Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
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 | 2022 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shanghai, the People’s Republic of China |
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),par value US$0.00025 per 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 |
Entity Common Stock, Shares Outstanding | 1,570,605,680 |
Trading Symbol | NIO |
Class C Ordinary Shares | |
Entity Common Stock, Shares Outstanding | 148,500,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 19,887,575 | $ 2,883,427 | ¥ 15,333,719 |
Restricted cash | 3,154,240 | 457,322 | 2,994,408 |
Short-term investments | 19,171,017 | 2,779,536 | 37,057,554 |
Trade and notes receivables, net (Allowance for expected credit losses of RMB25.4 million and RMB39.6 million, respectively) | 5,118,170 | 742,065 | 2,797,805 |
Amounts due from related parties, net (Allowance for expected credit losses of RMB12.7 million and RMB6.7 million, respectively) | 1,380,956 | 200,220 | 1,551,334 |
Inventory | 8,191,386 | 1,187,639 | 2,056,352 |
Prepayments and other current assets, net (Allowance for expected credit losses of RMB3.9 million and RMB4.0 million, respectively) | 2,246,408 | 325,699 | 1,850,143 |
Total current assets | 59,149,752 | 8,575,908 | 63,641,315 |
Non-current assets: | |||
Long-term restricted cash | 113,478 | 16,453 | 46,437 |
Property, plant and equipment, net | 15,658,666 | 2,270,293 | 7,399,516 |
Land use rights, net | 212,603 | 30,825 | 199,121 |
Long-term investments | 6,356,411 | 921,593 | 3,059,383 |
Right-of-use assets - operating lease | 7,374,456 | 1,069,196 | 2,988,374 |
Other non-current assets, net (Allowance for expected credit losses of RMB49.3 million and RMB89.6 million, respectively) | 7,398,559 | 1,072,690 | 5,549,455 |
Total non-current assets | 37,114,173 | 5,381,050 | 19,242,286 |
Total assets | 96,263,925 | 13,956,958 | 82,883,601 |
Current liabilities: | |||
Short-term borrowings | 4,039,210 | 585,630 | 5,230,000 |
Trade and notes payable | 25,223,687 | 3,657,091 | 12,638,991 |
Amounts due to related parties | 384,611 | 55,763 | 687,200 |
Taxes payable | 286,300 | 41,510 | 627,794 |
Current portion of operating lease liabilities | 1,025,968 | 148,751 | 744,561 |
Current portion of long-term borrowings | 1,237,916 | 179,481 | 2,067,962 |
Accruals and other liabilities | 13,654,362 | 1,979,700 | 7,201,644 |
Total current liabilities | 45,852,054 | 6,647,926 | 29,198,152 |
Non-current liabilities: | |||
Long-term borrowings | 10,885,799 | 1,578,292 | 9,739,176 |
Non-current operating lease liabilities | 6,517,096 | 944,890 | 2,317,193 |
Deferred tax liabilities | 218,189 | 31,634 | 25,199 |
Other non-current liabilities | 5,144,027 | 745,814 | 3,540,458 |
Total non-current liabilities | 22,765,111 | 3,300,630 | 15,622,026 |
Total liabilities | 68,617,165 | 9,948,556 | 44,820,178 |
Commitments and contingencies (Note 27) | |||
MEZZANINE EQUITY | |||
Redeemable non-controlling interests | 3,557,221 | 515,747 | 3,277,866 |
Total mezzanine equity | 3,557,221 | 515,747 | 3,277,866 |
SHAREHOLDERS' EQUITY | |||
Less: Treasury shares (18,080,253 and 14,656,330) shares as of December 31, 2021 and 2022, respectively) | (1,849,600) | (268,167) | (1,849,600) |
Additional paid in capital | 94,593,062 | 13,714,705 | 92,467,072 |
Accumulated other comprehensive (loss)/income | 1,036,011 | 150,208 | (276,300) |
Accumulated deficit | (69,900,000) | (10,136,611) | (55,634,140) |
Total NIO Inc. shareholders' equity | 23,868,165 | 3,460,559 | 34,709,924 |
Non-controlling interests | 221,374 | 32,096 | 75,633 |
Total shareholders' equity | 24,089,539 | 3,492,655 | 34,785,557 |
Total liabilities, mezzanine equity and shareholders' equity | 96,263,925 | 13,956,958 | 82,883,601 |
Class A Ordinary Shares | |||
SHAREHOLDERS' EQUITY | |||
Ordinary shares | 2,668 | 387 | 2,418 |
Class B Ordinary Shares | |||
SHAREHOLDERS' EQUITY | |||
Ordinary shares | 220 | ||
Class C Ordinary Shares | |||
SHAREHOLDERS' EQUITY | |||
Ordinary shares | ¥ 254 | $ 37 | ¥ 254 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Millions | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares |
Ordinary shares, shares authorized | 4,000,000,000 | 4,000,000,000 |
Ordinary shares, shares issued | 1,680,220,892 | 1,661,749,433 |
Ordinary shares, shares outstanding | 1,662,159,868 | 1,643,669,180 |
Treasury stock, shares | 18,061,024 | 18,080,253 |
Trade and notes receivables, Allowance for credit losses | ¥ | ¥ 39.6 | ¥ 25.4 |
Amounts due from related parties, Allowance for credit losses | ¥ | 6.7 | 12.7 |
Prepayments and other current assets, Allowance for credit losses | ¥ | 4 | 3.9 |
Other non-current assets, Allowance for credit losses | ¥ | ¥ 89.6 | ¥ 49.3 |
Class A Ordinary Shares | ||
Ordinary shares, shares authorized | 2,632,030,222 | 2,500,000,000 |
Ordinary shares, shares issued | 1,531,720,892 | 1,384,955,501 |
Ordinary shares, shares outstanding | 1,513,659,868 | 1,366,875,248 |
Class B Ordinary Shares | ||
Ordinary shares, shares authorized | 0 | 132,030,222 |
Ordinary shares, shares issued | 0 | 128,293,932 |
Ordinary shares, shares outstanding | 0 | 128,293,932 |
Class C Ordinary Shares | ||
Ordinary shares, shares authorized | 148,500,000 | 148,500,000 |
Ordinary shares, shares issued | 148,500,000 | 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, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Revenue: | ||||
Revenue | ¥ 49,268,561 | $ 7,143,270 | ¥ 36,136,423 | ¥ 16,257,933 |
Cost of sales: | ||||
Total cost of sales | (44,124,568) | (6,397,461) | (29,314,990) | (14,384,514) |
Gross profit | 5,143,993 | 745,809 | 6,821,433 | 1,873,419 |
Operating expenses: | ||||
Research and development | (10,836,261) | (1,571,110) | (4,591,852) | (2,487,770) |
Selling, general and administrative | (10,537,119) | (1,527,739) | (6,878,132) | (3,932,271) |
Other operating (loss)/income, net | 588,728 | 85,358 | 152,248 | (61,023) |
Total operating expenses | (20,784,652) | (3,013,491) | (11,317,736) | (6,481,064) |
Loss from operations | (15,640,659) | (2,267,682) | (4,496,303) | (4,607,645) |
Interest and investment income | 1,358,719 | 196,996 | 911,833 | 166,904 |
Interest expenses | (333,216) | (48,312) | (637,410) | (426,015) |
Gain on extinguishment of debt | 138,332 | 20,056 | ||
Share of (loss)/income of equity investees | 377,775 | 54,772 | 62,510 | (66,030) |
Other (loss)/income, net | (282,952) | (41,024) | 184,686 | (364,928) |
Loss before income tax expense | (14,382,001) | (2,085,194) | (3,974,684) | (5,297,714) |
Income tax expense | (55,103) | (7,989) | (42,265) | (6,368) |
Net loss | (14,437,104) | (2,093,183) | (4,016,949) | (5,304,082) |
Accretion on redeemable non-controlling interests to redemption value | (279,355) | (40,503) | (6,586,579) | (311,670) |
Net loss attributable to non-controlling interests | 157,014 | 22,765 | 31,219 | 4,962 |
Net loss attributable to ordinary shareholders of NIO Inc | (14,559,445) | (2,110,921) | (10,572,309) | (5,610,790) |
Net loss | (14,437,104) | (2,093,183) | (4,016,949) | (5,304,082) |
Other comprehensive income/(loss) | ||||
Change in unrealized gains related to available-for-sale debt securities, net of tax | 746,336 | 108,209 | 24,224 | |
Foreign currency translation adjustment, net of nil tax | 717,274 | 103,995 | (230,345) | 137,596 |
Total other comprehensive income/(loss) | 1,463,610 | 212,204 | (206,121) | 137,596 |
Total comprehensive loss | (12,973,494) | (1,880,979) | (4,223,070) | (5,166,486) |
Accretion on redeemable non-controlling interests to redemption value | (279,355) | (40,503) | (6,586,579) | (311,670) |
Net loss attributable to non-controlling interests | 157,014 | 22,765 | 31,219 | 4,962 |
Other comprehensive income attributable to non-controlling interests | (151,299) | (21,936) | (4,727) | |
Comprehensive loss attributable to ordinary shareholders of NIO Inc | ¥ (13,247,134) | $ (1,920,653) | ¥ (10,783,157) | ¥ (5,473,194) |
Weighted average number of ordinary shares used in computing net loss per share | ||||
Weighted average number of ordinary shares, basic | 1,636,999,280 | 1,636,999,280 | 1,572,702,112 | 1,182,660,948 |
Weighted average number of ordinary shares, diluted | 1,636,999,280 | 1,636,999,280 | 1,572,702,112 | 1,182,660,948 |
Net loss per share attributable to ordinary shareholders | ||||
Net loss per share, basic | (per share) | ¥ (8.89) | $ (1.29) | ¥ (6.72) | ¥ (4.74) |
Net loss per share, diluted | (per share) | ¥ (8.89) | $ (1.29) | ¥ (6.72) | ¥ (4.74) |
Weighted average number of ADS used in computing net loss per ADS | ||||
Weighted average number of ADS, basic | 1,636,999,280 | 1,636,999,280 | 1,572,702,112 | 1,182,660,948 |
Weighted average number of ADS, diluted | 1,636,999,280 | 1,636,999,280 | 1,572,702,112 | 1,182,660,948 |
Net loss per ADS attributable to ordinary shareholders | ||||
Net loss per ADS, basic | (per share) | ¥ (8.89) | $ (1.29) | ¥ (6.72) | ¥ (4.74) |
Net loss per ADS, diluted | (per share) | ¥ (8.89) | $ (1.29) | ¥ (6.72) | ¥ (4.74) |
Vehicle sales | ||||
Revenue: | ||||
Revenue | ¥ 45,506,581 | $ 6,597,834 | ¥ 33,169,740 | ¥ 15,182,522 |
Cost of sales: | ||||
Total cost of sales | (39,271,801) | (5,693,876) | (26,516,643) | (13,255,770) |
Other sales | ||||
Revenue: | ||||
Revenue | 3,761,980 | 545,436 | 2,966,683 | 1,075,411 |
Cost of sales: | ||||
Total cost of sales | ¥ (4,852,767) | $ (703,585) | ¥ (2,798,347) | ¥ (1,128,744) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other comprehensive loss | |||
Foreign currency translation adjustment, tax | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIT) / EQUITY ¥ in Thousands, $ in Thousands | Ordinary Shares CNY (¥) shares | Treasury Shares CNY (¥) shares | Additional Paid in Capital CNY (¥) | Accumulated Other Comprehensive (Loss)/Income CNY (¥) | Accumulated Deficit CNY (¥) | Total Shareholders' (Deficit)/Equity CNY (¥) | Non- Controlling Interests CNY (¥) | CNY (¥) shares | USD ($) shares |
Balance at Dec. 31, 2019 | ¥ 1,827 | ¥ 40,227,856 | ¥ (203,048) | ¥ (46,326,321) | ¥ (6,299,686) | ¥ 22,087 | ¥ (6,277,599) | ||
Balance (in shares) at Dec. 31, 2019 | shares | 1,067,467,877 | ||||||||
Balance (in shares, treasury) at Dec. 31, 2019 | shares | (2,995,217) | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Cumulative effect of adoption of new accounting standard | (22,969) | (22,969) | (22,969) | ||||||
Accretion on redeemable non-controlling interests to redemption value | (311,670) | (311,670) | (311,670) | ||||||
Issuance of ordinary shares | ¥ 448 | 34,571,809 | 34,572,257 | 34,572,257 | |||||
Issuance of ordinary shares (in shares) | shares | 262,775,000 | ||||||||
Issuance of restricted shares | ¥ 4 | 54,508 | 54,512 | 54,512 | |||||
Issuance of restricted shares (in shares) | shares | 2,113,469 | ||||||||
Conversion of convertible notes to ordinary shares | ¥ 309 | 3,962,990 | 3,963,299 | 3,963,299 | |||||
Conversion of convertible notes to ordinary shares (in shares) | shares | 181,872,811 | ||||||||
Exercise of share options | ¥ 91 | 187,427 | 187,518 | ¥ 187,518 | |||||
Exercise of share options (in shares) | shares | 14,814,462 | 439,038 | 15,253,500 | 15,253,500 | |||||
Share based compensation of the restricted shares | 9,551 | 9,551 | ¥ 9,551 | ||||||
Share based compensation of the restricted shares (in shares) | shares | 51,948 | ||||||||
Share based compensation of the share options | 177,543 | 177,543 | 177,543 | ||||||
Cancellation of restricted shares (in shares) | shares | (12,516) | 12,516 | |||||||
Capital withdrawal by non-controlling interests | (15,000) | (15,000) | |||||||
Foreign currency translation adjustment | 137,596 | 137,596 | 137,596 | ||||||
Net loss | (5,299,120) | (5,299,120) | (4,962) | (5,304,082) | |||||
Balance at Dec. 31, 2020 | ¥ 2,679 | 78,880,014 | (65,452) | (51,648,410) | 27,168,831 | 2,125 | 27,170,956 | ||
Balance (in shares) at Dec. 31, 2020 | shares | 1,529,031,103 | ||||||||
Balance (in shares, treasury) at Dec. 31, 2020 | shares | (2,491,715) | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Accretion on redeemable non-controlling interests to redemption value | (6,586,579) | (6,586,579) | (6,586,579) | ||||||
Settlement of capped call options and zero strike call options | ¥ (1,849,600) | 1,849,600 | |||||||
Settlement of capped call options and zero strike call options (in shares) | shares | (16,402,643) | ||||||||
Conversion of convertible senior notes to ordinary shares - related parties | ¥ 12 | 148,381 | 148,393 | 148,393 | |||||
Conversion of convertible senior notes to ordinary shares - related parties (in shares) | shares | 7,219,872 | ||||||||
Conversion of convertible senior notes to ordinary shares - third party | ¥ 101 | 4,199,718 | 4,199,819 | 4,199,819 | |||||
Conversion of convertible senior notes to ordinary shares - third party (in shares) | shares | 62,508,996 | ||||||||
Shareholder's contribution | 18,535 | 18,535 | 18,535 | ||||||
Issuance of ordinary shares | ¥ 85 | 12,677,469 | 12,677,554 | 12,677,554 | |||||
Issuance of ordinary shares (in shares) | shares | 53,292,401 | ||||||||
Issuance of restricted shares | 148,869 | 148,869 | 148,869 | ||||||
Issuance of restricted shares (in shares) | shares | 549,376 | ||||||||
Conversion of convertible notes to ordinary shares | 4,348,212 | ||||||||
Exercise of share options | ¥ 14 | 120,925 | 120,939 | ¥ 120,939 | |||||
Exercise of share options (in shares) | shares | 8,891,011 | 228,037 | 9,119,048 | 9,119,048 | |||||
Share based compensation of the restricted shares | ¥ 1 | 457,985 | 457,986 | ¥ 457,986 | |||||
Share based compensation of the restricted shares (in shares) | shares | 842,742 | ||||||||
Share based compensation of the share options | 552,155 | 552,155 | 552,155 | ||||||
Cancellation of restricted shares (in shares) | shares | (586,068) | 586,068 | |||||||
Foreign currency translation adjustment | (230,345) | (230,345) | (230,345) | ||||||
Change in fair value of available-for-sale debt securities | 19,497 | 19,497 | 4,727 | 24,224 | |||||
Capital injection from non-controlling interests | 100,000 | 100,000 | |||||||
Net loss | (3,985,730) | (3,985,730) | (31,219) | (4,016,949) | |||||
Balance at Dec. 31, 2021 | ¥ 2,892 | ¥ (1,849,600) | 92,467,072 | (276,300) | (55,634,140) | 34,709,924 | 75,633 | ¥ 34,785,557 | |
Balance (in shares) at Dec. 31, 2021 | shares | 1,661,749,433 | ||||||||
Balance (in shares, treasury) at Dec. 31, 2021 | shares | (18,080,253) | 18,080,253 | 18,080,253 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Accretion on redeemable non-controlling interests to redemption value | (279,355) | (279,355) | ¥ (279,355) | ||||||
Conversion of convertible senior notes to ordinary shares - related parties | ¥ 15 | 207,457 | 207,472 | 207,472 | |||||
Conversion of convertible senior notes to ordinary shares - related parties (in shares) | shares | 8,805,770 | ||||||||
Conversion of convertible senior notes to ordinary shares - third party | 10,450 | 10,450 | 10,450 | ||||||
Conversion of convertible senior notes to ordinary shares - third party (in shares) | shares | 172,631 | ||||||||
Conversion of convertible notes to ordinary shares | 217,922 | $ 31,596 | |||||||
Exercise of share options | ¥ 7 | 75,627 | 75,634 | ¥ 75,634 | |||||
Exercise of share options (in shares) | shares | 4,514,461 | 19,229 | 4,533,690 | 4,533,690 | |||||
Share based compensation of the restricted shares | ¥ 8 | 1,863,412 | 1,863,420 | ¥ 1,863,420 | |||||
Share based compensation of the restricted shares (in shares) | shares | 4,978,597 | ||||||||
Share based compensation of the share options | 432,484 | 432,484 | 432,484 | ||||||
Foreign currency translation adjustment | 717,274 | 717,274 | 717,274 | $ 103,995 | |||||
Change in fair value of available-for-sale debt securities | 595,037 | 595,037 | 151,299 | 746,336 | |||||
Distributions to non-controlling interests | (32,629) | (32,629) | |||||||
Transactions with non-controlling interests | (184,085) | (184,085) | 184,085 | ||||||
Net loss | (14,280,090) | (14,280,090) | (157,014) | (14,437,104) | (2,093,183) | ||||
Balance at Dec. 31, 2022 | ¥ 2,922 | ¥ (1,849,600) | ¥ 94,593,062 | ¥ 1,036,011 | ¥ (69,914,230) | ¥ 23,868,165 | ¥ 221,374 | ¥ 24,089,539 | $ 3,492,655 |
Balance (in shares) at Dec. 31, 2022 | shares | 1,680,220,892 | ||||||||
Balance (in shares, treasury) at Dec. 31, 2022 | shares | (18,061,024) | 18,061,024 | 18,061,024 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | ¥ (14,437,104) | $ (2,093,183) | ¥ (4,016,949) | ¥ (5,304,082) |
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities: | ||||
Depreciation and amortization | 2,852,315 | 413,547 | 1,708,019 | 1,046,496 |
Expected credit loss expense | 48,707 | 7,062 | 54,332 | 9,654 |
Inventory write-downs | 148,729 | 21,564 | 1,105 | 5,803 |
Impairment on long-term assets | 35,011 | 5,076 | 0 | 25,757 |
Foreign exchange loss/(gain) | 282,888 | 41,015 | 10,111 | 457,382 |
Share-based compensation expenses | 2,295,896 | 332,874 | 1,010,140 | 187,094 |
Interest and investment income | (174,854) | (25,351) | (105,608) | |
Gain on extinguishment of debt | (138,332) | (20,056) | ||
Share of loss/(income) of equity investees, net of tax | (377,775) | (54,772) | (62,510) | 66,030 |
Amortization of right-of-use assets | 1,141,740 | 165,537 | 643,895 | 499,225 |
Loss on disposal of property, plant and equipment | 12,807 | 1,857 | 31,107 | 127,662 |
Changes in operating assets and liabilities: | ||||
Prepayments and other current assets | (1,239,921) | (179,772) | (38,908) | 135,441 |
Inventory | (6,257,514) | (907,254) | (990,550) | (197,828) |
Other non-current assets | (1,849,518) | (268,155) | (3,705,762) | 151,953 |
Amount due from related parties | 167,692 | 24,313 | (1,444,122) | (119,128) |
Operating lease liabilities | (1,016,571) | (147,389) | (748,799) | (448,466) |
Taxes payable | (341,592) | (49,526) | 446,984 | 130,542 |
Trade and notes receivable | (2,303,364) | (333,956) | (1,717,747) | 237,928 |
Trade and notes payable | 11,650,850 | 1,689,214 | 6,260,311 | 3,256,552 |
Accruals and other liabilities | 4,119,375 | 597,253 | 2,485,101 | 836,511 |
Amount due to related parties | (299,339) | (43,400) | 342,597 | 60,673 |
Deferred tax liabilities | 192,990 | 27,981 | 25,199 | |
Other non-current liabilities | 1,620,876 | 235,005 | 1,778,440 | 785,695 |
Net cash provided by/(used in)operating activities | (3,866,008) | (560,516) | 1,966,386 | 1,950,894 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment and intangible assets | (6,972,854) | (1,010,969) | (4,078,764) | (1,127,686) |
Purchases of short-term investments | (87,631,686) | (12,705,400) | (134,316,219) | (7,594,110) |
Proceeds from sale of short-term investments | 106,658,218 | 15,463,988 | 101,121,723 | 3,738,490 |
Purchase of available-for-sale debt investment | (120,000) | (17,398) | (650,000) | |
Purchase of held to maturity debt investments | (1,830,000) | (265,325) | (1,300,000) | |
Acquisitions of equity investees and equity security investments | (279,043) | (40,457) | (592,570) | (250,826) |
Proceeds from disposal of equity investees and equity security investments | 286,760 | 41,576 | ||
Proceeds from disposal of available-for-sale debt investment | 270,000 | 39,146 | ||
Loan repayment from related parties | 50,000 | |||
Proceeds from disposal of property, plant and equipment | 3,622 | 525 | 1,126 | 163,072 |
Net cash(used in)/provided by investing activities | 10,385,017 | 1,505,686 | (39,764,704) | (5,071,060) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from exercise of stock options | 78,726 | 11,414 | 144,562 | 154,861 |
Capital withdrawal by non-controlling interests | (3,250) | (471) | (1,000) | (10,500) |
Distributions to non-controlling interests | (32,629) | (4,731) | ||
Capital injection from redeemable non-controlling interests | 5,000,000 | |||
Capital injection from non-controlling interests | 100,000 | |||
Redemption and repurchase of redeemable non-controlling interests | (8,000,000) | (2,071,515) | ||
Proceeds from issuance of convertible promissory note - third parties | 9,560,755 | 3,014,628 | ||
Proceeds from issuance of convertible promissory note - related parties | 90,499 | |||
Proceeds from borrowings from third parties | 6,918,564 | 1,003,097 | 6,112,000 | 1,605,464 |
Repayments of borrowings from third parties | (8,550,306) | (1,239,678) | (2,432,255) | (964,813) |
Proceeds from borrowings from related parties | 260,000 | |||
Repayment of borrowings from related parties | (285,799) | |||
Principal payments on finance leases | (27,489) | (3,986) | (32,873) | (42,529) |
Proceeds from issuance of ordinary shares, net of issuance costs | 12,677,554 | 34,607,139 | ||
Net cash provided by/(used in) financing activities | (1,616,384) | (234,355) | 18,128,743 | 41,357,435 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (121,896) | (17,674) | (500,959) | (682,040) |
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,780,729 | 693,141 | (20,170,534) | 37,555,229 |
Cash, cash equivalents and restricted cash at beginning of the year | 18,374,564 | 2,664,061 | 38,545,098 | 989,869 |
Cash, cash equivalents and restricted cash at end of the year | 23,155,293 | 3,357,202 | 18,374,564 | 38,545,098 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Accruals related to purchase of property, plant and equipment | 4,172,758 | 604,993 | 1,458,767 | 749,799 |
Issuance of restricted shares | 148,869 | 54,512 | ||
Conversion of convertible senior notes to ordinary shares | 217,922 | 31,596 | 4,348,212 | 3,963,299 |
Accretion on redeemable non-controlling interests to redemption value | 279,355 | 40,503 | 6,586,579 | 311,670 |
Settlement of capped call options and zero strike call options | 1,849,600 | |||
Shareholder's contribution | 18,535 | |||
Supplemental Disclosure | ||||
Interest paid | 274,347 | 39,777 | 218,830 | 333,877 |
Income taxes paid | ¥ 77,187 | $ 11,191 | ¥ 6,007 | ¥ 13,172 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
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 (the “VIEs”) are collectively referred to as the “Group”. The Group designs and develops electric vehicles and jointly manufactures its vehicles through strategic collaboration with other Chinese vehicle manufacturers. The Group also offers power solutions and comprehensive value-added services to its users. As of December 31, 2022, the Group’s primary operations are conducted in the People’s Republic of China (the “PRC”) and 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 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 NIO Power Express Limited (“PE HK) 100% Hong Kong, January 2017 Investment holding NIO User Enterprise Limited (“UE HK”) 100% Hong Kong, February 2017 Investment holding NIO Sales and Services Co., Ltd. (“UE CNHC”) (formerly known as Shanghai NIO Sales and Service Co., Ltd. ) 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 NIO Holding Co., Ltd. (“NIO China”) (formerly known as NIO (Anhui) Holding Co., Ltd.) (Note (a)) 100% Anhui, PRC, November 2017 Headquarter and technology development XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”) 100% Nanjing, PRC, May 2018 Investment holding NIO Financial Leasing Co., Ltd. (“NIO Leasing”) 100% Shanghai, PRC, August 2018 Financial Leasing NIO (Anhui) Co., Ltd. (“NIO AH”) 100% Anhui, PRC, August 2020 Industrialization and technology development NIO Technology (Anhui) Co., Ltd. (“NIO R&D”) 100% Anhui, PRC, August 2020 Design and technology development NIO Nextev Europe Holding B.V.(“NIO NL”) 100% Netherlands, December 2020 Investment holding NEU Battery Asset Co., Ltd. (“BAC Cayman”) 100% Cayman Islands, May 2021 Investment holding Instant Power Europe B.V. (“BAC NL”) Co., Limited 100% Netherlands, June 2021 Battery Subscription Service NEU Battery Asset (Hong Kong) Co.Limited (“BAC HK”) 100% Hong Kong, July 2021 Investment holding NIO AI Technology Limited (“NIO AI Technology”) 96.970% Cayman Islands, March 2021 Investment holding NIO AI Technology Limited 96.970% Hong Kong, May 2021 Investment holding Anhui NIO Autonomous Driving Technology Co., Ltd. (“Anhui NIO AD”) 96.970% Anhui, PRC, June 2021 Technology development XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (“XPT NJWL”) (Note (b)) 50% Nanjing, PRC, June 2017 Manufacturing of components Place and Date of incorporation VIEs or date of acquisition Prime Hubs Limited (“Prime Hubs”) BVI, October 2014 Beijing NIO Network Technology Co., Ltd. (“Beijing NIO”) Beijing, PRC, July 2017 Anhui NIO AI Technology Co., Ltd. (“Anhui NIO AT”) Anhui, PRC, April 2021 Anhui NIO Data Technology Co., Ltd. (“Anhui NIO DT”) Anhui, PRC, October 2022 Note (a) - NIO China As of December 31, 2021 and 2022, the Company held 92.114% of total paid-in capital of NIO China. In accordance with NIO China’s share purchase agreement, the redemption of the non-controlling interests is at the holders of non-controlling interests’ option and is upon the occurrence of the events that are not solely within the control of the Company. Therefore, these redeemable non-controlling interests in NIO China were classified as mezzanine equity and are subsequently accreted to the redemption price using the agreed interest rate as a reduction of additional paid in capital (Note 20). With the redemption feature of the non-controlling interests, the Company is considered to effectively have 100% equity interest of NIO China as of December 31, 2021 and 2022. Note (b) - XPT NJWL 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. As a result, the Group consolidates XPT NJWL. Variable interest entities Prime Hubs In October 2014, Prime Hubs, a British Virgin Islands (“BVI”) incorporated company, was established by Li Bin, the shareholder of the Group, to facilitate the adoption of the Company’s employee stock incentive plans on behalf of the Company. The Company entered into a management agreement with Prime Hubs and Li Bin. The agreement enables the Company to direct the activities that most significantly impact Prime Hubs’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Prime Hubs. As of December 31, 2021 and 2022, Prime Hubs held 4,250,002 Class A Ordinary Shares of the Company, respectively, other than which, Prime Hubs did not have any operations, nor any material assets or liabilities. All restricted shares granted under the Company’s Prime Hubs Restricted Shares Plan have been fully vested. Beijing NIO In April 2018, the Group entered into a series of contractual arrangements with Beijing NIO and its individual shareholders (the “Nominee Shareholders”), including, among others, an exclusive business cooperation agreement, a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney, which enable the Company to direct the activities that most significantly impact Beijing NIO’s economic performance and obtain substantially all of the economic benefits arising from Beijing NIO. Management concluded that Beijing NIO is a variable interest entity and the Company is the ultimate primary beneficiary of Beijing NIO and hence consolidates the financial results of Beijing NIO. The Group operates value-added telecommunication services, including without limitation, performing internet information services, as well as holding certain related licenses, through Beijing NIO. For the years ended December 31, 2020, 2021 and 2022, the financial position, result of operations and cash flow activities of Beijing NIO were immaterial to the consolidated financial statements. Anhui NIO AT In April 2021, Anhui NIO AT, was established by individual shareholders (the “Nominee Shareholders”). Anhui NIO AD entered into a management agreement with Nominee Shareholders. The agreement enables the Company to direct the activities that most significantly impact Anhui NIO AT’s economic performance, and enabled the Company to obtain substantially all of the economic benefits arising from them. Management concluded that Anhui NIO AT is a variable interest entity and the Company is the ultimate primary beneficiary of Anhui NIO AT and hence consolidates the financial results of Anhui NIO AT. In November 2022, concurrent with the termination of the said management agreement, the Group entered into a series of contractual arrangements with the Nominee Shareholders as well as Anhui NIO AT, including, among others, an exclusive business cooperation agreement, a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney. These agreements enable the Company to direct the activities that most significantly impact Anhui NIO AT’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Anhui NIO AT. Management concluded that Anhui NIO AT continues to be a variable interest entity and the Company remains as the ultimate primary beneficiary of Anhui NIO AT. Therefore, the Group continues to consolidate the financial results of Anhui NIO AT’s financial statements. The Group intends to obtain requisite licenses for certain supporting functions during the development of autonomous driving technology through Anhui NIO AT. For the years ended December 31, 2021 and 2022, the financial position, result of operations and cash flow activities of Anhui NIO AT were immaterial to the consolidated financial statements. Anhui NIO DT In October 2022, the Group entered into a series of contractual arrangements with Anhui NIO DT and its individual shareholders (the “Nominee Shareholders”), including, among others, an exclusive business cooperation agreement, a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney, which enable the Group to direct the activities that most significantly impact Anhui NIO DT’s economic performance and obtain substantially all of the economic benefits arising from Anhui NIO DT. Management concluded that Anhui NIO DT is a variable interest entity and the Company is the ultimate primary beneficiary of Anhui NIO DT and hence consolidates the financial results of Anhui NIO DT in the Group’s consolidated financial statements. The Group intends to provide insurance brokerage services which are mainly vehicle-related and property-related and to hold requisite licenses through Anhui NIO DT. For the year ended December 31, 2022, the financial position, result of operations and cash flow activities of Anhui NIO DT were immaterial to the consolidated financial statements. Shanghai Anbin The Company, the ultimate shareholder of NIO SH, was the ultimate primary beneficiary of Shanghai Anbin Technology Co., Ltd. (“Shanghai Anbin”) and its subsidiary and hence consolidated the financial results of Shanghai Anbin and its subsidiary in the Group’s consolidated financial statements, pursuant to a series of contractual agreements, including, among others, an exlusisve business corporation agreements, a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney entered into among NIO SH, Shanghai Anbin and its nominee shareholders in April 2018. On March 31, 2021, all parities agreed to terminate above mentioned contractual agreements, after which, the Company no longer the ultimate primary beneficiary of Shanghai Anbin and deconsolidated the financial results of Shanghai Anbin and its subsidiary. The deconsolidation of Shanghai Anbin and its subsidiary did not have significant impact on the Group’s consolidated financial statements. Before the deconsolidation, the financial position, result of operations and cash flow activities of Shanghai AnbinS and its subsidiary were immaterial to the consolidated financial statements. 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 RMB5.3 billion and RMB4.0 billion and RMB14.4 billion for the years ended December 31, 2020, 2021 and 2022, respectively. The Group incurred operating cash outflow of RMB 4.0 As of December 31, 2022, the Group’s balance of cash and cash equivalents was RMB19.9 billion and short-term investments of RMB19.2 billion and the Group had net current assets of RMB13.3 billion. Management has evaluated the sufficiency of its working capital and concluded that the Group’s available cash and cash equivalents and short-term investments will be sufficient to support its continuous operations and 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, 2022 | |
