Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
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 19, No. 1355, Caobao Road |
Entity Address, Address Line Two | Minhang |
Entity Address, City or Town | Shanghai |
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 | 2023 |
Document Fiscal Period Focus | FY |
Document Financial Statement Error Correction [Flag] | false |
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 19, No. 1355, Caobao Road |
Entity Address, Address Line Two | Minhang |
Entity Address, City or Town | Shanghai |
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 | 1,932,063,749 |
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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 32,935,111 | $ 4,638,813 | ¥ 19,887,575 |
Restricted cash | 5,542,271 | 780,613 | 3,154,240 |
Short-term investments | 16,810,107 | 2,367,654 | 19,171,017 |
Trade and notes receivables, net (Allowance for expected credit losses of RMB39.6 million and RMB46.2 million, respectively) | 4,657,652 | 656,017 | 5,118,170 |
Amounts due from related parties, net (Allowance for expected credit losses of RMB6.7 million and RMB8.8 million, respectively) | 1,722,603 | 242,624 | 1,380,956 |
Inventory | 5,277,726 | 743,352 | 8,191,386 |
Prepayments and other current assets, net (Allowance for expected credit losses of RMB4.0 million and RMB5.4 million, respectively) | 3,434,763 | 483,776 | 2,246,408 |
Total current assets | 70,380,233 | 9,912,849 | 59,149,752 |
Non-current assets: | |||
Long-term restricted cash | 144,125 | 20,300 | 113,478 |
Property, plant and equipment, net | 24,847,004 | 3,499,627 | 15,658,666 |
Intangible assets, net | 29,648 | 4,176 | |
Land use rights, net | 207,299 | 29,197 | 212,603 |
Long-term investments | 5,487,216 | 772,858 | 6,356,411 |
Right-of-use assets - operating lease | 11,404,116 | 1,606,236 | 7,374,456 |
Other non-current assets, net (Allowance for expected credit losses of RMB89.6 million and RMB53.4 million, respectively) | 4,883,561 | 687,835 | 7,398,559 |
Total non-current assets | 47,002,969 | 6,620,229 | 37,114,173 |
Total assets | 117,383,202 | 16,533,078 | 96,263,925 |
Current liabilities: | |||
Short-term borrowings | 5,085,411 | 716,265 | 4,039,210 |
Trade and notes payable | 29,766,134 | 4,192,472 | 25,223,687 |
Amounts due to related parties | 561,625 | 79,103 | 384,611 |
Taxes payable | 349,349 | 49,205 | 286,300 |
Current portion of operating lease liabilities | 1,743,156 | 245,518 | 1,025,968 |
Current portion of long-term borrowings | 4,736,087 | 667,064 | 1,237,916 |
Accruals and other liabilities | 15,556,354 | 2,191,067 | 13,654,362 |
Total current liabilities | 57,798,116 | 8,140,694 | 45,852,054 |
Non-current liabilities: | |||
Long-term borrowings | 13,042,861 | 1,837,049 | 10,885,799 |
Non-current operating lease liabilities | 10,070,057 | 1,418,338 | 6,517,096 |
Deferred tax liabilities | 212,347 | 29,908 | 218,189 |
Other non-current liabilities | 6,663,805 | 938,578 | 5,144,027 |
Total non-current liabilities | 29,989,070 | 4,223,873 | 22,765,111 |
Total liabilities | 87,787,186 | 12,364,567 | 68,617,165 |
Commitments and contingencies (Note 28) | |||
MEZZANINE EQUITY | |||
Redeemable non-controlling interests | 3,860,384 | 543,724 | 3,557,221 |
Total mezzanine equity | 3,860,384 | 543,724 | 3,557,221 |
SHAREHOLDERS' EQUITY | |||
Less: Treasury shares (18,061,024 shares as of December 31, 2022 and 2023) | (1,849,600) | (260,511) | (1,849,600) |
Additional paid in capital | 117,717,254 | 16,580,128 | 94,593,062 |
Accumulated other comprehensive income | 432,991 | 60,986 | 1,036,011 |
Accumulated deficit | (90,800,000) | (12,783,002) | (69,914,230) |
Total NIO Inc. shareholders' equity | 25,546,233 | 3,598,111 | 23,868,165 |
Non-controlling interests | 189,399 | 26,676 | 221,374 |
Total shareholders' equity | 25,735,632 | 3,624,787 | 24,089,539 |
Total liabilities, mezzanine equity and shareholders' equity | 117,383,202 | 16,533,078 | 96,263,925 |
Class A Ordinary Shares | |||
SHAREHOLDERS' EQUITY | |||
Ordinary shares | 3,368 | 474 | 2,668 |
Class C Ordinary Shares | |||
SHAREHOLDERS' EQUITY | |||
Ordinary shares | ¥ 254 | $ 36 | ¥ 254 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Millions | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares |
Ordinary shares, shares authorized | 4,000,000,000 | 4,000,000,000 |
Ordinary shares, shares issued | 2,073,522,118 | 1,680,220,892 |
Ordinary shares, shares outstanding | 2,055,461,094 | 1,662,159,868 |
Treasury stock, shares | 18,061,024 | 18,061,024 |
Trade and notes receivables, Allowance for credit losses | ¥ | ¥ 46.2 | ¥ 39.6 |
Amounts due from related parties, Allowance for credit losses | ¥ | 8.8 | 6.7 |
