982 | ¥ 962,746 | |||||||
Prime Hubs | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of share held by variable interest entities | shares | 4,250,002 | 4,250,002 | 4,250,002 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - cash and cash equivalent (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Summary of Significant Accounting Policies | ||||||
Cash and cash equivalents | $ 123,939 | ¥ 862,839 | ¥ 3,133,847 | ¥ 7,505,954 | ||
Restricted cash | 11,851 | 82,507 | 57,012 | 10,606 | ||
Long-term restricted cash | 6,395 | 44,523 | 33,528 | 14,293 | ||
Total | $ 142,185 | ¥ 989,869 | $ 463,154 | ¥ 3,224,387 | ¥ 7,530,853 | ¥ 596,631 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - plant and equipment, net (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building and construction | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Production facilities | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Charging & battery swap infrastructure | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
R&D equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Computer and electronic equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Purchased software | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Others | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Others | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Intangibles through impairment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Domain names and others | |
Finite-Lived Intangible Assets [Line Items] | |
Useful lives | 5 years |
License | |
Finite-Lived Intangible Assets [Line Items] | |
Useful lives | 3 years |
Land Use Rights | |
Finite-Lived Intangible Assets [Line Items] | |
Useful lives | 536 months |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Warrant liabilities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Warranty liabilities | ||
Warranty - beginning of year | ¥ 177,293 | |
Provision for warranty | 283,647 | ¥ 179,766 |
Warranty costs incurred | (48,936) | (2,473) |
Warranty- end of year | ¥ 412,004 | ¥ 177,293 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - revenue (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥)item | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | ¥ 485,087 | ¥ 301,774 | |
Number of packages offered | item | 2 | ||
Number of performance obligations per package | item | 1 | ||
Package term | 1 month | ||
Forfeiture rate (as a percent) | 0.00% | ||
Revenue allocated to performance obligation | ¥ 66,286 | 47,310 | ¥ 0 |
Revenue reduction for redemptions | 25,408 | 441 | 0 |
Amount charged to selling and marketing expenses | 142,425 | 153,057 | ¥ 16,460 |
Liabilities related to unredeemed points | ¥ 178,666 | 143,868 | |
Number of components not performance obligations | item | 2 | ||
Vehicle sales | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | ¥ 96,827 | 99,128 | |
Energy and Service Packages | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | ¥ 65,361 | ¥ 32,226 | |
Maximum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Stand-alone fair value as a percentage of gross selling price | 1.00% | ||
Aggregate stand-alone fair value as a percentage of contract price | 3.00% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - cash through inventory (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | |
Summary of Significant Accounting Policies | |||||
Net cash provided by/(used in) investing activities | $ (485,804) | ¥ (3,382,069) | ¥ 7,940,843 | ¥ 1,190,273 | |
Short-term Investments [Abstract] | |||||
Short-term investments | $ 15,944 | 5,154,703 | ¥ 111,000 | ||
Restricted Investments, Current | 1,775,000 | ¥ 96,000 | |||
Receivables [Abstract] | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | ¥ 85,824 | ¥ 0 | ¥ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Leases (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Jan. 01, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Assets | ||||
Prepayments and other current assets | $ 226,846 | ¥ 1,579,258 | ¥ 1,514,257 | |
Property, plant and equipment, net | 794,775 | 5,533,064 | 4,853,157 | |
Right-of-use assets - operating lease | 286,948 | 1,997,672 | ||
Other non-current assets | 251,817 | 1,753,100 | 1,412,830 | |
Current portion of operating lease liabilities | 87,441 | 608,747 | ||
Accruals and other liabilities | 605,682 | 4,216,641 | 3,383,681 | |
Non-current operating lease liabilities | 229,592 | 1,598,372 | ||
Other non-current liabilities | $ 165,448 | ¥ 1,151,813 | ¥ 930,812 | |
ASU No. 2016-02 | ||||
Assets | ||||
Prepayments and other current assets | ¥ 1,424,183 | |||
Property, plant and equipment, net | 4,847,594 | |||
Right-of-use assets - operating lease | 2,023,785 | |||
Other non-current assets | 5,563 | |||
Current portion of operating lease liabilities | 510,295 | |||
Accruals and other liabilities | 3,346,544 | |||
Non-current operating lease liabilities | 1,591,865 | |||
Other non-current liabilities | 799,500 | |||
ASU No. 2016-02 | Restatement adjustment | ||||
Assets | ||||
Prepayments and other current assets | (90,074) | |||
Property, plant and equipment, net | (5,563) | |||
Right-of-use assets - operating lease | 2,023,785 | |||
Other non-current assets | 5,563 | |||
Current portion of operating lease liabilities | 510,295 | |||
Accruals and other liabilities | (37,137) | |||
Non-current operating lease liabilities | 1,591,865 | |||
Other non-current liabilities | ¥ (131,312) |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($)item | Dec. 31, 2019CNY (¥)item | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | Jan. 01, 2019CNY (¥) | |
Foreign Currency | ||||||
Foreign currency translation adjustment (gains)/losses | $ 24,181 | ¥ 168,340 | ¥ 20,786 | ¥ 124,374 | ||
Exchange rate (RMB per USD 1.00) | 6.9618 | 6.9618 | ||||
Long-term Investments | ||||||
Long-term Investments | $ 16,565 | 148,303 | ¥ 115,325 | |||
Impairment recognized, long term investments | 0 | 0 | 0 | |||
Impairment recognized, long-lived assets | 75,278 | 0 | 0 | |||
Marketing and Advertising Expense | ||||||
Advertising Expense | 230,061 | 218,060 | 63,427 | |||
Retirement Benefits | ||||||
Employee benefit expenses | 553,523 | 517,787 | 231,070 | |||
Leases | ||||||
Right-of-use assets - operating lease | $ 286,948 | 1,997,672 | ||||
Lease liabilities - operating lease | 2,207,119 | |||||
Right-of-use assets - finance lease | 155,051 | |||||
Lease liabilities - finance lease | ¥ 129,124 | |||||
Dividends | ||||||
Dividends | ¥ 0 | ¥ 0 | ¥ 0 | |||
Segment Reporting | ||||||
Number of segments | item | 1 | 1 | ||||
ASU No. 2016-02 | ||||||
Leases | ||||||
Right-of-use assets - operating lease | ¥ 2,023,785 | |||||
Lease liabilities - operating lease | 2,102,200 | |||||
Right-of-use assets - finance lease | 5,600 | |||||
Lease liabilities - finance lease | 7,700 | |||||
ASU No. 2016-02 | Restatement adjustment | ||||||
Leases | ||||||
Right-of-use assets - operating lease | ¥ 2,023,785 |
Concentration and Risks (Detail
Concentration and Risks (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration and Risks | ||
Cash, cash equivalents and restricted cash subject to currency conversion controls | ¥ 829,175 | ¥ 2,051,482 |
Inventory (Details)
Inventory (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Inventory | |||
Raw materials | ¥ 510,990 | ¥ 696,005 | |
Work in process | 1,862 | 6,727 | |
Finished Goods | 291,116 | 723,591 | |
Merchandise | 95,987 | 38,916 | |
Less: write-downs | (10,427) | ||
Total | $ 127,773 | ¥ 889,528 | ¥ 1,465,239 |
Prepayments and Other Current_3
Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Prepaid Expense and Other Assets, Current [Abstract] | ||||
Deductible VAT input | ¥ 1,253,617 | ¥ 1,018,766 | ||
Prepayment to vendors | 88,900 | 333,367 | ||
Deposits | 73,271 | 23,321 | ||
Other receivables | 186,105 | 138,803 | ||
Less: Allowance for doubtful accounts | (22,635) | 0 | ¥ 0 | |
Total | $ 226,846 | ¥ 1,579,258 | ¥ 1,514,257 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | ¥ 5,530,986 | ¥ 7,157,319 | |||
Less: Accumulated depreciation | (677,829) | (1,548,977) | |||
Less: Accumulated impairment | (75,278) | ||||
Total property, plant and equipment, net | 4,853,157 | $ 794,775 | 5,533,064 | ||
Depreciation expenses | ¥ 993,070 | 469,408 | ¥ 165,960 | ||
Mold and tooling | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 1,032,685 | 1,898,975 | |||
Leasehold Improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 653,298 | 1,025,570 | |||
Production facilities | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 456,569 | 869,819 | |||
Building and construction | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 481,121 | 828,958 | |||
Charging & battery swap infrastructure | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 470,506 | 608,919 | |||
Construction in Progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 1,289,611 | 475,977 | |||
Computer and electronic equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 393,931 | 428,028 | |||
R&D equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 320,362 | 400,461 | |||
Purchased software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 286,034 | 341,379 | |||
Others | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | ¥ 146,869 | ¥ 279,233 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Assets Excluding Land Use Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | ¥ 4,342 | ¥ 8,430 | |
Accumulated amortization | (2,820) | (4,960) | |
Net carrying value | 1,522 | 3,470 | |
Amortization expenses | 1,021 | 1,988 | ¥ 1,898 |
Domain names and others | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 4,342 | 5,269 | |
Accumulated amortization | (2,820) | (1,974) | |
Net carrying value | ¥ 1,522 | 3,295 | |
License | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 3,161 | ||
Accumulated amortization | (2,986) | ||
Net carrying value | ¥ 175 |
Land Use Rights, Net (Details)
Land Use Rights, Net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Land Use Rights, Net. | ||||
Land use rights | ¥ 216,489 | ¥ 216,489 | ||
Less: Accumulated amortization-land use rights | ¥ (7,674) | (2,827) | ||
Total land use rights, net | ¥ 213,662 | $ 29,994 | ¥ 208,815 |
Land Use Rights, Net - Addition
Land Use Rights, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Land Use Rights, Net. | |||
Amortization expenses for land use rights | ¥ 4,847 | ¥ 2,827 | ¥ 0 |
Other Non-current Assets (Detai