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 VIEs 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. The Company applies the guidance under Accounting Standard Codification 810, Consolidations (“ASC 810”) on accounting for the VIEs. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. ASC 810 requires variable interest entities to be consolidated by the primary beneficiary which has a controlling financial interest of variable interest entities. The Company is considered as the primary beneficiary of the VIEs and thus consolidates the financial statements each of these entities under U.S. GAAP. All significant transactions and balances between the Company, its subsidiaries and the VIEs 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, warranty liabilities, fair value of available-for-sale debt security investments, lower of cost and net realizable value of inventories, inventory valuation for excess and obsolete inventories, losses on purchase commitments, allowance for current expected credit loss, depreciable lives of property, equipment and software, subsequent measurement of equity securities measured under measurement alternatives, impairment of long-lived assets, valuation of deferred tax assets, valuation and recognition of share-based compensation arrangements, as well as current/non-current classification of receivables. 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 VIEs 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 income 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 income/(losses) were an income of RMB137,596, a loss of RMB230,345, and an income of RMB717,274 for the years ended December 31, 2020, 2021 and 2022, 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$ and 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 years ended December 31, 2022 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8972, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2022. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on, or December 31, 2022, 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. As disclosed in Note 2(n), the Group’s equity securities with readily determinable fair values is carried at fair value using quoted market prices that currently available on a securities exchange and classified within Level 1. The Group’s certain short-term investments in money market funds and financial products issued by banks are carried at fair value, which are classified within Level 2 and valued using directly or indirectly observable inputs in the market place. As of December 31, 2021 and 2022, such investments aggregately amounted to RMB27,773,387 and RMB12,781,060, respectively. As disclosed in Note 2(q), the Group’s derivative instruments are carried at fair value, which are classified within Level 2 and valued using indirectly observable inputs in the market place. As disclosed in Note 9, the Group’s available-for-sale debt security investments include investments the Company made in private companies in 2021 and 2022 which contains substantive redemption and preferential rights, and are classified within Level 3 for fair value measurement. As of December 31, 2021 and 2022, the carrying value of the investments were RMB680,723 and RMB1,648,861, respectively. The Company re-measured the fair value using a market approach by adopting a backsolve method, which determined the estimated fair value of the investments through comparison to a recent transaction and applied significant unobservable inputs and assumptions. For the year ended December 31, 2021 and 2022, RMB24,224 and RMB746,336, respectively, of fair value changes, net of tax, were recorded in other comprehensive income. The significant unobservable inputs adopted in the valuation as of December 31, 2021 and 2022 are as follows: December 31, 2021 December 31, 2022 Unobservable Input Expected volatility 61% 54%-61% Probability Liquidation scenario: 35% Liquidation scenario: 25%-40% 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, deposits and other receivables, available-for-sale debt security investments, trade and notes payable, amounts due to related parties, other payables, derivative instruments, short-term borrowings, lease liabilities and long-term borrowings. As of December 31, 2021 and 2022, other than as discussed above, the carrying values of these financial instruments approximated to their respective fair values. (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. Cash which 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) secured deposits held in designated bank accounts for borrowings and corporate bank credit cards, bank acceptance notes,letter of credit and letters of guarantee; and (b) time deposits that are pledged for property leases. The restricted cash is classified according to the contractual term of the restriction imposed. Cash, cash equivalents and restricted cash as reported in the consolidated statements of cash flows are presented separately on our consolidated balance sheets as follows: December 31, December 31, 2021 2022 Cash and cash equivalents 15,333,719 19,887,575 Restricted cash 2,994,408 3,154,240 Long-term restricted cash 46,437 113,478 Total 18,374,564 23,155,293 (h) Short-term investments Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year, which are stated at amortised cost, and investments in money market funds and financial products issued by banks, which are measured at fair value. As of December 31, 2021 and 2022, the short-term investments amounted to RMB37,057,554 and RMB19,171,017, respectively, among which, RMB6,646,299 and RMB12,259,459, were restricted as collateral for notes payable, bank borrowings and letter of guarantee as of December 31, 2021 and 2022, respectively. (i) Expected credit losses The Group accounts for the impairment of financial instruments in accordance with ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), effective from January 1, 2020. The Group’s trade and notes receivable, receivables of installment payments, deposits and other receivables are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables, prepayments, deposits and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Group adopted this ASC Topic 326 and several associated ASUs on January 1, 2020 using a modified retrospective approach with a cumulative effect recorded as increase of accumulated deficit with amount of RMB22,969. For the years ended December 31, 2020, 2021 and 2022, the Group recorded RMB9,654, RMB54,332 and RMB48,707, respectively, in expected credit loss provisions in selling, general and administrative expenses. As of December 31, 2022, the expected credit loss reserve for current and non-current assets are RMB50,415 and RMB89,641, respectively. As of December 31, 2021, the expected credit loss reserve for current and non-current assets are RMB42,040 and RMB49,309, respectively. Balance as at December 31, 2021 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 2,823,222 0.90 % 25,417 Amounts due from related parties 1,564,025 0.81 % 12,691 Prepayments and other current assets 1,854,075 0.21 % 3,932 Non-current assets: Other non-current assets 5,598,764 0.88 % 49,309 Balance as at December 31, 2022 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 5,157,814 0.77 % 39,644 Amounts due from related parties 1,387,694 0.49 % 6,738 Prepayments and other current assets 2,250,441 0.18 % 4,033 Non-current assets: Other non-current assets 7,488,200 1.20 % 89,641 (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 or accrues costs of inventory commitments based upon assumptions on current and future demand forecasts. If the inventory on hand or inventory purchase commitments is in excess of future demand forecast, the excess amounts are written down or accrued. 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) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant 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 Buildings and constructions 20 years Production facilities 10 years Charging & battery swap equipment 5 R&D equipment 5 years Computer and electronic equipment 3 years Purchased software 3 5 Leasehold improvements Shorter of the estimated useful life or remaining lease term (ranging from 1 10 Corporate vehicles 5 years Others (office equipment, after-sales equipment, etc) 3 Depreciation for mold and tooling is computed using the units-of-production method, including capitalized interest costs which are amortized over the total estimated units of production 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 useful life or units of production 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 consolidated statements of comprehensive loss. (l) 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 The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed. As of December 31, 2022, the intangible assets were fully amortised. The Group does not have indefinite lived intangible assets. (m) Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the respective lease period ranging from 491 (n) Long-term investments The Group’s long-term investments include equity investments in entities and debt security investments. 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 (“ASC 323”). Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. Equity securities with readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured at fair value, with changes in fair value reported through earnings. Equity securities without readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. Available-for-sale debt security investments are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in accumulated other comprehensive loss in the consolidated balance sheets. Gain or losses are realized when the investments are sold or when dividends are declared or payments are received or when other than temporarily impaired. Held-to-maturity debt security investment are reported at amortized cost. The securities are held to collect contractual cash flows, and the Group has the positive intent and ability to hold those securities to maturity. The Group monitors its investments measured under equity method for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. No impairment charge was recognized for the years ended December 31, 2020, 2021 and 2022. (o) 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 charges recognized for the years ended December 31, 2020, 2021 and 2022 was RMB25,757, nil and RMB35,011, respectively. (p) Warranty liabilities The Group accrues a warranty reserve for all new vehicles sold by the Group, which includes the Group’s best estimate of the projected costs to repair or replace items under warranty. 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 Group’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 Group 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, 2020 2021 2022 Warranty – beginning of year 412,004 952,946 1,962,977 Provision for warranty 582,069 1,078,854 1,128,920 Warranty costs incurred (41,127) (68,823) (144,960) Warranty– end of year 952,946 1,962,977 2,946,937 (q) Derivatives instruments and hedging Derivative instruments are carried at fair value, which generally represent the estimated amounts expect to receive or pay upon termination of the contracts as of the reporting date. Derivative financial instruments are not used for trading or speculative purposes. The Group has entered into several currency exchange forward contracts with certain commercial banks in PRC to mitigate the risks of foreign exchange gain/loss generated from the Group’s balances of cash and cash equivalents and short-term investments denominated in US dollars. As such instruments do not qualify for hedge accounting treatment, the Group records the changes in fair value of the derivatives in other (loss)/income, net, the same line item in which foreign exchange gain/loss is recognised, with offsetting effect. Total changes in fair value of the derivatives recorded in other (loss)/income, net, were an income of RMB228,887 and a loss of RMB668,051 for the years ended December 31, 2021 and 2022, respectively. The Group has entered into several swap contracts with a commercial bank to hedge the risks of commodity price associated with the forecasted purchasing transactions. The Group applies cash flow hedge accounting since the hedge relationship is effective. The changes in fair value of the hedging instruments are initially recorded in other comprehensive income, and the amounts in accumulated other comprehensive income related to the fair value changes in the hedging instruments are released into the Group’s earnings when the hedged items affect earnings. For the year ended December 31, 2022, both the changes in fair value of the hedging instruments through other comprehensive income and the amounts in accumulated other comprehensive income related to the fair value changes in the hedging instruments that were released into earnings were immaterial. As of December 31, 2022, all the swap contracts have been fully executed. (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 consolidated balance sheets 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. 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 packages, which is recorded as deferred revenue and advance from customers. As of December 31, 2021 and 2022, the balances of contract liabilities from vehicle sales contracts were RMB2,294,528 and RMB3,740,108, respectively. As of December 31, 2021 and 2022, the balances of contract liabilities from the sales of packages were RMB180,732 and RMB309,198, respectively. As of December 31, 2021 and 2022, the Company did not record any contract assets. The Group generates revenue from (i) vehicle sales, (ii) battery upgrade service, (iii) sales of charging piles, (iv) sales of packages, (v) automotive regulatory credits, and (vi) others. 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. In general, there are multiple distinct performance obligations explicitly stated in a series of contracts including sales of vehicles, home chargers, vehicle connectivity services, extended warranty and battery swapping service which are accounted for in accordance with ASC 606. In the PRC, initial users are entitled to vehicle connectivity services, extended warranty and battery swapping service. 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 and collected by the Group or Jianghuai Automobile Group Co., Ltd. (“JAC”) from the government. Such government subsidies to the customers are 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 instead of the Group and the buyer remains liable for such amount to the Group in the event the subsidies were not received by the Group. The Group or JAC applies and collects the payment on behalf of the customers. In the instance that some eligible customers elect installment payment for battery or the auto financing arrangements, the Group believes such arrangement contains a significant financing component and as a result adjusts the transaction price to reflect 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). Interest income from such arrangements with a significant financing component is presented as other sales. Receivables related to the battery installment payment and auto financing programs that are expected to be repaid by customers beyond one year of the dates of the financial statements are recognized as non-current assets. The difference between the gross receivable and the respective present value is recorded as unrealized finance income. Interest income from such arrangements with a significant financing component is presented separately from revenue from contracts with customers. 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 home chargers are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle connectivity service and battery swapping service, the Group recognizes the revenue over time using a straight-line metho |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements (a) Recently adopted accounting pronouncements In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832). This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Company adopted ASU No. 2020-01 from January 1, 2022, which did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASU 2020-04 are effective for the Company as of March 12, 2020 through December 31, 2022. The Company adopted this from January 1, 2022, which did not have a material impact on the Company’s consolidated financial statements. (b) Recently issued accounting pronouncements not yet adopted In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. If early adopted, the amendments are applied retrospectively to all business combinations for which the acquisition date occurred during the fiscal year of adoption. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which we adopted on January 1, 2020. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. |
Concentration and Risks
Concentration and Risks | 12 Months Ended |
Dec. 31, 2022 | |
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, short-term investment, trade receivable, amount due from related parties, deposits and other receivables. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2021 and 2022, the great majority 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 the United States which management believes are of high credit quality based on their credit ratings. (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 RMB10,453,728 and RMB13,012,259 as of December 31, 2021 and 2022, 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. ( d) Concentration of customers and suppliers The following tables summarized the customer with greater than 10% of the total revenue and account receivables: For the Year Ended December 31, 2020 2021 2022 Percentage of the total revenue Customer A * 12 % * December 31, December 31, 2021 2022 Percentage of the account receivables Customer A 36 % 21 % * Less than 10% The following tables summarized the supplier with greater than 10% of the total purchase and payables: For the Year Ended December 31, 2020 2021 2022 Percentage of the total purchase Supplier A 16 % 20 % 20 % December 31, December 31, 2021 2022 Percentage of the payables Supplier A 28 % 31 % |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Inventory | |
Inventory | 5. Inventory December 31, December 31, 2021 2022 Raw materials 1,008,348 2,974,125 Work in process 3,915 170,995 Finished Goods 826,011 4,685,790 Merchandise 220,931 510,143 Less: inventory provision (2,853) (149,667) Total 2,056,352 8,191,386 Raw materials primarily consist of materials for volume production as well as spare parts used for aftersales services. Finished goods include vehicles ready for transit at production factory, vehicles in transit to fulfill customer orders, new vehicles available for immediate sale at the Group’s sales and service center locations and charging piles. Merchandise includes accessories and branded merchandise which can be redeemed by customer loyalty program. Inventory write-downs recorded in cost of sales for the years ended December 31, 2020, 2021 and 2022 were RMB5,803, RMB1,105 and RMB148,729, respectively. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 Deductible VAT input 1,040,024 779,694 Prepayment to vendors 167,453 541,457 Deposits 84,421 349,651 Receivables from JAC 20,939 196,075 Receivables from third party online payment service providers 74,464 154,264 Receivable of reimbursement from the depositary bank 80,461 87,170 Interest receivable 97,734 10,167 Derivative assets (Note 2(q)) 104,277 — Other receivables 184,302 131,963 Less: Allowance for credit losses (3,932) (4,033) Total 1,850,143 2,246,408 The Group entered into several currency exchange forward contracts with certain commercial banks in PRC. Pursuant to these contracts, the Group agreed to sell US dollars to the banks in exchange for Renminbi at pre-arranged fixed foreign exchange rates on specific future dates with no upfront payments to mitigate the risks of foreign exchange gain/loss generated from the Group’s balances of cash and cash equivalents and short-term investments denominated in US dollars. The Group recorded these currency exchange forward contracts as derivative assets/liabilities at their fair values at each of reporting date. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment, Net | |
Property, Plant and Equipment, Net | 7. Property, Plant and Equipment, Net Property, plant and equipment and related accumulated depreciation were as follows: December 31, December 31, 2021 2022 Mold and tooling 2,354,411 3,901,436 Leasehold improvements 1,876,294 3,408,731 Charging & battery swap equipment 2,279,893 3,393,603 Production facilities 831,776 3,252,362 Construction in process 1,304,548 3,114,345 Computer and electronic equipment 575,364 1,250,861 Purchased software 493,374 985,141 R&D equipment 552,956 939,586 Buildings and constructions 875,562 890,576 Corporate vehicles 180,157 473,602 Others 274,906 991,597 Subtotal 11,599,241 22,601,840 Less: Accumulated depreciation (4,131,352) (6,901,232) Less: Accumulated impairment (68,373) (41,942) Total property, plant and equipment, net 7,399,516 15,658,666 The Group recorded depreciation expenses of RMB1,041,011, RMB1,702,559 and RMB2,874,912 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group reviews the useful lives and the estimated total units of production of its property, plant and equipment on regular basis. For the year ended December 31, 2022, in response to the planned products upgrade of certain existing vehicle models, the Group carried out an assessment on the useful lives of the production facilities based on the revised plan of future production volume of these vehicle models. This assessment resulted in the accelerated useful lives of certain production facilities which resulted in an increase in depreciation expense of RMB44,208, which is recorded in cost of sales for the year ended December 31, 2022. |
Land Use Rights, Net
Land Use Rights, Net | 12 Months Ended |
Dec. 31, 2022 | |
Land Use Rights, Net | |
Land Use Rights, Net | 8. Land Use Rights, Net Land use rights and related accumulated amortization were as follows: December 31, December 31, 2021 2022 Land use rights 216,489 235,198 Less: Accumulated amortization—land use rights (17,368) (22,595) Total land use rights, net 199,121 212,603 The Group recorded amortization expense for land use rights of RMB4,847, RMB4,847 and RMB5,227 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Long-term investments
Long-term investments | 12 Months Ended |
Dec. 31, 2022 | |
Long-term investments | |
Long-term investments | 9. Long-term investments The Company’s long-term investments consisted of the following: December 31, December 31, 2021 2022 Equity investments: Equity method investments (i) 820,294 1,325,800 Equity securities without readily determinable fair value (ii) 237,920 101,536 Equity securities with readily determinable fair value 20,446 48,290 Debt investments: Held-to-maturity debt securities – time deposit (iii) 1,300,000 3,231,924 Available-for-sale debt securities (iv) 680,723 1,648,861 Total 3,059,383 6,356,411 (i) Equity method investments In August 2020, the Group and three other third party investors jointly established the Battery Asset Company. The Group invested RMB200,000 in the Battery Asset Company and held 25% of the Battery Asset Company’s equity interests. In December 2020, the Battery Asset Company entered into an agreement with the other third-party investors for a total additional investment of RMB640,000 by those investors. In 2021, the Group invested an additional RMB270,000 and owned approximately 19.8% equity interests of the Battery Asset Company. In July 2022, the Battery Asset Company entered into an agreement with the other third-party investors for a total additional investment of RMB40,000 by those investors. As of December 31, 2022, the Group owns approximately 19.4% equity interests of the Battery Asset Company. The Group, as a major shareholder of the Battery Asset Company, is entitled to appoint one out of eight directors in the Battery Asset Company’s board of directors and can exercise significant influence over the Battery Asset Company. Therefore, the investment in the Battery Asset Company is accounted for using the equity method of accounting. In November 2021, the Group purchased an equity investment in an investment fund held by Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. (“Weilan”), a company controlled by the principal shareholder (and Chief Executive Officer) of the Company (Note 26), with the total consideration of RMB50,000. As at the date of purchase, such investment was recorded at fair value of RMB68,535 with the excessive amount of RMB18,535 over the purchase consideration of RMB50,000 being recorded as an additional paid in capital contribution from the shareholder. The Group has ownership interest of 1.03% in this fund but has the ability to exercise significant influence over this fund through its capacity as a member of its investment committee which determines the investment strategies and makes investment decisions for this fund. Therefore, the Group accounts for this investment under equity method. In April 2018, the Group and certain other third party investors jointly established a private company. The Group invested RMB112,500 and held 22.5% of its equity interests. The Group was entitled to appoint one out of five directors in its board of directors and could exercise significant influence over the private company. Therefore, the investment was accounted for under equity method. As of December 31, 2020, the carrying amount of the investment was nil due to the share of losses of the investee. In February 2021, with the dilution of the Group’s ownership in the investee to 4.5% as a result of a financing transaction completed by the investee which issued new shares to new investors, the Group, after taking into consideration unrecognized losses of the investee (any losses cumulatively in excess of carrying value), recognized a dilution gain of RMB104,653 in the share of income of equity investee as an indirect disposal with a like adjustment to the investment carrying amount. This gain became an addition to the Group’s new cost basis in this investment. Upon the completion of the financing transaction of the investee, the Group was no longer entitled to appoint director to this investee and hence lost the ability to exercise significant influence. As a result, the Group discontinued the equity method accounting and elected to account for this investment as an equity investment without a readily determinable fair value. Immediately following the discontinuation of the equity method accounting, the Group remeasured the investment at fair value of RMB133,767 with reference to the price of the financing and recorded a gain of RMB29,114. In 2022, the Group invested in several private funds as a limited partner with a total amount of RMB192,723. The Group is not able to control the investment committee which determines the investment strategies and makes investment decisions for these funds, nor is the Group entitled to replace the general partner through kick-out rights. However, with certain voting rights the Group is entitled to exercise significant influence over the funds. Therefore, the Group accounts for these investments under equity method. During the years ended December 31, 2020, 2021 and 2022, the Group recognized RMB66,030 of shares of loss of equity investees and RMB62,510 and RMB377,775 of shares of income of equity investees, respectively, from all of its equity method investments. As of December 31, 2021 and 2022, none of the Group’s equity method investment, both individually or in aggregate, was considered as significant under Reg S-X Rules. (ii) Equity securities without readily determinable fair value December 31, December 31, 2021 2022 Equity securities without readily determinable fair value: Initial cost 143,209 9,477 Net cumulative fair value adjustments 94,711 92,059 Carrying value 237,920 101,536 The Group has certain equity investments which are measured under the measurement alternative. During the years ended December 31, 2020, 2021 and 2022, in addition to the transaction discussed above, the Group invested RMB5,442, RMB4,000 and RMB35 in equity securities without readily determinable fair value, respectively. In 2022, the Group disposed an investment in equity securities without readily determineable fair values for total consideration of RMB194,063, and recorded the relevant gain of RMB60,296 in investment income. The Group re-measured these investments based on recent financing transactions of these investees, which were considered as observable transactions, and recorded fair value gains of nil, RMB94,711 and loss of RMB2,652 in investment income during the year ended December 31, 2020, 2021 and 2022, respectively. (iii) Held-to-maturity debt securities – time deposit Held-to-maturity investments represent time deposits in commercial banks with maturities of more than one year with carrying amounts of RMB1.3 billion and RMB3.2 billion as of December 31, 2021 and 2022 respectively. As of December 31, 2021 and 2022, the weighted average maturities periods are 2.2 and 1.9 years, respectively. (iv) Available-for-sale debt securities December 31, December 31, 2021 2022 Available-for-sale debt securities: Initial cost 650,000 671,567 Net cumulative fair value adjustments 30,723 977,294 Carrying value 680,723 1,648,861 In July 2021, the Company, together with several third party investors, established a fund with total capital contributions of RMB650,000, among which the Group contributed RMB550,000. According to the fund agreement, the fund is established for the sole purpose of investing in a pre-determined private company and the Company is able to unilaterally determine the operation and investment strategy of the fund. Therefore, the Company consolidated the financial statements of the fund. The investments provided by other investors to the fund with amount of RMB100,000 are classified as non-controlling interest. The fund purchased a minority interest of a private company that was pre-determined with total consideration of RMB650,000. Since the investment contains certain substantive preferential rights, including redemption at the holders’ option upon occurrence of certain contingent events that are out of the investee’s control and liquidation preference over the common shareholders, it is not considered as common stock or in-substance common stock and is therefore classified as available-for-sale debt investment which is measured at its fair value with the change of fair value recognized as other comprehensive income. In 2022, the Company entered into agreements with other third-party investors and disposed certain equity interests of this private company with the total consideration of RMB270,000 and recognized investment gain of RMB171,567, among which RMB4,652 were released from unrealized gains In July 2022, the Company invested in a private company with total consideration of RMB120,000. Since the investment contains certain substantive preferential rights, including redemption at the holders’ option upon occurrence of certain contingent events that are out of the investee’s control and liquidation preference over the common shareholders, it is not considered as common stock or in-substance common stock and is therefore classified as available-for-sale debt investment which is measured at its fair value with the change of fair value recognized as other comprehensive income. As of December 31, 2021 and 2022, the Company valued available-for-sale debt securities using a market approach by adopting a backsolve method which benchmarked to recent comparable financing transactions of these investments, and recognized a gain from the increase of the fair value of RMB30,723 and RMB946,571, respectively. After deducting the tax impact of RMB6,499 and RMB200,235, the Group recorded RMB24,224 and RMB746,336 in other comprehensive income, among which RMB4,727 and RMB151,299 was attributed to non-controlling interests. No impairment charges were recognized for the years ended December 31, 2020, 2021 and 2022. |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 Non-current portion of auto financing receivables 2,162,417 4,501,168 Non-current portion of national subsidy receivable 1,933,971 1,227,270 Long-term deposits 636,124 944,768 Non-current portion of prepayments for purchase of property, plant and equipment 376,675 433,750 Non-current portion of receivables of installment payments for battery 409,197 221,089 Non-current portion of right of use assets – finance lease 66,052 49,205 Others 14,328 110,950 Less: Allowance for credit losses (49,309) (89,641) Total 5,549,455 7,398,559 Long-term deposit mainly consists of deposits to vendors for guarantee of production capacity as well as rental deposit which will not be collectible within one year. |
Accruals and Other Liabilities
Accruals and Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 Payables for purchase of property, plant and equipment 1,458,767 4,172,758 Payable for R&D expenses 887,593 1,814,746 Salaries and benefits payable 972,333 1,525,366 Current portion of deferred revenue/income 746,453 1,273,779 Payables for marketing events 855,984 1,075,693 Accrued expenses 497,381 857,639 Advance from customers 638,147 833,779 Accrued costs of purchase commitments — 792,786 Warranty liabilities 518,426 669,793 Payables for traveling expenses of employees 26,212 44,942 Interest payables 41,147 32,271 Current portion of finance lease liabilities 27,815 30,609 Derivative Liabilities (Note 2(q)) — 16,435 Current portion of deferred construction allowance 32,254 13,307 Payable to employees for options exercised 151,158 792 Other payables 347,974 499,667 Total 7,201,644 13,654,362 For the year ended December 31, 2022, in response to the planned products upgrade of certain existing vehicle models, the Group provided the provision for purchase commitments mainly made for the excessive inventories that are specifically related to these vehicles with amount of RMB792,786. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings | |
Borrowings | 12. Borrowings Borrowings consist of the following: December 31, December 31, 2021 2022 Short-term borrowing Bank loan (i) 5,230,000 4,039,210 Current portion of convertible notes (ii) 1,228,278 — Current portion of long-term borrowings (iii) 39,840 108,320 Current portion of loan from joint investor (iv) 456,190 — Current portion of Asset-backed Securities and Notes (v) 343,654 1,129,596 Long-term borrowings: Bank loan (iii) 42,260 430,460 Convertible notes (ii) 9,440,626 10,155,599 Asset-backed Securities and Notes (v) 256,290 293,945 Other financing arrangements — 5,795 Total 17,037,138 16,162,925 (i) Short-term bank loan As of December 31, 2021, the Group obtained short-term borrowings from several banks of RMB5,230,000 in aggregate. The annual interest rate of these borrowings is approximately 2.95% to 4.45%. As of December 31, 2022, the Group obtained short-term borrowings from several banks of RMB4,039,210 in aggregate. The annual interest rate of these borrowings is approximately 1.95% to 3.5%. The short-term borrowings contain covenants including, among others, limitation on liens, consolidation, merger, sale of the Group’s assets and certain financial measures. The Group is in compliance with all of the loan covenants as of December 31, 2021 and 2022. As of December 31, 2021 and 2022, certain of the Group’s short-term borrowings were guaranteed by the Company’s subsidiaries or pledged with trade receivable of RMB440,159 and nil, short-term investments of RMB556,299 and RMB348,230, and restricted cash of RMB1,123,596 and RMB355,197, respectively. (ii) Convertible notes 2024 Notes In February 2019, the Group issued US$650,000 convertible senior notes and additional US$100,000 senior notes (collectively the “2024 Notes”) to the Notes purchasers (the “Notes Offering”). The 2024 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 2024 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 2024 Notes are entitled to require the Company to repurchase all or part of the 2024 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 2024 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 amortized as interest expenses using the effective interest method. The value of the 2024 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. In November 2020, US$7.0 in aggregate principal amount of such Notes were converted, pursuant to which the Company issued 735 Class A ordinary shares to the holders of such Notes. The balance of the Notes converted were derecognized and recorded as ordinary shares and additional paid-in capital. On January 15, 2021, the Company entered into separate and individually privately negotiated agreements with certain holders of its outstanding 2024 Notes to exchange US$581,685 principal amount of the outstanding 2024 Notes for 62,192,017 ADSs with a conversion premium of US$56,359 (the “2024 Notes Exchanges”). In connection with the 2024 Notes Exchanges, the Company also entered into agreements with certain financial institutions to terminate a portion of the capped call transactions and Zero-Strike Call transactions with the amount corresponding to the portion of the principal amount of the 2024 Notes that were exchanged. With above termination of the capped call transactions and Zero-Strike Call transactions, the Company received 16,402,643 treasury shares accordingly. For the 2024 Notes Exchanges, the 2024 Notes with carrying amount of US$578,902 were derecognised with a corresponding amount being recognised as share capital and additional paid-in capital. The conversion premium of US$56,359 was recorded as interest expenses according to ASC 470-20-40-16, which requires a reporting entity to recognize an expense equal to the fair value of the shares or other consideration issued to induce conversion, i.e., the excess of the fair value of all consideration transferred over the fair value of the securities transferred pursuant to the original conversion terms. For the terminations of the capped call transactions and Zero-Strike Call transactions, the amount of the purchase price of the capped call transactions and Zero-Strike Call transactions terminated of RMB1,849,600 that was previously recorded in the additional paid-in capital was reclassified to treasury stock. During the year ended December 31, 2021 and 2022, US$3,080 and US$1,642 in aggregate principal amount of such Notes were converted, pursuant to which the Company issued 316,979 and 172,631 Class A ordinary shares to the holders of such Notes respectively. The balance of the Notes converted were derecognized and was recorded as ordinary shares and additional paid-in capital. As of December 31, 2021, the Company reclassified the carrying value of the remaining 2024 Notes with the amount of RMB1,053,112 in current liabilities to reflect the early redemption right by 2024 Notes holders on February 1, 2022. Subsequently in 2022, no early redemption right were exercised by 2024 Notes holders. As of December 31, 2022, the carrying value of the remaining 2024 Notes with the amount of RMB1,144,464 were classified in non-current liabilities. Affiliate Notes 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 (collectively the “Affiliate Notes”). Tencent and Mr. Li each subscribed for US$100,000 principal amount of the convertible notes, each in two equally split tranches. The 360-day Notes would 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 15 th In September and December 2020, all of the 360-day Notes due in 2020 and US$50,000 in aggregate principal amount of the 3-year Notes due in 2022 were converted, pursuant to which the Company issued 49,582,686 Class A ordinary shares to the holders of such Notes. Such Notes were derecognized and recorded as ordinary shares and additional paid-in capital. In January 2021, US$22,526 (RMB148,393) in aggregate principal amount of the 3 2021 Notes In January and February 2020, the Company issued convertible notes to several third party investors with an aggregate principal amount of US$200,000. The Notes issued bore zero interest and matured on February 4, 2021 (collectively the “2021 Notes”). 