Prepayments and other current assets, Allowance for credit losses | ¥ | 5.4 | 4 |
Other non-current assets, Allowance for credit losses | ¥ | ¥ 53.4 | ¥ 89.6 |
Class A Ordinary Shares | ||
Ordinary shares, shares authorized | 2,632,030,222 | 2,632,030,222 |
Ordinary shares, shares issued | 1,925,022,118 | 1,531,720,892 |
Ordinary shares, shares outstanding | 1,906,961,094 | 1,513,659,868 |
Class B Ordinary Shares | ||
Ordinary shares, shares authorized | 0 | 0 |
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, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Revenue: | ||||
Total revenues | ¥ 55,617,933 | $ 7,833,622 | ¥ 49,268,561 | ¥ 36,136,423 |
Cost of sales: | ||||
Total cost of sales | (52,566,137) | (7,403,785) | (44,124,568) | (29,314,990) |
Gross profit | 3,051,796 | 429,837 | 5,143,993 | 6,821,433 |
Operating expenses: | ||||
Research and development | (13,431,399) | (1,891,773) | (10,836,261) | (4,591,852) |
Selling, general and administrative | (12,884,556) | (1,814,752) | (10,537,119) | (6,878,132) |
Other operating income | 608,975 | 85,772 | 588,728 | 152,248 |
Total operating expenses | (25,706,980) | (3,620,753) | (20,784,652) | (11,317,736) |
Loss from operations | (22,655,184) | (3,190,916) | (15,640,659) | (4,496,303) |
Interest and investment income | 2,210,018 | 311,275 | 1,358,719 | 911,833 |
Interest expenses | (403,530) | (56,836) | (333,216) | (637,410) |
Gain on extinguishment of debt | 170,193 | 23,971 | 138,332 | |
Share of income of equity investees | 64,394 | 9,070 | 377,775 | 62,510 |
Other income/(loss), net | 155,191 | 21,858 | (282,952) | 184,686 |
Loss before income tax expense | (20,458,918) | (2,881,578) | (14,382,001) | (3,974,684) |
Income tax expense | (260,835) | (36,738) | (55,103) | (42,265) |
Net loss | (20,719,753) | (2,918,316) | (14,437,104) | (4,016,949) |
Accretion on redeemable non-controlling interests to redemption value | (303,163) | (42,700) | (279,355) | (6,586,579) |
Net loss attributable to non-controlling interests | (124,051) | (17,472) | 157,014 | 31,219 |
Net loss attributable to ordinary shareholders of NIO Inc. | (21,146,967) | (2,978,488) | (14,559,445) | (10,572,309) |
Net loss | (20,719,753) | (2,918,316) | (14,437,104) | (4,016,949) |
Other comprehensive income/(loss) | ||||
Change in unrealized gains/(losses) related to available-for-sale debt securities, net of tax | (770,560) | (108,531) | 746,336 | 24,224 |
Foreign currency translation adjustment, net of nil tax | 11,514 | 1,622 | 717,274 | (230,345) |
Total other comprehensive (loss)/income | (759,046) | (106,909) | 1,463,610 | (206,121) |
Total comprehensive loss | (21,478,799) | (3,025,225) | (12,973,494) | (4,223,070) |
Accretion on redeemable non-controlling interests to redemption value | (303,163) | (42,700) | (279,355) | (6,586,579) |
Net loss/(profit) attributable to non-controlling interests | (124,051) | (17,472) | 157,014 | 31,219 |
Other comprehensive (income)/loss attributable to non-controlling interests | 156,026 | 21,976 | (151,299) | (4,727) |
Comprehensive loss attributable to ordinary shareholders of NIO Inc | ¥ (21,749,987) | $ (3,063,421) | ¥ (13,247,134) | ¥ (10,783,157) |
Weighted average number of ordinary shares used in computing net loss per share | ||||
Weighted average number of ordinary shares, basic | 1,700,203,886 | 1,700,203,886 | 1,636,999,280 | 1,572,702,112 |
Weighted average number of ordinary shares, diluted | 1,700,203,886 | 1,700,203,886 | 1,636,999,280 | 1,572,702,112 |
Net loss per share attributable to ordinary shareholders | ||||
Net loss per share, basic | (per share) | ¥ (12.44) | $ (1.75) | ¥ (8.89) | ¥ (6.72) |
Net loss per share, diluted | (per share) | ¥ (12.44) | $ (1.75) | ¥ (8.89) | ¥ (6.72) |
Weighted average number of ADS used in computing net loss per ADS | ||||
Weighted average number of ADS, basic | 1,700,203,886 | 1,700,203,886 | 1,636,999,280 | 1,572,702,112 |
Weighted average number of ADS, diluted | 1,700,203,886 | 1,700,203,886 | 1,636,999,280 | 1,572,702,112 |
Net loss per ADS attributable to ordinary shareholders | ||||
Net loss per ADS, basic | (per share) | ¥ (12.44) | $ (1.75) | ¥ (8.89) | ¥ (6.72) |
Net loss per ADS, diluted | (per share) | ¥ (12.44) | $ (1.75) | ¥ (8.89) | ¥ (6.72) |
Vehicle sales | ||||
Revenue: | ||||
Total revenues | ¥ 49,257,270 | $ 6,937,741 | ¥ 45,506,581 | ¥ 33,169,740 |
Cost of sales: | ||||
Total cost of sales | (44,587,572) | (6,280,028) | (39,271,801) | (26,516,643) |
Other sales | ||||
Revenue: | ||||
Total revenues | 6,360,663 | 895,881 | 3,761,980 | 2,966,683 |
Cost of sales: | ||||
Total cost of sales | ¥ (7,978,565) | $ (1,123,757) | ¥ (4,852,767) | ¥ (2,798,347) |