Other Non-current Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Other Non-current Assets | |||
Long-term deposits | ¥ 848,655 | ¥ 616,199 | |
Receivables of installment payments for battery | 657,698 | 574,677 | |
Right-of-use assets - finance lease | 155,051 | ||
Prepayments for purchase of property and equipment | 17,603 | 159,341 | |
Others | 74,093 | 62,613 | |
Total | $ 251,817 | ¥ 1,753,100 | ¥ 1,412,830 |
Accruals and Other Liabilitie_2
Accruals and Other Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Accruals and Other Liabilities | |||
Payables for purchase of property and equipment | ¥ 1,121,715 | ¥ 1,027,377 | |
Payable for R&D expenses | 694,081 | 437,731 | |
Payables for marketing events | 436,610 | 423,953 | |
Salaries and benefits payable | 344,922 | 402,163 | |
Advance from customers | 297,096 | 233,767 | |
Accrued expenses | 246,121 | 308,486 | |
Current portion of deferred revenue | 189,172 | 108,250 | |
Investment deposit from investors | 154,643 | 47,124 | |
Warranty liabilities | 120,161 | 46,574 | |
Interest payables | 105,940 | 2,584 | |
Current portion of deferred construction allowance | 84,495 | 87,330 | |
Current portion of finance lease liabilities | 40,334 | ||
Payables for traveling expenses | 17,685 | 43,147 | |
Other payables | 363,666 | 215,195 | |
Total | $ 605,682 | ¥ 4,216,641 | ¥ 3,383,681 |
Borrowings - Components (Detail
Borrowings - Components (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Short-term borrowings | |||
Bank loan (i) | ¥ 188,000 | ¥ 1,870,000 | |
Convertible notes (ii) | 697,620 | ||
Current portion of long-term bank loan (iii) | $ 46,315 | 322,436 | 198,852 |
Long-term borrowings: | |||
Bank loan(iii) | 950,154 | 766,592 | |
Convertible notes(ii) | 5,784,984 | ||
Loan from joint investor(iv) | 419,660 | 401,420 | |
Total | ¥ 8,362,854 | ¥ 3,236,864 |
Borrowings - Additional informa
Borrowings - Additional information (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2019USD ($) | Sep. 05, 2019USD ($)installment$ / shares | Dec. 31, 2018CNY (¥) | May 16, 2018CNY (¥) | Apr. 16, 2018CNY (¥) | Sep. 29, 2017CNY (¥) | Jun. 30, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥)item | Dec. 31, 2019CNY (¥) | Sep. 11, 2019CNY (¥) | Sep. 05, 2019CNY (¥) | Jun. 26, 2019CNY (¥) | Mar. 29, 2019CNY (¥) | Mar. 27, 2019CNY (¥) | Mar. 25, 2019CNY (¥) | Jan. 30, 2019USD ($) | Jan. 24, 2019CNY (¥) | Jan. 17, 2019CNY (¥) | Jan. 10, 2019CNY (¥) | Jan. 03, 2019CNY (¥) | Dec. 24, 2018CNY (¥) | Nov. 30, 2018CNY (¥) | Aug. 17, 2018CNY (¥) | Feb. 02, 2018CNY (¥) | Sep. 28, 2017CNY (¥) | May 18, 2017CNY (¥) | May 17, 2017CNY (¥) | Sep. 07, 2016CNY (¥) |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Short-term borrowings | $ 127,211 | ¥ 1,870,000,000 | ¥ 1,870,000,000 | ¥ 885,620,000 | |||||||||||||||||||||||||
Convertible notes , Current | 697,620,000 | ||||||||||||||||||||||||||||
Long-term borrowings | 1,027,722 | 1,168,012,000 | 1,168,012,000 | 7,154,798,000 | |||||||||||||||||||||||||
Facility amount | 1,500,000,000 | ||||||||||||||||||||||||||||
Current portion of long-term borrowings | $ 46,315 | 198,852,000 | 198,852,000 | 322,436,000 | |||||||||||||||||||||||||
Joint Investment Agreement [Member] | Wuhan Donghu New Technology Development Zone Management Committee [Member] | Wuhan NIO Energy Co., Ltd. ("PE WHJV") | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Loan subscribed | ¥ 384,000,000 | ||||||||||||||||||||||||||||
Rate of subscribed capital | 49.00% | ||||||||||||||||||||||||||||
Injection Of Debt | ¥ 234,000,000 | ¥ 100,000,000 | ¥ 50,000,000 | ||||||||||||||||||||||||||
Threshold limit of net assets under agreement | 550,000,000 | ||||||||||||||||||||||||||||
Accrued interest | ¥ 35,660,000 | ¥ 17,420,000 | |||||||||||||||||||||||||||
Short-Term Borrowings At December 2018 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Number of loans | item | 10 | ||||||||||||||||||||||||||||
Short-term borrowings | 1,870,000,000 | ¥ 1,870,000,000 | |||||||||||||||||||||||||||
Aggregate Collateralized By Bank Deposit | ¥ 1,375,000,000 | ¥ 1,375,000,000 | |||||||||||||||||||||||||||
Number of subsidiaries | item | 1 | ||||||||||||||||||||||||||||
Short-Term Borrowings At December 2018 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 5.22% | ||||||||||||||||||||||||||||
Short-Term Borrowings At December 2018 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 4.35% | ||||||||||||||||||||||||||||
Short Term Borrowings At December 2019 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Short-term borrowings | 128,000,000 | ||||||||||||||||||||||||||||
Aggregate Collateralized By Bank Deposit | 60,000,000 | ||||||||||||||||||||||||||||
Short Term Borrowings At December 2019 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 4.87% | ||||||||||||||||||||||||||||
Short Term Borrowings At December 2019 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 3.45% | ||||||||||||||||||||||||||||
Secured Loan Agreement With Bank Of Nanjing Due May 2022 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Facility amount | ¥ 685,000,000 | ||||||||||||||||||||||||||||
Aggregated draw | ¥ 674,279,000 | ¥ 674,279,000 | 475,382,000 | ||||||||||||||||||||||||||
Secured Loan Agreement With Bank Of Nanjing Due May 2022 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Facility interest rate (as a percent) | 5.80% | ||||||||||||||||||||||||||||
Secured Loan Agreement With Bank Of Nanjing Due May 2022 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Facility interest rate (as a percent) | 4.75% | ||||||||||||||||||||||||||||
Loan Agreement With China Merchants Bank Due September 2019 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Facility amount | ¥ 200,000,000 | ||||||||||||||||||||||||||||
Aggregated draw | 96,000,000 | ||||||||||||||||||||||||||||
Loan Agreement With China Merchants Bank Due September 2019 [Member] | Maximum [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 18.00% | ||||||||||||||||||||||||||||
Loan Agreement With China Merchants Bank Due September 2019 [Member] | Minimum [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 10.00% | ||||||||||||||||||||||||||||
Loan Agreement With China CITIC Bank Due February 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 44,500,000 | ||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 50,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 50,000,000 | ||||||||||||||||||||||||||||
Loan Agreement With China CITIC Bank Due February 2021 [Member] | Interest Rate By National Interbank Funding Center For One-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 10.00% | ||||||||||||||||||||||||||||
Loan Agreement With China CITIC Bank Due March 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 49,500,000 | ||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 50,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 50,000,000 | ||||||||||||||||||||||||||||
Loan Agreement With China CITIC Bank Due March 2021 [Member] | Interest Rate By National Interbank Funding Center For One-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 26.00% | ||||||||||||||||||||||||||||
Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Facility amount | 4,102,000 | ||||||||||||||||||||||||||||
Aggregated draw | 16,145,000 | ||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 150,000,000 | ¥ 35,000,000 | ¥ 40,000,000 | ¥ 20,000,000 | ¥ 5,200,000 | ||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 150,000,000 | ¥ 35,000,000 | ¥ 40,000,000 | ¥ 20,000,000 | ¥ 5,200,000 | ||||||||||||||||||||||||
Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 30.00% | ||||||||||||||||||||||||||||
First Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 32,305,000 | ||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 40,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 40,000,000 | ||||||||||||||||||||||||||||
Second Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 32,305,000 | ||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 40,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 40,000,000 | ||||||||||||||||||||||||||||
Second Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 30.00% | ||||||||||||||||||||||||||||
Third Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 28,257,000 | ||||||||||||||||||||||||||||
Fourth Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 128,354,000 | ||||||||||||||||||||||||||||
Fourth Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 15.00% | ||||||||||||||||||||||||||||
Fifth Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 42,777,000 | ||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 50,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 50,000,000 | ||||||||||||||||||||||||||||
Fifth Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 15.00% | ||||||||||||||||||||||||||||
Sixth Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 18,072,000 | ||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 20,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 20,000,000 | ||||||||||||||||||||||||||||
Sixth Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 15.00% | ||||||||||||||||||||||||||||
Seventh Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregated draw | 73,587,000 | ||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 80,000,000 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 80,000,000 | ||||||||||||||||||||||||||||
Seventh Loan Agreement With Bank Of Shanghai Due November 2021 [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Marginal interest rate (as a percent) | 15.00% | ||||||||||||||||||||||||||||
Loan In Substance Related To Joint Investment In XPT NJES [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount of loan in substance | ¥ 37,500,000 | ||||||||||||||||||||||||||||
Repayment of loan in substance | ¥ 41,773,000 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ¥ 37,500,000 | ||||||||||||||||||||||||||||
Loan Agreement With Joy Future Limited Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Current portion of long-term borrowings | ¥ 198,852,000 | ¥ 198,852,000 | |||||||||||||||||||||||||||
Loan Agreement With Hanhou Bank Due November 2021 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Facility amount | ¥ 200,000,000 | ||||||||||||||||||||||||||||
Aggregated draw | ¥ 199,000,000 | ||||||||||||||||||||||||||||