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. The Notes were recorded in short-term borrowings with interest expenses accrued over the term using the effective interest method. The debt issuance cost were recorded as reduction to the short-term borrowings and are amortized as interest expenses using the effective interest method. In July and August 2020, all of such Notes were converted, pursuant to which the Company issued 65,146,600 ADSs to the holders of such Notes. Such Notes were derecognized and recorded as ordinary shares and additional paid-in capital. In March 2020, the Company issued convertible notes to several third party investors with an aggregate principal amount of US$235,000. The Notes issued bore zero interest and matured on March 5, 2021 (collectively the “2021 Notes”). Prior to maturity, holders of the Notes had 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. The Notes were recorded in short-term borrowings with interest expenses accrued over the term using the effective interest method. The debt issuance costs were recorded as reduction to the short-term borrowings and are amortized as interest expenses using the effective interest method. In September and October 2020, all of such Notes were converted, pursuant to which the Company issued 67,142,790 Class A ADSs to the holders of such Notes. Such Notes were derecognized and recorded as ordinary shares and additional paid-in capital. 2026 and 2027 Notes In January 2021, the Group issued US$750,000 convertible senior Notes due 2026 (the “2026 Notes”) and US$750,000 convertible senior Notes due 2027 (the “2027 Notes”). The 2026 Notes bears no interest and the 2027 Notes bears interest at a rate of 0.50% per year, which is payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021. Holders may convert their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 1, 2025, and holders may convert their 2027 Notes at their option prior to the close of business on the business day immediately preceding August 1, 2026. The initial conversion price is US$93.06 per ADS for the Notes, subject to customary anti-dilution adjustments. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at the Company’s discretion. Holders of the 2026 Notes have the right to require the Company to repurchase in cash for all or part of their Notes on February 1, 2024 or in the event of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased. Holders of the 2027 Notes have the right to require the Company to repurchase in cash for all or part of their Notes on February 1, 2025 or in the event of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest. The Company early adopted ASU 2020-06 which eliminates the cash conversion accounting models for 2026 Notes and 2027 Notes. Accordingly, the principal amount of these Notes was reported as one single unit of account in long-term borrowings at its principal amount, net of debt issuance costs of US$26,340, on the basis of not electing fair value option for the Notes and no substantial premium to be offered. The Notes are subsequently measured at amortized cost with interest expenses accrued over the term of these Notes using the effective interest method. As of December 31, 2021, the carrying amount of the Notes were RMB9,440,626. In 2022, the Group repurchased the aggregated portion of 2026 Notes with the carrying amount of US$190,962 (RMB1,317,106). As of December 31, 2022, the carrying amount of the remaining Notes were RMB9,011,135. (iii) Long-term bank loan As of December 31, 2021 As of December 31, 2022 Current portion Current portion Maturity/ Outstanding according to the Long-term Outstanding according to the Long-term Ref. Date of borrowing Lender/Banks Repayment date loan repayment schedule portion loan repayment schedule portion 1 December 24, 2020 Bank of Shanghai December 24, 2023 33,440 16,560 16,880 — — — 2 February 8, 2021 Bank of Shanghai February 8, 2024 48,660 23,280 25,380 — — — 3 March 7,2022 Bank of Beijing March 6,2024 — — — 149,000 2,000 147,000 4 June 15, 2022 Bank of Shanghai June 15, 2025 — — — 172,980 46,320 126,660 5 June 22, 2022 Hang Seng Bank June 22, 2024 — — — 180,000 60,000 120,000 6 July 25, 2022 China Construction Bank July 25, 2029 — — — 6,800 — 6,800 7 July 26, 2022 Industrial and Commercial Bank of China July 25, 2029 — — — 10,200 — 10,200 8 August 24, 2022 China Construction Bank July 25, 2029 — — — 19,800 — 19,800 Total 82,100 39,840 42,260 538,780 108,320 430,460 The long-term borrowings contain covenants including, among others, limitation on liens, consolidation, merger and sale of the Group’s assets and certain financial measures. The Group is in compliance with all of the loan covenants as of December 31, 2021 and 2022. As of December 31, 2021 and 2022, certain of the Group’s long-term borrowings were guaranteed by the Company’s subsidiaries or pledged with trade receivable of RMB104,424 and nil, respectively. As of December 31, 2021, the Group had bank facilities with aggregated amount of RMB29,340,000, of which RMB5,180,000, RMB590,000, RMB3,828,600 were utilized for borrowing, letters of guarantee, banker’s acceptance, respectively. As of December 31, 2022, the Group had bank facilities with aggregated amount of RMB56,121,492 which consists of non-collateral based bank facilities of RMB28,411,492 and collateral-based bank facilities of RMB27,710,000. Out of the total non-collateral bank facilities, RMB2,838,780, RMB3,264,275 and RMB350,000 were used for bank borrowing, issuance of letters of guarantee and banks’ acceptance notes, respectively. Out of the total collateral-based bank facilities, RMB2,650,000, RMB5,884,500 and RMB300,000 were used for issuance of letters of guarantee, bank’s acceptance notes and letter of credit, 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 PE WHJV. Wuhan Donghu subscribed for RMB384,000 paid in capital in PE WHJV with 49% of its shares. On June 30, 2017, September 29, 2017 and April 16, 2018, Wuhan Donghu injected RMB50,000, RMB100,000 and RMB234,000 paid in capital 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 promulgated 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 breach of the financial covenant. As of December 31, 2021, RMB72,190 of interest were accrued at the benchmark rate of medium and long-term loan announced by PBOC. In November 2022, the Group repaid the loan to Wuhan Donghu with total consideration of RMB473,200. Upon completion of this transaction, the Group held 100% of the shares of PE WHJV. (v) Asset-backed securities and notes The Group entered into several asset-backed securitization arrangements with third-party financial institutions and set up securitization vehicles to issue the senior debt securities and notes to third party investors, which are collateralized by the auto financing receivables (the “transferred financial assets”). The Group also acts as servicer to provide management, administration and collection services on the transferred financial assets. The Group consolidated the securitization vehicles as economic interests are retained in the form of subordinated interests. The proceeds from the issuance of debt securities and notes are reported as securitization debt. The securities and notes are due for repayment when collections on the underlying collateralized assets occur and the amounts are included in “Current portion of long-term borrowings” or “Long-term borrowings” according to the contractual maturities date of the debt securities and notes. As of December 31, 2021 and 2022, the balance of current portion of asset-backed securities and notes are RMB343,654 and RMB1,129,596, and the balance of non-current portion of asset-backed securities and notes are RMB256,290 and RMB293,945, respectively. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 Deferred revenue 1,451,313 2,288,111 Warranty liabilities 1,444,551 2,277,144 Deferred government grants 312,837 309,762 Non-current finance lease liabilities 31,646 14,457 Deferred construction allowance 12,298 3,555 Others 287,813 250,998 Total 3,540,458 5,144,027 Deferred government grants mainly consist of specific government subsidies for purchase of land use right and buildings, charging and battery swap equipment, which is amortized using the straight-line method as a deduction of the amortization or depreciation expense of the relevant assets over their remaining estimated useful life. Deferred construction allowance consists of long-term payable of construction projects, with payment terms over one year. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 14. Leases 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: December 31, December 31, 2021 2022 Operating leases: Right-of-use assets - operating lease 2,988,374 7,374,456 Current portion of operating lease liabilities 744,561 1,025,968 Non-current operating lease liabilities 2,317,193 6,517,096 Total operating lease liabilities 3,061,754 7,543,064 Finance leases: Right-of-use assets - finance lease 66,052 49,205 Current portion of finance lease liabilities 27,815 30,609 Non-current finance lease liabilities 31,646 14,457 Total finance lease liabilities 59,461 45,066 The components of lease expenses were as follows: Year Ended December 31, Lease cost: 2021 2022 Amortization of right-of-use assets 643,895 1,141,740 Interest of operating lease liabilities 105,990 310,701 Expenses for short-term leases within 12 months and other non-lease component 315,054 407,850 Total lease cost 1,064,939 1,860,291 Other information related to leases where the Group is the lessee is as follows: As of December 31, As of December 31, 2021 2022 Weighted-average remaining lease term: Operating leases 6.1 years 11.6 years Finance leases 3.1 years 2.9 years Weighted-average discount rate: Operating leases 5.63 % 5.09 % Finance leases 5.79 % 5.58 % Supplemental cash flow information related to leases where we are the lessee is as follows: For the Year Ended December 31, 2021 2022 Operating cash outflows from operating leases 707,721 1,280,125 Operating cash outflows from finance leases (interest payments) 4,199 4,906 Financing cash outflows from finance leases 32,873 27,489 Right-of-use assets obtained in exchange for lease liabilities 2,133,428 5,820,041 As of December 31, 2021 and 2022, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows: As of December 31, As of December 31 2021 2022 Operating Finance Operating Finance Leases Leases Leases Leases 2022 904,537 30,900 — — 2023 770,669 23,516 1,574,692 35,151 2024 517,892 9,021 1,426,176 17,299 2025 365,739 106 1,213,535 6,717 2026 266,738 35 1,038,903 6,277 2027 185,475 — 837,505 4,737 Thereafter 634,397 — 5,268,238 2,150 Total minimum lease payments 3,645,447 63,578 11,359,049 72,331 Less: Interest (583,693) (4,117) (3,815,985) (27,265) Present value of lease obligations 3,061,754 59,461 7,543,064 45,066 Less: Current portion (744,561) (27,815) (1,025,968) (30,609) Long-term portion of lease obligations 2,317,193 31,646 6,517,096 14,457 As of December 31, 2021 and 2022, the Group had future minimum lease payments for non-cancelable short-term operating leases of RMB194,067 and RMB304,213, respectively. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Revenue | 15. Revenue Revenue by source consists of the following: Year Ended December 31, 2020 2021 2022 Vehicle sales 15,182,522 33,169,740 45,506,581 Sales of packages and provision of power solution 244,072 526,171 857,912 Sales of charging piles 229,781 319,386 405,246 Sales of automotive regulatory credits 120,648 516,549 67,291 Battery upgrade service 5,346 291,218 64,123 Others 475,564 1,313,359 2,367,408 Total 16,257,933 36,136,423 49,268,561 For the years ended December 31, 2020, 2021 and 2022, revenue recognised at a point in time was RMB15,969,390, RMB35,416,050 and RMB47,734,716, respectively, and revenue recognised over time was RMB288,543, RMB720,373 and RMB1,533,845, respectively. |
Deferred Revenue_Income
Deferred Revenue/Income | 12 Months Ended |
Dec. 31, 2022 | |
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. Year Ended December 31, 2020 2021 2022 Deferred revenue/income–beginning of year 485,087 1,061,254 2,197,766 Additions 1,013,397 1,934,086 2,483,462 Recognition (432,069) (795,878) (1,124,186) Effects on foreign exchange adjustment (5,161) (1,696) 4,848 Deferred revenue/income–end of year 1,061,254 2,197,766 3,561,890 Deferred revenue mainly includes the transaction price allocated to the performance obligations that are unsatisfied, or partially satisfied, which mainly arises from the undelivered home chargers, the vehicle connectivity service, the extended warranty service, the points offered to customers as well as battery swapping service embedded in the vehicle sales contract, with unrecognized deferred revenue balance of RMB2,164,288 and RMB3,546,849 as of December 31, 2021 and 2022, respectively. The Group expects that approximately 35% of the transaction price allocated to unsatisfied performance obligation as at December 31, 2022 December 31, 2023 January 1, 2024 Deferred income includes the reimbursement from a depository bank in connection with the advancement of the Company’s ADS and investor relations programs in the next five years. The Company initially recorded the payment from the depository bank as deferred income and then recognized as other income over the beneficial period, with unrecognized deferred income balance of RMB33,478 and RMB15,041 as of December 31, 2021 and 2022, respectively. |
Manufacturing in collaboration
Manufacturing in collaboration with JAC | 12 Months Ended |
Dec. 31, 2022 | |
Manufacturing in collaboration with JAC | |
Manufacturing in collaboration with JAC | 17. Manufacturing in collaboration with JAC Since 2016, the Group have been partnering with Jianghuai Automobile Group Ltd., or JAC, a major state-owned automobile manufacturer in China, for the joint manufacturing of the Group’s vehicles. JAC built the JAC-NIO manufacturing plant in Hefei, Anhui province, the first advanced manufacturing base, or the F1 Plant, for the production of the ES8, the ES6, the EC6, the ET7 and potentially the Group’s other vehicle models. Further, in September 2022, the Group entered into a manufacturing cooperation agreement with JAC, under which JAC will jointly manufacture the ET5 and potentially the Group’s other vehicle models in the second advanced manufacturing base, or the F2 Plant, in NeoPark, a smart electric vehicle industry park at Xinqiao, Hefei. The fees payable to JAC under the above agreements consist of the following: (i) asset depreciation and amortization with regard to the assets JAC invested and to invest for the manufacture of NIO models as actually incurred, payable monthly and subject to adjustment annually; (ii) vehicle production and processing fees recorded on per-vehicle basis, payable monthly and subject to adjustment annually; (iii) purchase amount of certain production materials; and (iv) relevant tax. In addition, the Group also agreed to pay certain compensation up to a capped amount for JAC’s investment in F1 Plant, including for the land, factory and equipment. In conjunction with the aforementioned manufacturing cooperation agreement, in December 2022, the Group and JAC entered into an Asset Transfer Agreement where the Group agreed to sell and JAC agreed to acquire certain production facilities (the “Transferred Assets”) with a total consideration of RMB1.7 billion inclusive of tax. As of December 31, 2022, JAC had accepted the Transferred Assets and assumed the legal title of the Transferred Assets. Considering that (1) the The Transferred Assets are designated to be used for the manufacturing of the Group’s vehicle models only and do not have substantive alternative use; (2) all costs incurred in relation to the Transferred Assets, including depreciation and maintenance costs and relevant tax and surcharges, are undertaken by and charged to the Group; (3) the Group also has the right to obtain the economic benefits from all outputs of the Transferred Assets, management concluded that the Group still retained the control of the Transferred Assets and this transaction was a failed sale and leaseback transaction with no sales of the Transferred Assets recognized by the Group. The Transferred Assets continue to be accounted for as the Group’s property, plant and equipment subject to depreciation. The sales consideration from JAC will be recorded as a financing payable when the Group receives the cash. As of the date of issuance of this financial statements, JAC had not paid the consideration. For the years ended December 31, 2020, 2021 and 2022, the aggregate fees to JAC under the above collaboration arrangement were RMB531,565, RMB715,118 and RMB1,126,523, respectively, and were included in cost of sales. |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development Expenses | |
Research and Development Expenses | 18. Research and Development Expenses Research and development expenses consist of the following: For the Year Ended December 31, 2020 2021 2022 Employee compensation 1,362,231 2,658,158 6,684,971 Design and development expenses 778,463 1,572,834 3,276,915 Depreciation and amortization expenses 255,544 214,312 333,097 Rental and related expenses 51,123 53,846 193,132 Travel and entertainment expenses 15,720 43,732 111,531 Others 24,689 48,970 236,615 Total 2,487,770 4,591,852 10,836,261 |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
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: For the Year Ended December 31, 2020 2021 2022 Employee compensation 1,687,945 2,894,308 4,532,553 Marketing and promotional expenses 675,142 1,428,290 1,775,539 Rental and related expenses 498,601 845,512 1,336,575 Professional services 307,658 521,327 944,160 IT consumable, office supply and other low value consumable 69,954 247,828 545,498 Depreciation and amortization expenses 325,478 337,708 484,363 Other Taxes and Surcharges 70,220 198,572 285,076 Travel and entertainment expenses 39,328 80,726 162,924 Expected credit losses 9,654 54,332 48,707 Others 248,291 269,529 421,724 Total 3,932,271 6,878,132 10,537,119 |
Redeemable non-controlling inte
Redeemable non-controlling interests | 12 Months Ended |
Dec. 31, 2022 | |
Redeemable non-controlling interests | |
Redeemable non-controlling interests | 20. Redeemable non-controlling interests Investment in XPT Auto XPT Auto, the Group’s wholly owned subsidiary issued redeemable preferred share (“XPT Auto PS”) with amount of RMB1,269,900 in April 2018, to certain third party strategic investors. 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. For the year ended December 31, 2020, the Company recorded RMB104,270 of accretion on redeemable non-controlling interests to redemption value. In November 2020, the Company, through its wholly owned subsidiary, purchased all the equity interests in XPT Auto held by its minority shareholders with a cash consideration of RMB1.6 billion, which equaled to the redemption price. As a result, the Company indirectly wholly owned XPT Auto thereafter. The Company accounted for such transaction as an equity transaction. The equity interests held by the minority shareholders, which were recorded as redeemable non-controlling interests with the carrying value of RMB1.6 billion, were derecognized accordingly. Investment in NIO China On April 29, 2020, the Company and certain of its subsidiaries entered into definitive agreements, as amended and supplemented in May and June 2020, for investments in NIO China, with a group of investors (collectively, the “Strategic Investors”), pursuant to which, the Strategic Investors agreed to invest an aggregate of RMB7.0 billion in cash into NIO China for its non-controlling interest. In June and July 2020, the Company received RMB5.0 billion. On September 16, 2020, pursuant to a share transfer agreement, the Company repurchased 8.612% equity interests owned by one of the Strategic Investors with the total consideration of RMB511,458, consisting of the actual capital investment plus accrued interest, and the Group assumed the remaining cash consideration obligation of RMB2.0 billion of the strategic investors. On February 2021, the Group, purchased from two of the Strategic Investors an aggregate of 3.305% equity interests in NIO China for a total consideration of RMB5.5 billion and subscribed for newly increased registered capital of NIO China at a subscription price of RMB10.0 billion. In September 2021, the Company repurchased 1.418% equity interests from the strategic investors for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023,534 in accretion on redeemable non-controlling interests to redemption value. As of December 31, 2022, the Company held 92.114% controlling equity interests in NIO China. Each of the Strategic Investors has the right to request the Company to redeem their equity interests in NIO China at an agreed price in case of NIO China’s failure to submit the application for a qualified initial public offering in 48 months commencing from June 29, 2020, failure to complete a qualified initial public offering in 60 months commencing from June 29, 2020, or other events as set forth in the share purchase agreement. The agreed price is calculated based on each non-controlling shareholder’s cash investment to NIO China plus an annual interest rate of 8.5%. As the redemption is at the holders’ option and is upon the occurrence of the events that are not solely within the control of the Company, these Strategic Investors’ contributions in NIO China were classified as mezzanine equity and is subsequently accreted to the redemption price using the effective interest method with accretion recorded as a reduction of additional paid in capital. For the years ended December 31, 2020, 2021 and 2022, the Company recorded RMB207,400, RMB6,586,579 and RMB279,355 of accretion on redeemable non-controlling interests to redemption value. As of December 31, 2021 and 2022, the balance of redeemable non-controlling interests was RMB3,277,866 and RMB3,557,221, respectively. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2022 | |
Ordinary Shares | |
Ordinary Shares | 21. Ordinary Shares Upon inception, each ordinary share was issued at a par value of US$0.00025 per share. Various numbers of ordinary shares have been issued to share-based compensation award recipients since inception. Each Class A ordinary share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of our company, each Class B ordinary share shall entitle the holder thereof to four (4) votes on all matters subject to vote at general meetings of our company, and each Class C ordinary share shall entitle the holder thereof to eight (8) votes on all matters subject to vote at general meetings of our company. Each Class C ordinary share is convertible into one Class A ordinary share, whereas Class A ordinary shares are not convertible into Class C ordinary shares under any circumstances. Upon any transfer of Class C ordinary shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class C ordinary shares are automatically and immediately converted into the equal number of Class A ordinary shares. As of December 31, 2021 and 2022, the authorized share capital of the Company is US$1,000 divided into 4,000,000,000 shares, comprising of: 2,500,000,000 and 2,632,030,222 Class A Ordinary Shares, 132,030,222 and nil Class B Ordinary Shares and 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$0.00025 each of such class or classes as the board of directors may determine. In 2020, the Company consummated the follow-on offerings of a total of 82,800,000, 101,775,000 and 78,200,000 American depositary shares (the “ADSs”) at a price of US$ 5.95, US$17.00 and US$ 39.00 per ADS, respectively. In 2021, the Company completed the issuance of 53,292,401 ADSs with net proceeds of RMB12,677,554 (US$1,974,000) through an at-the-market offering. As disclosed in Note 12 (ii), in 2021 and 2022, certain convertible notes were converted by respective holders, pursuant ot which the Company issued 69,728,868 and 8,978,401 ADSs, respectively. Upon the Company’s listing of Class A ordinary shares on the Hong Kong Stock Exchange, all of the Company’s Class B ordinary shares were converted to Class A ordinary shares pursuant to the conversion notice delivered by the relevant shareholders. The shareholding structure of Class B ordinary shares and provisions related to Class B ordinary shares have been removed in the Company’s amended and restated memorandum and articles of association, as approved by the Company’s shareholders at the annual general meeting held at August 25, 2022. As of December 31, 2021 and 2022, 4,000,000,000 ordinary shares were authorized, 1,661,749,433 shares and 1,680,220,892 shares were issued, and 1,643,669,180 shares and 1,662,159,868 shares were outstanding, respectively. The share number excludes 38,884,788 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. |
Non-controlling interest
Non-controlling interest | 12 Months Ended |
Dec. 31, 2022 | |
Non-controlling interest | |
Non-controlling interest | 22. Non-controlling interest Investment in NIO AI Technology In March 2021, the Group established a subsdiary named NIO AI Technology by subscribing its ordinary shares with equity interests of 51% and the remaining interests held by an employee of the Group. In August 2022, the Group subscribed a certain number of Series Seed Preferred Shares issued by NIO AI Technology. Upon the completion of this transaction, the Group held 96.97% equity interests in NIO AI Technology and continued to control NIO AI Technology. The Group accounted for the change of equity interests in NIO AI as an equity transaction by adjusting the carrying value of the non-controlling interests and the Company’s additional paid-in capital with an amount of RMB 184,085 . |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation | |
Share-based Compensation | 23. Share-based Compensation Compensation expenses recognized for share-based awards granted by the Company were as follows: For the Year Ended December 31, 2020 2021 2022 Cost of sales 5,564 34,009 66,914 Research and development expenses 51,024 406,940 1,323,370 Selling, general and administrative expenses 130,506 569,191 905,612 Total 187,094 1,010,140 2,295,896 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, 2020, 2021 and 2022. (a) NIO Incentive Plans In 2015, the Company adopted the 2015 Stock Incentive Plan (the “2015 Plan”), which allows the plan administrator to grant share 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, 2017 Plan and 2018 Plans have a contractual term of seven four The Group recognized the share options and restricted shares of the Company granted to the employees of the Group on a straight-line basis over the vesting term of the awards, net of estimated forfeitures. (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, 2020, 2021 and 2022: 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, 2019 88,843,972 2.38 6.77 164,363 Granted 16,077,700 8.09 — — Exercised (15,253,500) 1.55 — — Cancelled (9,030,781) 3.02 — — Expired (1,318,892) 4.49 — — Outstanding as of December 31, 2020 79,318,499 3.59 6.39 3,581,119 Granted 2,468,150 13.89 — — Exercised (9,119,048) 2.31 — — Cancelled (2,143,711) 12.59 — — Expired (25,940) 19.03 — — Outstanding as of December 31, 2021 70,497,950 4.76 5.44 1,944,597 Granted 1,685,000 3.03 — — Exercised (4,533,690) 2.58 — — Cancelled (1,197,777) 10.76 — — Expired (467,608) 12.03 — — Outstanding as of December 31, 2022 65,983,875 3.57 4.51 465,353 Vested and expected to vest as of December 31,2022 65,832,596 3.56 4.51 464,324 Exercisable as of December 31, 2022 55,898,588 3.22 4.49 396,734 The total share-based compensation expenses recognized for share options during the years ended December 31, 2020, 2021 and 2022 was RMB177,543, RMB534,641 and RMB379,178, respectively. 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, 2020, 2021 and 2022 was US$4.03, US$33.54 and US$19.27, respectively, computed using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: For the Year Ended December 31, 2020 2021 2022 Exercise price (US$) 2.38 - 48.45 2.39 - 42.20 2.39 - 19.91 Fair value of the ordinary shares on the date of option grant (US$) 2.38 - 48.45 39.54 - 42.20 10.34 - 19.61 Risk-free interest rate 0.50 % - 1.00 % 1.08 % - 1.47 % 2.50 % - 2.56 % Exercise multiple 2.5 x 2.5 x 2.5 x Expected dividend yield 0 % 0 % 0 % Expected volatility 54 % - 55 % 55 % 56 % Expected forfeiture rate (post-vesting) 2 % - 6 % 2 % 1.5 % Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options. As of December 31, 2021 and 2022, there were RMB396,098 and RMB219,781 of unrecognized compensation expenses related to the stock options granted to the employees, which is expected to be recognized over a weighted-average period of 2.10, 1.32 and 0.77 years, respectively. (ii) Restricted shares The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant. Share-based compensation expenses of nil, RMB20,820 and RMB118,700 related to restricted shares granted to the employees of NIO US was recognized for the years ended December 31, 2020, 2021 and 2022, respectively. The following table summarizes activities of the Company’s restricted shares to US employees under the 2016 plan: Number of Restricted Weighted Average Shares Outstanding Grant Date Fair Value US$ Unvested at December 31, 2019 and December 31, 2020 — — Grant 1,179,976 41.87 Vested (1,728) 41.53 Forfeited (40,052) 40.09 Unvested at December 31, 2021 1,138,196 41.93 Grant 2,353,714 16.00 Vested (291,069) 36.44 Forfeited (232,483) 29.70 Unvested at December 31, 2022 2,968,358 23.87 As of December 31, 2021 and 2022, there were RMB283,784 and RMB428,463 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 3.83 and 3.48 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, 2020 1,735,744 40.05 Granted 22,551,227 36.55 Vested (841,014) 39.81 Forfeited (546,016) 36.22 Unvested at December 31, 2021 22,899,941 33.02 Granted 31,944,551 15.12 Vested (4,687,528) 34.49 Forfeited (3,172,211) 28.42 Unvested at December 31, 2022 46,984,753 22.88 As of December 31, 2021 and 2022, there were RMB472,628 and RMB6,525,925 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 3.65 and 3.32 years, respectively. Share-based compensation expenses of RMB9,551 and RMB437,166 and RMB1,744,712 related to restricted shares granted to the non-US employees was recognized for years ended December 31, 2020, 2021 and 2022, respectively. (b) Share-based compensation of subsidiaries In November 2021, a subsidiary of the Company (“Subsidiary A”) adopted the 2021 Share Incentive Plan (the “A Plan”) which allows Subsidiary A to grant share options to its employees. Under the A plan, the share options 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) of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest ratably over the following 36 months. Before the completion of Subsidiary A’s possible future initial public offering and listing, its employees are entitled to convert the vested share options to the Class A ordinary shares of the Company at a fixed conversion rate. The corresponding share options will be cancelled if the conversion right is exercised. The following table summarizes activities of A Plan for the year ended December 31, 2022: 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, 2020 — — — — Granted 31,931,249 0.00001 — — Outstanding as of December 31, 2021 31,931,249 0.00001 9.84 35,888 Vested (1,387,401) 0.00001 — — Outstanding as of December 31, 2022 30,543,848 0.00001 8.84 34,337 The weighted average grant date fair value of options granted was US$1.12 per share. The estimated fair value of each option granted is estimated on the date of grant using the binominal option-pricing model with the assumptions (or ranges thereof) in the following table: For the Year Ended December 31, 2021 and 2022 Fair value of the ordinary shares on the date of option grant (US$) 1.00-1.01 Risk-free interest rate 1.58 % Expected term (in years) 10 Expected dividend yield 0 % Expected volatility 52 % Expected forfeiture rate (post-vesting) 2 % For the year ended December 31, 2021 and 2022, total share-based compensation expenses for the share options granted under A Plan were RMB17,513 and RMB53,306, respectively. As of December 31, 2021 and 2022, there were RMB211,178 and RMB170,091 of unrecognized share-based compensation expenses related to the share options granted. The expenses were expected to be recognized over a weighted-average period of 3.2 and 2.2 years, respectively. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Taxation | |
Taxation | 24. 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, Germany, Norway and Netherlands. 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 Effective January 1, 2008, the Enterprise Income Tax Law (the “EIT Law”) in China unifies the enterprise income tax rate for the entities incorporated in China at 25%, unless they are eligible for preferential tax treatment, which will be granted to companies conducting businesses in certain encouraged sectors. NIO R&D, the Company’s subsidiary engaging in design and technology development activities, was qualified as a “high and new technology enterprise” (“HNTE”) for the fiscal years from 2022 to 2024, which entitled the entity a preferential tax rate of 15%. The qualification as HNTE is subject to self-evaluation, and the relevant documents should be retained for future examination purpose. Upon the expiration of qualification, re-accreditation of certification from the relevant authorities is necessary for the entities to continue enjoying the preferential tax treatment. The remaining 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 200% or 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 100% or 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 8.25% profit tax on the first HKD2,000 taxable income and 16.5% profit tax on the remaining 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, 2020, 2021 and 2022 are as follows: For the Year Ended December 31, 2020 2021 2022 United States 29.84 % 29.84 % 29.84 % United Kingdom 19.00 % 19.00 % 19.00 % Germany 32.98 % 32.98 % 32.98 % Norway — 22.00 % 22.00 % Netherlands — 25.00 % 25.80 % Composition of income tax expense for the periods presented are as follows: For the Year Ended December 31, 2020 2021 2022 Current income tax expense 6,368 23,565 62,348 Deferred income tax expense — 18,700 (7,245) Total 6,368 42,265 55,103 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, 2020 2021 2022 Loss before income tax expense (5,297,714) (3,974,684) (14,382,001) Income tax benefit computed at PRC statutory income tax rate of 25% (1,324,429) (993,671) (3,595,500) Non-deductible expenses 47,151 29,325 23,484 Foreign tax rates differential (81,668) 100,690 395,543 Additional 100%/75% tax deduction for qualified research and development expenses (36,775) (546,805) (750,736) FDII Deduction — — (10,356) Tax exempted interest income — (2,194) (8,847) Non-taxable offshore income (523,276) — — US tax credits (21,633) (30,273) (45,446) Prior year True-ups — 286,693 110,581 Effect of tax rate change — — 490,855 Prior year adjustments (4,324) — — Others 1,241 (1,206) (5,154) Change in valuation allowance 1,950,081 1,199,706 3,450,679 Income tax expense 6,368 42,265 55,103 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 primarily considers the nature, frequency and extent of the losses incurred and other historical objective evidences, as well as the considerations of forecasts of future profitability. These assumptions require significant judgment on the forecasts of future taxable income. The PRC 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 and liabilities consist of the following components: As of December 31, 2020 2021 2022 Deferred tax assets Net operating loss carry-forwards 6,831,387 7,294,844 9,711,744 Accrued and prepaid expenses 534,693 1,136,278 1,666,519 Deferred revenue 251,778 559,815 940,633 Tax credit carry-forwards 233,326 243,198 301,437 Property, plant and equipment, net 64,191 — — Unrealized financing income 40,800 28,796 33,140 Intangible assets 36,702 85,439 89,328 Allowance against receivables 9,027 19,500 27,386 Deferred rent 9,791 — 29,731 Share-based compensation 6,857 10,695 6,951 Write-downs of inventory 1,162 713 452 Advertising expenses in excess of deduction limit 507 705 188 Equity securities with readily determinable fair value — — 150 Unrealized foreign exchange loss (971) — 1,704 Others 269 711 4,224 Less: Valuation allowance (8,019,519) (9,216,725) (12,727,355) Subtotal — 163,969 86,232 Deferred tax liabilities Equity securities without readily determinable fair value — (15,975) (6,435) Equity securities with readily determinable fair value — (2,725) — Equity method investments — — (5,170) Available for sale debt investment — (6,499) (206,734) Property, plant and equipment, net — (143,512) (86,082) Deferred rent — (18,752) — Unrealized foreign exchange loss — (1,705) — Subtotal — (189,168) (304,421) Total deferred tax liabilities, net — (25,199) (218,189) 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, 2020 2021 2022 Valuation allowance Balance at beginning of the year 6,879,030 8,019,519 9,216,725 Additions 1,140,489 1,199,706 3,510,630 Balance at end of the year 8,019,519 9,216,725 12,727,355 The Group has tax losses arising in Mainland China of RMB37,979,030 that will expire in one Loss expiring in 2023 1,213,835 Loss expiring in 2024 2,356,711 Loss expiring in 2025 4,094,099 Loss expiring in 2026 7,191,472 Loss expiring in 2027 9,090,262 Loss expiring in 2028 1,606,792 Loss expiring in 2029 5,334,423 Loss expiring in 2030 — Loss expiring in 2031 — Loss expiring in 2032 7,091,436 Total 37,979,030 The Group has tax losses arising in Hong Kong of RMB2,958,339 for which could be carried forward indefinitely against future taxable income. The Group has tax losses arising in United States of RMB4,124, RMB566,143 and RMB1,650,179 that will expire in fourteen, fifteen and infinite years for deduction against future taxable income. As of December 31, 2021 and 2022, the Group provided full valuation allowances for above net operating loss carry-forwards. 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, 2022. Tax years subject to examination by major jurisdictions In general, the PRC tax authorities have up to five years to review a company’s tax filings. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2018 through 2022 remain subject to the review by the relevant PRC tax authorities. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Loss Per Share | |