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' 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, 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 (Note 13(ii)) | ¥ (1,849,600) | 1,849,600 | |||||||
Settlement of capped call options and zero strike call options (Note 13(ii)) (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 (Note 9) | 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 (Note 24(a)(ii)) | 148,869 | 148,869 | 148,869 | ||||||
Issuance of restricted shares (Note 24(a)(ii)) (in shares) | shares | 549,376 | ||||||||
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 (Note 9) | 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) | ||||||||
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 | ||||||||
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 | ||||||
Change in fair value of available-for-sale debt securities (Note 9) | 595,037 | 595,037 | 151,299 | 746,336 | |||||
Distributions to non-controlling interests | (32,629) | (32,629) | |||||||
Transactions with non-controlling interests (Note 23) | (184,085) | (184,085) | 184,085 | ||||||
Net loss | (14,280,090) | (14,280,090) | (157,014) | (14,437,104) | |||||
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 | |
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 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Accretion on redeemable non-controlling interests to redemption value | (303,163) | (303,163) | ¥ (303,163) | ||||||
Issuance of ordinary shares | ¥ 674 | 20,961,615 | 20,962,289 | 20,962,289 | |||||
Issuance of ordinary shares (in shares) | shares | 378,695,543 | ||||||||
Exercise of share options | ¥ 8 | 96,699 | 96,707 | ¥ 96,707 | |||||
Exercise of share options (in shares) | shares | 4,242,054 | 4,242,054 | 4,242,054 | ||||||
Share based compensation of the restricted shares | ¥ 18 | 2,089,401 | 2,089,419 | ¥ 2,089,419 | |||||
Share based compensation of the restricted shares (in shares) | shares | 10,363,629 | ||||||||
Share based compensation of the share options | 279,640 | 279,640 | 279,640 | ||||||
Foreign currency translation adjustment | 11,514 | 11,514 | 11,514 | $ 1,622 | |||||
Change in fair value of available-for-sale debt securities (Note 9) | (614,534) | (614,534) | (156,026) | (770,560) | |||||
Net loss | (20,843,804) | (20,843,804) | 124,051 | (20,719,753) | (2,918,316) | ||||
Balance at Dec. 31, 2023 | ¥ 3,622 | ¥ (1,849,600) | ¥ 117,717,254 | ¥ 432,991 | ¥ (90,758,034) | ¥ 25,546,233 | ¥ 189,399 | ¥ 25,735,632 | $ 3,624,787 |
Balance (in shares) at Dec. 31, 2023 | shares | 2,073,522,118 | ||||||||
Balance (in shares, treasury) at Dec. 31, 2023 | 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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | ¥ (20,719,753) | $ (2,918,316) | ¥ (14,437,104) | ¥ (4,016,949) |
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities: | ||||
Depreciation and amortization | 3,377,977 | 475,778 | 2,852,315 | 1,708,019 |
Expected credit loss expense/(reversal) | (26,315) | (3,706) | 48,707 | 54,332 |
Inventory write-downs | 65,362 | 9,206 | 148,729 | 1,105 |
Impairment on long-term assets | 0 | 35,011 | 0 | |
Foreign exchange loss/(gain) | (55,458) | (7,811) | 282,888 | 10,111 |
Share-based compensation expenses | 2,369,041 | 333,672 | 2,295,896 | 1,010,140 |
Investment income | (969,134) | (136,500) | (174,854) | (105,608) |
Gain on extinguishment of debt | (170,193) | (23,971) | (138,332) | |
Share of income of equity investees, net of tax | (64,394) | (9,070) | (377,775) | (62,510) |
Amortization of right-of-use assets | 1,529,464 | 215,420 | 1,141,740 | 643,895 |
Loss/(gain) on disposal of property, plant and equipment | (4,473) | (630) | 12,807 | 31,107 |
Deferred income tax expense | 200,892 | 28,295 | 192,990 | 25,199 |
Changes in operating assets and liabilities: | ||||
Prepayments and other current assets | 279,387 | 39,351 | (1,239,921) | (38,908) |
Inventory | 2,895,477 | 407,819 | (6,257,514) | (990,550) |
Other non-current assets | 2,600,019 | 366,205 | (1,849,518) | (3,705,762) |
Amounts due from related parties | (329,704) | (46,438) | 167,692 | (1,444,122) |
Operating lease liabilities | (1,255,825) | (176,879) | (1,016,571) | (748,799) |
Taxes payable | 61,014 | 8,594 | (341,592) | 446,984 |
Trade and notes receivable | 453,382 | 63,858 | (2,303,364) | (1,717,747) |
Trade and notes payable | 4,870,777 | 686,035 | 11,650,850 | 6,260,311 |
Accruals and other liabilities | 1,827,860 | 257,449 | 4,119,375 | 2,485,101 |
Amounts due to related parties | 177,264 | 24,967 | (299,339) | 342,597 |
Other non-current liabilities | 1,505,787 | 212,085 | 1,620,876 | 1,778,440 |
Net cash provided by/(used in)operating activities | (1,400,000) | (194,587) | (3,866,008) | 1,966,386 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment, land use rights and intangible assets | (14,340,771) | (2,019,855) | (6,972,854) | (4,078,764) |