Loan Agreement With Hanhou Bank Due November 2021 [Member] | Benchmark Interest Rate By PBOC For Three-Year RMB Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Facility interest rate (as a percent) | 20.00% | ||||||||||||||||||||||||||||
Convertible Notes | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Convertible senior notes | $ | $ 650,000 | ||||||||||||||||||||||||||||
Additional convertible senior notes | $ | $ 100,000 | ||||||||||||||||||||||||||||
Number of installment | installment | 2 | ||||||||||||||||||||||||||||
Annual premium rate at maturity | ¥ 2 | ||||||||||||||||||||||||||||
Convertible notes , Current | $ | $ 697,620 | ||||||||||||||||||||||||||||
Interest rate | 4.50% | ||||||||||||||||||||||||||||
Convertible Notes | Tencent Holdings Limited | Mr. Bin Li, | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Convertible senior notes | $ | $ 200,000 | ||||||||||||||||||||||||||||
Convertible Notes | Tencent Holdings Limited | Mr. Li, | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Convertible senior notes | $ | $ 100 | ||||||||||||||||||||||||||||
360-day Notes | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Note payable term | 360 days | ||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 2.98 | ||||||||||||||||||||||||||||
3-year Notes | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Note payable term | 3 years | ||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 3.12 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Other Non-Current Liabilities | |||
Deferred government grants | ¥ 340,667 | ¥ 351,896 | |
Deferred revenue | 295,915 | 193,524 | |
Warranty | 291,843 | 130,719 | |
Non-current finance lease liabilities | 88,790 | ||
Deferred construction allowance | 72,762 | 124,678 | |
Rental payable | 129,995 | ||
Others | 61,836 | ||
Total | $ 165,448 | ¥ 1,151,813 | ¥ 930,812 |
Lease (Details)
Lease (Details) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Operating leases: | ||
Right-of-use assets - operating lease | $ 286,948 | ¥ 1,997,672 |
Current portion of operating lease liabilities | 87,441 | 608,747 |
Non-current operating lease liabilities | $ 229,592 | 1,598,372 |
Total operating lease liabilities | 2,207,119 | |
Finance leases: | ||
Right-of-use assets - finance lease | 155,051 | |
Current portion of finance lease liabilities | 40,334 | |
Non-current finance lease liabilities | 88,790 | |
Total finance lease liabilities | ¥ 129,124 |
Lease - Lease cost (Details)
Lease - Lease cost (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Lease cost: | |
Amortization of right-of-use assets | ¥ 522,035 |
Interest of operating lease liabilities | 137,459 |
Expenses for short-term leases within 12 months and other non-lease component | 155,613 |
Total lease cost | ¥ 815,107 |
Lease - Other information (Deta
Lease - Other information (Details) | Dec. 31, 2019 |
Lease | |
Weighted-average remaining lease term Operating leases | 4 years 8 months 12 days |
Weighted-average remaining lease term Finance leases | 3 years 10 months 24 days |
Weighted-average discount rate Operating leases | 5.83% |
Weighted-average discount rate Finance leases | 5.77% |
Lease - Supplemental cash flow
Lease - Supplemental cash flow information (Details) - 12 months ended Dec. 31, 2019 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Lease | ||
Operating cash outflows from operating leases | ¥ 482,782 | |
Operating cash outflows from finance leases (interest payments) | 5,969 | |
Financing cash outflows from finance leases | $ 6,308 | 43,916 |
Right-of-use assets obtained in exchange for operating lease liabilities | ¥ 777,169 |
Lease - Maturities of operating
Lease - Maturities of operating and finance lease liabilities (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Operating lease | ||||
2020 | ¥ 716,289 | |||
2021 | 574,702 | |||
2022 | 466,041 | |||
2023 | 332,357 | |||
2024 | 173,133 | |||
Thereafter | 254,607 | |||
Total minimum lease payments | 2,517,129 | |||
Less: Interest | 310,010 | |||
Present value of lease obligations | 2,207,119 | |||
Less: Current portion | $ 87,441 | 608,747 | ||
Long-term portion of lease obligations | $ 229,592 | 1,598,372 | ||
Finance lease | ||||
2020 | 50,043 | |||
2021 | 36,585 | |||
2022 | 28,206 | |||
2023 | 20,042 | |||
2024 | 7,858 | |||
Total minimum lease payments | 142,734 | |||
Less: Interest | 13,610 | |||
Present value of lease obligations | 129,124 | |||
Current portion of finance lease liabilities | 40,334 | |||
Long-term portion of lease obligations | 88,790 | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2019 | ¥ 393,734 | |||
2020 | 457,892 | |||
2021 | 444,909 | |||
Thereafter | 1,091,911 | |||
Total minimum lease payments | 2,388,446 | ¥ 33,580 | ||
Lease expense under ASC 840 | ¥ 490,936 | ¥ 228,478 |
Revenues (Details)
Revenues (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,123,978 | ¥ 7,824,904 | ¥ 4,951,171 |
Vehicle sales | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,058,220 | 7,367,113 | 4,852,470 |
Other sales | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 65,758 | 457,791 | 98,701 |
Charging pile | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 127,632 | 82,184 | |
Packages | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 111,448 | 10,220 | |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | ¥ 218,711 | ¥ 6,297 |
Deferred Revenue_Income - Rollf
Deferred Revenue/Income - Rollforward (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of reconciliation in the current reporting period related to carried-forward deferred revenue | ||
Deferred revenue/income - beginning of year | ¥ 301,774 | |
Additions | 428,786 | ¥ 384,116 |
Recognition | (246,861) | (82,342) |
Effects on foreign exchange adjustment | 1,388 | |
Deferred revenue/income - end of year | ¥ 485,087 | ¥ 301,774 |
Deferred Revenue_Income - Timin
Deferred Revenue/Income - Timing of satisfaction (Details) | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Period of revenue recognition | 1 year |
Percentage of revenue recognized | 39.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Period of revenue recognition | 4 years |
Percentage of revenue recognized | 61.00% |
Deferred Revenue_Income - Addit
Deferred Revenue/Income - Additional information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Revenue/Income | ||
Unrecognized deferred revenue | ¥ 405,326 | ¥ 181,539 |
Investor relations program, term | 5 years | |
Deferred revenue, ADR | ¥ 79,761 | ¥ 99,684 |
Manufacturing in collaboratio_2
Manufacturing in collaboration with JAC (Details) - Collaborative Arrangement - Vehicle sales - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | May 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Agreement term | 5 years | 5 years | ||||
Processing fee period | 3 years | 3 years | ||||
Operating loss reimbursement period | 36 months | |||||
Manufacturing Actual Losses Recorded As Cost Of Sales | ¥ 206,736 | ¥ 126,425 | ¥ 0 |
Research and Development Expe_3
Research and Development Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Research and Development Expenses | ||||
Employee compensation | ¥ 2,041,024 | ¥ 1,827,980 | ¥ 1,455,297 | |
Design and development expenses | 2,004,931 | 1,850,886 | 1,004,835 | |
Travel and entertainment expenses | 187,137 | 103,427 | 38,940 | |
Depreciation and amortization expenses | 63,998 | 104,949 | 60,622 | |
Rental and related expenses | 57,401 | 33,105 | 12,367 | |
Others | 74,089 | 77,595 | 30,828 | |
Total | $ 636,126 | ¥ 4,428,580 | ¥ 3,997,942 | ¥ 2,602,889 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Selling, General and Administrative Expenses | ||||
Employee compensation | ¥ 2,231,698 | ¥ 2,256,455 | ¥ 929,928 | |
Marketing and promotional expenses | 818,053 | 1,158,519 | 523,535 | |
Professional services | 737,578 | 450,113 | 216,111 | |
Rental and related expenses | 487,537 | 578,469 | 238,740 | |
Depreciation and amortization expenses | 457,364 | 249,765 | 128,918 | |
Travel and entertainment expenses | 126,571 | 197,187 | 71,278 | |
IT consumable, office supply and other low value consumable | 109,501 | 167,323 | 114,668 | |
Allowance against receivables | 108,459 | |||
Others | 375,026 | 283,959 | 127,529 | |
Total | $ 783,100 | ¥ 5,451,787 | ¥ 5,341,790 | ¥ 2,350,707 |
Convertible Promissory Note (De
Convertible Promissory Note (Details) - Convertible Notes $ / shares in Units, ¥ in Thousands, $ in Thousands | May 17, 2017USD ($) | May 17, 2017CNY (¥) | Feb. 16, 2017USD ($)item$ / shares | Feb. 16, 2017CNY (¥) |
Convertible Promissory Note [Line Items] | ||||
Aggregate principal amount of notes | $ 48,000 | ¥ 312,624 | ||
Number of existing convertible redeemable preferred shareholder | item | 1 | |||
Interest rate | 15.00% | 15.00% | ||
Maturity period | 90 days | |||
Percentage of conversion price | 97.00% | |||
Expected proceeds from sale of securities, qualified financing value | $ | $ 100,000 | |||
Percentage of conversion price discount not be applicable to preferred shares | 3.00% | |||
Conversion price | $ / shares | $ 2.751 | |||
Accrued interest paid | $ 1,800 | ¥ 12,389 |
Convertible Redeemable Prefer_3
Convertible Redeemable Preferred Shares - Summary of convertible redeemable preferred shares activities (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017USD ($)shares | Nov. 30, 2017USD ($) | Jul. 31, 2017USD ($) | May 31, 2017USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Feb. 28, 2017USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017CNY (¥)shares | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Balances | ¥ 19,657,786 | ¥ 4,861,574 | |||||||||||||
Balances (in shares) | shares | 213,585,003 | 813,868,585 | 421,355,106 | ||||||||||||
Proceeds from Preferred Shares | ¥ 78,651 | ¥ 266,511 | |||||||||||||
Issuance of preferred shares | ¥ 11,952,766 | ||||||||||||||
Issuance of preferred shares (in shares) | shares | 7,509,933 | 392,513,479 | |||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 0 | ¥ 13,667,291 | ¥ 2,576,935 | ||||||||||||
Conversion of Series A-1 and A-2 preferred shares to ordinary shares, amount | ¥ (12,102,894) | ||||||||||||||
Conversion of Series A-1 and A-2 preferred shares to ordinary shares (in shares) | shares | (295,000,000) | ||||||||||||||
Conversion of Series A-3 preferred shares to ordinary shares, amount | ¥ (993,108) | ||||||||||||||
Conversion of Series A-3 preferred shares to ordinary shares (in shares) | (31,720,364) | ||||||||||||||
Conversion of Series B Preferred Shares to Ordinary shares | ¥ (4,712,959) | ||||||||||||||