Loss Per Share | 25. 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, 2020, 2021 and 2022 as follows: For the Year Ended December 31, 2020 2021 2022 Numerator: Net loss (5,304,082) (4,016,949) (14,437,104) Accretion on redeemable non-controlling interests to redemption value (311,670) (6,586,579) (279,355) Net loss attributable to non-controlling interests 4,962 31,219 157,014 Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (5,610,790) (10,572,309) (14,559,445) Denominator: Weighted-average number of ordinary shares outstanding – basic and diluted 1,182,660,948 1,572,702,112 1,636,999,280 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (4.74) (6.72) (8.89) For the years ended December 31, 2020, 2021 and 2022, the Company had potential ordinary shares, including non-vested restricted shares, option granted and convertible notes. As the Group incurred losses for the years ended December 31, 2020, 2021 and 2022, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company. The weighted average numbers of these potential ordinary shares outstanding are as following: For the Year Ended December 31, 2020 2021 2022 Restricted shares — 1,358,110 4,051,753 Outstanding weighted average options granted 52,558,756 56,768,907 55,132,378 Convertible notes 183,942,782 45,323,169 37,671,003 Total 236,501,538 103,450,186 96,855,134 |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Balances and Transactions | |
Related Party Balances and Transactions | 26. 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 Kunshan Siwopu Intelligent Equipment Co., Ltd. An investee of the Group Nanjing Weibang Transmission Technology Co., Ltd. An investee of the Group Wuhan Weineng Battery Assets Co., Ltd. An investee of the Group Xunjie Energy (Wuhan) Co., Ltd. An investee of the Group Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. An investee of the Group Beijing Bit Ep Information Technology Co., Ltd. Controlled by Principal Shareholder Beijing Weixu Business Consulting Co., Ltd. Significantly influenced by Principal Shareholder Beijing Yiche Information Science and Technology Co., Ltd. Controlled by Principal Shareholder Beijing Yiche Interactive Advertising Co., Ltd. Controlled by Principal Shareholder Hefei Chuangwei Information Consultation Co., Ltd. Controlled by Principal Shareholder Huang River Investment Limited Controlled by Principal Shareholder Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. Controlled by Principal Shareholder Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. Significantly influenced by Principal Shareholder Serene View Investment Limited Controlled by Principal Shareholder Shanghai Weishang Business Consulting Co., Ltd. Significantly influenced by Principal Shareholder Shanghai Yiju Information Technology Co., Ltd. Controlled by Principal Shareholder Tianjin Boyou Information Technology Co., Ltd. Controlled by Principal Shareholder Wistron Info Comm (Kunshan) Co., Ltd. Non-controlling shareholder of subsidiary Xtronics Innovation Ltd. Non-controlling shareholder of subsidiary In December 2020, Mr. Bin Li resigned as chairman of the Board in Beijing Bitauto Interactive Technology Co., Ltd.. Since then, Beijing Bitauto Interactive Technology Co., Ltd., Beijing Xinyi Hudong Guanggao Co., Ltd., Bite Shijie (Beijing) Keji Co., Ltd. and Beijing Chehui Hudong Guanggao Co., Ltd. were no longer controlled by Mr. Bin Li, and were no longer the Group’s related parties. In February 2022, the Group disposed its equity interests in Suzhou Zenlead XPT New Energy Technologies Co., Ltd.. Since then, Suzhou Zenlead 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, 2020, 2021 and 2022, service income was primarily generated from property management , For the Year Ended December 31, 2020 2021 2022 Wuhan Weineng Battery Assets Co., Ltd. 38 56,095 120,967 Nanjing Weibang Transmission Technology Co., Ltd. 1,523 1,586 1,683 Beijing Weixu Business Consulting Co., Ltd. — 220 37 Total 1,561 57,901 122,687 (ii) Acceptance of advertising and IT support services For the Year Ended December 31, 2020 2021 2022 Tianjin Boyou Information Technology Co., Ltd. 1,594 217 8,984 Beijing Bit Ep Information Technology Co., Ltd. 4,159 4,533 — Beijing Yiche Interactive Advertising Co., Ltd. — 472 — Beijing Chehui Hudong Guanggao Co., Ltd. 92,356 — — Beijing Xinyi Hudong Guanggao Co., Ltd. 39,919 — — Beijing Yiche Information Science and Technology Co., Ltd. 280 — — Shanghai Yiju Information Technology Co., Ltd. 142 — — Bite Shijie (Beijing) Keji Co., Ltd. 47 — — Total 138,497 5,222 8,984 (iii) Cost of manufacturing consignment For the Year Ended December 31, 2020 2021 2022 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 174,680 89,286 — In February 2022, Suzhou Zenlead XPT New Energy Technologies Co., Ltd. paid considerations of RMB 46,610 to the Group to settle the outstanding warranty obligations to the Group in connection with the manufacturing consignment of batteries for the Group. (iv) Purchase of raw material or property, plant and equipment For the Year Ended December 31, 2020 2021 2022 Kunshan Siwopu Intelligent Equipment Co., Ltd. 22,797 876,510 728,096 Nanjing Weibang Transmission Technology Co., Ltd. 114,329 213,867 248,604 Xunjie Energy (Wuhan) Co., Ltd. 460 67,350 90,132 Total 137,586 1,157,727 1,066,832 (v) Sales of goods For the Year Ended December 31, 2020 2021 2022 Wuhan Weineng Battery Assets Co., Ltd. 290,135 4,138,187 3,103,871 Hefei Chuangwei Information Consultation Co., Ltd. — — 1,798 Shanghai Weishang Business Consulting Co., Ltd. — 157 229 Beijing Yiche Interactive Advertising Co., Ltd. 1,453 485 — Kunshan Siwopu Intelligent Equipment Co., Ltd. — 370 — Beijing Bit Ep Information Technology Co., Ltd. 4,402 — — Beijing Bitauto Interactive Technology Co., Ltd. 1,974 — — Beijing Yiche Information Science and 525 — — Total 298,489 4,139,199 3,105,898 (vi) Acceptance of R&D and maintenance service For the Year Ended December 31, 2020 2021 2022 Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. — — 107,144 Kunshan Siwopu Intelligent Equipment Co., Ltd. 1,449 7,265 13,956 Wuhan Weineng Battery Assets Co., Ltd. — — 8,508 Xunjie Energy (Wuhan) Co., Ltd. — 929 3,735 Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. — — 3,015 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 1,953 — — Total 3,402 8,194 136,358 (vii) Loan from related party For the Year Ended December 31, 2020 2021 2022 Beijing Bitauto Interactive Technology Co., Ltd. 260,000 — — In 2020, the Company signed loan agreements with Beijing Bitauto Interactive Technology Co., Ltd. for an aggregate loan amount of RMB260,000 at an interest rate of 6%. As of December 31, 2021, the loans have been fully repaid by the Company. (viii) Sale of raw material or property, plant and equipment For the Year Ended December 31, 2020 2021 2022 Wuhan Weineng Battery Assets Co., Ltd. 120 — 1,012 Wistron Info Comm (Kunshan) Co., Ltd. 358 — — Total 478 — 1,012 (ix) Convertible notes issued to related parties and interest accrual For the Year Ended December 31, 2020 2021 2022 Huang River Investment Limited 22,018 15,316 13,712 Serene View Investment Limited 101,927 — — Total 123,945 15,316 13,712 (x) Purchase of equity investee Year Ended December 31, 2020 2021 2022 Weilan (Note 9) — 50,000 — (b) The Group had the following significant related party balances: (i) Amounts due from related parties As of December 31, 2021 2022 Wuhan Weineng Battery Assets Co., Ltd. 1,563,757 1,376,584 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 8,647 Hefei Chuangwei Information Consultation Co., Ltd. — 2,032 Nanjing Weibang Transmission Technology Co., Ltd. 268 283 Shanghai Weishang Business Consulting Co., Ltd. — 148 Total 1,564,025 1,387,694 (ii) Amounts due to related parties As of December 31, 2021 2022 Kunshan Siwopu Intelligent Equipment Co., Ltd. 426,420 262,712 Wuhan Weineng Battery Assets Co., Ltd. — 58,497 Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. — 23,279 Nanjing Weibang Transmission Technology Co., Ltd. 58,025 22,293 Xunjie Energy (Wuhan) Co., Ltd. 32,186 14,517 Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. — 3,015 Wistron Info Comm (Kunshan) Co., Ltd. 2,339 167 Xtronics Innovation Ltd. 1,161 83 Tianjin Boyou Information Technology Co., Ltd. — 48 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 165,219 — Beijing Bit Ep Information Technology Co., Ltd. 1,350 — Beijing Yiche Interactive Advertising Co., Ltd. 500 — Total 687,200 384,611 (iii) Short-term borrowing and interest payable As of December 31, 2021 2022 Huang River Investment Limited 381,785 3,918 (iv) Long-term borrowing As of December 31, 2021 2022 Huang River Investment Limited — 208,938 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitment and Contingencies | |
Commitment and Contingencies | 27. Commitment and Contingencies (a) Capital commitments Capital expenditures contracted for at the balance sheet dates but not recognized in the Group’s consolidated financial statements are as follows: As of December 31, 2021 2022 Property, plant and equipment 2,987,743 4,541,383 Leasehold improvements 392,910 807,666 Total 3,380,653 5,349,049 (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, two securities class actions remain pending in the U.S. District Court for the Eastern District of New York (E.D.N.Y.) and Southern District of New York (S.D.N.Y.). In the E.D.N.Y. action, the Company and other defendants filed their Motion to Dismiss on October 19, 2020. Certain of the Company’s directors and officers, who were named as defendants in this action, joined the company’s Motion. On August 12, 2021, the Court denied the Motion to Dismiss. The action has since proceeded to the discovery stage, which is currently ongoing. Briefing on Plaintiffs’ Motion for Class Certification was completed in December 2022, with a ruling still pending. In the New York county action, by an order dated March 23, 2021, the Court granted the plaintiffs’ motion to lift the stay in favor of the federal action. Plaintiffs subsequently filed an amended complaint on April 2, 2021.The Company and other defendants filed a motion to dismiss on May 17, 2021. Briefing on the Motion to Dismiss was completed on August 2, 2021. The Court’s decision on the Motion is pending. On October 4, 2021, the Court granted the Company and other Defendants’ Motion to Dismiss. Plaintiffs subsequently filed a notice of appeal to the Appellate Division of the New York State Court. On December 8, 2022, the Appellate Division affirmed the dismissal of Plaintiffs’ claims. On March 22, 2021, two individual plaintiffs filed a complaint in the Superior Court of the State of California, County of Santa Clara against the Company, several of its subsidiaries and certain individual defendants. Plaintiffs allege that they were former employees or contractors of the Company and its subsidiaries and that they had been discriminated and wrongfully terminated by the Company and its subsidiaries, allegedly in violation of various state and federal laws. Plaintiffs seek compensatory damages, including back pay, equity and lost earnings, the amounts of which have yet to be ascertained. On July 7, 2021, two of the Company’s subsidiaries filed a request to remove the case from state to federal court. Plaintiffs opposed the removal. On May 3, 2022, the Federal District Court remanded the case to the state court. On June 2, 2022, the Company filed a motion to quash service of the complaint for lack of personal jurisdiction with the Superior Court of the State of California. On September 22, 2022, the Court issued an order finding that Plaintiffs have not met their burden to establish the court’s jurisdiction over the Company, but also granted limited jurisdictional discovery. The Company is conferring with co-defendants and Plaintiffs regarding production of documents. Between August and September 2022, two complaints were filed against the Company, its CEO and its CFO in the federal district court for the Southern District of New York (S.D.N.Y.), in the actions captioned Saye v. NIO Inc. et al., Case No. 1:22-cv-07252 (S.D.N.Y.) and Bohonok v. NIO Inc. et al., Case No. 1:22-cv-07666 (S.D.N.Y.). Relying on a short seller report, these complaints allege that certain of the Company’s public disclosures between Q3 2020 and Q1 2022 contained false statements or omissions in violation of the Securities Exchange Act of 1934. On December 14, 2022, the Court consolidated the two actions and appointed lead plaintiff. The lead plaintiff filed an amended complaint on February 28, 2023, to which the Company will respond in due course. These actions remain in their preliminary stages. The Company is currently unable to determine the outcomes of these actions or any estimate of the amount or range of any potential loss, if any, associated with resolution of such lawsuits, if they proceed. The Group is subject to legal proceedings and regulatory actions in the ordinary course of business, such as disputes with landlords, suppliers, employees, etc. The results of such proceedings cannot be predicted with certainty, but the Group does not anticipate that the final outcome arising out of any of such matters will have a material adverse effect on the consolidated balance sheets, comprehensive loss or cash flows on an individual basis or in the aggregate. As of December 31, 2021 and 2022, other than as disclosed above, the Group is not a party to any material legal or administrative proceedings. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent events | |
Subsequent Events | 28. Subsequent Events No subsequent event which had a material impact on the Group was identified through the date of issuance of the financial statements. |
Parent Company (the "Company")
Parent Company (the "Company") Only Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company (the "Company") Only Financial Information | |
Parent Company (the "Company") Only Financial Information | 29. Parent Company (the “Company”) Only 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 dividends 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 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, 2022. Condensed Balance Sheets As of December 31, 2021 2022 2022 RMB RMB US$ Note 2(e) ASSETS Current assets: Cash and cash equivalents 2,207,347 7,076,550 1,026,003 Restricted cash 1,123,596 — — Short-term investments 11,495,387 696,460 100,977 Amounts due from subsidiaries of Group 138,415 6,657,631 965,266 Amounts due from related parties 80 87 13 Prepayments and other current assets 91,252 114,263 16,567 Total current assets 15,056,077 14,544,991 2,108,826 Non-current assets: Investments in subsidiaries and VIEs 30,541,632 21,328,304 3,092,313 Total non-current assets 30,541,632 21,328,304 3,092,313 Total assets 45,597,709 35,873,295 5,201,139 LIABILITIES Current liabilities: Amounts due to subsidiaries of the Group 25,348 1,775,951 257,489 Current portion of long-term borrowings 1,228,278 — — Accruals and other liabilities 179,765 73,580 10,668 Total current liabilities 1,433,391 1,849,531 268,157 Long-term borrowings 9,440,625 10,155,599 1,472,423 Deferred revenue 13,769 — — Total non-current liabilities 9,454,394 10,155,599 1,472,423 Total liabilities 10,887,785 12,005,130 1,740,580 SHAREHOLDERS’ EQUITY Class A Ordinary Shares 2,418 2,668 387 Class B Ordinary Shares 220 — — Class C Ordinary Shares 254 254 37 Treasury shares (1,849,600) (1,849,600) (268,167) Additional paid in capital 92,467,072 94,593,062 13,714,705 Accumulated other comprehensive loss (276,300) 1,036,011 150,208 Accumulated deficit (55,634,140) (69,914,230) (10,136,611) Total shareholders’ equity 34,709,924 23,868,165 3,460,559 Total liabilities and shareholders’ equity 45,597,709 35,873,295 5,201,139 Condensed Statements of Comprehensive Loss For the Year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(e) Operating expenses: Selling, general and administrative (7,463) (4,735) (24,039) (3,485) Total operating expenses (7,463) (4,735) (24,039) (3,485) Loss from operations (7,463) (4,735) (24,039) (3,485) Interest and investment income 10,086 61,292 207,057 30,020 Interest expense (312,662) (471,270) (113,277) (16,424) Gain on extinguishment of debt — — 138,332 20,056 Equity in loss of subsidiaries and VIEs (5,089,371) (3,632,893) (14,138,689) (2,049,917) Other income/(loss), net 100,290 61,876 (351,874) (51,016) Loss before income tax expense (5,299,120) (3,985,730) (14,282,490) (2,070,766) Income tax expense — — 2,400 348 Net loss (5,299,120) (3,985,730) (14,280,090) (2,070,418) Accretion on redeemable non-controlling interests to redemption value (311,670) (6,586,579) (279,355) (40,503) Net loss attributable to ordinary shareholders of NIO Inc. (5,610,790) (10,572,309) (14,559,445) (2,110,921) Net loss (5,299,120) (3,985,730) (14,280,090) (2,070,418) Total comprehensive loss (5,161,524) (4,196,578) (12,967,779) (1,880,150) Accretion on redeemable non-controlling interests to redemption value (311,670) (6,586,579) (279,355) (40,503) Comprehensive loss attributable to ordinary shareholders of NIO Inc. (5,473,194) (10,783,157) (13,247,134) (1,920,653) Condensed Statements of Cash Flows For The Year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (2,460,216) (8,697) (4,949,308) (717,582) CASH FLOWS FROM INVESTING ACTIVITIES Net cash (used in)/provided by investing activities (12,998,602) (40,770,898) 9,140,766 1,325,286 CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by/(used in) financing activities 37,867,127 22,382,871 (1,135,316) (164,605) Effects of exchange rate changes on cash and cash equivalents (246,484) (445,787) 689,465 99,963 NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 22,161,825 (18,842,511) 3,745,607 543,062 Cash, cash equivalents and restricted cash at beginning of the year 11,629 22,173,454 3,330,943 482,941 Cash, cash equivalents and restricted cash at end of the year 22,173,454 3,330,943 7,076,550 1,026,003 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 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 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 Statements of Comprehensive Loss. The parent company only financial information should be read in conjunction with the Group’s consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 VIEs 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. The Company applies the guidance under Accounting Standard Codification 810, Consolidations (“ASC 810”) on accounting for the VIEs. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. ASC 810 requires variable interest entities to be consolidated by the primary beneficiary which has a controlling financial interest of variable interest entities. The Company is considered as the primary beneficiary of the VIEs and thus consolidates the financial statements each of these entities under U.S. GAAP. All significant transactions and balances between the Company, its subsidiaries and the VIEs 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, warranty liabilities, fair value of available-for-sale debt security investments, lower of cost and net realizable value of inventories, inventory valuation for excess and obsolete inventories, losses on purchase commitments, allowance for current expected credit loss, depreciable lives of property, equipment and software, subsequent measurement of equity securities measured under measurement alternatives, impairment of long-lived assets, valuation of deferred tax assets, valuation and recognition of share-based compensation arrangements, as well as current/non-current classification of receivables. 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 VIEs 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 income 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 income/(losses) were an income of RMB137,596, a loss of RMB230,345, and an income of RMB717,274 for the years ended December 31, 2020, 2021 and 2022, 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$ and 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 years ended December 31, 2022 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8972, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2022. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on, or December 31, 2022, 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. As disclosed in Note 2(n), the Group’s equity securities with readily determinable fair values is carried at fair value using quoted market prices that currently available on a securities exchange and classified within Level 1. The Group’s certain short-term investments in money market funds and financial products issued by banks are carried at fair value, which are classified within Level 2 and valued using directly or indirectly observable inputs in the market place. As of December 31, 2021 and 2022, such investments aggregately amounted to RMB27,773,387 and RMB12,781,060, respectively. As disclosed in Note 2(q), the Group’s derivative instruments are carried at fair value, which are classified within Level 2 and valued using indirectly observable inputs in the market place. As disclosed in Note 9, the Group’s available-for-sale debt security investments include investments the Company made in private companies in 2021 and 2022 which contains substantive redemption and preferential rights, and are classified within Level 3 for fair value measurement. As of December 31, 2021 and 2022, the carrying value of the investments were RMB680,723 and RMB1,648,861, respectively. The Company re-measured the fair value using a market approach by adopting a backsolve method, which determined the estimated fair value of the investments through comparison to a recent transaction and applied significant unobservable inputs and assumptions. For the year ended December 31, 2021 and 2022, RMB24,224 and RMB746,336, respectively, of fair value changes, net of tax, were recorded in other comprehensive income. The significant unobservable inputs adopted in the valuation as of December 31, 2021 and 2022 are as follows: December 31, 2021 December 31, 2022 Unobservable Input Expected volatility 61% 54%-61% Probability Liquidation scenario: 35% Liquidation scenario: 25%-40% 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, deposits and other receivables, available-for-sale debt security investments, trade and notes payable, amounts due to related parties, other payables, derivative instruments, short-term borrowings, lease liabilities and long-term borrowings. As of December 31, 2021 and 2022, other than as discussed above, the carrying values of these financial instruments approximated to their respective fair values. |
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. Cash which 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) secured deposits held in designated bank accounts for borrowings and corporate bank credit cards, bank acceptance notes,letter of credit and letters of guarantee; and (b) time deposits that are pledged for property leases. The restricted cash is classified according to the contractual term of the restriction imposed. Cash, cash equivalents and restricted cash as reported in the consolidated statements of cash flows are presented separately on our consolidated balance sheets as follows: December 31, December 31, 2021 2022 Cash and cash equivalents 15,333,719 19,887,575 Restricted cash 2,994,408 3,154,240 Long-term restricted cash 46,437 113,478 Total 18,374,564 23,155,293 |
Short-term investments | (h) Short-term investments Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year, which are stated at amortised cost, and investments in money market funds and financial products issued by banks, which are measured at fair value. As of December 31, 2021 and 2022, the short-term investments amounted to RMB37,057,554 and RMB19,171,017, respectively, among which, RMB6,646,299 and RMB12,259,459, were restricted as collateral for notes payable, bank borrowings and letter of guarantee as of December 31, 2021 and 2022, respectively. |
Expected credit losses | (i) Expected credit losses The Group accounts for the impairment of financial instruments in accordance with ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), effective from January 1, 2020. The Group’s trade and notes receivable, receivables of installment payments, deposits and other receivables are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables, prepayments, deposits and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Group adopted this ASC Topic 326 and several associated ASUs on January 1, 2020 using a modified retrospective approach with a cumulative effect recorded as increase of accumulated deficit with amount of RMB22,969. For the years ended December 31, 2020, 2021 and 2022, the Group recorded RMB9,654, RMB54,332 and RMB48,707, respectively, in expected credit loss provisions in selling, general and administrative expenses. As of December 31, 2022, the expected credit loss reserve for current and non-current assets are RMB50,415 and RMB89,641, respectively. As of December 31, 2021, the expected credit loss reserve for current and non-current assets are RMB42,040 and RMB49,309, respectively. Balance as at December 31, 2021 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 2,823,222 0.90 % 25,417 Amounts due from related parties 1,564,025 0.81 % 12,691 Prepayments and other current assets 1,854,075 0.21 % 3,932 Non-current assets: Other non-current assets 5,598,764 0.88 % 49,309 Balance as at December 31, 2022 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 5,157,814 0.77 % 39,644 Amounts due from related parties 1,387,694 0.49 % 6,738 Prepayments and other current assets 2,250,441 0.18 % 4,033 Non-current assets: Other non-current assets 7,488,200 1.20 % 89,641 |
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 or accrues costs of inventory commitments based upon assumptions on current and future demand forecasts. If the inventory on hand or inventory purchase commitments is in excess of future demand forecast, the excess amounts are written down or accrued. 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. |
Property, plant and equipment, net | (k) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant 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 Buildings and constructions 20 years Production facilities 10 years Charging & battery swap equipment 5 R&D equipment 5 years Computer and electronic equipment 3 years Purchased software 3 5 Leasehold improvements Shorter of the estimated useful life or remaining lease term (ranging from 1 10 Corporate vehicles 5 years Others (office equipment, after-sales equipment, etc) 3 Depreciation for mold and tooling is computed using the units-of-production method, including capitalized interest costs which are amortized over the total estimated units of production 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 useful life or units of production 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 consolidated statements of comprehensive loss. |
Intangible assets, net | (l) 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 The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed. As of December 31, 2022, the intangible assets were fully amortised. The Group does not have indefinite lived intangible assets. |
Land use rights, net | (m) Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the respective lease period ranging from 491 |
Long-term investments | (n) Long-term investments The Group’s long-term investments include equity investments in entities and debt security investments. 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 (“ASC 323”). Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. Equity securities with readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured at fair value, with changes in fair value reported through earnings. Equity securities without readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. Available-for-sale debt security investments are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in accumulated other comprehensive loss in the consolidated balance sheets. Gain or losses are realized when the investments are sold or when dividends are declared or payments are received or when other than temporarily impaired. Held-to-maturity debt security investment are reported at amortized cost. The securities are held to collect contractual cash flows, and the Group has the positive intent and ability to hold those securities to maturity. The Group monitors its investments measured under equity method for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. No impairment charge was recognized for the years ended December 31, 2020, 2021 and 2022. |
Impairment of long-lived assets | (o) 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 charges recognized for the years ended December 31, 2020, 2021 and 2022 was RMB25,757, nil and RMB35,011, respectively. |
Warranty liabilities | (p) Warranty liabilities The Group accrues a warranty reserve for all new vehicles sold by the Group, which includes the Group’s best estimate of the projected costs to repair or replace items under warranty. 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 Group’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 Group 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, 2020 2021 2022 Warranty – beginning of year 412,004 952,946 1,962,977 Provision for warranty 582,069 1,078,854 1,128,920 Warranty costs incurred (41,127) (68,823) (144,960) Warranty– end of year 952,946 1,962,977 2,946,937 |
Derivatives instruments and hedging | (q) Derivatives instruments and hedging Derivative instruments are carried at fair value, which generally represent the estimated amounts expect to receive or pay upon termination of the contracts as of the reporting date. Derivative financial instruments are not used for trading or speculative purposes. The Group has entered into several currency exchange forward contracts with certain commercial banks in PRC to mitigate the risks of foreign exchange gain/loss generated from the Group’s balances of cash and cash equivalents and short-term investments denominated in US dollars. As such instruments do not qualify for hedge accounting treatment, the Group records the changes in fair value of the derivatives in other (loss)/income, net, the same line item in which foreign exchange gain/loss is recognised, with offsetting effect. Total changes in fair value of the derivatives recorded in other (loss)/income, net, were an income of RMB228,887 and a loss of RMB668,051 for the years ended December 31, 2021 and 2022, respectively. The Group has entered into several swap contracts with a commercial bank to hedge the risks of commodity price associated with the forecasted purchasing transactions. The Group applies cash flow hedge accounting since the hedge relationship is effective. The changes in fair value of the hedging instruments are initially recorded in other comprehensive income, and the amounts in accumulated other comprehensive income related to the fair value changes in the hedging instruments are released into the Group’s earnings when the hedged items affect earnings. For the year ended December 31, 2022, both the changes in fair value of the hedging instruments through other comprehensive income and the amounts in accumulated other comprehensive income related to the fair value changes in the hedging instruments that were released into earnings were immaterial. As of December 31, 2022, all the swap contracts have been fully executed. |