Proceeds from disposal of property, plant and equipment | 73,064 | 10,290 | 3,622 | 1,126 |
Purchases of short-term investments | (43,899,109) | (6,183,060) | (87,631,686) | (134,316,219) |
Proceeds from maturities of short-term investments | 47,753,555 | 6,725,948 | 106,658,218 | 101,121,723 |
Purchase of available-for-sale debt investment | (120,000) | (650,000) | ||
Proceeds from disposal of available-for-sale debt investment | 270,000 | |||
Acquisitions of equity investees | (421,729) | (59,399) | (279,043) | (592,570) |
Proceeds from disposal of equity investees | 286,760 | |||
Withdrawal of long-term investment | 10,750 | 1,514 | ||
Purchase of held to maturity debt investments | (35,000) | (4,930) | (1,830,000) | (1,300,000) |
Purchase of retained asset-backed securities | (43,000) | (6,056) | ||
Proceeds from maturities of retained asset-backed securities | 16,865 | 2,375 | ||
Loan repayment from related parties | 50,000 | |||
Net cash(used in)/provided by investing activities | (10,885,375) | (1,533,173) | 10,385,017 | (39,764,704) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from exercise of stock options | 86,820 | 12,228 | 78,726 | 144,562 |
Capital withdrawal by non-controlling interests | (250) | (35) | (3,250) | (1,000) |
Distributions to non-controlling interests | (32,629) | |||
Capital injection from non-controlling interests | 100,000 | |||
Redemption and repurchase of redeemable non-controlling interests | (8,000,000) | |||
Proceeds from issuance of convertible senior notes | 8,120,765 | 1,143,786 | 9,560,755 | |
Repurchase of convertible senior notes | (3,387,648) | (477,140) | (1,202,365) | |
Proceeds from borrowings from third parties | 8,014,434 | 1,128,809 | 6,918,564 | 6,112,000 |
Repayments of borrowings from third parties | (6,096,018) | (858,606) | (7,347,941) | (2,432,255) |
Principal payments on finance leases | (37,511) | (5,283) | (27,489) | (32,873) |
Proceeds from issuance of ordinary shares, net of issuance costs | 20,962,289 | 2,952,477 | 12,677,554 | |
Net cash provided by/(used in) financing activities | 27,662,881 | 3,896,236 | (1,616,384) | 18,128,743 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 70,254 | 9,895 | (121,896) | (500,959) |
NET (DECREASE)/ INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 15,466,214 | 2,178,371 | 4,780,729 | (20,170,534) |
Cash, cash equivalents and restricted cash at beginning of the year | 23,155,293 | 3,261,355 | 18,374,564 | 38,545,098 |
Cash, cash equivalents and restricted cash at end of the year | 38,621,507 | 5,439,726 | 23,155,293 | 18,374,564 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Accruals related to purchase of property, plant and equipment | 4,445,749 | 626,171 | 4,172,758 | 1,458,767 |
Issuance of restricted shares | 148,869 | |||
Conversion of convertible senior notes to ordinary shares | 217,922 | 4,348,212 | ||
Accretion on redeemable non-controlling interests to redemption value | 303,163 | 42,700 | 279,355 | 6,586,579 |
Settlement of capped call options and zero strike call options (Note 13(ii)) | 1,849,600 | |||
Shareholder's contribution (Note 9) | 18,535 | |||
Supplemental Disclosure | ||||
Interest paid | 285,479 | 40,209 | 274,347 | 218,830 |
Income taxes paid | ¥ 35,975 | $ 5,067 | ¥ 77,187 | ¥ 6,007 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
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 during the reporting periods. The Group also offers power solutions and comprehensive value-added services to its users. As of December 31, 2023, 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 New Horizon B.V. 100% Netherlands, November 2022 Investment holding 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 VIE and VIE’s subsidiaries 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 NIO Insurance Broker Co., Ltd(“NIO IB”) (formerly known as Huiding Insurance Broker Co., Ltd) Anhui, PRC, January 2023 Note (a) - NIO China As of December 31, 2022 and 2023, 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 21). 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, 2022 and 2023. 