Conversion of Series B Preferred Shares to Ordinary shares (in shares) | shares | (114,867,321) | ||||||||||||||
Conversion of Series C Preferred Shares to Ordinary shares | ¥ (6,830,539) | ||||||||||||||
Conversion of Series C Preferred Shares to Ordinary shares (in shares) | shares | (166,205,830) | ||||||||||||||
Conversion of Series D Preferred Shares to Ordinary shares | ¥ (8,764,228) | ||||||||||||||
Balances | ¥ 19,657,786 | ||||||||||||||
Balances (in shares) | shares | 813,868,585 | 213,585,003 | 813,868,585 | ||||||||||||
Series A-1 & A-2 | |||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Balances | ¥ 5,011,731 | ¥ 2,539,993 | |||||||||||||
Balances (in shares) | shares | 295,000,000 | 295,000,000 | |||||||||||||
Proceeds from Preferred Shares | ¥ 266,511 | ||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 7,091,163 | 2,205,227 | |||||||||||||
Conversion of Series A-1 and A-2 preferred shares to ordinary shares, amount | ¥ (12,102,894) | ||||||||||||||
Conversion of Series A-1 and A-2 preferred shares to ordinary shares (in shares) | shares | (295,000,000) | ||||||||||||||
Balances | ¥ 5,011,731 | ||||||||||||||
Balances (in shares) | shares | 295,000,000 | 295,000,000 | |||||||||||||
Series A-3 | |||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Balances | ¥ 427,129 | ¥ 306,678 | |||||||||||||
Balances (in shares) | shares | 24,210,431 | 24,210,431 | |||||||||||||
Issuance of preferred shares | $ | $ 40,000 | ||||||||||||||
Issuance of preferred shares (in shares) | shares | 7,509,933 | ||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 565,979 | ¥ 120,451 | |||||||||||||
Conversion of Series A-3 preferred shares to ordinary shares, amount | ¥ (993,108) | ||||||||||||||
Conversion of Series A-3 preferred shares to ordinary shares (in shares) | (31,720,364) | ||||||||||||||
Balances | ¥ 427,129 | ||||||||||||||
Balances (in shares) | shares | 24,210,431 | 24,210,431 | |||||||||||||
Series B | |||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Balances | ¥ 2,294,980 | ¥ 2,014,903 | |||||||||||||
Balances (in shares) | shares | 114,867,321 | 102,144,675 | |||||||||||||
Issuance of preferred shares | $ 316,000 | $ 316,000 | $ 316,000 | $ 316,000 | $ 316,000 | ¥ 240,066 | |||||||||
Issuance of preferred shares (in shares) | shares | 12,722,646 | ||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 2,417,979 | ¥ 40,011 | |||||||||||||
Conversion of Series B Preferred Shares to Ordinary shares | ¥ (4,712,959) | ||||||||||||||
Conversion of Series B Preferred Shares to Ordinary shares (in shares) | shares | (114,867,321) | ||||||||||||||
Balances | ¥ 2,294,980 | ||||||||||||||
Balances (in shares) | shares | 114,867,321 | 114,867,321 | |||||||||||||
Series C | |||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Balances | ¥ 4,454,596 | ||||||||||||||
Balances (in shares) | shares | 166,205,830 | ||||||||||||||
Issuance of preferred shares | $ 645,709 | $ 645,709 | $ 645,709 | $ 645,709 | ¥ 4,398,313 | ||||||||||
Issuance of preferred shares (in shares) | shares | 166,205,830 | ||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 2,375,943 | ¥ 56,283 | |||||||||||||
Conversion of Series C Preferred Shares to Ordinary shares | ¥ (6,830,539) | ||||||||||||||
Conversion of Series C Preferred Shares to Ordinary shares (in shares) | shares | (166,205,830) | ||||||||||||||
Balances | ¥ 4,454,596 | ||||||||||||||
Balances (in shares) | shares | 166,205,830 | 166,205,830 | |||||||||||||
Series D | |||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Balances | ¥ 7,469,350 | ||||||||||||||
Balances (in shares) | shares | 213,585,003 | ||||||||||||||
Proceeds from Preferred Shares | ¥ 78,651 | ||||||||||||||
Issuance of preferred shares | $ 1,130,320 | $ 1,130,320 | ¥ 7,314,387 | ||||||||||||
Issuance of preferred shares (in shares) | shares | 213,585,003 | ||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | 1,216,227 | ¥ 154,963 | |||||||||||||
Conversion of Series D Preferred Shares to Ordinary shares | ¥ (8,764,228) | ||||||||||||||
Conversion of Series D Preferred Shares to Ordinary shares (in shares) | shares | (213,585,003) | ||||||||||||||
Balances | ¥ 7,469,350 | ||||||||||||||
Balances (in shares) | shares | 213,585,003 | 213,585,003 |
Convertible Redeemable Prefer_4
Convertible Redeemable Preferred Shares - Issuances (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2017USD ($)item$ / sharesshares | Nov. 30, 2017USD ($)itemshares | Jul. 31, 2017USD ($)$ / sharesshares | May 31, 2017USD ($)$ / sharesshares | Apr. 30, 2017USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Feb. 28, 2017USD ($)$ / sharesshares | Jan. 31, 2017installment | Sep. 30, 2016USD ($)$ / sharesshares | Aug. 31, 2016USD ($)$ / sharesshares | Jul. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | May 31, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2017CNY (¥) | |
Temporary Equity [Line Items] | ||||||||||||||||||
Issuance of preferred shares | ¥ | ¥ 11,952,766 | |||||||||||||||||
Number of installments | installment | 3 | |||||||||||||||||
Convertible redeemable preferred shares, per share (in dollars per share) | $ / shares | $ 0.00025 | |||||||||||||||||
Series A-1 | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Shares issued (in shares) | shares | 165,000,000 | |||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 1 | |||||||||||||||||
Issuance of preferred shares | $ | $ 165,000 | |||||||||||||||||
Stock issuance costs | $ 301 | ¥ 1,892 | ||||||||||||||||
Series A-2 | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Shares issued (in shares) | shares | 130,000,000 | 130,000,000 | ||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 1 | $ 1 | ||||||||||||||||
Issuance of preferred shares | $ | $ 130,000 | $ 130,000 | ||||||||||||||||
Stock issuance costs | 189 | 1,177 | ||||||||||||||||
Series A-3 | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Shares issued (in shares) | shares | 24,210,431 | |||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 1.6522 | |||||||||||||||||
Issuance of preferred shares | $ | $ 40,000 | |||||||||||||||||
Stock issuance costs | 208 | 1,296 | ||||||||||||||||
Series B | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Shares issued (in shares) | shares | 114,867,321 | 114,867,321 | 114,867,321 | 114,867,321 | 114,867,321 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 2.751 | $ 2.751 | $ 2.751 | $ 2.751 | $ 2.751 | |||||||||||||
Issuance of preferred shares | $ 316,000 | $ 316,000 | $ 316,000 | $ 316,000 | $ 316,000 | 240,066 | ||||||||||||
Stock issuance costs | 1,782 | 11,857 | ||||||||||||||||
Series C | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Shares issued (in shares) | shares | 166,205,830 | 166,205,830 | 166,205,830 | 166,205,830 | ||||||||||||||
Share price (in dollars per share) | $ / shares | $ 3.885 | $ 3.885 | $ 3.885 | $ 3.885 | ||||||||||||||
Issuance of preferred shares | $ 645,709 | $ 645,709 | $ 645,709 | $ 645,709 | 4,398,313 | |||||||||||||
Stock issuance costs | 1,489 | 10,039 | ||||||||||||||||
Series D | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Shares issued (in shares) | shares | 211,156,415 | 211,156,415 | ||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 5.353 | |||||||||||||||||
Issuance of preferred shares | $ 1,130,320 | $ 1,130,320 | ¥ 7,314,387 | |||||||||||||||
Number of holders | item | 1 | 1 | ||||||||||||||||
Unpaid value from total consideration | $ | $ 12,000 | $ 12,000 | ||||||||||||||||
Commission incurred | $ | 26,000 | 26,000 | ||||||||||||||||
Value of commission paid in cash | $ | $ 13,000 | $ 13,000 | ||||||||||||||||
Stock issuance costs | $ 901 | ¥ 6,033 | ||||||||||||||||
Percentage of commission paid in cash | 50.00% | 50.00% | ||||||||||||||||
Issuance of shares to pay commission | shares | 2,428,588 | 2,428,588 | ||||||||||||||||
Percentage of commission paid in shares | 50.00% | 50.00% |
Convertible Redeemable Prefer_5
Convertible Redeemable Preferred Shares - Voting Rights and Dividends (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥)directoritem | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Temporary Equity [Line Items] | |||
Number of votes per share | item | 1 | ||
Number of directors entitled to appoint | 10 | ||
Total number of directors | 11 | ||
Dividends | ¥ | ¥ 0 | ¥ 0 | ¥ 0 |
Series D | |||
Temporary Equity [Line Items] | |||
Percentage of dividend received | 5.00% | ||
Series C | |||
Temporary Equity [Line Items] | |||
Percentage of dividend received | 5.00% | ||
Series B | |||
Temporary Equity [Line Items] | |||
Percentage of dividend received | 5.00% | ||
Series A convertible redeemable preferred shares | |||
Temporary Equity [Line Items] | |||
Percentage of dividend received | 5.00% |
Convertible Redeemable Prefer_6
Convertible Redeemable Preferred Shares - Liquidation, Conversion, Redemption and Conversion upon IPO (Details) - CNY (¥) ¥ in Thousands | Sep. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Temporary Equity [Line Items] | ||||
Conversion ratio | 1 | |||
Key employee termination percentage | 30.00% | |||
Percentage of Preferred Shares' original issue price as redemption amount payable equal to the greater of | 100.00% | |||
Compound interest rate on preferred shares' original issue price | 8.00% | |||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 0 | ¥ 13,667,291 | ¥ 2,576,935 | |
Initial public offering (the "IPO") | ||||
Temporary Equity [Line Items] | ||||
Number of preferred shares automatically converted to ordinary shares | 821,378,518 |
Redeemable non-controlling in_2
Redeemable non-controlling interests (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Jun. 30, 2018CNY (¥) | |
Redeemable non-controlling interests | ||||
Redeemable non-controlling interests | $ 209,111 | ¥ 1,455,787 | ¥ 1,329,197 | ¥ 1,269,900 |
Deadlock period | 60 days | |||
Percentage of simple interest on original issue price considered in redemption price | 10.00% | |||
Redemption value | 1,265,900 | |||
Amount of outstanding consideration paid under redeemable preferred share | ¥ 4,000 |
Ordinary Shares (Details)
Ordinary Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Share capital, value authorized | $ 1,000 | $ 1,000 |
Share capital, shares authorized | 4,000,000,000 | 4,000,000,000 |
Ordinary shares, shares authorized | 4,000,000,000 | 4,000,000,000 |
Mezzanine equity, shares authorized | 1,219,469,778 | 1,219,469,778 |