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 consolidated balance sheets 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. 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 packages, which is recorded as deferred revenue and advance from customers. As of December 31, 2021 and 2022, the balances of contract liabilities from vehicle sales contracts were RMB2,294,528 and RMB3,740,108, respectively. As of December 31, 2021 and 2022, the balances of contract liabilities from the sales of packages were RMB180,732 and RMB309,198, respectively. As of December 31, 2021 and 2022, the Company did not record any contract assets. The Group generates revenue from (i) vehicle sales, (ii) battery upgrade service, (iii) sales of charging piles, (iv) sales of packages, (v) automotive regulatory credits, and (vi) others. 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. In general, there are multiple distinct performance obligations explicitly stated in a series of contracts including sales of vehicles, home chargers, vehicle connectivity services, extended warranty and battery swapping service which are accounted for in accordance with ASC 606. In the PRC, initial users are entitled to vehicle connectivity services, extended warranty and battery swapping service. 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 and collected by the Group or Jianghuai Automobile Group Co., Ltd. (“JAC”) from the government. Such government subsidies to the customers are 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 instead of the Group and the buyer remains liable for such amount to the Group in the event the subsidies were not received by the Group. The Group or JAC applies and collects the payment on behalf of the customers. In the instance that some eligible customers elect installment payment for battery or the auto financing arrangements, the Group believes such arrangement contains a significant financing component and as a result adjusts the transaction price to reflect 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). Interest income from such arrangements with a significant financing component is presented as other sales. Receivables related to the battery installment payment and auto financing programs that are expected to be repaid by customers beyond one year of the dates of the financial statements are recognized as non-current assets. The difference between the gross receivable and the respective present value is recorded as unrealized finance income. Interest income from such arrangements with a significant financing component is presented separately from revenue from contracts with customers. 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 home chargers are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle connectivity service and battery swapping service, the Group recognizes the revenue over time using a straight-line method during the estimated beneficial period, based on the estimated length of time that the initial owner owns the vehicles before it is re-sold to secondary market. As for the extended 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 are generally 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. Battery as a Service (BaaS) The Battery as a Service (the “BaaS”), allows users to purchase electric vehicles without batteries and subscribe for the usage of batteries separately. In PRC, under the BaaS, the Group sells batteries to Wuhan Weineng Battery Asset Co., Ltd. (the “Battery Asset Company”), an equity investee of the Company, on a back-to-back basis when the Group sells the vehicle to the BaaS users and the BaaS users subscribe for the usage of the batteries from the Battery Asset Company by paying a monthly subscription fee to the Battery Asset Company. The promise to transfer the control of the batteries to the Battery Asset Company is the only performance obligation in the contract with the Battery Asset Company for the sales of batteries. The Group recognizes revenue from the sales of batteries to the Battery Asset Company when the vehicles (together with the batteries) are delivered to the BaaS users which is the point considered then the control of the batteries is transferred to the Battery Asset Company. Together with the sales of the batteries, the Group entered into service agreements with the Battery Asset Company, pursuant to which the Group provides services to the Battery Asset Company including batteries monitoring, maintenance, upgrade, replacement, IT system support, etc., with monthly service charges. In case of any default in payment of monthly rental fees from users, the Battery Asset Company also has right to request the Group to track and lock down the battery subscribed by the users to limit its usage. In addition, in furtherance of the BaaS, the Group agreed to provide guarantee to the Battery Asset Company for the default in payment of monthly subscription fees from users. The maximum amount of guarantee that can be claimed by the Battery Asset Company for the users’ payment default shall not be higher than the accumulated service fees the Group receives from the Battery Asset Company. For services provided to the Battery Asset Company, revenue is recognized over the period when services are rendered. As for financial guarantee liabilities, the provision of guarantee is linked to and associated with services rendered to the Battery Asset Company and the payment of guarantee amount is therefore accounted for as the reduction to the revenue from the Battery Asset Company. The fair value of the guarantee liabilities is determined by taking considerations of the default pattern of the Company’s existing battery installment programs provided to users. At each period end, the financial liabilities are remeasured with the corresponding changes recorded as the reduction to the revenue. For the years ended December 31, 2022 and 2021, both service revenue and guarantee liability were immaterial. Since 2022, the BaaS users are also provided with the option to buy out the batteries in PRC. Under this arrangement, BaaS users and the Battery Asset Company enter into battery subscription termination agreement, and the Group purchases the outgoing batteries from the Battery Asset Company, after which the Group sells batteries with qualified performance to the BaaS users. These transactions are arranged on back-to-back basis under which the Group is in substance rendering the agency service to facilitate the BaaS users which are also the customers of the Group to complete the purchase of batteries from the Battery Asset Company. The Group therefore recognizes revenue of the service to facilitate the BaaS batteries buy out transactions on net basis with the amount of the difference between the consideration the Group receives from the BaaS users for the battery sales and the price of batteries the Group pays to the Battery Asset Company. For the year ended December 31, 2022, the Group recognized service fee of RMB36,320. Upon the completion of BaaS buy-out, the Group stops to provide battery service and is not obliged to provide guarantee and warranty related to the relevant batteries to the Battery Asset Company. Battery The Group also provides battery swapping service to users with convenient “recharging” experience by swapping the user’s battery for another one. In PRC, as set forth in the vehicle sales contracts, the initial users can have their batteries swapped certain times a month free of charge (i.e. monthly free-of-charge quota) during the length of time they own vehicles. For additional consideration, initial users can exceed the monthly swapping quota provided for within the sales agreement. When the vehicles are sold by the initial users, the successor owners are not entitled to such monthly free-of-charge quota and need to pay cash consideration for each battery swapping service. The battery swapping service is in substance a charging service instead of non-monetary exchanges or sales of batteries as the batteries involved in such swapping are the same in capacity and very similar in performance. For performance obligation of the battery swapping service sold together with the vehicles (i.e. monthly free-of-charge quota), the Group recognizes the revenue over time using a straight-line method in the estimated beneficial period, being the estimated length of time that the initial owner owns the vehicle. For the battery swapping beyond monthly free-of-charge quota for which additional considerations are paid by the users, the Group recognizes revenue at the amount of consideration paid by users when the battery swapping service is completed. Such revenue is recorded under sales of packages and provision of power solution. Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes that 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 as 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. Battery upgrade service The Group provides battery upgrade service to both BaaS users and non-BaaS users. The users can exchange their batteries with lower capacity for the batteries with higher capacity from the Group with a fixed cash consideration. The battery upgrade service is in substance the provision of incremental battery capacity service to the users instead of non-monetary battery exchanges or sales of battery. Therefore, under non-BaaS model, the revenue from the battery upgrade service is recognized at the amount of cash consideration paid by users at a point in time when the service is rendered. Under the BaaS model, since the ownership of originally installed battery belongs to the Battery Asset Company, when a user requests battery upgrade, the Group actually upgrades the battery that belongs to the Battery Asset Company and recognize revenue for the battery upgrade service at the amount paid by the Battery Asset Company when upgrade service is rendered. BaaS users will then pay a higher monthly subscription fee to the Battery Asset Company for subscribing for the battery with higher capacity. Sales of charging piles In addition to the home chargers provided as one of the performance obligations in the contract of vehicle sales, the Group also sells charging piles to customers separately. Revenue for charging piles are recognized at a point in time when the control of the product is transferred to customers. Sales of packages and provision of power solution The Group also sells the two packages, energy package and service package in exchange for cash considerations. The energy package includes battery charging and swapping services and service package includes repair and maintenance services. The agreements for packages create legal enforceability to both parties on a monthly basis as the respective packages can be canceled at any time without any penalty. The Group concludes that each service provided in the energy or service package is a series and meets the stand-ready criteria as one separate performance obligation within the package. Each service provided in the energy or service package is recognized under the same pattern 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, except for the customer loyalty program points granted to the customers as discussed below. As the consideration for packages are generally paid in advance, which means the payments received are prior to the transfer of services by the Group, the Group records the consideration as a contract liability (advance from customers) upon receipt. The Group also provides power solution to users including battery charging and swapping. Revenue is recognized at the amount of consideration paid by users when charging or swapping is completed. Sales of automotive regulatory credits New Energy Vehicle (“NEV”) mandate policy launched by China’s Ministry of Industry and Information Technology (“MIIT”) specifies the NEV credit targets and as all of the Group’s products are NEVs, the Group is able to generate NEV credits above target. The credits earned per vehicle is dependent on various metrics such as vehicle driving range and battery energy efficiency, and is calculated based on the MIIT published formula. Excess positive NEV credits are tradable to other vehicle manufacturers through a credit management system established by the MIIT on a separately negotiated basis. The Group sells these credits at agreed price to other vehicle manufacturers. Considerations for automotive regulatory credits are typically received at the point control transfers to the customer, or in accordance with payment terms customary to the business. The Company recognizes revenue on the sale of automotive regulatory credits at the time control of the regulatory credits is transferred to the purchasing party as other sales revenue in the consolidated statements of comprehensive loss. Others Other revenues primarily comprise revenues generated from (i) sales of accessories, (ii) interest income from auto financing arrangements, (iii) embedded products and services offered together with vehicle sales, including vehicle connectivity service and extended warranty, and (iv) others. Revenue is recognized when relevant services are rendered or control of the products is transferred. 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 merchandise, including accessories and branded merchandise, etc. 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 is 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 is limited for the Group to determine any potential points forfeiture 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 a forfeiture rate should be applied and will apply and update the estimated forfeiture rate at each reporting period. (ii) Sales of packages Energy package — when the customers charge their vehicles without using the Group’s charging network as tracked by the Group’s system, the Group will grant points to the customers based on the quantity of electricity charged. The Group records the value of the points as a reduction of revenue from the energy package. Service package — the Group grants points to the customers when the customers accumulate miles of driving during the service period of the service package. The Group records the value of the points as a reduction of revenue from the service package. The above customer points arrangement is considered as a separate performance obligation of the energy and service packages sold. The allocated amount to points granted under these packages are deferred and recognized when such points are utilized by the customers. 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, etc. 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 are offered. 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 for the amount of cash received. 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, 2020, 2021 and 2022, the revenue portion allocated to the points as a separate performance obligation was RMB162,485, RMB371,849 and RMB492,925, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2020, 2021 and 2022, the total points recorded as selling and marketing expenses were RMB78,229, RMB155,884 and RMB215,201, respectively. As of December 31, 2021 and, 2022, liabilities recorded related to unredeemed points were RMB468,878, and RMB680,660, respectively. |
Cost of Sales | (s) Cost of Sales Vehicle Cost of vehicle revenue includes parts, materials, processing fee, labor costs, manufacturing cost (including depreciation of assets associated with the production) and losses from production related purchase commitments. Cost of vehicle revenue also includes reserves for estimated warranty expenses 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, materials, labor costs, vehicle connectivity costs, depreciation of associated assets used for providing services, and other cost associated with sales of service and others. |
Sales and marketing expenses | (t) Sales and marketing expenses Sales and marketing expenses consist primarily of advertising expenses, 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, 2020, 2021 and 2022, advertising costs totaled RMB266,569, RMB529,057 and RMB815,619, 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, depreciation and amortization of fixed assets which are used in general corporate 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 VIEs 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 RMB366,223, RMB761,417 and RMB1,578,273 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Government grants | (x) Government grants The Group’s 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 operating 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, 2021 and 2022. |
Share-based compensation | (z) Share-based compensation The Company grants restricted shares and share options of the Company and its subsidiary to eligible employees and non-employee consultants and accounts for share-based compensation in accordance with ASC 718, Compensation — Stock Compensation and ASU 2018-07-Compensation-stock compensation (Topic 718)-Improvements to non-employee share-based payment accounting. 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 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. In April 2019, the Company adopted ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting”. Upon the adoption of this guidance, the Group no longer re-measures equity-classified share-based awards granted to consultants or non-employees at each reporting date through the vesting period and the accounting for these share-based awards to consultants or non-employees and employees was substantially aligned. Share-based compensation expenses for share options and restricted shares granted to non-employees are measured at fair value at the date when such awards are granted and recognized over the period during which the service from the non-employees is provided. 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 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. For restricted shares granted by one of the Company’s subsidiaries to employees, determination of related estimated fair values (the subsidiaries are not publicly traded) requires complex and subjective judgments due to limited financial and operating history, unique business risks and limited comparable public information. Key inputs and assumptions underlying the determined fair value of these restricted shares include but are not limited to the pricing of recent rounds of financing, future cash flow forecasts, discount rates, and liquidity factors relevant to each of the respective subsidiaries. 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 As the lessee, the Group recognizes in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, the Group makes an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities and recognizes lease expenses for such lease generally on a straight-line basis over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. 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 sheets. 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 the consolidated balance sheets. |
Dividends | (ac) Dividends Dividends are recognized when declared. No dividends were declared for the the years ended December 31, 2020, 2021 and 2022. |
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, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. 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, 2022 | |
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 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 NIO Power Express Limited (“PE HK) 100% Hong Kong, January 2017 Investment holding NIO User Enterprise Limited (“UE HK”) 100% Hong Kong, February 2017 Investment holding NIO Sales and Services Co., Ltd. (“UE CNHC”) (formerly known as Shanghai NIO Sales and Service Co., Ltd. ) 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 NIO Holding Co., Ltd. (“NIO China”) (formerly known as NIO (Anhui) Holding Co., Ltd.) (Note (a)) 100% Anhui, PRC, November 2017 Headquarter and technology development XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”) 100% Nanjing, PRC, May 2018 Investment holding NIO Financial Leasing Co., Ltd. (“NIO Leasing”) 100% Shanghai, PRC, August 2018 Financial Leasing NIO (Anhui) Co., Ltd. (“NIO AH”) 100% Anhui, PRC, August 2020 Industrialization and technology development NIO Technology (Anhui) Co., Ltd. (“NIO R&D”) 100% Anhui, PRC, August 2020 Design and technology development NIO Nextev Europe Holding B.V.(“NIO NL”) 100% Netherlands, December 2020 Investment holding NEU Battery Asset Co., Ltd. (“BAC Cayman”) 100% Cayman Islands, May 2021 Investment holding Instant Power Europe B.V. (“BAC NL”) Co., Limited 100% Netherlands, June 2021 Battery Subscription Service NEU Battery Asset (Hong Kong) Co.Limited (“BAC HK”) 100% Hong Kong, July 2021 Investment holding NIO AI Technology Limited (“NIO AI Technology”) 96.970% Cayman Islands, March 2021 Investment holding NIO AI Technology Limited 96.970% Hong Kong, May 2021 Investment holding Anhui NIO Autonomous Driving Technology Co., Ltd. (“Anhui NIO AD”) 96.970% Anhui, PRC, June 2021 Technology development XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (“XPT NJWL”) (Note (b)) 50% Nanjing, PRC, June 2017 Manufacturing of components |
Schedule of variable interest entities | 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 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 NIO Power Express Limited (“PE HK) 100% Hong Kong, January 2017 Investment holding NIO User Enterprise Limited (“UE HK”) 100% Hong Kong, February 2017 Investment holding NIO Sales and Services Co., Ltd. (“UE CNHC”) (formerly known as Shanghai NIO Sales and Service Co., Ltd. ) 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 NIO Holding Co., Ltd. (“NIO China”) (formerly known as NIO (Anhui) Holding Co., Ltd.) (Note (a)) 100% Anhui, PRC, November 2017 Headquarter and technology development XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”) 100% Nanjing, PRC, May 2018 Investment holding NIO Financial Leasing Co., Ltd. (“NIO Leasing”) 100% Shanghai, PRC, August 2018 Financial Leasing NIO (Anhui) Co., Ltd. (“NIO AH”) 100% Anhui, PRC, August 2020 Industrialization and technology development NIO Technology (Anhui) Co., Ltd. (“NIO R&D”) 100% Anhui, PRC, August 2020 Design and technology development NIO Nextev Europe Holding B.V.(“NIO NL”) 100% Netherlands, December 2020 Investment holding NEU Battery Asset Co., Ltd. (“BAC Cayman”) 100% Cayman Islands, May 2021 Investment holding Instant Power Europe B.V. (“BAC NL”) Co., Limited 100% Netherlands, June 2021 Battery Subscription Service NEU Battery Asset (Hong Kong) Co.Limited (“BAC HK”) 100% Hong Kong, July 2021 Investment holding NIO AI Technology Limited (“NIO AI Technology”) 96.970% Cayman Islands, March 2021 Investment holding NIO AI Technology Limited 96.970% Hong Kong, May 2021 Investment holding Anhui NIO Autonomous Driving Technology Co., Ltd. (“Anhui NIO AD”) 96.970% Anhui, PRC, June 2021 Technology development XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (“XPT NJWL”) (Note (b)) 50% Nanjing, PRC, June 2017 Manufacturing of components Place and Date of incorporation VIEs or date of acquisition Prime Hubs Limited (“Prime Hubs”) BVI, October 2014 Beijing NIO Network Technology Co., Ltd. (“Beijing NIO”) Beijing, PRC, July 2017 Anhui NIO AI Technology Co., Ltd. (“Anhui NIO AT”) Anhui, PRC, April 2021 Anhui NIO Data Technology Co., Ltd. (“Anhui NIO DT”) Anhui, PRC, October 2022 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of significant unobservable inputs adopted in the valuation | December 31, 2021 December 31, 2022 Unobservable Input Expected volatility 61% 54%-61% Probability Liquidation scenario: 35% Liquidation scenario: 25%-40% |
Schedule of cash and cash equivalents | December 31, December 31, 2021 2022 Cash and cash equivalents 15,333,719 19,887,575 Restricted cash 2,994,408 3,154,240 Long-term restricted cash 46,437 113,478 Total 18,374,564 23,155,293 |
Schedule of expected credit loss provision for the current and non-current assets | Balance as at December 31, 2021 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 2,823,222 0.90 % 25,417 Amounts due from related parties 1,564,025 0.81 % 12,691 Prepayments and other current assets 1,854,075 0.21 % 3,932 Non-current assets: Other non-current assets 5,598,764 0.88 % 49,309 Balance as at December 31, 2022 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 5,157,814 0.77 % 39,644 Amounts due from related parties 1,387,694 0.49 % 6,738 Prepayments and other current assets 2,250,441 0.18 % 4,033 Non-current assets: Other non-current assets 7,488,200 1.20 % 89,641 |
Schedule of estimate useful life of property, plant and equipment | Useful lives Buildings and constructions 20 years Production facilities 10 years Charging & battery swap equipment 5 R&D equipment 5 years Computer and electronic equipment 3 years Purchased software 3 5 Leasehold improvements Shorter of the estimated useful life or remaining lease term (ranging from 1 10 Corporate vehicles 5 years Others (office equipment, after-sales equipment, etc) 3 |
Schedule of estimate useful life of intangible assets, net | Useful lives Domain names and others 5 years |
Schedule of reconciliation of carried-forward warranty liabilities | For the Year Ended December 31, 2020 2021 2022 Warranty – beginning of year 412,004 952,946 1,962,977 Provision for warranty 582,069 1,078,854 1,128,920 Warranty costs incurred (41,127) (68,823) (144,960) Warranty– end of year 952,946 1,962,977 2,946,937 |
Concentration and Risks (Tables
Concentration and Risks (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Customer concentration risk | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | The following tables summarized the customer with greater than 10% of the total revenue and account receivables: For the Year Ended December 31, 2020 2021 2022 Percentage of the total revenue Customer A * 12 % * December 31, December 31, 2021 2022 Percentage of the account receivables Customer A 36 % 21 % |
Supplier concentration Risk | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | The following tables summarized the supplier with greater than 10% of the total purchase and payables: For the Year Ended December 31, 2020 2021 2022 Percentage of the total purchase Supplier A 16 % 20 % 20 % December 31, December 31, 2021 2022 Percentage of the payables Supplier A 28 % 31 % |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory | |
Schedule of inventory | December 31, December 31, 2021 2022 Raw materials 1,008,348 2,974,125 Work in process 3,915 170,995 Finished Goods 826,011 4,685,790 Merchandise 220,931 510,143 Less: inventory provision (2,853) (149,667) Total 2,056,352 8,191,386 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepayments and Other Current Assets | |
Schedule of prepayments and other current assets | December 31, December 31, 2021 2022 Deductible VAT input 1,040,024 779,694 Prepayment to vendors 167,453 541,457 Deposits 84,421 349,651 Receivables from JAC 20,939 196,075 Receivables from third party online payment service providers 74,464 154,264 Receivable of reimbursement from the depositary bank 80,461 87,170 Interest receivable 97,734 10,167 Derivative assets (Note 2(q)) 104,277 — Other receivables 184,302 131,963 Less: Allowance for credit losses (3,932) (4,033) Total 1,850,143 2,246,408 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment, Net | |
Schedule of property, plant and equipment | December 31, December 31, 2021 2022 Mold and tooling 2,354,411 3,901,436 Leasehold improvements 1,876,294 3,408,731 Charging & battery swap equipment 2,279,893 3,393,603 Production facilities 831,776 3,252,362 Construction in process 1,304,548 3,114,345 Computer and electronic equipment 575,364 1,250,861 Purchased software 493,374 985,141 R&D equipment 552,956 939,586 Buildings and constructions 875,562 890,576 Corporate vehicles 180,157 473,602 Others 274,906 991,597 Subtotal 11,599,241 22,601,840 Less: Accumulated depreciation (4,131,352) (6,901,232) Less: Accumulated impairment (68,373) (41,942) Total property, plant and equipment, net 7,399,516 15,658,666 |
Land Use Rights, Net (Tables)
Land Use Rights, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Land Use Rights, Net | |
Schedule of land use rights, net | December 31, December 31, 2021 2022 Land use rights 216,489 235,198 Less: Accumulated amortization—land use rights (17,368) (22,595) Total land use rights, net 199,121 212,603 |
Long-term investments (Tables)
Long-term investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-term investments | |
Schedule of long-term investments | December 31, December 31, 2021 2022 Equity investments: Equity method investments (i) 820,294 1,325,800 Equity securities without readily determinable fair value (ii) 237,920 101,536 Equity securities with readily determinable fair value 20,446 48,290 Debt investments: Held-to-maturity debt securities – time deposit (iii) 1,300,000 3,231,924 Available-for-sale debt securities (iv) 680,723 1,648,861 Total 3,059,383 6,356,411 |
Schedule of equity securities without readily determinable fair value | December 31, December 31, 2021 2022 Equity securities without readily determinable fair value: Initial cost 143,209 9,477 Net cumulative fair value adjustments 94,711 92,059 Carrying value 237,920 101,536 |
Schedule of available-for-sale debt securities | December 31, December 31, 2021 2022 Available-for-sale debt securities: Initial cost 650,000 671,567 Net cumulative fair value adjustments 30,723 977,294 Carrying value 680,723 1,648,861 |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Non-current Assets | |
Schedule of other non current assets | December 31, December 31, 2021 2022 Non-current portion of auto financing receivables 2,162,417 4,501,168 Non-current portion of national subsidy receivable 1,933,971 1,227,270 Long-term deposits 636,124 944,768 Non-current portion of prepayments for purchase of property, plant and equipment 376,675 433,750 Non-current portion of receivables of installment payments for battery 409,197 221,089 Non-current portion of right of use assets – finance lease 66,052 49,205 Others 14,328 110,950 Less: Allowance for credit losses (49,309) (89,641) Total 5,549,455 7,398,559 |
Accruals and Other Liabilities
Accruals and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accruals and Other Liabilities | |
Schedule of accruals and other liabilities | December 31, December 31, 2021 2022 Payables for purchase of property, plant and equipment 1,458,767 4,172,758 Payable for R&D expenses 887,593 1,814,746 Salaries and benefits payable 972,333 1,525,366 Current portion of deferred revenue/income 746,453 1,273,779 Payables for marketing events 855,984 1,075,693 Accrued expenses 497,381 857,639 Advance from customers 638,147 833,779 Accrued costs of purchase commitments — 792,786 Warranty liabilities 518,426 669,793 Payables for traveling expenses of employees 26,212 44,942 Interest payables 41,147 32,271 Current portion of finance lease liabilities 27,815 30,609 Derivative Liabilities (Note 2(q)) — 16,435 Current portion of deferred construction allowance 32,254 13,307 Payable to employees for options exercised 151,158 792 Other payables 347,974 499,667 Total 7,201,644 13,654,362 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings | |
Schedule of long-term borrowings | December 31, December 31, 2021 2022 Short-term borrowing Bank loan (i) 5,230,000 4,039,210 Current portion of convertible notes (ii) 1,228,278 — Current portion of long-term borrowings (iii) 39,840 108,320 Current portion of loan from joint investor (iv) 456,190 — Current portion of Asset-backed Securities and Notes (v) 343,654 1,129,596 Long-term borrowings: Bank loan (iii) 42,260 430,460 Convertible notes (ii) 9,440,626 10,155,599 Asset-backed Securities and Notes (v) 256,290 293,945 Other financing arrangements — 5,795 Total 17,037,138 16,162,925 As of December 31, 2021 As of December 31, 2022 Current portion Current portion Maturity/ Outstanding according to the Long-term Outstanding according to the Long-term Ref. Date of borrowing Lender/Banks Repayment date loan repayment schedule portion loan repayment schedule portion 1 December 24, 2020 Bank of Shanghai December 24, 2023 33,440 16,560 16,880 — — — 2 February 8, 2021 Bank of Shanghai February 8, 2024 48,660 23,280 25,380 — — — 3 March 7,2022 Bank of Beijing March 6,2024 — — — 149,000 2,000 147,000 4 June 15, 2022 Bank of Shanghai June 15, 2025 — — — 172,980 46,320 126,660 5 June 22, 2022 Hang Seng Bank June 22, 2024 — — — 180,000 60,000 120,000 6 July 25, 2022 China Construction Bank July 25, 2029 — — — 6,800 — 6,800 7 July 26, 2022 Industrial and Commercial Bank of China July 25, 2029 — — — 10,200 — 10,200 8 August 24, 2022 China Construction Bank July 25, 2029 — — — 19,800 — 19,800 Total 82,100 39,840 42,260 538,780 108,320 430,460 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Non-Current Liabilities | |
Schedule of other non-current liabilities | December 31, December 31, 2021 2022 Deferred revenue 1,451,313 2,288,111 Warranty liabilities 1,444,551 2,277,144 Deferred government grants 312,837 309,762 Non-current finance lease liabilities 31,646 14,457 Deferred construction allowance 12,298 3,555 Others 287,813 250,998 Total 3,540,458 5,144,027 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of lessee lease information | December 31, December 31, 2021 2022 Operating leases: Right-of-use assets - operating lease 2,988,374 7,374,456 Current portion of operating lease liabilities 744,561 1,025,968 Non-current operating lease liabilities 2,317,193 6,517,096 Total operating lease liabilities 3,061,754 7,543,064 Finance leases: Right-of-use assets - finance lease 66,052 49,205 Current portion of finance lease liabilities 27,815 30,609 Non-current finance lease liabilities 31,646 14,457 Total finance lease liabilities 59,461 45,066 As of December 31, As of December 31, 2021 2022 Weighted-average remaining lease term: Operating leases 6.1 years 11.6 years Finance leases 3.1 years 2.9 years Weighted-average discount rate: Operating leases 5.63 % 5.09 % Finance leases 5.79 % 5.58 % For the Year Ended December 31, 2021 2022 Operating cash outflows from operating leases 707,721 1,280,125 Operating cash outflows from finance leases (interest payments) 4,199 4,906 Financing cash outflows from finance leases 32,873 27,489 Right-of-use assets obtained in exchange for lease liabilities 2,133,428 5,820,041 |
Schedule of lease cost | Year Ended December 31, Lease cost: 2021 2022 Amortization of right-of-use assets 643,895 1,141,740 Interest of operating lease liabilities 105,990 310,701 Expenses for short-term leases within 12 months and other non-lease component 315,054 407,850 Total lease cost 1,064,939 1,860,291 |
Schedule of maturities of our operating and finance lease liabilities (excluding short-term leases) | As of December 31, As of December 31 2021 2022 Operating Finance Operating Finance Leases Leases Leases Leases 2022 904,537 30,900 — — 2023 770,669 23,516 1,574,692 35,151 2024 517,892 9,021 1,426,176 17,299 2025 365,739 106 1,213,535 6,717 2026 266,738 35 1,038,903 6,277 2027 185,475 — 837,505 4,737 Thereafter 634,397 — 5,268,238 2,150 Total minimum lease payments 3,645,447 63,578 11,359,049 72,331 Less: Interest (583,693) (4,117) (3,815,985) (27,265) Present value of lease obligations 3,061,754 59,461 7,543,064 45,066 Less: Current portion (744,561) (27,815) (1,025,968) (30,609) Long-term portion of lease obligations 2,317,193 31,646 6,517,096 14,457 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Schedule of revenues | Year Ended December 31, 2020 2021 2022 Vehicle sales 15,182,522 33,169,740 45,506,581 Sales of packages and provision of power solution 244,072 526,171 857,912 Sales of charging piles 229,781 319,386 405,246 Sales of automotive regulatory credits 120,648 516,549 67,291 Battery upgrade service 5,346 291,218 64,123 Others 475,564 1,313,359 2,367,408 Total 16,257,933 36,136,423 49,268,561 |
Deferred Revenue_Income (Tables
Deferred Revenue/Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Revenue/Income | |
Schedule of reconciliation in the current reporting period related to carried-forward deferred revenue/income | Year Ended December 31, 2020 2021 2022 Deferred revenue/income–beginning of year 485,087 1,061,254 2,197,766 Additions 1,013,397 1,934,086 2,483,462 Recognition (432,069) (795,878) (1,124,186) Effects on foreign exchange adjustment (5,161) (1,696) 4,848 Deferred revenue/income–end of year 1,061,254 2,197,766 3,561,890 |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development Expenses | |
Schedule of research and development expenses | For the Year Ended December 31, 2020 2021 2022 Employee compensation 1,362,231 2,658,158 6,684,971 Design and development expenses 778,463 1,572,834 3,276,915 Depreciation and amortization expenses 255,544 214,312 333,097 Rental and related expenses 51,123 53,846 193,132 Travel and entertainment expenses 15,720 43,732 111,531 Others 24,689 48,970 236,615 Total 2,487,770 4,591,852 10,836,261 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Selling, General and Administrative Expenses | |
Schedule of selling, general and administrative expenses | For the Year Ended December 31, 2020 2021 2022 Employee compensation 1,687,945 2,894,308 4,532,553 Marketing and promotional expenses 675,142 1,428,290 1,775,539 Rental and related expenses 498,601 845,512 1,336,575 Professional services 307,658 521,327 944,160 IT consumable, office supply and other low value consumable 69,954 247,828 545,498 Depreciation and amortization expenses 325,478 337,708 484,363 Other Taxes and Surcharges 70,220 198,572 285,076 Travel and entertainment expenses 39,328 80,726 162,924 Expected credit losses 9,654 54,332 48,707 Others 248,291 269,529 421,724 Total 3,932,271 6,878,132 10,537,119 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation | |