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, 2022 and 2023, 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, 2021, 2022 and 2023, 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, 2022 and 2023, the financial position, result of operations and cash flow activities of Anhui NIO AT were immaterial to the consolidated financial statements. Anhui NIO DT and NIO IB 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. In January 2023, Anhui NIO DT acquired NIO IB. NIO IB was a company holding the insurance brokerage license and does not meet the criteria necessary to be defined as a business under US GAAP. Accordingly, the Group accounted for this transaction as an asset acquisition.The Group provides insurance brokerage services which are mainly vehicle-related and property-related and holds requisite licenses through Anhui NIO DT and NIO IB. For the years ended December 31, 2022 and 2023, 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 exclusive 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 was 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 Anbin 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 RMB4.0 billion and RMB14.4 billion and RMB20.7 billion for the years ended December 31, 2021, 2022 and 2023, respectively. The Group incurred operating cash outflow of RMB3.9 billion and RMB1.4 billion for the years ended December 31, 2022 and 2023, respectively. Accumulated deficit amounted to RMB69.9 billion and RMB90.8 billion as of December 31, 2022 and 2023, respectively. As of December 31, 2023, the Group’s balance of cash and cash equivalents was RMB32.9 billion and short-term investments of RMB16.8 billion and the Group had net current assets of RMB12.6 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, 2023 | |
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 and equity securities using fair value option 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, impairment of long-lived assets, determination and allocation of standalone transaction price regarding multiple performance obligations, subsequent measurement of equity securities measured under measurement alternatives, discount rate of lease liabilities, fair value of short-term investments, valuation of deferred tax assets, valuation and recognition of share-based compensation arrangements, as well as current or 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’ equity. Total foreign currency translation adjustment (losses)/ income were a loss of RMB230,345, an income of RMB717,274, and an income of RMB11,514 for the years ended December 31, 2021, 2022 and 2023, 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, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2023. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on, or December 31, 2023, 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 are carried at fair value using quoted market prices that currently available on a securities exchange and classified within Level 1. The Group’s investments in money market funds, financial products issued by banks and certain retained asset-backed securities 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, 2022 and 2023, such investments aggregately amounted to RMB12,781,060 and RMB8,473,612, 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 Group made in private companies which contains substantive redemption and preferential rights. The Group’s equity securities investments measured using fair value option include an investment the Group made in a private company which contains certain preferential rights. Such investments are classified within Level 3 for fair value measurement. As of December 31, 2022 and 2023, the carrying values of the investments were RMB1,648,861. The Group re-measured the respective fair values 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 years ended December 31, 2022 and 2023, RMB746,336 and nil, respectively, of fair value changes, net of tax, were recorded in either comprehensive income, in the case of available-for-sale debt security investments, or investment income/(losses), in the case of equity securities investments using fair value option . The significant unobservable inputs adopted in the valuation as of December 31, 2022 and 2023 are as follows: December 31, 2022 December 31, 2023 Unobservable Input Expected volatility 54%-61% 44%-51% Probability Liquidation scenario: 25%-40% Liquidation scenario: 35%-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, retained asset-backed securities, 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, 2022 and 2023, 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 at 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, 2022 2023 Cash and cash equivalents 19,887,575 32,935,111 Restricted cash 3,154,240 5,542,271 Long-term restricted cash 113,478 144,125 Total 23,155,293 38,621,507 (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, 2022 and 2023, the short-term investments amounted to RMB19,171,017 and RMB16,810,107, respectively, among which, RMB12,259,459 and RMB11,520,514, were restricted as collateral for notes payable, bank borrowings and letter of guarantee as of December 31, 2022 and 2023, 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. For the years ended December 31, 2021, 2022 and 2023, the Group recorded RMB54,332, RMB48,707 and reversed RMB26,315, respectively, in expected credit loss provisions in selling, general and administrative expenses. As of December 31, 2023, the expected credit loss reserve for current and non-current assets are RMB60,384 and RMB53,357, respectively. As of December 31, 2022, the expected credit loss reserve for current and non-current assets are RMB50,415 and RMB89,641, respectively. 