Convertible redeemable preferred shares, per share (in dollars per share) | $ 0.00025 | |
Shares authorized, class to be determined | 1,219,469,778 | |
Par value, class to be determined (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares issued | 1,067,467,877 | 1,057,731,012 |
Ordinary shares, shares outstanding | 1,064,472,660 | 1,050,799,032 |
Class A Ordinary Shares | ||
Class of Stock [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 2,500,000,000 | 2,500,000,000 |
Ordinary shares, shares issued | 786,937,655 | 777,200,790 |
Common stock shares issued to depositary bank | 47,985,539 | |
Ordinary shares, shares outstanding | 783,942,438 | 770,268,810 |
Class B Ordinary Shares | ||
Class of Stock [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 132,030,222 | 132,030,222 |
Ordinary shares, shares issued | 132,030,222 | |
Ordinary shares, shares outstanding | 132,030,222 | 132,030,222 |
Class C Ordinary Shares | ||
Class of Stock [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 148,500,000 | 148,500,000 |
Ordinary shares, shares issued | 148,500,000 | |
Ordinary shares, shares outstanding | 148,500,000 | 148,500,000 |
Share-based Compensation - Expe
Share-based Compensation - Expense allocation (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 333,495 | ¥ 679,468 | ¥ 90,296 | |
Income Tax Expense (Benefit) | $ 1,133 | 7,888 | 22,044 | 7,906 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 9,763 | 9,289 | ||
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 82,680 | 109,124 | 23,210 | |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 241,052 | ¥ 561,055 | ¥ 67,086 |
Share-based Compensation - Prim
Share-based Compensation - Prime Hubs Restricted Shares Plan (Details) ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2018CNY (¥)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018$ / shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017$ / shares | Dec. 31, 2017CNY (¥)shares | |
Weighted Average Grant Date Fair Value, Restricted shares | ||||||
Recognized share-based compensation expenses | ¥ | ¥ 333,495 | ¥ 679,468 | ¥ 90,296 | |||
Prime Hubs Restricted Shares Plan [Member] | Employees | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Requisite service period | 4 years | |||||
Vesting percentage | 25.00% | |||||
Number of Restricted Shares Outstanding | ||||||
Unvested, Beginning Balance | 7,058,338 | 8,400,000 | ||||
Granted | 2,000,000 | |||||
Vested | (7,058,338) | (3,133,329) | ||||
Forfeited | (208,333) | |||||
Unvested, Ending Balance | 7,058,338 | |||||
Weighted Average Grant Date Fair Value, Restricted shares | ||||||
Unvested, Beginning Balance | $ / shares | $ 1.04 | $ 0.72 | ||||
Granted | $ / shares | 2.05 | |||||
Vested | $ / shares | $ 1.04 | 0.84 | ||||
Forfeited | $ / shares | 0.72 | |||||
Unvested, Ending Balance | $ / shares | $ 1.04 | |||||
Shares repurchased (in shares) | 562,500 | |||||
Shares repurchased, consideration | ¥ | ¥ 7,490 | |||||
Recognized share-based compensation expenses | ¥ | ¥ 0 | ¥ 39,560 | ¥ 20,572 | |||
Prime Hubs Restricted Shares Plan [Member] | Non-employees | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Requisite service period | 1 year | |||||
Vesting percentage | 100.00% |
Share-based Compensation - Nio
Share-based Compensation - Nio Incentive Plans - Text and Options (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)shares |
Number of Options Outstanding | ||||||||||
Outstanding, Beginning Balance | 91,074,140 | 57,775,914 | 52,623,554 | |||||||
Granted | 33,964,176 | 47,216,792 | 13,460,477 | |||||||
Exercised | (20,133,668) | (7,732,317) | (2,723,540) | |||||||
Forfeited | (14,759,778) | (5,498,453) | (5,236,562) | |||||||
Expired | (1,300,898) | (687,796) | (348,015) | |||||||
Outstanding, Ending Balance | 88,843,972 | 91,074,140 | 57,775,914 | 52,623,554 | 88,843,972 | 91,074,140 | 57,775,914 | |||
Vested and expected to vest | 118,546,834 | 99,702,386 | 55,832,678 | 118,546,834 | 99,702,386 | 55,832,678 | ||||
Exercisable | 32,925,154 | 32,959,964 | 5,089,894 | 32,925,154 | 32,959,964 | 5,089,894 | ||||
Weighted Average Exercise Price, Options | ||||||||||
Outstanding, Beginning Balance | $ / shares | $ 1.69 | $ 0.57 | $ 0.32 | |||||||
Granted | $ / shares | 3.29 | 2.79 | 1.46 | |||||||
Exercised | $ / shares | 0.49 | 0.40 | 0.39 | |||||||
Forfeited | $ / shares | 2.69 | 1.17 | 0.44 | |||||||
Expired | $ / shares | 4.11 | 0.62 | 0.25 | |||||||
Outstanding, Ending Balance | $ / shares | $ 2.38 | $ 1.69 | $ 0.57 | $ 0.32 | $ 2.38 | $ 1.69 | $ 0.57 | |||
Weighted Average Remaining Contractual Life, Outstanding, Options | 6 years 9 months 7 days | 8 years 2 months 23 days | 8 years 6 months 7 days | 8 years 3 months 18 days | ||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 164,363 | $ 425,988 | $ 114,299 | $ 51,506 | $ 164,363 | $ 425,988 | $ 114,299 | |||
Aggregate Intrinsic Value, Vested and expected to vest, Options | $ | 354,839 | 467,127 | 107,299 | 354,839 | 467,127 | 107,299 | ||||
Aggregate Intrinsic Value, Exercisable, Options | $ | $ 80,801 | $ 185,787 | $ 11,070 | $ 80,801 | $ 185,787 | $ 11,070 | ||||
Weighted-average grant date fair value for options granted | $ / shares | $ 1.46 | $ 1.93 | $ 1.21 | |||||||
Recognized share-based compensation expenses | ¥ | ¥ 333,495 | ¥ 679,468 | ¥ 90,296 | |||||||
Nio Incentive Plan 2015 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period | 10 years | |||||||||
Requisite service period | 4 years | |||||||||
Nio Incentive Plan 2015 [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 25.00% | |||||||||
Nio Incentive Plan 2015 [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 36 months | |||||||||
Vesting percentage | 75.00% | |||||||||
Nio Incentive Plan 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period | 7 years | |||||||||
Requisite service period | 4 years | |||||||||
Nio Incentive Plan 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period | 10 years | |||||||||
Requisite service period | 5 years | |||||||||
Options | Nio Incentive Plan [Member] | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Recognized share-based compensation expenses | ¥ | ¥ 329,693 | ¥ 437,320 | ¥ 30,127 |
Share-based Compensation - Ni_2
Share-based Compensation - Nio Incentive Plans - Options Assumptions and Unrecognized (Details) ¥ in Thousands | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise price (USD) | $ 1.80 | $ 0.10 | $ 1.80 | $ 0.10 | $ 0.61 | ||
Share Price | 1.80 | 3.38 | $ 1.80 | $ 3.38 | $ 1.30 | ||
Risk-free interest rate | 1.66% | 2.74% | 2.31% | ||||
Expected term (in years) | 7 years | ||||||
Expected volatility | 44.00% | 51.00% | |||||
Expected forfeiture rate (post-vesting) | 6.00% | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise price (USD) | 7.09 | 6.74 | $ 7.09 | $ 6.74 | $ 2.55 | ||
Share Price | $ 7.09 | $ 6.74 | $ 7.09 | $ 6.74 | $ 2.55 | ||
Risk-free interest rate | 2.54% | 3.15% | 2.40% | ||||
Expected term (in years) | 10 years | 10 years | 10 years | ||||
Expected volatility | 52.00% | 51.00% | 52.00% | ||||
Expected forfeiture rate (post-vesting) | 8.00% | 5.00% | |||||
Nio Incentive Plan [Member] | Employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized share-based compensation expenses, Options | ¥ | ¥ 89,896 | ¥ 117,367 | |||||
Weighted-average period for unrecognized expenses expected to be recognized | 0 years | 9 months | |||||
Nio Incentive Plan [Member] | Non-employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized share-based compensation expenses, Options | ¥ | ¥ 345,072 | ||||||
Unrecognized compensation, service period met | ¥ | ¥ 269,425 | ||||||
Weighted-average period for unrecognized expenses expected to be recognized | 2 years 8 months 1 day | 3 years 7 days | 8 months 12 days | 1 year 8 months 12 days | |||
Options | Nio Incentive Plan [Member] | Employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average period for unrecognized expenses expected to be recognized | 2 years 9 months 10 days | 2 years 8 months 1 day | |||||
Options | Nio Incentive Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise price (USD) | $ 7.09 | $ 6.74 | $ 7.09 | $ 6.74 | $ 0.10 | ||
Share Price | $ 7.09 | $ 6.74 | $ 7.09 | $ 6.74 | $ 3.38 | ||
Risk-free interest rate | 2.54% | 3.15% | 2.74% | ||||
Expected term (in years) | 10 years | 7 years | |||||
Expected volatility | 52.00% | 51.00% | 47.00% | ||||
Expected forfeiture rate (post-vesting) | 8.00% | 5.00% | |||||
Options | Nio Incentive Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||
Expected forfeiture rate (post-vesting) | 8.00% |
Share-based Compensation - Ni_3
Share-based Compensation - Nio Incentive Plans - Restricted Shares (Details) ¥ in Thousands | Dec. 31, 2019CNY (¥)$ / sharesshares | Dec. 31, 2018CNY (¥)$ / sharesshares | Dec. 31, 2019CNY (¥)$ / shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)$ / shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017$ / shares | Dec. 31, 2017CNY (¥)shares |
Weighted Average Grant Date Fair Value, Restricted shares | ||||||||
Recognized share-based compensation expenses | ¥ | ¥ 333,495 | ¥ 679,468 | ¥ 90,296 | |||||
Nio Incentive Plan [Member] | Employees | ||||||||
Number of Restricted Shares Outstanding | ||||||||
Unvested, Beginning Balance | shares | 441,513 | 1,112,977 | 1,837,387 | |||||
Vested | shares | (362,685) | (608,406) | (470,015) | |||||
Forfeited | shares | (78,828) | (63,058) | (254,395) | |||||
Unvested, Ending Balance | shares | 441,513 | 441,513 | 1,112,977 | |||||
Weighted Average Grant Date Fair Value, Restricted shares | ||||||||
Unvested, Beginning Balance | $ / shares | $ 0.96 | $ 0.96 | $ 0.96 | |||||
Vested | $ / shares | 0.96 | 0.96 | 0.96 | |||||
Forfeited | $ / shares | $ 0.96 | 0.96 | 0.96 | |||||
Unvested, Ending Balance | $ / shares | $ 0.96 | $ 0.96 | 0.96 | |||||
Unrecognized share-based compensation expenses, other than options | ¥ | ¥ 0 | $ 2,812 | $ 0 | ¥ 0 | $ 2,812 | ¥ 2,812 | ||
Weighted-average period for unrecognized expenses expected to be recognized | 0 years | 9 months | ||||||
Nio Incentive Plan [Member] | Non-employees | ||||||||
Number of Restricted Shares Outstanding | ||||||||
Unvested, Beginning Balance | shares | 63,897 | |||||||
Granted | shares | 509,001 | |||||||
Vested | shares | (31,949) | (445,104) | ||||||
Unvested, Ending Balance | shares | 31,948 | 63,897 | 31,948 | 63,897 | ||||
Weighted Average Grant Date Fair Value, Restricted shares | ||||||||
Unvested, Beginning Balance | $ / shares | $ 6.60 | |||||||