Schedule of compensation expenses recognized for share based awards granted | For the Year Ended December 31, 2020 2021 2022 Cost of sales 5,564 34,009 66,914 Research and development expenses 51,024 406,940 1,323,370 Selling, general and administrative expenses 130,506 569,191 905,612 Total 187,094 1,010,140 2,295,896 |
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, 2019 88,843,972 2.38 6.77 164,363 Granted 16,077,700 8.09 — — Exercised (15,253,500) 1.55 — — Cancelled (9,030,781) 3.02 — — Expired (1,318,892) 4.49 — — Outstanding as of December 31, 2020 79,318,499 3.59 6.39 3,581,119 Granted 2,468,150 13.89 — — Exercised (9,119,048) 2.31 — — Cancelled (2,143,711) 12.59 — — Expired (25,940) 19.03 — — Outstanding as of December 31, 2021 70,497,950 4.76 5.44 1,944,597 Granted 1,685,000 3.03 — — Exercised (4,533,690) 2.58 — — Cancelled (1,197,777) 10.76 — — Expired (467,608) 12.03 — — Outstanding as of December 31, 2022 65,983,875 3.57 4.51 465,353 Vested and expected to vest as of December 31,2022 65,832,596 3.56 4.51 464,324 Exercisable as of December 31, 2022 55,898,588 3.22 4.49 396,734 |
Schedule of share options to employees | 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, 2020 — — — — Granted 31,931,249 0.00001 — — Outstanding as of December 31, 2021 31,931,249 0.00001 9.84 35,888 Vested (1,387,401) 0.00001 — — Outstanding as of December 31, 2022 30,543,848 0.00001 8.84 34,337 |
NIO Incentive Plans | |
Share-based Compensation | |
Schedule of weighted average assumptions used | For the Year Ended December 31, 2020 2021 2022 Exercise price (US$) 2.38 - 48.45 2.39 - 42.20 2.39 - 19.91 Fair value of the ordinary shares on the date of option grant (US$) 2.38 - 48.45 39.54 - 42.20 10.34 - 19.61 Risk-free interest rate 0.50 % - 1.00 % 1.08 % - 1.47 % 2.50 % - 2.56 % Exercise multiple 2.5 x 2.5 x 2.5 x Expected dividend yield 0 % 0 % 0 % Expected volatility 54 % - 55 % 55 % 56 % Expected forfeiture rate (post-vesting) 2 % - 6 % 2 % 1.5 % |
AA Plan | |
Share-based Compensation | |
Schedule of weighted average assumptions used | For the Year Ended December 31, 2021 and 2022 Fair value of the ordinary shares on the date of option grant (US$) 1.00-1.01 Risk-free interest rate 1.58 % Expected term (in years) 10 Expected dividend yield 0 % Expected volatility 52 % Expected forfeiture rate (post-vesting) 2 % |
US employees under 2016 plan | NIO Incentive Plans | |
Share-based Compensation | |
Schedule of restricted shares activity | Number of Restricted Weighted Average Shares Outstanding Grant Date Fair Value US$ Unvested at December 31, 2019 and December 31, 2020 — — Grant 1,179,976 41.87 Vested (1,728) 41.53 Forfeited (40,052) 40.09 Unvested at December 31, 2021 1,138,196 41.93 Grant 2,353,714 16.00 Vested (291,069) 36.44 Forfeited (232,483) 29.70 Unvested at December 31, 2022 2,968,358 23.87 |
Non-US employees under 2016, 2017 and 2018 plan | NIO Incentive Plans | |
Share-based Compensation | |
Schedule of restricted shares activity | Number of Restricted Weighted Average Shares Outstanding Grant Date Fair Value US$ Unvested at December 31, 2020 1,735,744 40.05 Granted 22,551,227 36.55 Vested (841,014) 39.81 Forfeited (546,016) 36.22 Unvested at December 31, 2021 22,899,941 33.02 Granted 31,944,551 15.12 Vested (4,687,528) 34.49 Forfeited (3,172,211) 28.42 Unvested at December 31, 2022 46,984,753 22.88 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxation | |
Schedule of maximum applicable income tax rates of other countries | For the Year Ended December 31, 2020 2021 2022 United States 29.84 % 29.84 % 29.84 % United Kingdom 19.00 % 19.00 % 19.00 % Germany 32.98 % 32.98 % 32.98 % Norway — 22.00 % 22.00 % Netherlands — 25.00 % 25.80 % |
Schedule of composition of income tax expense | For the Year Ended December 31, 2020 2021 2022 Current income tax expense 6,368 23,565 62,348 Deferred income tax expense — 18,700 (7,245) Total 6,368 42,265 55,103 |
Schedule of reconciliation of the income tax expense | For the Year Ended December 31, 2020 2021 2022 Loss before income tax expense (5,297,714) (3,974,684) (14,382,001) Income tax benefit computed at PRC statutory income tax rate of 25% (1,324,429) (993,671) (3,595,500) Non-deductible expenses 47,151 29,325 23,484 Foreign tax rates differential (81,668) 100,690 395,543 Additional 100%/75% tax deduction for qualified research and development expenses (36,775) (546,805) (750,736) FDII Deduction — — (10,356) Tax exempted interest income — (2,194) (8,847) Non-taxable offshore income (523,276) — — US tax credits (21,633) (30,273) (45,446) Prior year True-ups — 286,693 110,581 Effect of tax rate change — — 490,855 Prior year adjustments (4,324) — — Others 1,241 (1,206) (5,154) Change in valuation allowance 1,950,081 1,199,706 3,450,679 Income tax expense 6,368 42,265 55,103 |
Schedule of deferred tax assets and liabilities | As of December 31, 2020 2021 2022 Deferred tax assets Net operating loss carry-forwards 6,831,387 7,294,844 9,711,744 Accrued and prepaid expenses 534,693 1,136,278 1,666,519 Deferred revenue 251,778 559,815 940,633 Tax credit carry-forwards 233,326 243,198 301,437 Property, plant and equipment, net 64,191 — — Unrealized financing income 40,800 28,796 33,140 Intangible assets 36,702 85,439 89,328 Allowance against receivables 9,027 19,500 27,386 Deferred rent 9,791 — 29,731 Share-based compensation 6,857 10,695 6,951 Write-downs of inventory 1,162 713 452 Advertising expenses in excess of deduction limit 507 705 188 Equity securities with readily determinable fair value — — 150 Unrealized foreign exchange loss (971) — 1,704 Others 269 711 4,224 Less: Valuation allowance (8,019,519) (9,216,725) (12,727,355) Subtotal — 163,969 86,232 Deferred tax liabilities Equity securities without readily determinable fair value — (15,975) (6,435) Equity securities with readily determinable fair value — (2,725) — Equity method investments — — (5,170) Available for sale debt investment — (6,499) (206,734) Property, plant and equipment, net — (143,512) (86,082) Deferred rent — (18,752) — Unrealized foreign exchange loss — (1,705) — Subtotal — (189,168) (304,421) Total deferred tax liabilities, net — (25,199) (218,189) |
Schedule of valuation allowance | As of December 31, 2020 2021 2022 Valuation allowance Balance at beginning of the year 6,879,030 8,019,519 9,216,725 Additions 1,140,489 1,199,706 3,510,630 Balance at end of the year 8,019,519 9,216,725 12,727,355 |
Schedule of tax losses expiration dates | Loss expiring in 2023 1,213,835 Loss expiring in 2024 2,356,711 Loss expiring in 2025 4,094,099 Loss expiring in 2026 7,191,472 Loss expiring in 2027 9,090,262 Loss expiring in 2028 1,606,792 Loss expiring in 2029 5,334,423 Loss expiring in 2030 — Loss expiring in 2031 — Loss expiring in 2032 7,091,436 Total 37,979,030 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loss Per Share | |
Schedule of computation of earnings per share | For the Year Ended December 31, 2020 2021 2022 Numerator: Net loss (5,304,082) (4,016,949) (14,437,104) Accretion on redeemable non-controlling interests to redemption value (311,670) (6,586,579) (279,355) Net loss attributable to non-controlling interests 4,962 31,219 157,014 Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (5,610,790) (10,572,309) (14,559,445) Denominator: Weighted-average number of ordinary shares outstanding – basic and diluted 1,182,660,948 1,572,702,112 1,636,999,280 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (4.74) (6.72) (8.89) |
Schedule of weighted average numbers of ordinary shares outstanding | For the Year Ended December 31, 2020 2021 2022 Restricted shares — 1,358,110 4,051,753 Outstanding weighted average options granted 52,558,756 56,768,907 55,132,378 Convertible notes 183,942,782 45,323,169 37,671,003 Total 236,501,538 103,450,186 96,855,134 |
Related Party Balance and Trans
Related Party Balance and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Balances and Transactions | |
Schedule of related party transactions | (i) Provision of service For the years ended December 31, 2020, 2021 and 2022, service income was primarily generated from property management , For the Year Ended December 31, 2020 2021 2022 Wuhan Weineng Battery Assets Co., Ltd. 38 56,095 120,967 Nanjing Weibang Transmission Technology Co., Ltd. 1,523 1,586 1,683 Beijing Weixu Business Consulting Co., Ltd. — 220 37 Total 1,561 57,901 122,687 (ii) Acceptance of advertising and IT support services For the Year Ended December 31, 2020 2021 2022 Tianjin Boyou Information Technology Co., Ltd. 1,594 217 8,984 Beijing Bit Ep Information Technology Co., Ltd. 4,159 4,533 — Beijing Yiche Interactive Advertising Co., Ltd. — 472 — Beijing Chehui Hudong Guanggao Co., Ltd. 92,356 — — Beijing Xinyi Hudong Guanggao Co., Ltd. 39,919 — — Beijing Yiche Information Science and Technology Co., Ltd. 280 — — Shanghai Yiju Information Technology Co., Ltd. 142 — — Bite Shijie (Beijing) Keji Co., Ltd. 47 — — Total 138,497 5,222 8,984 (iii) Cost of manufacturing consignment For the Year Ended December 31, 2020 2021 2022 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 174,680 89,286 — In February 2022, Suzhou Zenlead XPT New Energy Technologies Co., Ltd. paid considerations of RMB 46,610 to the Group to settle the outstanding warranty obligations to the Group in connection with the manufacturing consignment of batteries for the Group. (iv) Purchase of raw material or property, plant and equipment For the Year Ended December 31, 2020 2021 2022 Kunshan Siwopu Intelligent Equipment Co., Ltd. 22,797 876,510 728,096 Nanjing Weibang Transmission Technology Co., Ltd. 114,329 213,867 248,604 Xunjie Energy (Wuhan) Co., Ltd. 460 67,350 90,132 Total 137,586 1,157,727 1,066,832 (v) Sales of goods For the Year Ended December 31, 2020 2021 2022 Wuhan Weineng Battery Assets Co., Ltd. 290,135 4,138,187 3,103,871 Hefei Chuangwei Information Consultation Co., Ltd. — — 1,798 Shanghai Weishang Business Consulting Co., Ltd. — 157 229 Beijing Yiche Interactive Advertising Co., Ltd. 1,453 485 — Kunshan Siwopu Intelligent Equipment Co., Ltd. — 370 — Beijing Bit Ep Information Technology Co., Ltd. 4,402 — — Beijing Bitauto Interactive Technology Co., Ltd. 1,974 — — Beijing Yiche Information Science and 525 — — Total 298,489 4,139,199 3,105,898 (vi) Acceptance of R&D and maintenance service For the Year Ended December 31, 2020 2021 2022 Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. — — 107,144 Kunshan Siwopu Intelligent Equipment Co., Ltd. 1,449 7,265 13,956 Wuhan Weineng Battery Assets Co., Ltd. — — 8,508 Xunjie Energy (Wuhan) Co., Ltd. — 929 3,735 Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. — — 3,015 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 1,953 — — Total 3,402 8,194 136,358 (vii) Loan from related party For the Year Ended December 31, 2020 2021 2022 Beijing Bitauto Interactive Technology Co., Ltd. 260,000 — — (viii) Sale of raw material or property, plant and equipment For the Year Ended December 31, 2020 2021 2022 Wuhan Weineng Battery Assets Co., Ltd. 120 — 1,012 Wistron Info Comm (Kunshan) Co., Ltd. 358 — — Total 478 — 1,012 (ix) Convertible notes issued to related parties and interest accrual For the Year Ended December 31, 2020 2021 2022 Huang River Investment Limited 22,018 15,316 13,712 Serene View Investment Limited 101,927 — — Total 123,945 15,316 13,712 (x) Purchase of equity investee Year Ended December 31, 2020 2021 2022 Weilan (Note 9) — 50,000 — |
Schedule of due from related parties | (i) Amounts due from related parties As of December 31, 2021 2022 Wuhan Weineng Battery Assets Co., Ltd. 1,563,757 1,376,584 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 8,647 Hefei Chuangwei Information Consultation Co., Ltd. — 2,032 Nanjing Weibang Transmission Technology Co., Ltd. 268 283 Shanghai Weishang Business Consulting Co., Ltd. — 148 Total 1,564,025 1,387,694 |
Schedule of due to related parties | (ii) Amounts due to related parties As of December 31, 2021 2022 Kunshan Siwopu Intelligent Equipment Co., Ltd. 426,420 262,712 Wuhan Weineng Battery Assets Co., Ltd. — 58,497 Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. — 23,279 Nanjing Weibang Transmission Technology Co., Ltd. 58,025 22,293 Xunjie Energy (Wuhan) Co., Ltd. 32,186 14,517 Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. — 3,015 Wistron Info Comm (Kunshan) Co., Ltd. 2,339 167 Xtronics Innovation Ltd. 1,161 83 Tianjin Boyou Information Technology Co., Ltd. — 48 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 165,219 — Beijing Bit Ep Information Technology Co., Ltd. 1,350 — Beijing Yiche Interactive Advertising Co., Ltd. 500 — Total 687,200 384,611 (iii) Short-term borrowing and interest payable As of December 31, 2021 2022 Huang River Investment Limited 381,785 3,918 (iv) Long-term borrowing As of December 31, 2021 2022 Huang River Investment Limited — 208,938 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitment and Contingencies | |
Schedule of capital expenditures contracted | As of December 31, 2021 2022 Property, plant and equipment 2,987,743 4,541,383 Leasehold improvements 392,910 807,666 Total 3,380,653 5,349,049 |
Parent Company (the "Company"_2
Parent Company (the "Company") Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company (the "Company") Only Financial Information | |
Schedule of condensed balance sheets | As of December 31, 2021 2022 2022 RMB RMB US$ Note 2(e) ASSETS Current assets: Cash and cash equivalents 2,207,347 7,076,550 1,026,003 Restricted cash 1,123,596 — — Short-term investments 11,495,387 696,460 100,977 Amounts due from subsidiaries of Group 138,415 6,657,631 965,266 Amounts due from related parties 80 87 13 Prepayments and other current assets 91,252 114,263 16,567 Total current assets 15,056,077 14,544,991 2,108,826 Non-current assets: Investments in subsidiaries and VIEs 30,541,632 21,328,304 3,092,313 Total non-current assets 30,541,632 21,328,304 3,092,313 Total assets 45,597,709 35,873,295 5,201,139 LIABILITIES Current liabilities: Amounts due to subsidiaries of the Group 25,348 1,775,951 257,489 Current portion of long-term borrowings 1,228,278 — — Accruals and other liabilities 179,765 73,580 10,668 Total current liabilities 1,433,391 1,849,531 268,157 Long-term borrowings 9,440,625 10,155,599 1,472,423 Deferred revenue 13,769 — — Total non-current liabilities 9,454,394 10,155,599 1,472,423 Total liabilities 10,887,785 12,005,130 1,740,580 SHAREHOLDERS’ EQUITY Class A Ordinary Shares 2,418 2,668 387 Class B Ordinary Shares 220 — — Class C Ordinary Shares 254 254 37 Treasury shares (1,849,600) (1,849,600) (268,167) Additional paid in capital 92,467,072 94,593,062 13,714,705 Accumulated other comprehensive loss (276,300) 1,036,011 150,208 Accumulated deficit (55,634,140) (69,914,230) (10,136,611) Total shareholders’ equity 34,709,924 23,868,165 3,460,559 Total liabilities and shareholders’ equity 45,597,709 35,873,295 5,201,139 |
Schedule of condensed statements of comprehensive loss | For the Year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(e) Operating expenses: Selling, general and administrative (7,463) (4,735) (24,039) (3,485) Total operating expenses (7,463) (4,735) (24,039) (3,485) Loss from operations (7,463) (4,735) (24,039) (3,485) Interest and investment income 10,086 61,292 207,057 30,020 Interest expense (312,662) (471,270) (113,277) (16,424) Gain on extinguishment of debt — — 138,332 20,056 Equity in loss of subsidiaries and VIEs (5,089,371) (3,632,893) (14,138,689) (2,049,917) Other income/(loss), net 100,290 61,876 (351,874) (51,016) Loss before income tax expense (5,299,120) (3,985,730) (14,282,490) (2,070,766) Income tax expense — — 2,400 348 Net loss (5,299,120) (3,985,730) (14,280,090) (2,070,418) Accretion on redeemable non-controlling interests to redemption value (311,670) (6,586,579) (279,355) (40,503) Net loss attributable to ordinary shareholders of NIO Inc. (5,610,790) (10,572,309) (14,559,445) (2,110,921) Net loss (5,299,120) (3,985,730) (14,280,090) (2,070,418) Total comprehensive loss (5,161,524) (4,196,578) (12,967,779) (1,880,150) Accretion on redeemable non-controlling interests to redemption value (311,670) (6,586,579) (279,355) (40,503) Comprehensive loss attributable to ordinary shareholders of NIO Inc. (5,473,194) (10,783,157) (13,247,134) (1,920,653) |
Schedule of condensed statements of cash flows | For The Year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (2,460,216) (8,697) (4,949,308) (717,582) CASH FLOWS FROM INVESTING ACTIVITIES Net cash (used in)/provided by investing activities (12,998,602) (40,770,898) 9,140,766 1,325,286 CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by/(used in) financing activities 37,867,127 22,382,871 (1,135,316) (164,605) Effects of exchange rate changes on cash and cash equivalents (246,484) (445,787) 689,465 99,963 NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 22,161,825 (18,842,511) 3,745,607 543,062 Cash, cash equivalents and restricted cash at beginning of the year 11,629 22,173,454 3,330,943 482,941 Cash, cash equivalents and restricted cash at end of the year 22,173,454 3,330,943 7,076,550 1,026,003 |
Organization and Nature of Op_3
Organization and Nature of Operations - Subsidiaries (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
NIO Nextev Limited ("NIO HK") (formerly known as Nextev Limited) | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO GmbH (formerly known as NextEV GmbH) | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO Co., Ltd. ("NIO SH") (formerly known as NextEV Co., Ltd.) | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO USA, Inc. ("NIO US") (formerly known as NextEV USA, Inc.) | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
XPT Limited ("XPT") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
XPT (Jiangsu) Investment Co., Ltd. ("XPT Jiangsu") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
Shanghai XPT Technology Limited | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
XPT (Nanjing) E-Powertrain Technology Co., Ltd. ("XPT NJEP") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
XPT (Nanjing) Energy Storage System Co., Ltd. ("XPT NJES") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO Power Express Limited ("PE HK") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO User Enterprise Limited ("UE HK") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO Sales and Services Co., Ltd. ("UE CNHC") (formerly known as Shanghai NIO Sales and Service Co., Ltd. ) | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO Energy Investment (Hubei) Co., Ltd. ("PE CNHC") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
Wuhan NIO Energy Co., Ltd. ("PE WHJV") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. ("XPT NJWL") | ||
Organization and Nature of Operations | ||
Equity interest held | 50% | |
NIO Holding Co., Ltd. ("NIO Holding") (formerly known as NIO (Anhui) Holding Co., Ltd.) | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | 100% |
NIO (Anhui) Co., Ltd. ("NIO AH") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO Technology (Anhui) Co., Ltd. ("NIO R&D") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO Financial Leasing Co., Ltd. ("NIO Leasing") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NEU Battery Asset Co., Ltd. ("BAC Cayman") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NEU Battery Asset (Hong Kong) Co.Limited ("BAC HK") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO AI Technology Limited ("NIO AI Technology") | ||
Organization and Nature of Operations | ||
Equity interest held | 96.97% | |
Instant Power Europe B.V. ("BAC NL") Co., Limited | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO Nextev Europe Holding B.V.("NIO NL") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
XPT (Jiangsu) Automotive Technology Co., Ltd. ("XPT Auto") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
NIO AI Technology Limited Cayman Islands | ||
Organization and Nature of Operations | ||
Equity interest held | 96.97% | 51% |
NIO AI Technology Limited Hong Kong | ||
Organization and Nature of Operations | ||
Equity interest held | 96.97% | |
Anhui Nio Autonomous Driving Technology Co | ||
Organization and Nature of Operations | ||
Equity interest held | 96.97% |
Organization and Nature of Op_4
Organization and Nature of Operations - IPO, VIEs, Liquidity and Going Concern (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Organization and Nature of Operations | |||||
Net loss | ¥ 14,437,104 | $ 2,093,183 | ¥ 4,016,949 | ¥ 5,304,082 | |
Operating cash outflow | 3,866,008 | $ 560,516 | (1,966,386) | ¥ (1,950,894) | |
Accumulated deficit | (69,900,000) | (55,634,140) | $ (10,136,611) | ||
Cash and cash equivalents | 19,887,575 | 15,333,719 | 2,883,427 | ||
Short-term investments | 19,171,017 | ¥ 37,057,554 | $ 2,779,536 | ||
Net current assets | ¥ | ¥ 13,300,000 | ||||
NIO Holding Co., Ltd. | |||||
Organization and Nature of Operations | |||||
Equity interest held | 100% | 100% | 100% | ||
Prime Hubs | |||||
Organization and Nature of Operations | |||||
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 - Fair value (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Expected volatility | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 61 | |
Minimum | Expected volatility | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 54 | |
Maximum | Expected volatility | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 61 | |
Liquidation scenario | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 35 | |
Liquidation scenario | Minimum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 25 | |
Liquidation scenario | Maximum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 40 | |
Redemption scenario | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 35 | |
Redemption scenario | Minimum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 25 | |
Redemption scenario | Maximum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 40 | |
IPO scenario | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 30 | |
IPO scenario | Minimum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 20 | |
IPO scenario | Maximum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 50 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Cash, cash equivalents and restricted cash (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Summary of Significant Accounting Policies | ||||||
Cash and cash equivalents | ¥ 19,887,575 | $ 2,883,427 | ¥ 15,333,719 | |||
Restricted cash | 3,154,240 | 457,322 | 2,994,408 | |||
Long-term restricted cash | 113,478 | 16,453 | 46,437 | |||
Total | ¥ 23,155,293 | $ 3,357,202 | ¥ 18,374,564 | $ 2,664,061 | ¥ 38,545,098 | ¥ 989,869 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Credit loss provision for the current and non-current assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets | ¥ 59,149,752 | $ 8,575,908 | ¥ 63,641,315 |
Non-current assets | 37,114,173 | $ 5,381,050 | 19,242,286 |
Expected credit loss provision - current | 50,415 | 42,040 | |
Expected credit loss provision - non-current | 89,641 | 49,309 | |
Trade and notes receivable | |||
Current assets | ¥ 5,157,814 | ¥ 2,823,222 | |
Expected credit loss rate - current | 0.77% | 0.77% | 0.90% |
Expected credit loss provision - current | ¥ 39,644 | ¥ 25,417 | |
Amounts due from related parties | |||
Current assets | ¥ 1,387,694 | ¥ 1,564,025 | |
Expected credit loss rate - current | 0.49% | 0.49% | 0.81% |
Expected credit loss provision - current | ¥ 6,738 | ¥ 12,691 | |
Prepayments and other current assets | |||
Current assets | ¥ 2,250,441 | ¥ 1,854,075 | |
Expected credit loss rate - current | 0.18% | 0.18% | 0.21% |
Expected credit loss provision - current | ¥ 4,033 | ¥ 3,932 | |
Other non-current assets | |||
Non-current assets | ¥ 7,488,200 | ¥ 5,598,764 | |
Expected credit loss rate - non-current | 1.20% | 1.20% | 0.88% |
Expected credit loss provision - non-current | ¥ 89,641 | ¥ 49,309 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property, plant and equipment, net (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings and constructions | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Production facilities | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Production facilities | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Charging & battery swap equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Charging & battery swap equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 8 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 | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Purchased software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 1 year |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Corporate vehicles | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Others | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Others | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Intangibles through impairment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Domain names and others | |
Summary of Significant Accounting Policies | |
Useful lives | 5 years |
Land use rights | Minimum | |
Summary of Significant Accounting Policies | |
Useful lives | 491 months |
Land use rights | Maximum | |
Summary of Significant Accounting Policies | |
Useful lives | 536 months |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Warranty liabilities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Warranty liabilities | |||
Warranty - beginning of year | ¥ 1,962,977 | ¥ 952,946 | ¥ 412,004 |
Provision for warranty | 1,128,920 | 1,078,854 | 582,069 |
Warranty costs incurred | (144,960) | (68,823) | (41,127) |
Warranty - end of year | ¥ 2,946,937 | ¥ 1,962,977 | ¥ 952,946 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Revenue (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) item | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Summary of Significant Accounting Policies | |||
Number of components not performance obligations | item | 2 | ||
Stand-alone fair value as a percentage of gross selling price | 1% | ||
Aggregate stand-alone fair value as a percentage of contract price | 3% | ||
Number of packages offered | item | 2 | ||
Number of performance obligations per package | item | 1 | ||
Package term | 1 month | ||
Forfeiture rate (as a percent) | 0% | ||
Revenue allocated to performance obligation | ¥ 492,925 | ¥ 371,849 | ¥ 162,485 |
Amount charged to selling and marketing expenses | 215,201 | 155,884 | ¥ 78,229 |
Liabilities related to unredeemed points | 680,660 | 468,878 | |
Vehicle sales | |||
Summary of Significant Accounting Policies | |||
Contract liabilities | 3,740,108 | 2,294,528 | |
Sales of packages and provision of power solution | |||
Summary of Significant Accounting Policies | |||
Contract liabilities | 309,198 | ¥ 180,732 | |
BaaS battery buy-out service | |||
Summary of Significant Accounting Policies | |||
Revenue recognized | ¥ 36,320 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) segment | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Functional currency and foreign currency translation | |||||
Foreign currency translation adjustment | ¥ 717,274 | $ 103,995 | ¥ (230,345) | ¥ 137,596 | |
Exchange rate (RMB per USD 1.00) | 6.8972 | 6.8972 | |||
Short-term investment | |||||
Short-term investments | ¥ 19,171,017 | 37,057,554 | $ 2,779,536 | ||
Restricted as collateral for bank borrowings and letter of guarantee | 12,259,459 | 6,646,299 | |||
Carrying value of the investment | 1,648,861 | 680,723 | |||
Fair value changes were recorded in other comprehensive income | ¥ 746,336 | ¥ 24,224 | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | ||
Fair value changes were recorded in other comprehensive income | ¥ 746,336 | $ 108,209 | ¥ 24,224 | ||
Current expected credit losses | |||||
Expected credit loss expense | 48,707 | 54,332 | 9,654 | ||
Expected credit loss provision - current | 50,415 | 42,040 | |||
Expected credit loss provision - non-current | 89,641 | 49,309 | |||
Long-term investments | |||||
Impairment recognized, long term investments | 0 | 0 | 0 | ||
Impairment recognized, long-lived assets | 35,011 | $ 5,076 | 0 | 25,757 | |
Sales and marketing expenses | |||||
Advertising costs | 815,619 | 529,057 | 266,569 | ||
Employee benefits | |||||
Employee benefit expenses | 1,578,273 | 761,417 | 366,223 | ||
Dividends | |||||
Dividends | ¥ 0 | 0 | ¥ 0 | ||
Segment reporting | |||||
Number of segments | segment | 1 | 1 | |||
Derivatives and Hedging | |||||
Changes in fair value of the derivatives | ¥ 668,051 | 228,887 | |||
Fair Value, Inputs, Level 2 | |||||
Short-term investment | |||||
Short-term investments | 12,781,060 | 27,773,387 | |||
Fair Value, Inputs, Level 3 | |||||
Short-term investment | |||||
Carrying value of the investment | ¥ 1,648,861 | ¥ 680,723 |
Concentration and Risks (Detail
Concentration and Risks (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customer concentration risk | Customer A | Total revenue | |||
Concentration and Risks | |||
Concentration risk (as a percent) | 12% | ||
Customer concentration risk | Customer A | Account receivables | |||
Concentration and Risks | |||
Concentration risk (as a percent) | 21% | 36% | |
Supplier concentration Risk | Supplier A | Total revenue | |||
Concentration and Risks | |||
Concentration risk (as a percent) | 20% | 20% | 16% |
Supplier concentration Risk | Supplier A | Accounts payable | |||
Concentration and Risks | |||
Concentration risk (as a percent) | 31% | 28% |
Concentration and Risks - Addit
Concentration and Risks - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration and Risks | ||
Cash, cash equivalents and restricted cash subject to currency conversion controls | ¥ 13,012,259 | ¥ 10,453,728 |
Inventory (Details)
Inventory (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Inventory | |||||
Raw materials | ¥ 2,974,125 | ¥ 1,008,348 | |||
Work in process | 170,995 | 3,915 | |||
Finished Goods | 4,685,790 | 826,011 | |||
Merchandise | 510,143 | 220,931 | |||
Less: write-downs | (149,667) | (2,853) | |||
Total | 8,191,386 | 2,056,352 | $ 1,187,639 | ||
Write-downs of inventory | ¥ 148,729 | $ 21,564 | ¥ 1,105 | ¥ 5,803 |
Prepayments and Other Current_3
Prepayments and Other Current Assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepayments and Other Current Assets | ||
Deductible VAT input | ¥ 779,694 | ¥ 1,040,024 |
Prepayment to vendors | 541,457 | 167,453 |
Deposits | 349,651 | 84,421 |
Receivables from JAC | 196,075 | 20,939 |
Receivables from third party online payment service providers | 154,264 | 74,464 |
Receivable of reimbursement from the depositary bank | 87,170 | 80,461 |
Interest receivable | ¥ 10,167 | 97,734 |
Derivative assets | 104,277 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | |
Other receivables | ¥ 131,963 | 184,302 |
Total | 2,246,408 | 1,850,143 |
Less: Allowance for doubtful accounts | ¥ (4,033) | ¥ (3,932) |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment, Net | ||||
Property and equipment | ¥ 22,601,840 | ¥ 11,599,241 | ||
Less: Accumulated depreciation | (6,901,232) | (4,131,352) | ||
Less: Accumulated impairment | (41,942) | (68,373) | ||
Total property, plant and equipment, net | 15,658,666 | 7,399,516 | $ 2,270,293 | |
Depreciation expenses | 2,874,912 | 1,702,559 | ¥ 1,041,011 | |
Cost of sales | ||||
Property, Plant and Equipment, Net | ||||
Increase in depreciation expense | 44,208 | |||
Mold and tooling | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 3,901,436 | 2,354,411 | ||
Leasehold improvements | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 3,408,731 | 1,876,294 | ||
Charging & battery swap equipment | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 3,393,603 | 2,279,893 | ||
Production facilities | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 3,252,362 | 831,776 | ||
Construction in process | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 3,114,345 | 1,304,548 | ||
Computer and electronic equipment | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 1,250,861 | 575,364 | ||
Purchased software | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 985,141 | 493,374 | ||
R&D equipment | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 939,586 | 552,956 | ||
Buildings and constructions | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 890,576 | 875,562 | ||
Corporate vehicles | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 473,602 | 180,157 | ||
Others | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | ¥ 991,597 | ¥ 274,906 |
Land Use Rights, Net (Details)
Land Use Rights, Net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Land Use Rights, Net | |||
Land use rights | ¥ 235,198 | ¥ 216,489 | |
Less: Accumulated amortization-land use rights | (22,595) | (17,368) | |
Total land use rights, net | ¥ 212,603 | $ 30,825 | ¥ 199,121 |
Land Use Rights, Net - Addition
Land Use Rights, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Land Use Rights, Net | |||
Amortization expense for land use rights | ¥ 5,227 | ¥ 4,847 | ¥ 4,847 |
Long-term investments (Details)
Long-term investments (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2022 CNY (¥) | Feb. 28, 2022 CNY (¥) | Nov. 30, 2021 CNY (¥) | Jul. 31, 2021 CNY (¥) | Feb. 28, 2021 CNY (¥) | Aug. 31, 2020 CNY (¥) item | Apr. 30, 2018 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Equity investments: | ||||||||||||
Equity method investments | ¥ 1,325,800 | ¥ 820,294 | ||||||||||
Equity securities without readily determinable fair value: | ||||||||||||
Equity securities without readily determinable fair value | 101,536 | 237,920 | ||||||||||
Invested in equity securities without readily determinable fair value | 35 | 4,000 | ¥ 5,442 | |||||||||
Proceeds from sale of equity securities without readily determinable fair values | 194,063 | |||||||||||
Gain from sale of equity securities without readily determinable fair values | 60,296 | |||||||||||
Equity securities with readily determinable fair value | 48,290 | 20,446 | ||||||||||
Debt investments: | ||||||||||||
Held-to-maturity debt securities - time deposit | 3,231,924 | 1,300,000 | ||||||||||
Available-for-sale debt securities | 1,648,861 | 680,723 | ||||||||||
Total | 6,356,411 | 3,059,383 | $ 921,593 | |||||||||
Number of third party investors | item | 3 | |||||||||||
Amount of investment | ¥ 200,000 | |||||||||||
Impairment recognized, long term investments | 0 | 0 | 0 | |||||||||
Share of (loss)/income of equity investees | ¥ 377,775 | $ 54,772 | ¥ 62,510 | (66,030) | ||||||||
Weighted average maturity period of held to maturity debt securities | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years 2 months 12 days | |||||||||
Total capital contribution | ¥ 650,000 | ¥ 120,000 | $ 17,398 | ¥ 650,000 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Debt Securities, Available-for-sale, Unrealized Gain (Loss) | Debt Securities, Available-for-sale, Unrealized Gain (Loss) | ||||||||||
Capital contribution by company | 550,000 | |||||||||||
Capital contribution by unrelated investors | ¥ 100,000 | |||||||||||
Available-for-sale debt securities increase in fair value | ¥ 30,723 | 946,571 | ||||||||||
Amount of tax impact on the increase in fair value of available for sale debt securities | 200,235 | 6,499 | ||||||||||
Other comprehensive income attributed to non-controlling interests | 746,336 | 24,224 | ||||||||||
Private company | Discontinued Operations, Disposed of by Sale | ||||||||||||
Debt investments: | ||||||||||||
Total consideration | ¥ 120,000 | 270,000 | ||||||||||
Non- Controlling Interests | ||||||||||||
Debt investments: | ||||||||||||
Other comprehensive income attributed to non-controlling interests | 151,299 | ¥ 4,727 | ||||||||||
Weilan | ||||||||||||
Debt investments: | ||||||||||||
Amount of investment | ¥ 50,000 | |||||||||||