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 Balance as at December 31, 2023 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 4,703,829 0.98 % 46,177 Amounts due from related parties 1,731,399 0.51 % 8,796 Prepayments and other current assets 3,440,174 0.16 % 5,411 Non-current assets: Other non-current assets 4,936,918 1.08 % 53,357 (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 Leasehold improvements Shorter of the estimated useful life or remaining lease term (ranging from 1 10 Vehicles for corporate use or customers’ subscription 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 Definite lived intangible assets are carried at cost less accumulated amortization and impairment, if any. Definite lived intangible assets are amortized using the straight-line method over the estimated useful lives as below: Useful lives Domain name 5 years The Group estimates the useful life of the domain name to be 5 years based on the contract terms, expected technical obsolescence and innovations and industry experience of such intangible assets.The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed. Intangible assets with an indefinite useful life represent the insurance brokerage license, and is carried at cost less any subsequent impairment loss. The Group expects, based upon regulatory precedent, the license can be renewed, on a perfunctory basis, upon expiration and believes that the license is unlikely to be terminated and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of this intangible asset to be indefinite. (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. The Group elected the fair value option (“FVO”) at the date of initial recognition under ASC 825 for certain equity securities, with changes in fair value reported through earnings. 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. Trading securities are acquired and held principally for the purpose of selling them. The securities are reported at fair value, and subsequent changes in the fair value are recognized through net income. As disclosed in Note 9, the Group elects to classify the retained asset-backed securities as trading securities. Subsequent changes in the fair value are recognized through net income. 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, 2021, 2022 and 2023. (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, 2021, 2022 and 2023 was nil,RMB35,011 and nil, 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, 2021 2022 2023 Warranty – beginning of year 952,946 1,962,977 2,946,937 Provision for warranty 1,078,854 1,128,920 1,222,916 Warranty costs incurred (68,823) (144,960) (257,629) Warranty– end of year 1,962,977 2,946,937 3,912,224 (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 a loss of RMB668,051 for the year ended December 31, 2022. As of December 31, 2022, all the currency exchange forward contracts have been fully executed and the Group did not enter into any currency exchange forward contracts during the year ended December 31, 2023. 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 years ended December 31, 2022 and 2023, 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. (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 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. As of December 31, 2022 and 2023, the Group did not record any contract assets. 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 customer contract, which is recorded as deferred revenue and advance from customers. The Group generates revenue from (i) vehicle sales, (ii) parts, accessories and after-sales vehicle services, (iii) provision of power solutions and (iv) others. The Group’s revenue sources for the comparative periods as disclosed in Note (16) have been revised to conform with the current year classification which depicts the nature and amounts of the Group’s major revenue streams for the most recent period. 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 in addition to sales of vehicles, which may include home chargers, vehicle connectivity services, extended warranty services and battery swapping services which are accounted for in accordance with ASC 606. In the PRC, initial users are entitled to vehicle connectivity services, extended warranty services and battery swapping services. 