Granted | $ / shares | 6.72 | |||||||
Vested | $ / shares | 6.60 | $ 6.74 | ||||||
Unvested, Ending Balance | $ / shares | ¥ 6.60 | $ 6.60 | $ 6.60 | $ 6.60 | ||||
Unrecognized share-based compensation expenses, other than options | ¥ | ¥ 1,028 | $ 2,798 | $ 1,028 | ¥ 1,028 | $ 2,798 | ¥ 2,798 | ||
Weighted-average period for unrecognized expenses expected to be recognized | 2 years 8 months 1 day | 3 years 7 days | 8 months 12 days | 1 year 8 months 12 days | ||||
Non-vested restricted shares | Employees | ||||||||
Weighted Average Grant Date Fair Value, Restricted shares | ||||||||
Recognized share-based compensation expenses | ¥ | ¥ 2,357 | ¥ 3,790 | ¥ 4,151 | |||||
Non-vested restricted shares | Nio Incentive Plan [Member] | Non-employees | ||||||||
Weighted Average Grant Date Fair Value, Restricted shares | ||||||||
Recognized share-based compensation expenses | ¥ | ¥ 1,445 | ¥ 20,323 | ¥ 0 |
Share-based Compensation - Non-
Share-based Compensation - Non-recourse loan (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Mar. 10, 2016 | Jun. 30, 2018CNY (¥) | Nov. 30, 2015USD ($)item$ / sharesshares | Dec. 31, 2018CNY (¥) |
Share-based Compensation | ||||
Number of key management team member | item | 1 | |||
Number of shares issued | shares | 7,509,933 | |||
Price of per shares issued | $ / shares | $ 1.6522 | |||
Value of loan provided | $ | $ 12,408 | |||
Interest rate of loan provided | 1.80% | |||
Requisite period of service | 3 years | |||
Percentage of vesting immediately | 25.00% | |||
Percentage of vesting annually | 25.00% | |||
Percentage of loan principal and interest | 50.00% | |||
Repayment of loan and interest accrued | ¥ | ¥ 82,863 | ¥ 82,863 | ||
Vesting percentage considered as exercised | 75.00% | |||
Percentage of unvested | 25.00% |
Share-based Compensation - No_2
Share-based Compensation - Non-recourse loan - Assumptions and Unrecognized (Details) ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | |
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise price | $ 1.80 | $ 0.10 | $ 0.61 | |||
Share Price | 1.80 | 3.38 | 1.30 | |||
Risk-free interest rate | 1.66% | 2.74% | 2.31% | |||
Expected term (in years) | 7 years | |||||
Expected volatility | 44.00% | 51.00% | ||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise price | 7.09 | 6.74 | 2.55 | |||
Share Price | $ 7.09 | 6.74 | 2.55 | |||
Risk-free interest rate | 2.54% | 3.15% | 2.40% | |||
Expected term (in years) | 10 years | 10 years | 10 years | |||
Expected volatility | 52.00% | 51.00% | 52.00% | |||
Stock Liability Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise price | 1.74 | 1.82 | ||||
Share Price | $ 4.54 | $ 2.70 | ||||
Risk-free interest rate | 2.00% | 2.00% | ||||
Expected term (in years) | 3 months 3 days | 3 years 7 months 20 days | ||||
Expected dividend yield | 0.00% | 0.00% | ||||
Share-based compensation expenses | ¥ | ¥ 0 | ¥ 178,475 | ¥ 35,446 | |||
Stock Liability Award [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected volatility | 43.00% | 47.00% | ||||
Stock Liability Award [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected volatility | 44.00% | 48.00% |
Taxation (Details)
Taxation (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | |||
Current income tax expense | ¥ 7,888 | ¥ 22,044 | ¥ 7,906 |
US | |||
Income Tax [Line Items] | |||
Effective income tax rate | 29.84% | 29.84% | 42.84% |
UNITED KINGDOM | |||
Income Tax [Line Items] | |||
Effective income tax rate | 19.00% | 19.00% | 19.25% |
GERMANY | |||
Income Tax [Line Items] | |||
Effective income tax rate | 32.98% | 32.98% | 32.98% |
Cayman Islands Tax Information Authority [Member] | |||
Income Tax [Line Items] | |||
Effective income tax rate | 0.00% | ||
State Administration of Taxation, China [Member] | |||
Income Tax [Line Items] | |||
Effective income tax rate | 25.00% | ||
Percentage of withholding tax for foreign investors non resident enterprises | 10.00% | ||
Equity Method Investment, Ownership Percentage | 25.00% | ||
Percentage of withholding tax for resident enterprise | 5.00% | ||
Percent entitled to claim for qualified research and development expenses | 175.00% | ||
Additional percentage of qualified research and development expenses claimed in annual filing | 75.00% | ||
Inland Revenue, Hong Kong [Member] | |||
Income Tax [Line Items] | |||
Effective income tax rate | 16.50% |
Taxation - Reconciliation (Deta
Taxation - Reconciliation (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Taxation | ||||
Loss before income tax expense | $ (1,621,385) | ¥ (11,287,764) | ¥ (9,616,935) | ¥ (5,013,268) |
Income tax expense computed at PRC statutory income tax rate of 25% | (2,821,941) | (2,404,234) | (1,253,318) | |
Non-deductible expenses | 58,374 | 96,684 | 91,093 | |
Foreign tax rates differential | 107,617 | 167,180 | (74,531) | |
Additional 75% (2017: 50%) tax deduction for qualified research and development expenses | (22,630) | (216,993) | (93,513) | |
Tax exempted interest income | (3,093) | (10,377) | (845) | |
Effect of U.S. tax law change | 165,898 | |||
US tax credits | (72,448) | (42,781) | (52,185) | |
Prior year adjustments | (16,259) | (1,422) | (10,293) | |
Tax benefit contributed by Non-controlling interest | 2,285 | |||
Tax benefit not utilized | 2,775,983 | 2,433,987 | 1,235,600 | |
Current income tax expense | $ 1,133 | ¥ 7,888 | ¥ 22,044 | ¥ 7,906 |
Taxation - Deferred tax assets
Taxation - Deferred tax assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||||
Net operating loss carry-forwards | ¥ 6,005,461 | ¥ 3,777,696 | ¥ 1,620,535 | |
Accrued and prepaid expenses | 420,714 | 255,240 | 84,320 | |
Tax credit carry-forwards | 213,773 | 117,801 | 60,624 | |
Deferred Revenue | 105,840 | 83,877 | ||
Intangible assets | 36,362 | 15,687 | 7,104 | |
Unrealized financing cost | 29,200 | 41,939 | ||
Allowance against receivables | 27,196 | |||
Deferred rent | 19,035 | 36,729 | 8,699 | |
Property, plant and equipment, net | 10,584 | 17,467 | 27,463 | |
Share-based compensation | 7,688 | 8,962 | 4,106 | |
Write-downs of inventory | 2,607 | |||
Advertising expenses in excess of deduction limit | 353 | 14,234 | 65,737 | |
Unrealized foreign exchange loss | 55 | 55 | 55 | |
Others | 162 | |||
Total deferred tax assets | 6,879,030 | 4,369,687 | 1,878,643 | |
Less: Valuation allowance | ¥ (6,879,030) | ¥ (4,369,687) | ¥ (1,878,643) | ¥ (672,889) |
Taxation - Valuation allowance
Taxation - Valuation allowance (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation allowance | |||
Balance at beginning of the year | ¥ 4,369,687 | ¥ 1,878,643 | ¥ 672,889 |
Additions | 2,509,343 | 2,491,044 | 1,205,754 |
Balance at end of the year | ¥ 6,879,030 | ¥ 4,369,687 | ¥ 1,878,643 |
Taxation - NOL (Details)
Taxation - NOL (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory income tax rate | 25.00% | 25.00% | |
State Administration of Taxation, China [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Loss expiring in 2019 | ¥ 8,004,215 | ||
Loss expiring in 2020 | 186,827 | ||
Loss expiring in 2021 | 1,335,168 | ||
Loss expiring in 2022 | 3,007,243 | ||
Loss expiring in 2023 | 5,950,981 | ||
Operating Loss Carryforwards, Total | ¥ 18,484,434 | ||
State Administration of Taxation, China [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforward expiration period | 1 year | ||
State Administration of Taxation, China [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforward expiration period | 5 years | ||
Tax Authorities In Hong Kong [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax losses carried forward indefinitely | ¥ 2,497,854 | ||
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax losses carried forward indefinitely | 2,139,756 | ||
Loss expiring in sixteen years | 24,513 | ||
Loss expiring in seventeen years | 248,151 | ||
Loss expiring in eighteen years | ¥ 869,914 |
Loss Per Share - Calculation (D
Loss Per Share - Calculation (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss | ¥ (11,295,652) | $ (1,622,518) | ¥ (9,638,979) | ¥ (5,021,174) |
Accretion on convertible redeemable preferred shares to redemption value | 0 | (13,667,291) | (2,576,935) | |
Accretion on redeemable non-controlling interests to redemption value | (126,590) | (63,297) | ||
Net loss attributable to non-controlling interests | 9,141 | 1,313 | 41,705 | 36,440 |
Net loss attributable to ordinary shareholders of NIO Inc. | ¥ (11,413,101) | $ (1,639,389) | ¥ (23,327,862) | ¥ (7,561,669) |
Denominator: | ||||
Weighted-average number of ordinary shares outstanding - basic and diluted | shares | 1,029,931,705 | 1,029,931,705 | 332,153,211 | 21,801,525 |
Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. | (per share) | ¥ (11.08) | $ (1.59) | ¥ (70.23) | ¥ (346.84) |
Loss Per Share (Details)
Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average numbers of shares excluded from the calculation of diluted net loss per share | 124,248,560 | 751,689,958 | 629,431,298 |
Non-vested restricted shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average numbers of shares excluded from the calculation of diluted net loss per share | 459,199 | 340,518 | 8,323,591 |
Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average numbers of shares excluded from the calculation of diluted net loss per share | 31,276,979 | 72,735,288 | 27,495,737 |
Convertible Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average numbers of shares excluded from the calculation of diluted net loss per share | 92,512,382 | ||
Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average numbers of shares excluded from the calculation of diluted net loss per share | 678,614,152 | 593,611,970 |
Related Party Balances and Tr_2
Related Party Balances and Transactions - Service income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Service income | ¥ 4,223 | ¥ 3,612 | ¥ 21,509 |
Shanghai Nio Hongling Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | 2,707 | ||
Shanghai Weishang Business Consulting Co.,Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | 1,806 | ¥ 905 | |
Nanjing Weibang Transmission Technology Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | ¥ 2,417 | ||
Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | 11,121 | ||
Beijing Chj Information Technology Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | 4,588 | ||
Hubei Changjiang Nextev New Energy Industry Development Capital Partnership | |||
Related Party Transaction [Line Items] | |||