Equity method investment, fair value, excess amount over consideration adjusted to additional paid in capital | ¥ 18,535 | |||||||||||
Weineng | ||||||||||||
Debt investments: | ||||||||||||
Percentage of equity interest | 25% | 19.80% | ||||||||||
Other third-party investors | ||||||||||||
Debt investments: | ||||||||||||
Percentage of equity interest | 19.40% | |||||||||||
Additional investment | ¥ 40,000 | 640,000 | ||||||||||
Weilan | ||||||||||||
Debt investments: | ||||||||||||
Percentage of equity interest | 1.03% | |||||||||||
Fair value of the investment over the carrying amount | ¥ 68,535 | |||||||||||
Private company | ||||||||||||
Equity investments: | ||||||||||||
Equity method investments | 0 | |||||||||||
Debt investments: | ||||||||||||
Percentage of equity interest | 4.50% | 22.50% | ||||||||||
Share of (loss)/income of equity investees | ¥ 62,510 | (66,030) | ||||||||||
Investment at fair value, Remeasurement gain | ¥ 29,114 | |||||||||||
Private company | Discontinued Operations, Disposed of by Sale | ||||||||||||
Debt investments: | ||||||||||||
Recognized investment gain | 4,652 | |||||||||||
Weineng | ||||||||||||
Debt investments: | ||||||||||||
Additional investment | 270,000 | |||||||||||
Private fund | ||||||||||||
Debt investments: | ||||||||||||
Amount of investment | ¥ 192,723 | |||||||||||
Private company | ||||||||||||
Debt investments: | ||||||||||||
Amount of investment | ¥ 112,500 | |||||||||||
Share of (loss)/income of equity investees | 377,775 | |||||||||||
Realized gain in the share of income of Investee on disposal | 104,653 | |||||||||||
Investment at fair value, Remeasurement | ¥ 133,767 | ¥ 133,767 | ||||||||||
Private company | Discontinued Operations, Disposed of by Sale | ||||||||||||
Debt investments: | ||||||||||||
Recognized investment gain | ¥ 171,567 |
Long-term investments - Equity
Long-term investments - Equity securities without readily determinable fair value (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term investments | |||
Change in year to year fair value gains on equity securities without readily determinable fair value | ¥ 2,652 | ¥ 94,711 | ¥ 0 |
Equity securities without readily determinable fair value: | |||
Initial cost | 9,477 | 143,209 | |
Net cumulative fair value adjustments | 92,059 | 94,711 | |
Carrying value | 101,536 | 237,920 | |
Available-for-sale debt securities: | |||
Initial cost | 671,567 | 650,000 | |
Net cumulative fair value adjustments | 977,294 | 30,723 | |
Carrying value | ¥ 1,648,861 | ¥ 680,723 |
Other Non-current Assets (Detai
Other Non-current Assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Non-current Assets | ||
Non-current portion of auto financing receivables | ¥ 4,501,168 | ¥ 2,162,417 |
Non-current portion of national subsidy receivable | 1,227,270 | 1,933,971 |
Long-term deposits | 944,768 | 636,124 |
Non-current portion of prepayments for purchase of property, plant and equipment | 433,750 | 376,675 |
Non-current portion of receivables of installment payments for battery | 221,089 | 409,197 |
Non-current portion of right of use assets - finance lease | 49,205 | 66,052 |
Others | 110,950 | 14,328 |
Less: Allowance for credit losses | (89,641) | (49,309) |
Total | ¥ 7,398,559 | ¥ 5,549,455 |
Accruals and Other Liabilitie_2
Accruals and Other Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accruals and Other Liabilities | |||
Payables for purchase of property, plant and equipment | ¥ 4,172,758 | ¥ 1,458,767 | |
Payable for R&D expenses | 1,814,746 | 887,593 | |
Salaries and benefits payable | 1,525,366 | 972,333 | |
Current portion of deferred revenue/income | 1,273,779 | 746,453 | |
Payables for marketing events | 1,075,693 | 855,984 | |
Accrued expenses | 857,639 | 497,381 | |
Advance from customers | 833,779 | 638,147 | |
Accrued costs of purchase commitments | 792,786 | ||
Warranty liabilities | 669,793 | 518,426 | |
Payables for traveling expenses of employees | 44,942 | 26,212 | |
Interest payables | 32,271 | 41,147 | |
Current portion of finance lease liabilities | 30,609 | 27,815 | |
Derivative Liabilities | 16,435 | ||
Current portion of deferred construction allowance | 13,307 | 32,254 | |
Payable to employees for options exercised | 792 | 151,158 | |
Other payables | 499,667 | 347,974 | |
Total | ¥ 13,654,362 | $ 1,979,700 | ¥ 7,201,644 |
Accruals and Other Liabilitie_3
Accruals and Other Liabilities - Additional Information (Details) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Accruals and Other Liabilities | |
Accrued costs of purchase commitments due to their transition to new models under NIO Technology Platform 2.0 | ¥ 792,786 |
Borrowings - Components (Detail
Borrowings - Components (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Short-term borrowing | |||
Bank loan | ¥ 4,039,210 | ¥ 5,230,000 | |
Current portion of long-term borrowings | 1,237,916 | $ 179,481 | 2,067,962 |
Current portion of Asset-backed Securities and Notes | 1,129,596 | 343,654 | |
Long-term borrowings: | |||
Bank loan | 430,460 | 42,260 | |
Convertible notes | 10,155,599 | 9,440,626 | |
Asset-backed Securities and Notes | 293,945 | 256,290 | |
Other financing arrangements | 5,795 | ||
Total | 16,162,925 | 17,037,138 | |
Convertible notes | |||
Short-term borrowing | |||
Current portion of convertible notes | 1,228,278 | ||
Long-term borrowings | |||
Short-term borrowing | |||
Current portion of long-term borrowings | 108,320 | 39,840 | |
Loan from joint investor | |||
Short-term borrowing | |||
Current portion of loan from joint investor | 456,190 | ||
Asset-backed Securities | |||
Short-term borrowing | |||
Current portion of Asset-backed Securities and Notes | ¥ 1,129,596 | ¥ 343,654 |
Borrowings - Balances of long-t
Borrowings - Balances of long-term bank loan (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings | ||
Outstanding loan | ¥ 538,780 | ¥ 82,100 |
Current portion according to the repayment schedule | 108,320 | 39,840 |
Long-term portion | 430,460 | 42,260 |
Loan Agreement with Bank of Shanghai, Maturity, December 2023 | ||
Borrowings | ||
Outstanding loan | 33,440 | |
Current portion according to the repayment schedule | 16,560 | |
Long-term portion | 16,880 | |
Loan Agreement with Bank of Shanghai, Maturity, February 2024 | ||
Borrowings | ||
Outstanding loan | 48,660 | |
Current portion according to the repayment schedule | 23,280 | |
Long-term portion | ¥ 25,380 | |
Loan Agreement with Bank of Beijing, Maturity, March 2024 | ||
Borrowings | ||
Outstanding loan | 149,000 | |
Current portion according to the repayment schedule | 2,000 | |
Long-term portion | 147,000 | |
Loan Agreement with Bank of Shanghai, Maturity, June 2025 | ||
Borrowings | ||
Outstanding loan | 172,980 | |
Current portion according to the repayment schedule | 46,320 | |
Long-term portion | 126,660 | |
Loan Agreement with Hang Seng Bank, Maturity, June 2024 | ||
Borrowings | ||
Outstanding loan | 180,000 | |
Current portion according to the repayment schedule | 60,000 | |
Long-term portion | 120,000 | |
Loan Agreement with China Construction Bank, Maturity, July 2029, One | ||
Borrowings | ||
Outstanding loan | 6,800 | |
Long-term portion | 6,800 | |
Loan Agreement with Industrial and Commercial Bank of China, Maturity, July 2029 | ||
Borrowings | ||
Outstanding loan | 10,200 | |
Long-term portion | 10,200 | |
Loan Agreement with China Construction Bank, Maturity, July 2029, Two | ||
Borrowings | ||
Outstanding loan | 19,800 | |
Long-term portion | ¥ 19,800 |
Borrowings - Additional informa
Borrowings - Additional information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jan. 15, 2021 USD ($) shares | Sep. 05, 2019 USD ($) installment $ / shares | Apr. 16, 2018 CNY (¥) | Sep. 29, 2017 CNY (¥) | Jun. 30, 2017 CNY (¥) | Dec. 31, 2022 CNY (¥) | Nov. 30, 2022 CNY (¥) | Aug. 31, 2022 CNY (¥) shares | Aug. 31, 2022 USD ($) shares | Jan. 31, 2021 CNY (¥) shares | Jan. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Nov. 30, 2020 USD ($) shares | Sep. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) $ / shares | Oct. 31, 2020 shares | Aug. 31, 2020 shares | Feb. 29, 2020 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares | Oct. 31, 2022 CNY (¥) | Oct. 31, 2022 USD ($) | Feb. 29, 2020 $ / shares | Feb. 28, 2019 USD ($) | May 18, 2017 CNY (¥) | |
Borrowings | ||||||||||||||||||||||||||||||
Short-term borrowings | ¥ 4,039,210 | ¥ 5,230,000 | ¥ 4,039,210 | ¥ 5,230,000 | $ 585,630 | |||||||||||||||||||||||||
Aggregate principal amount converted | $ | $ 1,642 | $ 3,080 | ||||||||||||||||||||||||||||
Conversion of convertible senior notes to ordinary shares - third party | 10,450 | 4,199,819 | ||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 3.50 | $ 3.07 | ||||||||||||||||||||||||||||
Carrying value of remaining notes classified in non-current liabilities | 10,155,599 | 9,440,626 | 10,155,599 | 9,440,626 | ||||||||||||||||||||||||||
Current portion of asset-backed securities and notes | 1,129,596 | 343,654 | 1,129,596 | 343,654 | ||||||||||||||||||||||||||
Non-current portion of asset-backed securities and notes | 293,945 | 256,290 | 293,945 | 256,290 | ||||||||||||||||||||||||||
Facility amount | 56,121,492 | 29,340,000 | 56,121,492 | 29,340,000 | ||||||||||||||||||||||||||
Collateral Pledged [Member] | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 27,710,000 | 27,710,000 | ||||||||||||||||||||||||||||
Uncollateralized [Member] | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 28,411,492 | 28,411,492 | ||||||||||||||||||||||||||||
Ordinary Shares | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Value of derecognized notes | ¥ 15 | |||||||||||||||||||||||||||||
Conversion of convertible senior notes to ordinary shares - third party | 101 | |||||||||||||||||||||||||||||
Additional Paid in Capital | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Value of derecognized notes | ¥ 207,457 | |||||||||||||||||||||||||||||
Conversion of convertible senior notes to ordinary shares - third party | ¥ 10,450 | 4,199,718 | ||||||||||||||||||||||||||||
Wuhan NIO Energy Co., Ltd. ("PE WHJV") | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Percentage of indirect interest in total paid-in capital | 100% | 100% | ||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 5,180,000 | 5,180,000 | ||||||||||||||||||||||||||||
Borrowings | Uncollateralized [Member] | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 2,838,780 | 2,838,780 | ||||||||||||||||||||||||||||
Letters of Guarantee | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 590,000 | ¥ 590,000 | ||||||||||||||||||||||||||||
Letters of Guarantee | Collateral Pledged [Member] | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 2,650,000 | 2,650,000 | ||||||||||||||||||||||||||||
Letters of Guarantee | Uncollateralized [Member] | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 3,264,275 | 3,264,275 | ||||||||||||||||||||||||||||
Banker's acceptance | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 3,828,600 | 3,828,600 | ||||||||||||||||||||||||||||
Banker's acceptance | Collateral Pledged [Member] | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 5,884,500 | 5,884,500 | ||||||||||||||||||||||||||||
Banker's acceptance | Uncollateralized [Member] | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 350,000 | 350,000 | ||||||||||||||||||||||||||||
Letter of Credit | Collateral Pledged [Member] | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Facility amount | 300,000 | ¥ 300,000 | ||||||||||||||||||||||||||||
ASU 2020-06 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Convertible senior notes | 9,440,626 | ¥ 9,440,626 | ||||||||||||||||||||||||||||
Long-term borrowings | $ | $ 26,340 | |||||||||||||||||||||||||||||
Class A Ordinary Shares | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Aggregate principal amount converted | ¥ 148,393 | $ 22,526 | ||||||||||||||||||||||||||||
Shares issued upon conversion | shares | 8,805,770 | 8,805,770 | 7,219,872 | 7,219,872 | 49,582,686 | 172,631 | 172,631 | 316,979 | 316,979 | |||||||||||||||||||||
Asset pledged | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Trade receivables pledged to secure short-term bank borrowings | 0 | 440,159 | ¥ 0 | ¥ 440,159 | ||||||||||||||||||||||||||
Short-term investments pledged to secure short-term bank borrowings | 348,230 | 556,299 | 348,230 | 556,299 | ||||||||||||||||||||||||||
Restricted cash pledged to secure short-term bank borrowings | 355,197 | 1,123,596 | 355,197 | 1,123,596 | ||||||||||||||||||||||||||
Trade receivables pledged to secure long-term bank borrowings | 0 | 104,424 | 0 | 104,424 | ||||||||||||||||||||||||||
Group | Wuhan NIO Energy Co., Ltd. ("PE WHJV") | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Total consideration | ¥ 473,200 | |||||||||||||||||||||||||||||
Joint Investment Agreement | Wuhan Donghu New Technology Development Zone Management Committee | Wuhan NIO Energy Co., Ltd. ("PE WHJV") | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Loan subscribed | ¥ 384,000 | |||||||||||||||||||||||||||||
Rate of subscribed capital | 49% | |||||||||||||||||||||||||||||
Injection of cash debt | ¥ 234,000 | ¥ 100,000 | ¥ 50,000 | |||||||||||||||||||||||||||
Threshold limit of net assets under agreement | 550,000 | 550,000 | ||||||||||||||||||||||||||||
Accrued interest | 72,190 | |||||||||||||||||||||||||||||
Short Term Borrowings At December 2021 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Short-term borrowings | ¥ 5,230,000 | ¥ 5,230,000 | ||||||||||||||||||||||||||||
Short Term Borrowings At December 2021 | Maximum | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 4.45% | 4.45% | ||||||||||||||||||||||||||||
Short Term Borrowings At December 2021 | Minimum | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 2.95% | 2.95% | ||||||||||||||||||||||||||||
Short Term Borrowings At December 2022 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Short-term borrowings | 4,039,210 | ¥ 4,039,210 | ||||||||||||||||||||||||||||
Short Term Borrowings At December 2022 | Maximum | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 3.50% | 3.50% | ||||||||||||||||||||||||||||
Short Term Borrowings At December 2022 | Minimum | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 1.95% | 1.95% | ||||||||||||||||||||||||||||
Convertible Notes | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Convertible senior notes | $ | $ 650,000 | |||||||||||||||||||||||||||||
Additional convertible senior notes | $ | $ 100,000 | |||||||||||||||||||||||||||||
Interest rate | 0% | 0.50% | 0.50% | 0% | 4.50% | |||||||||||||||||||||||||
Aggregate principal amount converted | ¥ 189,494 | $ 27,474 | $ 50,000 | $ 7,000 | $ 50,000 | |||||||||||||||||||||||||
Number of installment | installment | 2 | |||||||||||||||||||||||||||||
Convertible notes | ¥ 175,166 | ¥ 175,166 | ||||||||||||||||||||||||||||
Convertible Notes | Class A Ordinary Shares | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Shares issued upon conversion | shares | 735 | |||||||||||||||||||||||||||||
Convertible Notes | American Depositary Shares | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 93.06 | |||||||||||||||||||||||||||||
Convertible Notes | Third Party Investors One | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Aggregate principal amount converted | ¥ 200,000 | |||||||||||||||||||||||||||||
Convertible Notes | Third Party Investors Two | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Aggregate principal amount converted | $ | $ 235,000 | |||||||||||||||||||||||||||||
Convertible Notes | Tencent Holdings Limited | Mr. Bin Li, | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Convertible senior notes | $ | $ 200,000 | |||||||||||||||||||||||||||||
Convertible Notes | Tencent Holdings Limited | Mr. Li, | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Convertible senior notes | $ | $ 100,000 | |||||||||||||||||||||||||||||
Convertible Notes 2024 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Convertible notes | ¥ 1,053,112 | ¥ 1,053,112 | ||||||||||||||||||||||||||||
Carrying value of remaining notes classified in non-current liabilities | ¥ 1,144,464 | ¥ 1,144,464 | ||||||||||||||||||||||||||||
360-day Notes | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 2.98 | |||||||||||||||||||||||||||||
Note payable term | 360 days | 360 days | 360 days | |||||||||||||||||||||||||||
3-year Notes | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 3.12 | |||||||||||||||||||||||||||||
Note payable term | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | |||||||||||||||||||||||
Convertible notes issued in January and February 2020 | American Depositary Shares | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Shares issued upon conversion | shares | 65,146,600 | |||||||||||||||||||||||||||||
Convertible notes issued in March 2020 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Shares issued upon conversion | shares | 67,142,790 | |||||||||||||||||||||||||||||
Convertible Senior Notes Due 2024 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Convertible senior notes | $ | $ 578,902 | |||||||||||||||||||||||||||||
Aggregate principal amount converted | $ | $ 581,685 | |||||||||||||||||||||||||||||
Shares issued upon conversion | shares | 62,192,017 | |||||||||||||||||||||||||||||
Conversion premium | $ | $ 56,359 | $ 56,359 | ||||||||||||||||||||||||||||
Convertible Senior Notes Due 2026 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Aggregate principal amount of notes | $ | $ 750,000 | |||||||||||||||||||||||||||||
Convertible Senior Notes Due 2026 | American Depositary Shares | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Percentage of principal amount of notes to be repurchased for repurchase price | 100% | |||||||||||||||||||||||||||||
Convertible Senior Notes Due 2026, Issued in June, July and October 2022 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Convertible senior notes | ¥ 9,011,135 | 9,011,135 | ||||||||||||||||||||||||||||
Portion of notes repurchased | ¥ 1,317,106 | $ 190,962 | ||||||||||||||||||||||||||||
Convertible Senior Notes Due 2027 | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Aggregate principal amount of notes | $ | $ 750,000 | |||||||||||||||||||||||||||||
Capped Call Transactions and Zero-Strike Call Transactions | ||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||
Interest expense, debt | ¥ 1,849,600 | |||||||||||||||||||||||||||||
Shares issued upon conversion | shares | 16,402,643 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Other Non-Current Liabilities | |||
Deferred revenue | ¥ 2,288,111 | ¥ 1,451,313 | |
Warranty liabilities | 2,277,144 | 1,444,551 | |
Deferred government grants | 309,762 | 312,837 | |
Non-current finance lease liabilities | 14,457 | 31,646 | |
Deferred construction allowance | 3,555 | 12,298 | |
Others | 250,998 | 287,813 | |
Total | ¥ 5,144,027 | $ 745,814 | ¥ 3,540,458 |
Leases (Details)
Leases (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Operating leases: | |||
Right-of-use assets - operating lease | ¥ 7,374,456 | $ 1,069,196 | ¥ 2,988,374 |
Current portion of operating lease liabilities | 1,025,968 | 148,751 | 744,561 |
Non-current operating lease liabilities | 6,517,096 | $ 944,890 | 2,317,193 |
Total operating lease liabilities | 7,543,064 | 3,061,754 | |
Finance leases: | |||
Right-of-use assets - finance lease | ¥ 49,205 | 66,052 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Current portion of finance lease liabilities | ¥ 30,609 | 27,815 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current | |
Non-current finance lease liabilities | ¥ 14,457 | 31,646 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Total finance lease liabilities | ¥ 45,066 | ¥ 59,461 |
Leases - Lease cost (Details)
Leases - Lease cost (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease cost: | ||
Amortization of right-of-use assets | ¥ 1,141,740 | ¥ 643,895 |
Interest of operating lease liabilities | 310,701 | 105,990 |
Expenses for short-term leases within 12 months and other non-lease component | 407,850 | 315,054 |
Total lease cost | ¥ 1,860,291 | ¥ 1,064,939 |
Leases - Other information (Det
Leases - Other information (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Weighted-average remaining lease term Operating leases | 11 years 7 months 6 days | 6 years 1 month 6 days |
Weighted-average remaining lease term Finance leases | 2 years 10 months 24 days | 3 years 1 month 6 days |
Weighted-average discount rate Operating leases | 5.09% | 5.63% |
Weighted-average discount rate Finance leases | 5.58% | 5.79% |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Leases | ||||
Operating cash outflows from operating leases | ¥ 1,280,125 | ¥ 707,721 | ||
Operating cash outflows from finance leases (interest payments) | 4,906 | 4,199 | ||
Financing cash outflows from finance leases | 27,489 | $ 3,986 | 32,873 | ¥ 42,529 |
Right-of-use assets obtained in exchange for lease liabilities | ¥ 5,820,041 | ¥ 2,133,428 |
Leases - Maturities of operatin
Leases - Maturities of operating and finance lease liabilities (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | |
Operating Leases | |||
Operating Lease, year one | ¥ 1,574,692 | ¥ 904,537 | |
Operating Lease, year two | 1,426,176 | 770,669 | |
Operating Lease, year three | 1,213,535 | 517,892 | |
Operating Lease, year four | 1,038,903 | 365,739 | |
Operating Lease, year five | 837,505 | 266,738 | |
Operating Lease, year six | 185,475 | ||
Operating Lease, Thereafter | 5,268,238 | ||
Operating Lease, Thereafter | 634,397 | ||
Total minimum lease payments | 11,359,049 | 3,645,447 | |
Less: Interest | (3,815,985) | (583,693) | |
Present value of lease obligations | 7,543,064 | 3,061,754 | |
Less: Current portion | (1,025,968) | (744,561) | $ (148,751) |
Long-term portion of lease obligations | 6,517,096 | 2,317,193 | $ 944,890 |
Finance Leases | |||
Finance Leases, year one | 35,151 | 30,900 | |
Finance Leases, year two | 17,299 | 23,516 | |
Finance Leases, year three | 6,717 | 9,021 | |
Finance Leases, year four | 6,277 | 106 | |
Finance Leases, year five | 4,737 | 35 | |
Finance Leases, Thereafter | 2,150 | ||
Total minimum lease payments | 72,331 | 63,578 | |
Less: Interest | (27,265) | (4,117) | |
Present value of lease obligations | 45,066 | 59,461 | |
Less: Current portion | (30,609) | (27,815) | |
Long-term portion of lease obligations | 14,457 | 31,646 | |
Short-term operating leases | ¥ 304,213 | ¥ 194,067 |
Revenue (Details)
Revenue (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Revenue | ||||
Revenue | ¥ 49,268,561 | $ 7,143,270 | ¥ 36,136,423 | ¥ 16,257,933 |
Point in time | ||||
Revenue | ||||
Revenue | 47,734,716 | 35,416,050 | 15,969,390 | |
Over time | ||||
Revenue | ||||
Revenue | 1,533,845 | 720,373 | 288,543 | |
Vehicle sales | ||||
Revenue | ||||
Revenue | 45,506,581 | $ 6,597,834 | 33,169,740 | 15,182,522 |
Sales of packages and provision of power solution | ||||
Revenue | ||||
Revenue | 857,912 | 526,171 | 244,072 | |
Sales of charging piles | ||||
Revenue | ||||
Revenue | 405,246 | 319,386 | 229,781 | |
Sales of automotive regulatory credits | ||||
Revenue | ||||
Revenue | 67,291 | 516,549 | 120,648 | |
Battery upgrade service | ||||
Revenue | ||||
Revenue | 64,123 | 291,218 | 5,346 | |
Others | ||||
Revenue | ||||
Revenue | ¥ 2,367,408 | ¥ 1,313,359 | ¥ 475,564 |
Deferred Revenue_Income - Roll
Deferred Revenue/Income - Roll forward (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of reconciliation in the current reporting period related to carried-forward deferred revenue | |||
Deferred revenue/income-beginning of year | ¥ 2,197,766 | ¥ 1,061,254 | ¥ 485,087 |
Additions | 2,483,462 | 1,934,086 | 1,013,397 |
Recognition | 1,124,186 | 795,878 | 432,069 |
Effects on foreign exchange adjustment | 4,848 | (1,696) | (5,161) |
Deferred revenue/income-end of year | ¥ 3,561,890 | ¥ 2,197,766 | ¥ 1,061,254 |
Deferred Revenue_Income - Timin
Deferred Revenue/Income - Timing of satisfaction (Details) | Dec. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Deferred Revenue/Income | |
Percentage of revenue recognized | 35% |
Period of revenue recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Deferred Revenue/Income | |
Period of revenue recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Deferred Revenue/Income | |
Percentage of revenue recognized | 65% |
Period of revenue recognition | 3 years 6 months |
Deferred Revenue_Income - Addit
Deferred Revenue/Income - Additional information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Revenue/Income | ||
Unrecognized deferred revenue | ¥ 3,546,849 | ¥ 2,164,288 |
Investor relations program, term | 5 years | |
Deferred revenue, ADR | ¥ 15,041 | ¥ 33,478 |
Manufacturing in collaboratio_2
Manufacturing in collaboration with JAC (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Manufacturing in collaboration with JAC | ||||
Total consideration | ¥ 1,700,000 | |||
Collaborative Arrangement | Vehicle sales | ||||
Manufacturing in collaboration with JAC | ||||
Actual manufacturing losses recorded as cost of sales | ¥ 1,126,523 | ¥ 715,118 | ¥ 531,565 |
Research and Development Expe_3
Research and Development Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Research and Development Expenses | ||||
Employee compensation | ¥ 6,684,971 | ¥ 2,658,158 | ¥ 1,362,231 | |
Design and development expenses | 3,276,915 | 1,572,834 | 778,463 | |
Depreciation and amortization expenses | 333,097 | 214,312 | 255,544 | |
Rental and related expenses | 193,132 | 53,846 | 51,123 | |
Travel and entertainment expenses | 111,531 | 43,732 | 15,720 | |
Others | 236,615 | 48,970 | 24,689 | |
Total | ¥ 10,836,261 | $ 1,571,110 | ¥ 4,591,852 | ¥ 2,487,770 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Selling, General and Administrative Expenses | ||||
Employee compensation | ¥ 4,532,553 | ¥ 2,894,308 | ¥ 1,687,945 | |
Marketing and promotional expenses | 1,775,539 | 1,428,290 | 675,142 | |
Rental and related expenses | 1,336,575 | 845,512 | 498,601 | |
Professional services | 944,160 | 521,327 | 307,658 | |
IT consumable, office supply and other low value consumable | 545,498 | 247,828 | 69,954 | |
Depreciation and amortization expenses | 484,363 | 337,708 | 325,478 | |
Other Taxes and Surcharges | 285,076 | 198,572 | 70,220 | |
Travel and entertainment expenses | 162,924 | 80,726 | 39,328 | |
Expected credit losses | 48,707 | $ 7,062 | 54,332 | 9,654 |
Others | 421,724 | 269,529 | 248,291 | |
Total | ¥ 10,537,119 | $ 1,527,739 | ¥ 6,878,132 | ¥ 3,932,271 |
Redeemable non-controlling in_2
Redeemable non-controlling interests (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Sep. 16, 2020 CNY (¥) | Apr. 29, 2020 CNY (¥) | Sep. 30, 2021 CNY (¥) | Feb. 28, 2021 CNY (¥) | Nov. 30, 2020 CNY (¥) | Jul. 31, 2020 CNY (¥) | Jun. 30, 2020 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Apr. 30, 2018 CNY (¥) | |
Redeemable non-controlling interests | ||||||||||||
Redeemable non-controlling interests | ¥ 1,600,000 | ¥ 3,557,221 | ¥ 3,277,866 | $ 515,747 | ¥ 1,269,900 | |||||||
Deadlock period | 60 days | |||||||||||
Percentage of simple interest on original issue price considered in redemption price | 10% | |||||||||||
Redemption value | ¥ 104,270 | |||||||||||
Cash consideration | ¥ 1,600,000 | 15,000 | ||||||||||
Cash investments received | 100,000 | |||||||||||
Additional paid in capital | ¥ 94,593,062 | 92,467,072 | $ 13,714,705 | |||||||||
NIO China | ||||||||||||
Redeemable non-controlling interests | ||||||||||||
Cash investments received | ¥ 2,000,000 | ¥ 5,000,000 | ¥ 5,000,000 | |||||||||
Minority interest (in percentage) | 8.612% | |||||||||||
Percentage of ownership interest held (as a percent) | 3.305% | |||||||||||
Accretion of redeemable non-controlling interests to redemption value | ¥ 279,355 | ¥ 6,586,579 | ¥ 207,400 | |||||||||
Period to submit application for a Qualified Initial Public Offering | 48 months | |||||||||||
Period to complete the Qualified Initial Public Offering | 60 months | |||||||||||
Annual interest rate (as a percent) | 8.50% | 8.50% | ||||||||||
Strategic Investors | NIO China | ||||||||||||
Redeemable non-controlling interests | ||||||||||||
Cash injected | ¥ 7,000,000 | ¥ 5,500,000 | ||||||||||
Cash investments received | ¥ 511,458 | ¥ 2,500,000 | ||||||||||
Minority interest (in percentage) | 1.418% | |||||||||||
Accretion of redeemable non-controlling interests to redemption value | ¥ 2,023,534 | |||||||||||
Strategic Investors | NIO China | Maximum | ||||||||||||
Redeemable non-controlling interests | ||||||||||||
Cash injected | ¥ 10,000,000 | |||||||||||
NIO Holding Co., Ltd. | ||||||||||||
Redeemable non-controlling interests | ||||||||||||
Percentage of indirect interest in total paid-in capital | 92.114% | 92.114% |
Ordinary Shares (Details)
Ordinary Shares (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
Jan. 15, 2021 USD ($) shares | Dec. 17, 2020 $ / shares shares | Sep. 02, 2020 $ / shares shares | Jun. 15, 2020 $ / shares shares | Aug. 31, 2022 shares | Jan. 31, 2021 CNY (¥) shares | Jan. 31, 2021 USD ($) shares | Dec. 31, 2020 shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) | |
Ordinary Shares | |||||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 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 | |||||||||||
Aggregate principal amount converted | $ | $ 1,642 | $ 3,080 | |||||||||||
Par value, class to be determined (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
Par value, class to be determined (in dollars per share) | 1,219,469,778 | 1,219,469,778 | |||||||||||
Ordinary shares, shares issued | 1,680,220,892 | 1,661,749,433 | |||||||||||
Ordinary shares, shares outstanding | 1,662,159,868 | 1,643,669,180 | |||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
Shares authorized, class to be determined | 1,219,469,778 | 1,219,469,778 | |||||||||||
Proceeds from issuance of ordinary shares, net of issuance costs | ¥ | ¥ 12,677,554,000 | ¥ 34,607,139,000 | |||||||||||
Convertible Senior Notes Due 2024 | |||||||||||||
Ordinary Shares | |||||||||||||
Aggregate principal amount converted | $ | $ 581,685 | ||||||||||||
Shares issued upon conversion | 62,192,017 | ||||||||||||
At-the-market equity offering program | |||||||||||||
Ordinary Shares | |||||||||||||
Proceeds from issuance of ordinary shares, net of issuance costs | $ | $ 1,974,000 | ||||||||||||
Class A Ordinary Shares | |||||||||||||
Ordinary Shares | |||||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
Ordinary shares, shares authorized | 2,632,030,222 | 2,500,000,000 | |||||||||||
Aggregate principal amount converted | ¥ 148,393,000 | $ 22,526 | |||||||||||
Shares issued upon conversion | 8,805,770 | 7,219,872 | 7,219,872 | 49,582,686 | 172,631 | 172,631 | 316,979 | 316,979 | |||||
Number of ordinary shares in each ADS | 38,884,788 | ||||||||||||
Ordinary shares, shares issued | 1,531,720,892 | 1,384,955,501 | |||||||||||
Ordinary shares, shares outstanding | 1,513,659,868 | 1,366,875,248 | |||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
Class B Ordinary Shares | |||||||||||||
Ordinary Shares | |||||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
Ordinary shares, shares authorized | 0 | 132,030,222 | |||||||||||
Ordinary shares, shares issued | 0 | 128,293,932 | |||||||||||
Ordinary shares, shares outstanding | 0 | 128,293,932 | |||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
Class C Ordinary Shares | |||||||||||||
Ordinary Shares | |||||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
Ordinary shares, shares authorized | 148,500,000 | 148,500,000 | |||||||||||
Ordinary shares, shares issued | 148,500,000 | 148,500,000 | |||||||||||
Ordinary shares, shares outstanding | 148,500,000 | 148,500,000 | |||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
American Depositary Shares | |||||||||||||
Ordinary Shares | |||||||||||||
Number of newly issued ordinary shares | 78,200,000 | 101,775,000 | 82,800,000 | ||||||||||
Share issue price (in dollars per share) | $ / shares | $ 39 | $ 17 | $ 5.95 | ||||||||||
American Depositary Shares | Convertible notes | |||||||||||||
Ordinary Shares | |||||||||||||
Aggregate principal amount converted | ¥ | ¥ 8,978,401 | ||||||||||||
Shares issued upon conversion | 69,728,868,000 | 69,728,868,000 | |||||||||||
American Depositary Shares | At-the-market equity offering program | |||||||||||||
Ordinary Shares | |||||||||||||
Number of ordinary shares in each ADS | 53,292,401 | ||||||||||||
Proceeds from issuance of ordinary shares, net of issuance costs | ¥ | ¥ 12,677,554,000 |
Non-controlling interest (Detai
Non-controlling interest (Details) - NIO AI Technology Limited Cayman Islands [Member] - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity interest held | 96.97% | 51% |
Transactions with non-controlling interests | ¥ 184,085 |
Share-based Compensation - Expe
Share-based Compensation - Expense allocation (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation | |||
Share-based compensation expenses | ¥ 2,295,896 | ¥ 1,010,140 | ¥ 187,094 |
Cost of sales | |||
Share-based Compensation | |||
Share-based compensation expenses | 66,914 | 34,009 | 5,564 |
Research and development expenses | |||
Share-based Compensation | |||
Share-based compensation expenses | 1,323,370 | 406,940 | 51,024 |
Selling, general and administrative expenses | |||
Share-based Compensation | |||
Share-based compensation expenses | ¥ 905,612 | ¥ 569,191 | ¥ 130,506 |
Share-based Compensation - Nio
Share-based Compensation - Nio Incentive Plans - Text and Options (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2019 USD ($) $ / shares shares | |
Number of Options Outstanding | |||||||
Outstanding, Beginning Balance | shares | 70,497,950 | 79,318,499 | 88,843,972 | ||||
Granted | shares | 1,685,000 | 2,468,150 | 16,077,700 | ||||
Exercised | shares | (4,533,690) | (9,119,048) | (15,253,500) | ||||
Forfeited | shares | (1,197,777) | (2,143,711) | (9,030,781) | ||||
Expired | shares | (467,608) | (25,940) | (1,318,892) | ||||
Outstanding, Ending Balance | shares | 65,983,875 | 70,497,950 | 79,318,499 | 88,843,972 | |||
Vested and expected to vest | shares | 65,832,596 | ||||||
Exercisable | shares | 55,898,588 | ||||||
Weighted Average Exercise Price, Options | |||||||
Outstanding, Beginning Balance | $ 4.76 | $ 3.59 | $ 2.38 | ||||
Granted | 3.03 | 13.89 | 8.09 | ||||
Exercised | 2.58 | 2.31 | 1.55 | ||||
Forfeited | 10.76 | 12.59 | 3.02 | ||||
Expired | 12.03 | 19.03 | 4.49 | ||||
Outstanding, Ending Balance | 3.57 | $ 4.76 | $ 3.59 | $ 2.38 | |||
Vested and expected to vest | 3.56 | ||||||
Exercisable | $ 3.22 | ||||||
Weighted Average Remaining Contractual Life, Outstanding, Options | 4 years 6 months 3 days | 5 years 5 months 8 days | 6 years 4 months 20 days | 6 years 9 months 7 days | |||
Weighted Average Remaining Contractual Life, Options, Vested and expected to vest | 4 years 6 months 3 days | ||||||
Weighted Average Remaining Contractual Life, Options, Exercisable | 4 years 5 months 26 days | ||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 465,353 | $ 1,944,597 | $ 3,581,119 | ||||
Aggregate Intrinsic Value, Vested and expected to vest, Options | $ | 464,324 | ||||||
Aggregate Intrinsic Value, Exercisable, Options | $ | $ 396,734 | ||||||
Weighted-average grant date fair value for options granted | $ 19.27 | $ 33.54 | $ 4.03 | ||||
Recognized share-based compensation expenses | ¥ | ¥ 2,295,896 | ¥ 1,010,140 | ¥ 187,094 | ||||
Nio Incentive Plan 2015 | |||||||
Share-based Compensation | |||||||
Expiration period | 10 years | ||||||
Requisite service period | 4 years | ||||||
Nio Incentive Plan 2015 | Tranche one | |||||||
Share-based Compensation | |||||||
Vesting percentage | 25% | ||||||
Nio Incentive Plan 2015 | Tranche two | |||||||
Share-based Compensation | |||||||
Vesting period | 36 months | ||||||
Vesting percentage | 75% | ||||||
Nio Incentive Plan 2016 | |||||||
Share-based Compensation | |||||||
Expiration period | 7 years | ||||||
Requisite service period | 4 years | ||||||
Nio Incentive Plan 2017 | |||||||
Share-based Compensation | |||||||