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. The government subsidy is 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 sign |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements (a) Recently adopted accounting pronouncements In March 2022, the Financial Accounting Standards Board (“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 Group adopted ASU 2022-02 from January 1, 2023, which did not have a material impact on the Group’s consolidated financial statements. In September 2022, the FASB issued Accounting Standards Update (“ASU”) ASU 2022- 04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations. The ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Group adopted ASU 2022-04 from January 1, 2023 and disclosed related impact on Note 11. The adoption of ASU did not have a material impact on the Group’s consolidated financial statements. 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 Group adopted ASU 2021-08 from January 1, 2023, which did not have a material impact on the Group’s consolidated financial statements. 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 Group adopted ASU No. 2020-01 from January 1, 2022, which did not have a material impact on the Group’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 Group as of March 12, 2020 through December 31, 2022. The Group adopted this from January 1, 2022, which did not have a material impact on the Group’s consolidated financial statements. (b) Recently issued accounting pronouncements not yet adopted 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 Group 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 Group 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 Group’s consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU is currently not expected to have a material impact on the Group’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets (Subtopic 350-60). This ASU requires certain crypto assets to be measured at fair value separately in the balance sheet and income statement each reporting period. This ASU also enhances the other intangible asset disclosure requirements by requiring the name, cost basis, fair value, and number of units for each significant crypto holding. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those fiscal years. Adoption of the ASU requires a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which an entity adopts the amendments. Early adoption is also permitted, including adoption in an interim period. This ASU is currently not expected to have a material impact on the Group’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. This ASU is currently not expected to have a material impact on the Group’s consolidated financial statements. |
Concentration and Risks
Concentration and Risks | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 and 2023, 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 RMB13,012,259 and RMB12,472,010 as of December 31, 2022 and 2023, 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, 2021 2022 2023 Percentage of the total revenue Customer A 12 % * * December 31, December 31, 2022 2023 Percentage of the account receivables Customer A 21 % 27 % * Less than 10% The following tables summarizes the supplier with greater than 10% of the total purchase and payables: For the Year Ended December 31, 2021 2022 2023 Percentage of the total purchase Supplier A 20 % 20 % 15 % December 31, December 31, 2022 2023 Percentage of the payables Supplier A 31 % 20 % |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory | |
Inventory | 5. Inventory December 31, December 31, 2022 2023 Raw materials 2,974,125 2,245,076 Work in process 170,995 90,035 Finished Goods 4,685,790 2,646,287 Merchandise 510,143 480,174 Less: inventory provision (149,667) (183,846) Total 8,191,386 5,277,726 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, 2021, 2022 and 2023 were RMB1,105, RMB148,729 and RMB65,362, respectively. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 2023 Deductible VAT input 779,694 2,271,162 Prepayment to vendors 541,457 575,016 Deposits 349,651 240,769 Receivables from third party online payment service providers 154,264 160,030 Interest receivable 10,167 42,340 Receivables from JAC 196,075 — Receivables of reimbursement from the depositary bank 87,170 — Other receivables 131,963 150,857 Less: Allowance for credit losses (4,033) (5,411) Total 2,246,408 3,434,763 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 2023 Charging & battery swap equipment 3,393,603 6,442,827 Mold and tooling 3,901,436 6,341,011 Production facilities 3,252,362 6,025,654 Leasehold improvements 3,408,731 5,160,732 Construction