Service income | 4,015 | ||
Jiangsu Xindian Automotive Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | ¥ 1,785 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Mktg & Adv (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | ¥ 79,763 | ¥ 38,057 | ¥ 15,552 |
Beijing Xinyi Hudong Guanggao Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 37,935 | 28,245 | 8,021 |
Beijing Chehui Hudong Guanggao Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 29,599 | 6,915 | 544 |
Beijing Yiche Interactive Advertising Co., Ltd. Shanghai Branch | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 6,132 | ||
Beijing Bit Ep Information Technology Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 3,627 | ||
Bite Shijie (Beijing) Keji Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 1,664 | 2,865 | ¥ 6,987 |
Beijing Yiche Information Science and Technology Co., Ltd | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 466 | ¥ 32 | |
Tianjin Boyou Information Technology Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 264 | ||
Shanghai Yiju Information Technology Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | ¥ 76 |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Loan (Details) ¥ in Thousands, $ in Thousands | Jan. 12, 2018USD ($)item | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Related Party Transaction [Line Items] | |||
Loan to related party | ¥ 66,166 | ¥ 50,000 | |
Nio Capital | |||
Related Party Transaction [Line Items] | |||
Loan to related party | ¥ 66,166 | ||
Number of loans | item | 2 | ||
Aggregate principal amount of notes | $ | $ 5,000 | ||
Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Loan to related party | ¥ 50,000 |
Related Party Balances and Tr_5
Related Party Balances and Transactions - Mfg consignment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Suzhou Zenlead Xpt New Energy Technologies Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Cost of manufacturing consignment | ¥ 132,511 | ¥ 132,152 | ¥ 18,324 |
Related Party Balances and Tr_6
Related Party Balances and Transactions - Purchase of property and equipment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Purchase of property and equipment | ¥ 42,202 | ¥ 11,107 | ¥ 2,960 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Purchase of property and equipment | 7,982 | ¥ 11,107 | |
Nanjing Weibang Transmission Technology Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Purchase of property and equipment | ¥ 34,220 | ||
Bite Shijie (Beijing) Keji Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Purchase of property and equipment | ¥ 2,960 |
Related Party Balances and Tr_7
Related Party Balances and Transactions - Interest payable on behalf of related party (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Baidu Capital L.P. [Member] | ||
Related Party Transaction [Line Items] | ||
Interest payable on behalf of related party | ¥ 8,065 | ¥ 21,671 |
Related Party Balances and Tr_8
Related Party Balances and Transactions - R&D (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Acceptance of R&D and maintenance service | ¥ 341 | ¥ 17,212 |
Suzhou Zenlead Xpt New Energy Technologies Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Acceptance of R&D and maintenance service | 14,776 | |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Acceptance of R&D and maintenance service | ¥ 341 | ¥ 2,436 |
Related Party Balances and Tr_9
Related Party Balances and Transactions - Payment on behalf (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Nanjing Weibang Transmission Technology Co. Ltd [Member] | |
Related Party Transaction [Line Items] | |
Payment on behalf of related party | ¥ 2,790 |
Related Party Balances and T_10
Related Party Balances and Transactions - Loan from related party (Details) - Beijing Changxing Information Technology Co., Ltd ¥ in Thousands | Dec. 31, 2019CNY (¥) |
Related Party Transaction [Line Items] | |
Loan from related party | ¥ 25,799 |
Interest rate | 15.00% |
Related Party Balances and T_11
Related Party Balances and Transactions - Sale of raw material, property and equipment (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Wistron Info Comm (Kunshan) Co., Ltd. | |
Related Party Transaction [Line Items] | |
Sale of raw material, property and equipment | ¥ 725 |
Related Party Balances and T_12
Related Party Balances and Transactions - Short-term borrowings (Details) ¥ in Thousands | Dec. 31, 2019CNY (¥) |
Related Party Transaction [Line Items] | |
Convertible notes issued to related parties | ¥ 1,535,840 |
Huang River Investment Limited | |
Related Party Transaction [Line Items] | |
Convertible notes issued to related parties | 920,914 |
Serene View Investment Limited | |
Related Party Transaction [Line Items] | |
Convertible notes issued to related parties | ¥ 614,926 |
Related Party Balances and T_13
Related Party Balances and Transactions - Due from related parties (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Amounts due from related parties | ¥ 50,783 | ¥ 96,036 |
Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 50,000 | 50,000 |
Nio Capital | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 34,316 | |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 7,970 | |
Nanjing Weibang Transmission Technology Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 674 | 2,790 |
Shanghai Weilan Hongling Investment Management Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | ¥ 960 | |
Wistron Info Comm (Kunshan) Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | ¥ 109 |
Related Party Balances and T_14
Related Party Balances and Transactions - Due to related parties (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Amounts due to related parties | ¥ 309,729 | ¥ 219,583 |
Suzhou Zenlead Xpt New Energy Technologies Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 180,687 | 210,868 |
Nanjing Weibang Transmission Technology Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 33,018 | |
Beijing Changxing Information Technology Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 25,799 | |
Beijing Chehui Hudong Guanggao Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 25,170 | 4,085 |
Beijing Xinyi Hudong Guanggao Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 36,714 | 3,530 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 379 | 761 |
Bite Shijie (Beijing) Keji Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 1,549 | ¥ 339 |
Beijing Yiche Information Technology Cp., Ltd. [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 205 | |
Beijing Bit Ep Information Technology Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 2,598 | |
Beijing Yiche Interactive Advertising Co., Ltd. Shanghai Branch | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 3,500 | |
Beijing Yiju Information Technology Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 80 | |
Tianjin Boyou Information Technology Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | ¥ 30 |
Related Party Balances and T_15
Related Party Balances and Transactions - Convertible notes issued to related parties (Details) ¥ in Thousands | Dec. 31, 2019CNY (¥) |
Related Party Transaction [Line Items] | |
Short-term borrowings | ¥ 705,095 |
Serene View Investment Limited | |
Related Party Transaction [Line Items] | |
Short-term borrowings | 350,255 |
Huang River Investment Limited | |
Related Party Transaction [Line Items] | |
Short-term borrowings | ¥ 354,840 |
Related Party Balances and T_16
Related Party Balances and Transactions - Long-term borrowings (Details) ¥ in Thousands | Dec. 31, 2018CNY (¥) |
Related Party Transaction [Line Items] | |
Long-term borrowings | ¥ 818,538 |
Serene View Investment Limited | |
Related Party Transaction [Line Items] | |
Long-term borrowings | 560,325 |
Huang River Investment Limited | |
Related Party Transaction [Line Items] | |
Long-term borrowings | ¥ 258,213 |
Commitment and Contingencies -
Commitment and Contingencies - Capital commitments (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies | ||
Property and equipment | ¥ 551,582 | ¥ 1,454,031 |
Leasehold improvements | 68,652 | 149,551 |
Total | ¥ 620,234 | ¥ 1,603,582 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Apr. 29, 2020CNY (¥)installment | Mar. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Sep. 30, 2020CNY (¥) | Jun. 30, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2020CNY (¥) | Feb. 29, 2020USD ($)$ / shares | Feb. 29, 2020CNY (¥) |
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 7,000,000,000 | ||||||||||
NIO China | Within five business days of the satisfaction of closing conditions | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 1,278,000,000 | ||||||||||
NIO China | Within five business days of the satisfaction of closing conditions | Strategic Investors | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | $ | $ 3,500,000 | ||||||||||
Subsequent Events | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Asset consideration basis, public trading days considered for calculation of average market value | 30 | ||||||||||
Subsequent Events | NIO China | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 4,260,000,000 | ||||||||||
Asset Consideration | ¥ 17,770,000,000 | ||||||||||
Asset consideration basis, average market value (as a percent) | 85.00% | ||||||||||
Percentage of ownership interest held (as a percent) | 75.90% | ||||||||||
Percentage of ownership interest held (as a percent) | 24.10% | ||||||||||
Subsequent Events | NIO China | Strategic Investors | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 7,000,000,000 | ||||||||||
Number of installments in which the cash will be injected | installment | 5 | ||||||||||
Subsequent Events | NIO China | On or prior to June 30, 2020 | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 1,278,000,000 | ||||||||||
Subsequent Events | NIO China | On or prior to June 30, 2020 | Strategic Investors | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 1,500,000,000 | ||||||||||
Subsequent Events | NIO China | On or prior to September 30, 2020 | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 852,000,000 | ||||||||||
Subsequent Events | NIO China | On or prior to September 30, 2020 | Strategic Investors | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 1,000,000,000 | ||||||||||
Subsequent Events | NIO China | On or prior to December 31, 2020 | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 426,000,000 | ||||||||||