Expiration period | 10 years | ||||||
Requisite service period | 5 years | ||||||
Options | |||||||
Weighted Average Exercise Price, Options | |||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 164,363 | ||||||
Options | NIO Incentive Plans | |||||||
Weighted Average Exercise Price, Options | |||||||
Recognized share-based compensation expenses | ¥ | ¥ 379,178 | ¥ 534,641 | ¥ 177,543 |
Share-based Compensation - Ni_2
Share-based Compensation - Nio Incentive Plans - Options Assumptions and Unrecognized (Details) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2020 $ / shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Minimum | |||||
Share-based Compensation | |||||
Exercise price (US$) | $ 2.39 | $ 2.39 | $ 2.38 | ||
Fair value of the ordinary shares on the date of option grant (US$) | $ 10.34 | $ 39.54 | $ 2.38 | ||
Risk-free interest rate | 2.50% | 1.08% | 0.50% | ||
Expected volatility | 54% | ||||
Expected forfeiture rate (post-vesting) | 2% | ||||
Maximum | |||||
Share-based Compensation | |||||
Exercise price (US$) | $ 19.91 | $ 42.20 | $ 48.45 | ||
Fair value of the ordinary shares on the date of option grant (US$) | $ 19.61 | $ 42.20 | $ 48.45 | ||
Risk-free interest rate | 2.56% | 1.47% | 1% | ||
Expected term (in years) | 2 years 6 months | 2 years 6 months | 2 years 6 months | ||
Expected dividend yield | 0% | 0% | 0% | ||
Expected volatility | 56% | 55% | 55% | ||
Expected forfeiture rate (post-vesting) | 1.50% | 2% | 6% | ||
Options | NIO Incentive Plans | US employees under 2016 plan | |||||
Share-based Compensation | |||||
Unrecognized share-based compensation expenses, Options | ¥ | ¥ 219,781 | ¥ 396,098 | |||
Weighted-average period for unrecognized expenses expected to be recognized | 9 months 7 days | 1 year 3 months 25 days | 2 years 1 month 6 days |
Share-based Compensation - Ni_3
Share-based Compensation - Nio Incentive Plans - Restricted Shares (Details) | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 CNY (¥) $ / shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 CNY (¥) $ / shares | Dec. 31, 2020 CNY (¥) shares | |
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Recognized share-based compensation expenses | ¥ | ¥ 2,295,896,000 | ¥ 1,010,140,000 | ¥ 187,094,000 | ||
NIO Incentive Plans | US employees under 2016 plan | |||||
Number of Restricted Shares Outstanding | |||||
Unvested, Beginning Balance | 1,138,196 | ||||
Granted | 2,353,714 | 1,179,976 | |||
Vested | (291,069) | (1,728) | |||
Forfeited | (232,483) | (40,052) | |||
Unvested, Ending Balance | 2,968,358 | 1,138,196 | |||
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Unvested, Beginning Balance | $ / shares | $ 41.93 | ||||
Granted | $ / shares | 16 | $ 41.87 | |||
Vested | $ / shares | 36.44 | 41.53 | |||
Forfeited | $ / shares | 29.70 | 40.09 | |||
Unvested, Ending Balance | $ / shares | $ 23.87 | $ 41.93 | |||
Number of shares granted | 2,353,714 | 1,179,976 | |||
Unrecognized share-based compensation expenses, other than options | ¥ | ¥ 428,463,000 | $ 428,463,000 | ¥ 283,784,000 | $ 283,784,000 | |
NIO Incentive Plans | Non-US employees under 2016, 2017 and 2018 plan | |||||
Number of Restricted Shares Outstanding | |||||
Unvested, Beginning Balance | 22,899,941 | 1,735,744 | |||
Granted | 31,944,551 | 22,551,227 | |||
Vested | (4,687,528) | (841,014) | |||
Forfeited | (3,172,211) | (546,016) | |||
Unvested, Ending Balance | 46,984,753 | 22,899,941 | 1,735,744 | ||
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Unvested, Beginning Balance | $ / shares | $ 33.02 | $ 40.05 | |||
Granted | $ / shares | 15.12 | 36.55 | |||
Vested | $ / shares | 34.49 | 39.81 | |||
Forfeited | $ / shares | 28.42 | 36.22 | |||
Unvested, Ending Balance | $ / shares | $ 22.88 | $ 33.02 | |||
Number of shares granted | 31,944,551 | 22,551,227 | |||
Restricted shares | NIO Incentive Plans | US employees under 2016 plan | |||||
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Recognized share-based compensation expenses | ¥ | ¥ 118,700,000 | ¥ 20,820,000 | ¥ 0 | ||
Weighted-average period for unrecognized expenses expected to be recognized | 3 years 5 months 23 days | 3 years 9 months 29 days | |||
Restricted shares | NIO Incentive Plans | Non-US employees under 2016, 2017 and 2018 plan | |||||
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Recognized share-based compensation expenses | ¥ | ¥ 1,744,712,000 | ¥ 437,166,000 | ¥ 9,551,000 | ||
Unrecognized share-based compensation expenses, other than options | ¥ | ¥ 6,525,925,000 | $ 6,525,925,000 | ¥ 472,628,000 | $ 472,628,000 | |
Weighted-average period for unrecognized expenses expected to be recognized | 3 years 3 months 25 days | 3 years 7 months 24 days |
Share-based Compensation - Shar
Share-based Compensation - Share-based compensation of subsidiaries (Details) $ / shares in Units, ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2021 | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 CNY (¥) $ / shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 CNY (¥) $ / shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2019 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Number of Options Outstanding | ||||||||||
Outstanding, Beginning Balance | shares | 70,497,950 | 79,318,499 | 88,843,972 | |||||||
Granted | shares | 1,685,000 | 2,468,150 | 16,077,700 | |||||||
Outstanding, Ending Balance | shares | 65,983,875 | 70,497,950 | 79,318,499 | 88,843,972 | ||||||
Weighted Average Exercise Price, Options | ||||||||||
Outstanding, Beginning Balance | $ 4.76 | $ 3.59 | $ 2.38 | |||||||
Granted | 3.03 | 13.89 | 8.09 | |||||||
Outstanding, Ending Balance | 3.57 | 4.76 | $ 3.59 | $ 2.38 | ||||||
Weighted Average Remaining Contractual Life, Outstanding, Options | 4 years 6 months 3 days | 5 years 5 months 8 days | 6 years 4 months 20 days | 6 years 9 months 7 days | ||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 3,581,119,000 | $ 465,353,000 | $ 1,944,597,000 | |||||||
Share-based compensation expenses | ¥ | ¥ 2,295,896 | ¥ 1,010,140 | ¥ 187,094 | |||||||
Minimum | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Exercise price (US$) | $ 2.38 | $ 2.39 | $ 2.39 | |||||||
Fair value of the ordinary shares on the date of option grant (US$) | 2.38 | 10.34 | 39.54 | |||||||
Risk-free interest rate | 2.50% | 1.08% | 0.50% | |||||||
Expected volatility | 54% | |||||||||
Expected forfeiture rate (post-vesting) | 2% | |||||||||
Maximum | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Exercise price (US$) | 48.45 | 19.91 | 42.20 | |||||||
Fair value of the ordinary shares on the date of option grant (US$) | $ 48.45 | $ 19.61 | $ 42.20 | |||||||
Risk-free interest rate | 2.56% | 1.47% | 1% | |||||||
Expected term (in years) | 2 years 6 months | 2 years 6 months | 2 years 6 months | |||||||
Expected dividend yield | 0% | 0% | 0% | |||||||
Expected volatility | 56% | 55% | 55% | |||||||
Expected forfeiture rate (post-vesting) | 1.50% | 2% | 6% | |||||||
A Plan | ||||||||||
Number of Options Outstanding | ||||||||||
Vested | shares | (1,387,401) | |||||||||
Outstanding, Ending Balance | shares | 30,543,848 | |||||||||
Weighted Average Exercise Price, Options | ||||||||||
Outstanding, Ending Balance | 0.00001 | |||||||||
Weighted Average Remaining Contractual Life, Outstanding, Options | 8 years 10 months 2 days | |||||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 34,337 | |||||||||
Vested | 0.00001 | |||||||||
Weighted average grant date fair value of options granted | 0.00001 | |||||||||
AA Plan | ||||||||||
Number of Options Outstanding | ||||||||||
Outstanding, Beginning Balance | shares | 31,931,249 | |||||||||
Granted | shares | 31,931,249 | |||||||||
Outstanding, Ending Balance | shares | 31,931,249 | |||||||||
Weighted Average Exercise Price, Options | ||||||||||
Outstanding, Beginning Balance | 0.00001 | |||||||||
Granted | 0.00001 | |||||||||
Outstanding, Ending Balance | $ 0.00001 | |||||||||
Weighted Average Remaining Contractual Life, Outstanding, Options | 9 years 10 months 2 days | |||||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 35,888 | |||||||||
Expiration period | 10 years | |||||||||
Requisite service period | 4 years | |||||||||
Vesting period | 36 months | |||||||||
Stock Liability Award | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Risk-free interest rate | 1.58% | |||||||||
Expected term (in years) | 10 years | |||||||||
Expected dividend yield | 0% | |||||||||
Expected volatility | 52% | |||||||||
Expected forfeiture rate (post-vesting) | 2% | |||||||||
Stock Liability Award | Minimum | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Fair value of the ordinary shares on the date of option grant (US$) | $ 1 | |||||||||
Stock Liability Award | Maximum | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Fair value of the ordinary shares on the date of option grant (US$) | $ 1.01 | |||||||||
Options | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 164,363,000 | |||||||||
Vested | 1.12 | |||||||||
Weighted average grant date fair value of options granted | $ 1.12 | |||||||||
Options | A Plan | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Share-based compensation expenses | ¥ | ¥ 53,306 | |||||||||
Unrecognized share-based compensation expenses, other than options | ¥ | ¥ 170,091 | $ 170,091 | ¥ 211,178 | $ 211,178 | ||||||
Weighted-average period for unrecognized expenses expected to be recognized | 2 years 2 months 12 days | 3 years 2 months 12 days | ||||||||
Options | AA Plan | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Share-based compensation expenses | ¥ | ¥ 17,513 |
Taxation (Details)
Taxation (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Taxation | ||||
Equity interest held | 25% | 25% | ||
Adjustments to the tax benefit accumulated in prior years | ¥ (4,324) | |||
Current income tax expense | ¥ 62,348 | ¥ 23,565 | 6,368 | |
Deferred income tax expense | (7,245) | 18,700 | ||
Total | ¥ 55,103 | $ 7,989 | ¥ 42,265 | ¥ 6,368 |
US | ||||
Taxation | ||||
Effective income tax rate | 29.84% | 29.84% | 29.84% | 29.84% |
United Kingdom | ||||
Taxation | ||||
Effective income tax rate | 19% | 19% | 19% | 19% |
Germany | ||||
Taxation | ||||
Effective income tax rate | 32.98% | 32.98% | 32.98% | 32.98% |
Norway | ||||
Taxation | ||||
Effective income tax rate | 22% | 22% | 22% | |
Netherlands | ||||
Taxation | ||||
Effective income tax rate | 25.80% | 25.80% | 25% | |
Cayman Islands Tax Information Authority [Member] | ||||
Taxation | ||||
Effective income tax rate | 0% | 0% | ||
State Administration of Taxation, China [Member] | ||||
Taxation | ||||
Effective income tax rate | 25% | 25% | ||
Preferential tax rate | 15% | 15% | ||
Percentage of withholding tax for foreign investors non resident enterprises | 10% | 10% | ||
Percentage of withholding tax for resident enterprise | 5% | 5% | ||
State Administration of Taxation, China [Member] | Minimum | ||||
Taxation | ||||
Percent entitled to claim for qualified research and development expenses | 175% | 175% | ||
Additional percentage of qualified research and development expenses claimed in annual filing | 75% | 75% | ||
State Administration of Taxation, China [Member] | Maximum | ||||
Taxation | ||||
Percent entitled to claim for qualified research and development expenses | 200% | 200% | ||
Additional percentage of qualified research and development expenses claimed in annual filing | 100% | 100% | ||
Inland Revenue, Hong Kong [Member] | Remaining taxable income | ||||
Taxation | ||||
Effective income tax rate | 16.50% | 16.50% | ||
Inland Revenue, Hong Kong [Member] | First HKD2,000 Taxable Income | ||||
Taxation | ||||
Effective income tax rate | 8.25% | 8.25% |
Taxation - Reconciliation (Deta
Taxation - Reconciliation (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Taxation | ||||
Loss before income tax expense | ¥ (14,382,001) | $ (2,085,194) | ¥ (3,974,684) | ¥ (5,297,714) |
Income tax benefit computed at PRC statutory income tax rate of 25% | (3,595,500) | (993,671) | (1,324,429) | |
Non-deductible expenses | 23,484 | 29,325 | 47,151 | |
Foreign tax rates differential | 395,543 | 100,690 | (81,668) | |
Additional 100%/75% tax deduction for qualified research and development expenses | (750,736) | (546,805) | (36,775) | |
FDII Deduction | 10,356 | |||
Tax exempted interest income | (8,847) | (2,194) | ||
Non-taxable offshore income | (523,276) | |||
US tax credits | (45,446) | (30,273) | (21,633) | |
Prior year True-ups | 110,581 | 286,693 | ||
Effect of tax rate change | 490,855 | |||
Prior year adjustments | (4,324) | |||
Others | (5,154) | (1,206) | 1,241 | |
Change in valuation allowance | 3,450,679 | 1,199,706 | 1,950,081 | |
Income tax expense | ¥ 55,103 | $ 7,989 | ¥ 42,265 | ¥ 6,368 |
Taxation - Deferred tax assets
Taxation - Deferred tax assets and liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||||
Net operating loss carry-forwards | ¥ 9,711,744 | ¥ 7,294,844 | ¥ 6,831,387 | |
Accrued and prepaid expenses | 1,666,519 | 1,136,278 | 534,693 | |
Deferred revenue | 940,633 | 559,815 | 251,778 | |
Tax credit carry-forwards | 301,437 | 243,198 | 233,326 | |
Property, plant and equipment, net | 64,191 | |||
Unrealized financing income | 33,140 | 28,796 | 40,800 | |
Intangible assets | 89,328 | 85,439 | 36,702 | |
Allowance against receivables | 27,386 | 19,500 | 9,027 | |
Deferred rent | 29,731 | 9,791 | ||
Share-based compensation | 6,951 | 10,695 | 6,857 | |
Write-downs of inventory | 452 | 713 | 1,162 | |
Advertising expenses in excess of deduction limit | 188 | 705 | 507 | |
Equity securities with readily determinable fair value | 150 | |||
Unrealized foreign exchange loss | 1,704 | (971) | ||
Others | 4,224 | 711 | 269 | |
Less: Valuation allowance | (12,727,355) | (9,216,725) | ¥ (8,019,519) | ¥ (6,879,030) |
Subtotal | 86,232 | 163,969 | ||
Deferred tax liabilities | ||||
Equity securities without readily determinable fair value | 6,435 | 15,975 | ||
Equity securities with readily determinable fair value | (2,725) | |||
Equity method investments | (5,170) | |||
Available for sale debt investment | (206,734) | (6,499) | ||
Property, plant and equipment, net | (86,082) | (143,512) | ||
Deferred rent | (18,752) | |||
Unrealized foreign exchange loss | (1,705) | |||
Subtotal | (304,421) | (189,168) | ||
Total deferred tax liabilities, net | ¥ (218,189) | ¥ (25,199) |
Taxation - Valuation allowance
Taxation - Valuation allowance (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation allowance | |||
Balance at beginning of the year | ¥ 9,216,725 | ¥ 8,019,519 | ¥ 6,879,030 |
Additions | 3,510,630 | 1,199,706 | 1,140,489 |
Balance at end of the year | ¥ 12,727,355 | ¥ 9,216,725 | ¥ 8,019,519 |
Taxation - NOL (Details)
Taxation - NOL (Details) ¥ in Thousands | 12 Months Ended | 24 Months Ended | 36 Months Ended |
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Taxation | |||
Statutory income tax rate | 25% | 25% | |
State Administration of Taxation, China [Member] | |||
Taxation | |||
Loss expiring in 2023 | ¥ 1,213,835 | ¥ 1,213,835 | ¥ 1,213,835 |
Loss expiring in 2024 | 2,356,711 | 2,356,711 | 2,356,711 |
Loss expiring in 2025 | 4,094,099 | 4,094,099 | 4,094,099 |
Loss expiring in 2026 | 7,191,472 | 7,191,472 | 7,191,472 |
Loss expiring in 2027 | 9,090,262 | 9,090,262 | 9,090,262 |
Loss expiring in 2028 | 1,606,792 | 1,606,792 | 1,606,792 |
Loss expiring in 2029 | 5,334,423 | 5,334,423 | 5,334,423 |
Loss expiring in 2032 | 7,091,436 | 7,091,436 | 7,091,436 |
Operating Loss Carryforwards, Total | ¥ 37,979,030 | 37,979,030 | 37,979,030 |
State Administration of Taxation, China [Member] | Minimum | |||
Taxation | |||
Operating loss carryforward expiration period | 1 year | ||
State Administration of Taxation, China [Member] | Maximum | |||
Taxation | |||
Operating loss carryforward expiration period | 10 years | ||
Tax Authorities In Hong Kong [Member] | |||
Taxation | |||
Tax losses carried forward indefinitely | ¥ 2,958,339 | 2,958,339 | 2,958,339 |
Internal Revenue Service (IRS) [Member] | |||
Taxation | |||
Tax losses carried forward indefinitely | 1,650,179 | 1,650,179 | 1,650,179 |
Loss expiring in fourteen years | 4,124 | 4,124 | 4,124 |
Loss expiring in fifteen years | ¥ 566,143 | ¥ 566,143 | ¥ 566,143 |
Loss Per Share - Computation of
Loss Per Share - Computation of earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss | ¥ (14,437,104) | $ (2,093,183) | ¥ (4,016,949) | ¥ (5,304,082) |
Accretion on redeemable non-controlling interests to redemption value | (279,355) | (40,503) | (6,586,579) | (311,670) |
Net loss attributable to non-controlling interests | 157,014 | 22,765 | 31,219 | 4,962 |
Net loss attributable to ordinary shareholders of NIO Inc | ¥ (14,559,445) | $ (2,110,921) | ¥ (10,572,309) | ¥ (5,610,790) |
Denominator: | ||||
Weighted-average number of ordinary shares outstanding - basic | 1,636,999,280 | 1,636,999,280 | 1,572,702,112 | 1,182,660,948 |
Weighted-average number of ordinary shares outstanding - diluted | 1,636,999,280 | 1,636,999,280 | 1,572,702,112 | 1,182,660,948 |
Basic net loss per share attributable to ordinary shareholders of NIO Inc | (per share) | ¥ (8.89) | $ (1.29) | ¥ (6.72) | ¥ (4.74) |
Diluted net loss per share attributable to ordinary shareholders of NIO Inc | (per share) | ¥ (8.89) | $ (1.29) | ¥ (6.72) | ¥ (4.74) |
Loss Per Share - Weighted avera
Loss Per Share - Weighted average numbers of ordinary shares outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Per Share | |||
Weighted average numbers of ordinary shares outstanding | 96,855,134 | 103,450,186 | 236,501,538 |
Restricted shares | |||
Loss Per Share | |||
Weighted average numbers of ordinary shares outstanding | 4,051,753 | 1,358,110 | |
Outstanding weighted average options granted | |||
Loss Per Share | |||
Weighted average numbers of ordinary shares outstanding | 55,132,378 | 56,768,907 | 52,558,756 |
Convertible notes | |||
Loss Per Share | |||
Weighted average numbers of ordinary shares outstanding | 37,671,003 | 45,323,169 | 183,942,782 |
Related Party Balances and Tr_2
Related Party Balances and Transactions - Provision of service (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Balances and Transactions | |||
Provision of service | ¥ 122,687 | ¥ 57,901 | ¥ 1,561 |
Wuhan Weineng Battery Assets Co., Ltd. | |||
Related Party Balances and Transactions | |||
Provision of service | 120,967 | 56,095 | 38 |
Nanjing Weibang Transmission Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Provision of service | 1,683 | 1,586 | ¥ 1,523 |
Beijing Weixu Business Consulting Co., Ltd. | |||
Related Party Balances and Transactions | |||
Provision of service | ¥ 37 | ¥ 220 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Acceptance of advertising and IT support services (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | ¥ 8,984 | ¥ 5,222 | ¥ 138,497 |
Tianjin Boyou Information Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | ¥ 8,984 | 217 | 1,594 |
Beijing Bit Ep Information Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | 4,533 | 4,159 | |
Beijing Yiche Interactive Advertising Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | ¥ 472 | ||
Beijing Chehui Hudong Guanggao Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | 92,356 | ||
Beijing Xinyi Hudong Guanggao Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | 39,919 | ||
Beijing Yiche Information Science and Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | 280 | ||
Shanghai Yiju Information Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | 142 | ||
Bite Shijie (Beijing) Keji Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | ¥ 47 |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Cost of manufacturing consignment (Details) - Suzhou Zenlead XPT New Energy Technologies Co., Ltd. - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Balances and Transactions | |||
Cost of manufacturing consignment | ¥ 89,286 | ¥ 174,680 | |
Consideration paid | ¥ 46,610 |
Related Party Balances and Tr_5
Related Party Balances and Transactions - Purchase of raw material or property, plant and equipment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Balances and Transactions | |||
Purchase of raw material or property, plant and equipment | ¥ 1,066,832 | ¥ 1,157,727 | ¥ 137,586 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Balances and Transactions | |||
Purchase of raw material or property, plant and equipment | 728,096 | 876,510 | 22,797 |
Nanjing Weibang Transmission Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Purchase of raw material or property, plant and equipment | 248,604 | 213,867 | 114,329 |
Xunjie Energy (Wuhan) Co., Ltd. | |||
Related Party Balances and Transactions | |||
Purchase of raw material or property, plant and equipment | ¥ 90,132 | ¥ 67,350 | ¥ 460 |
Related Party Balances and Tr_6
Related Party Balances and Transactions - Sales of goods (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Balances and Transactions | |||
Sales of goods | ¥ 3,105,898 | ¥ 4,139,199 | ¥ 298,489 |
Wuhan Weineng Battery Assets Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | 3,103,871 | 4,138,187 | 290,135 |
Hefei Chuangwei Information Consultation Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | 1,798 | ||
Shanghai Weishang Business Consulting Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | ¥ 229 | 157 | |
Beijing Yiche Interactive Advertising Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | 485 | 1,453 | |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | ¥ 370 | ||
Beijing Bit Ep Information Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | 4,402 | ||
Beijing Bitauto Interactive Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | 1,974 | ||
Beijing Yiche Information Science and Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | ¥ 525 |
Related Party Balances and Tr_7
Related Party Balances and Transactions - Acceptance of R&D and maintenance service (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | ¥ 136,358 | ¥ 8,194 | ¥ 3,402 |
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | 107,144 | ||
Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | 13,956 | 7,265 | 1,449 |
Wuhan Weineng Battery Assets Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | 8,508 | ||
Xunjie Energy (Wuhan) Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | 3,735 | ¥ 929 | |
Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | ¥ 3,015 | ||
Suzhou Zenlead XPT New Energy Technologies Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | ¥ 1,953 |
Related Party Balances and Tr_8
Related Party Balances and Transactions - Loan from related party (Details) - Beijing Bitauto Interactive Technology Co., Ltd. ¥ in Thousands | 12 Months Ended |
Dec. 31, 2020 CNY (¥) | |
Related Party Balances and Transactions | |
Loan from related party | ¥ 260,000 |
Interest rate | 6% |
Related Party Balances and Tr_9
Related Party Balances and Transactions - Sale of raw material or property, plant and equipment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Related Party Balances and Transactions | ||
Sale of raw material or property, plant and equipment | ¥ 1,012 | ¥ 478 |
Wuhan Weineng Battery Assets Co., Ltd. | ||
Related Party Balances and Transactions | ||
Sale of raw material or property, plant and equipment | ¥ 1,012 | 120 |
Wistron Info Comm (Kunshan) Co., Ltd. | ||
Related Party Balances and Transactions | ||
Sale of raw material or property, plant and equipment | ¥ 358 |
Related Party Balances and T_10
Related Party Balances and Transactions - Convertible notes issued to related parties and interest accrual (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Balances and Transactions | |||
Convertible notes issued to related parties and interest accrual | ¥ 13,712 | ¥ 15,316 | ¥ 123,945 |
Huang River Investment Limited | |||
Related Party Balances and Transactions | |||
Convertible notes issued to related parties and interest accrual | ¥ 13,712 | ¥ 15,316 | 22,018 |
Serene View Investment Limited | |||
Related Party Balances and Transactions | |||
Convertible notes issued to related parties and interest accrual | ¥ 101,927 |
Related Party Balances and T_11
Related Party Balances and Transactions - Purchase of equity investee (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | |
Related Party Balances and Transactions | |||||
Purchase of equity investee | ¥ 279,043 | $ 40,457 | ¥ 592,570 | ¥ 250,826 | |
Weilan | |||||
Related Party Balances and Transactions | |||||
Purchase of equity investee | $ 50,000 |
Related Party Balances and T_12
Related Party Balances and Transactions - Due from related parties (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Balances and Transactions | ||
Amounts due from related parties | ¥ 1,387,694 | ¥ 1,564,025 |
Wuhan Weineng Battery Assets Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 1,376,584 | 1,563,757 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 8,647 | |
Hefei Chuangwei Information Consultation Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 2,032 | |
Nanjing Weibang Transmission Technology Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 283 | ¥ 268 |
Shanghai Weishang Business Consulting Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | ¥ 148 |
Related Party Balances and T_13
Related Party Balances and Transactions - Due to related parties (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Balances and Transactions | ||
Amounts due to related parties | ¥ 384,611 | ¥ 687,200 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 262,712 | 426,420 |
Wuhan Weineng Battery Assets Co. Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 58,497 | |
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 23,279 | |
Nanjing Weibang Transmission Technology Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 22,293 | 58,025 |
Xunjie Energy (Wuhan) Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 14,517 | 32,186 |
Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 3,015 | |
Wistron Info Comm (Kunshan) Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 167 | 2,339 |
Xtronics Innovation Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 83 | 1,161 |
Tianjin Boyou Information Technology Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | ¥ 48 | |
Suzhou Zenlead XPT New Energy Technologies Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 165,219 | |
Beijing Bit Ep Information Technology Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 1,350 | |
Beijing Yiche Interactive Advertising Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | ¥ 500 |
Related Party Balances and T_14
Related Party Balances and Transactions - Short-term borrowing and interest payable (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Huang River Investment Limited | ||
Related Party Balances and Transactions | ||
Short-term borrowing and interest payable | ¥ 3,918 | ¥ 381,785 |
Related Party Balances and T_15
Related Party Balances and Transactions - Long-term borrowing (Details) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Huang River Investment Limited | |
Related Party Balances and Transactions | |
Long-term borrowing | ¥ 208,938 |
Commitment and Contingencies -
Commitment and Contingencies - Capital commitments (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitment and Contingencies | ||
Property, plant and equipment | ¥ 4,541,383 | ¥ 2,987,743 |
Leasehold improvements | 807,666 | 392,910 |
Total | ¥ 5,349,049 | ¥ 3,380,653 |
Parent Company (the "Company"_3
Parent Company (the "Company") Only Financial Information - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Current assets: | |||||
Cash and cash equivalents | ¥ 19,887,575 | $ 2,883,427 | ¥ 15,333,719 | ||
Short-term investments | 19,171,017 | 2,779,536 | 37,057,554 | ||
Amounts due from related parties | 1,380,956 | 200,220 | 1,551,334 | ||
Prepayments and other current assets | 2,246,408 | 325,699 | 1,850,143 | ||
Total current assets | 59,149,752 | 8,575,908 | 63,641,315 | ||
Non-current assets: | |||||
Total non-current assets | 37,114,173 | 5,381,050 | 19,242,286 | ||
Total assets | 96,263,925 | 13,956,958 | 82,883,601 | ||
Current liabilities: | |||||
Amounts due to subsidiaries of the Group | 384,611 | 55,763 | 687,200 | ||
Current portion of long-term borrowings | 1,237,916 | 179,481 | 2,067,962 | ||
Accruals and other liabilities | 13,654,362 | 1,979,700 | 7,201,644 | ||
Total current liabilities | 45,852,054 | 6,647,926 | 29,198,152 | ||
Long-term borrowings | 10,885,799 | 1,578,292 | 9,739,176 | ||
Deferred revenue | 2,288,111 | 1,451,313 | |||
Total non-current liabilities | 22,765,111 | 3,300,630 | 15,622,026 | ||
Total liabilities | 68,617,165 | 9,948,556 | 44,820,178 | ||
SHAREHOLDERS' EQUITY | |||||
Treasury shares | (1,849,600) | (268,167) | (1,849,600) | ||
Additional paid in capital | 94,593,062 | 13,714,705 | 92,467,072 | ||
Accumulated other comprehensive loss | 1,036,011 | 150,208 | (276,300) | ||
Accumulated deficit | (69,900,000) | (10,136,611) | (55,634,140) | ||
Total shareholders' equity | 24,089,539 | 3,492,655 | 34,785,557 | ¥ 27,170,956 | ¥ (6,277,599) |
Total liabilities, mezzanine equity and shareholders' equity | 96,263,925 | 13,956,958 | 82,883,601 | ||
Parent | |||||
Current assets: | |||||
Cash and cash equivalents | 7,076,550 | 1,026,003 | 2,207,347 | ||
Restricted cash | 1,123,596 | ||||
Short-term investments | 696,460 | 100,977 | 11,495,387 | ||
Amounts due from subsidiaries of Group | 6,657,631 | 965,266 | 138,415 | ||
Amounts due from related parties | 87 | 13 | 80 | ||
Prepayments and other current assets | 114,263 | 16,567 | 91,252 | ||
Total current assets | 14,544,991 | 2,108,826 | 15,056,077 | ||
Non-current assets: | |||||
Investments in subsidiaries and VIEs | 21,328,304 | 3,092,313 | 30,541,632 | ||
Total non-current assets | 21,328,304 | 3,092,313 | 30,541,632 | ||
Total assets | 35,873,295 | 5,201,139 | 45,597,709 | ||
Current liabilities: | |||||
Amounts due to subsidiaries of the Group | 1,775,951 | 257,489 | 25,348 | ||
Current portion of long-term borrowings | 1,228,278 | ||||
Accruals and other liabilities | 73,580 | 10,668 | 179,765 | ||
Total current liabilities | 1,849,531 | 268,157 | 1,433,391 | ||
Long-term borrowings | 10,155,599 | 1,472,423 | 9,440,625 | ||
Deferred revenue | 13,769 | ||||
Total non-current liabilities | 10,155,599 | 1,472,423 | 9,454,394 | ||
Total liabilities | 12,005,130 | 1,740,580 | 10,887,785 | ||
SHAREHOLDERS' EQUITY | |||||
Treasury shares | (1,849,600) | (268,167) | (1,849,600) | ||
Additional paid in capital | 94,593,062 | 13,714,705 | 92,467,072 | ||
Accumulated other comprehensive loss | 1,036,011 | 150,208 | (276,300) | ||
Accumulated deficit | (69,914,230) | (10,136,611) | (55,634,140) | ||
Total shareholders' equity | 23,868,165 | 3,460,559 | 34,709,924 | ||
Total liabilities, mezzanine equity and shareholders' equity | 35,873,295 | 5,201,139 | 45,597,709 | ||
Class A Ordinary Shares | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | 2,668 | 387 | 2,418 | ||
Class A Ordinary Shares | Parent | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | 2,668 | 387 | 2,418 | ||
Class B Ordinary Shares | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | 220 | ||||
Class B Ordinary Shares | Parent | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | 220 | ||||
Class C Ordinary Shares | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | 254 | 37 | 254 | ||
Class C Ordinary Shares | Parent | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | ¥ 254 | $ 37 | ¥ 254 |
Parent Company (the "Company"_4
Parent Company (the "Company") Only Financial Information - Condensed Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating expenses: | ||||
Selling, general and administrative | ¥ (10,537,119) | $ (1,527,739) | ¥ (6,878,132) | ¥ (3,932,271) |
Total operating expenses | (20,784,652) | (3,013,491) | (11,317,736) | (6,481,064) |
Loss from operations | (15,640,659) | (2,267,682) | (4,496,303) | (4,607,645) |
Interest and investment income | 1,358,719 | 196,996 | 911,833 | 166,904 |
Interest expense | 333,216 | 48,312 | 637,410 | 426,015 |
Gain on extinguishment of debt | (138,332) | (20,056) | ||
Equity in loss of subsidiaries and VIEs | 377,775 | 54,772 | 62,510 | (66,030) |
Other income/(losses), net | (282,952) | (41,024) | 184,686 | (364,928) |
Loss before income tax expense | (14,382,001) | (2,085,194) | (3,974,684) | (5,297,714) |
Income tax expense | 55,103 | 7,989 | 42,265 | 6,368 |
Net loss | (14,437,104) | (2,093,183) | (4,016,949) | (5,304,082) |
Net loss attributable to ordinary shareholders of NIO Inc | (14,559,445) | (2,110,921) | (10,572,309) | (5,610,790) |
Total comprehensive loss | (12,973,494) | (1,880,979) | (4,223,070) | (5,166,486) |
Accretion on redeemable non-controlling interests to redemption value | (279,355) | (40,503) | (6,586,579) | (311,670) |
Comprehensive loss attributable to ordinary shareholders of NIO Inc | (13,247,134) | (1,920,653) | (10,783,157) | (5,473,194) |
Parent | ||||
Operating expenses: | ||||
Selling, general and administrative | (24,039) | (3,485) | (4,735) | (7,463) |
Total operating expenses | (24,039) | (3,485) | (4,735) | (7,463) |
Loss from operations | 24,039 | 3,485 | 4,735 | 7,463 |
Interest and investment income | 207,057 | 30,020 | 61,292 | 10,086 |
Interest expense | (113,277) | (16,424) | (471,270) | (312,662) |
Gain on extinguishment of debt | 138,332 | 20,056 | ||
Equity in loss of subsidiaries and VIEs | (14,138,689) | (2,049,917) | (3,632,893) | (5,089,371) |
Other income/(losses), net | (351,874) | (51,016) | 61,876 | 100,290 |
Loss before income tax expense | (14,282,490) | (2,070,766) | (3,985,730) | (5,299,120) |
Income tax expense | 2,400 | 348 | 0 | 0 |
Net loss | (14,280,090) | (2,070,418) | (3,985,730) | (5,299,120) |
Net loss attributable to ordinary shareholders of NIO Inc | (14,559,445) | (2,110,921) | (10,572,309) | (5,610,790) |
Total comprehensive loss | (12,967,779) | (1,880,150) | (4,196,578) | (5,161,524) |
Accretion on redeemable non-controlling interests to redemption value | (279,355) | (40,503) | (6,586,579) | (311,670) |
Comprehensive loss attributable to ordinary shareholders of NIO Inc | ¥ (13,247,134) | $ (1,920,653) | ¥ (10,783,157) | ¥ (5,473,194) |
Parent Company (the "Company"_5
Parent Company (the "Company") Only Financial Information - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net cash used in operating activities | ¥ (3,866,008) | $ (560,516) | ¥ 1,966,386 | ¥ 1,950,894 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Net cash (used in)/provided by investing activities | 10,385,017 | 1,505,686 | (39,764,704) | (5,071,060) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net cash provided by/(used in) financing activities | (1,616,384) | (234,355) | 18,128,743 | 41,357,435 |
Effects of exchange rate changes on cash and cash equivalents | (121,896) | (17,674) | (500,959) | (682,040) |
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,780,729 | 693,141 | (20,170,534) | 37,555,229 |
Cash, cash equivalents and restricted cash at beginning of the year | 18,374,564 | 2,664,061 | 38,545,098 | 989,869 |
Cash, cash equivalents and restricted cash at end of the year | 23,155,293 | 3,357,202 | 18,374,564 | 38,545,098 |
Parent | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net cash used in operating activities | (4,949,308) | (717,582) | (8,697) | (2,460,216) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Net cash (used in)/provided by investing activities | 9,140,766 | 1,325,286 | (40,770,898) | (12,998,602) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net cash provided by/(used in) financing activities | (1,135,316) | (164,605) | 22,382,871 | 37,867,127 |
Effects of exchange rate changes on cash and cash equivalents | 689,465 | 99,963 | (445,787) | (246,484) |
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3,745,607 | 543,062 | (18,842,511) | 22,161,825 |
Cash, cash equivalents and restricted cash at beginning of the year | 3,330,943 | 482,941 | 22,173,454 | 11,629 |
Cash, cash equivalents and restricted cash at end of the year | ¥ 7,076,550 | $ 1,026,003 | ¥ 3,330,943 | ¥ 22,173,454 |