Subsequent Events | NIO China | On or prior to December 31, 2020 | Strategic Investors | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 500,000,000 | ||||||||||
Subsequent Events | NIO China | On or prior to March 31, 2021 | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 426,000,000 | ||||||||||
Subsequent Events | NIO China | On or prior to March 31, 2021 | Strategic Investors | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Cash injected | ¥ 500,000,000 | ||||||||||
Subsequent Events | Convertible Notes | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Aggregate principal amount of notes | $ 235 | ¥ 1,636,000,000 | $ 200,000 | ¥ 1,389,000,000 | |||||||
Conversion price | $ / shares | $ 3.50 | $ 3.07 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information - B/S (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | $ 123,939 | ¥ 862,839 | ¥ 3,133,847 | ¥ 7,505,954 | ||
Amounts due from related parties | 7,295 | 50,783 | 88,066 | |||
Prepayments and other current assets | 226,846 | 1,579,258 | 1,514,257 | |||
Total current assets | 707,864 | 4,928,008 | 12,169,632 | |||
Non-current assets: | ||||||
Total non-current assets | 1,386,713 | 9,654,021 | 6,672,920 | |||
Total assets | 2,094,577 | 14,582,029 | 18,842,552 | |||
Current liabilities: | ||||||
Short-term borrowings | 127,211 | 885,620 | 1,870,000 | |||
Amounts due to related parties | 44,490 | 309,729 | 219,583 | |||
Accruals and other liabilities | 605,682 | 4,216,641 | 3,383,681 | |||
Total current liabilities | 1,364,425 | 9,498,858 | 8,593,386 | |||
Long-term borrowings | 1,027,722 | 7,154,798 | 1,168,012 | |||
Deferred revenue | 295,915 | 193,524 | ||||
Total non-current liabilities | 1,422,762 | 9,904,983 | 2,098,824 | |||
Total liabilities | 2,787,187 | 19,403,841 | 10,692,210 | |||
MEZZANINE EQUITY | ||||||
Mezzanine equity | 19,657,786 | ¥ 4,861,574 | ||||
Total mezzanine equity | 209,111 | 1,455,787 | 1,329,197 | |||
SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Treasury shares | (9,186) | |||||
Additional paid in capital | 5,778,370 | 40,227,856 | 41,918,936 | |||
Accumulated other comprehensive loss | (29,166) | (203,048) | (34,708) | |||
Accumulated deficit | (6,654,360) | (46,326,321) | (35,039,810) | |||
Total shareholders' (deficit)/equity | (901,721) | (6,277,599) | 6,821,145 | (11,591,780) | (3,916,360) | |
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 2,094,577 | 14,582,029 | 18,842,552 | |||
Parent | ||||||
Current assets: | ||||||
Cash and cash equivalents | 1,670 | 11,629 | $ 2,468 | 17,179 | 23,270 | 79,691 |
Amounts due from related parties | 3,260 | 22,698 | 20,701 | |||
Prepayments and other current assets | 0 | 0 | 54,847 | |||
Total current assets | 4,930 | 34,327 | 92,727 | |||
Non-current assets: | ||||||
Investments in subsidiaries and VIEs | 414,352 | 2,884,635 | 8,891,882 | |||
Total non-current assets | 414,352 | 2,884,635 | 8,891,882 | |||
Total assets | 419,282 | 2,918,962 | 8,984,609 | |||
Current liabilities: | ||||||
Short-term borrowings | 100,207 | 697,620 | 0 | |||
Amounts due to related parties | 367,076 | 2,555,511 | 2,046,971 | |||
Accruals and other liabilities | 14,475 | 100,772 | 913 | |||
Total current liabilities | 481,758 | 3,353,903 | 2,047,884 | |||
Long-term borrowings | 830,961 | 5,784,984 | 0 | |||
Deferred revenue | 11,457 | 79,761 | 99,684 | |||
Total non-current liabilities | 842,418 | 5,864,745 | 99,684 | |||
Total liabilities | 1,324,176 | 9,218,648 | 2,147,568 | |||
SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Treasury shares | 0 | 0 | (9,186) | |||
Additional paid in capital | 5,778,370 | 40,227,856 | 41,918,936 | |||
Accumulated other comprehensive loss | (29,166) | (203,048) | (34,708) | |||
Accumulated deficit | (6,654,360) | (46,326,321) | (35,039,810) | |||
Total shareholders' (deficit)/equity | (904,894) | (6,299,686) | 6,837,041 | |||
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 419,282 | 2,918,962 | 8,984,609 | |||
Series A-1 & A-2 | ||||||
MEZZANINE EQUITY | ||||||
Mezzanine equity | 5,011,731 | 2,539,993 | ||||
Series A-3 | ||||||
MEZZANINE EQUITY | ||||||
Mezzanine equity | 427,129 | 306,678 | ||||
Series B | ||||||
MEZZANINE EQUITY | ||||||
Mezzanine equity | 2,294,980 | ¥ 2,014,903 | ||||
Series C | ||||||
MEZZANINE EQUITY | ||||||
Mezzanine equity | 4,454,596 | |||||
Series D | ||||||
MEZZANINE EQUITY | ||||||
Mezzanine equity | ¥ 7,469,350 | |||||
Class A Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Ordinary shares | 194 | 1,347 | 1,329 | |||
Class A Ordinary Shares | Parent | ||||||
SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Ordinary shares | 194 | 1,347 | 1,329 | |||
Class B Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Ordinary shares | 32 | 226 | 226 | |||
Class B Ordinary Shares | Parent | ||||||
SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Ordinary shares | 32 | 226 | 226 | |||
Class C Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Ordinary shares | 36 | 254 | 254 | |||
Class C Ordinary Shares | Parent | ||||||
SHAREHOLDERS' EQUITY/(DEFICIT) | ||||||
Ordinary shares | $ 36 | ¥ 254 | ¥ 254 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information - SCI (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Operating expenses: | ||||
Selling, general and administrative | $ (783,100) | ¥ (5,451,787) | ¥ (5,341,790) | ¥ (2,350,707) |
Total operating expenses | 1,419,226 | 9,880,367 | 9,339,732 | 4,953,596 |
Loss from operations | 1,591,425 | 11,079,189 | 9,595,608 | 4,953,596 |
Interest income | 23,023 | 160,279 | 133,384 | 18,970 |
Interest expense | 53,224 | 370,536 | 123,643 | 18,084 |
Equity in loss of subsidiaries and VIEs | (9,262) | (64,478) | (9,722) | (5,375) |
Investment income | 3,498 | |||
Other (loss)/income, net | 9,503 | 66,160 | (21,346) | (58,681) |
Loss before income tax expense | (1,621,385) | (11,287,764) | (9,616,935) | (5,013,268) |
Income tax expense | 1,133 | 7,888 | 22,044 | 7,906 |
Net loss | (1,622,518) | (11,295,652) | (9,638,979) | (5,021,174) |
Accretion on convertible redeemable preferred shares to redemption value | (13,667,291) | (2,576,935) | ||
Accretion on redeemable non-controlling interests to redemption value | (18,184) | (126,590) | (63,297) | |
Net loss attributable to ordinary shareholders of NIO Inc. | 1,639,389 | 11,413,101 | 23,327,862 | 7,561,669 |
Parent | ||||
Operating expenses: | ||||
Selling, general and administrative | (14) | (97) | (178,479) | (52,518) |
Total operating expenses | (14) | (97) | (178,479) | (52,518) |
Loss from operations | (14) | (97) | (178,479) | (52,518) |
Interest income | 605 | 4,212 | 7,692 | 2,391 |
Interest expense | 34,097 | 237,374 | 0 | 12,389 |
Equity in loss of subsidiaries and VIEs | (1,591,097) | (11,076,907) | (9,432,640) | (4,924,897) |
Investment income | 0 | 0 | 0 | 3,498 |
Other (loss)/income, net | 3,398 | 23,655 | 6,153 | (819) |
Loss before income tax expense | (1,621,205) | (11,286,511) | (9,597,274) | (4,984,734) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | (1,621,205) | (11,286,511) | (9,597,274) | (4,984,734) |
Accretion on convertible redeemable preferred shares to redemption value | 0 | 0 | (13,667,291) | (2,576,935) |
Accretion on redeemable non-controlling interests to redemption value | (18,184) | (126,590) | (63,297) | 0 |
Net loss attributable to ordinary shareholders of NIO Inc. | $ (1,639,389) | ¥ (11,413,101) | ¥ (23,327,862) | ¥ (7,561,669) |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information - SCF (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2018CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net cash used in operating activities | $ (1,252,795) | ¥ (8,721,706) | ¥ (7,911,768) | ¥ (4,574,719) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Proceeds from sale of trading securities | 1,340,911 | ||||
Purchase of held for trading securities | (1,337,413) | ||||
Acquisitions of equity investees | (4,525) | (31,500) | (110,900) | (52,500) | |
Net cash used in investing activities | 485,804 | 3,382,069 | (7,940,843) | (1,190,273) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from exercise of stock options | 7,296 | 50,790 | 42,251 | 6,207 | |
Repurchase of restricted shares | (7,490) | ||||
Proceeds from issuance of convertible promissory note | 620,882 | 4,322,457 | 312,624 | ||
Repayment of convertible promissory note | (325,013) | ||||
Repayment of non-recourse loan | ¥ 82,863 | 82,863 | |||
Proceeds from issuance of ordinary shares, net of issuance costs | 7,531,037 | ||||
Net cash provided by financing activities | 444,562 | 3,094,953 | 11,603,092 | 12,867,334 | |
Effects of exchange rate changes on cash and cash equivalents | 1,460 | 10,166 | (56,947) | (168,120) | |
Cash and cash equivalents at beginning of the year | 3,133,847 | 7,505,954 | |||
Cash and cash equivalents at end of the year | 123,939 | 862,839 | 3,133,847 | 7,505,954 | |
Parent | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net cash used in operating activities | 62,981 | 438,465 | 3,917,654 | (4,920,905) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Proceeds from sale of trading securities | 0 | 0 | 0 | 1,340,911 | |
Purchase of held for trading securities | 0 | 0 | 0 | (1,337,413) | |
Acquisitions of equity investees | (691,990) | (4,817,498) | (11,693,144) | (6,223,178) | |
Net cash used in investing activities | (691,990) | (4,817,498) | (11,693,144) | (6,219,680) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from exercise of stock options | 7,296 | 50,790 | 42,251 | 6,207 | |
Repurchase of restricted shares | 0 | 0 | (7,490) | 0 | |
Proceeds from issuance of convertible promissory note | 620,882 | 4,322,457 | 0 | 312,624 | |
Repayment of convertible promissory note | 0 | 0 | 0 | (325,013) | |
Repayment of non-recourse loan | 0 | 0 | 82,863 | 0 | |
Proceeds from issuance of ordinary shares, net of issuance costs | 0 | 0 | 7,566,470 | 0 | |
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 0 | 0 | 78,651 | 11,093,377 | |
Net cash provided by financing activities | 628,178 | 4,373,247 | 7,762,745 | 11,087,195 | |
Effects of exchange rate changes on cash and cash equivalents | 33 | 236 | 6,654 | (3,031) | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (798) | (5,550) | (6,091) | (56,421) | |
Cash and cash equivalents at beginning of the year | 2,468 | 17,179 | 23,270 | 79,691 | |
Cash and cash equivalents at end of the year | $ 1,670 | ¥ 11,629 | ¥ 17,179 | ¥ 23,270 |