in process 3,114,345 2,894,333 Computer and electronic equipment 1,250,861 1,767,634 R&D equipment 939,586 1,469,604 Purchased software 985,141 1,281,685 Buildings and constructions 890,576 912,378 Subscription vehicles 387,619 890,044 Corporate vehicles 473,602 833,355 Others 603,978 1,150,042 Subtotal 22,601,840 35,169,299 Less: Accumulated depreciation (6,901,232) (10,288,331) Less: Accumulated impairment (41,942) (33,964) Total property, plant and equipment, net 15,658,666 24,847,004 The Group recorded depreciation expenses of RMB1,702,559, RMB2,874,912 and RMB3,372,673 for the years ended December 31, 2021, 2022 and 2023, respectively. As disclosed in Note 18, in December 2023, the Group completed the purchase of the production facilities in the first advanced manufacturing base, or the F1 Plant, from JAC at the consideration of RMB1.9 billion, inclusive of tax. |
Land Use Rights, Net
Land Use Rights, Net | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 2023 Land use rights 235,198 235,198 Less: Accumulated amortization—land use rights (22,595) (27,899) Total land use rights, net 212,603 207,299 The Group recorded amortization expense for land use rights of RMB4,847, RMB5,227 and RMB5,304 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Long-term investments
Long-term investments | 12 Months Ended |
Dec. 31, 2023 | |
Long-term investments. | |
Long-term investments | 9. Long-term investments The Group’s long-term investments consisted of the following: December 31, December 31, 2022 2023 Equity investments: Equity method investments (i) 1,325,800 1,505,509 Equity securities using fair value option (iv) — 1,528,861 Equity securities without readily determinable fair value (ii) 101,536 391,205 Equity securities with readily determinable fair value 48,290 45,323 Debt investments: Held-to-maturity debt securities – time deposit (iii) 3,231,924 1,875,318 Available-for-sale debt securities (iv) 1,648,861 120,000 Retained asset-backed securities(v) — 21,000 Total 6,356,411 5,487,216 (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, 2023, 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 Group (Note 27), 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 and 2023, the Group invested in several private funds as a limited partner with a total amount of RMB192,723 and RMB94,849, respectively. 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, 2021, 2022 and 2023, the Group recognized RMB62,510, RMB377,775 and RMB64,394 of shares of income of equity investees, respectively, from all of its equity method investments. As of December 31, 2022 and 2023, 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, 2022 2023 Equity securities without readily determinable fair value: Initial cost 9,477 304,134 Net cumulative fair value adjustments 92,059 87,071 Carrying value 101,536 391,205 The Group has certain equity investments which are measured under the measurement alternative. During the years ended December 31, 2021, 2022 and 2023, in addition to the transaction discussed above, the Group invested RMB4,000, RMB35 and RMB294,657 in equity securities without readily determinable fair value, respectively. The Group re-measured these investments based on recent financing transactions of these investees, which were considered as observable transactions, and recorded fair value gain of RMB94,711, losses of RMB2,652 and RMB4,988 in investment income during the years ended December 31, 2021, 2022 and 2023, 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 RMB3.2 billion and RMB1.9 billion as of December 31, 2022 and 2023 respectively. As of December 31, 2022 and 2023, the weighted average maturities periods are 1.9 and 1.5 years, respectively. (iv) Available-for-sale debt securities December 31, December 31, 2022 2023 Available-for-sale debt securities: Initial cost 671,567 120,000 Net cumulative fair value adjustments 977,294 — Carrying value 1,648,861 120,000 In July 2022, the Group 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 rights of 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. For the year ended December 31, 2023, the fair value change of the investment was immaterial. In July 2021, the Group, 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 Group is able to unilaterally determine the operation and investment strategy of the fund. Therefore, the Group 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 contained certain substantive preferential rights, including redemption at the holders’ option upon occurrence of certain contingent events that were out of the investee’s control and liquidation preference over the common shareholders, it was not considered as common stock or in-substance common stock and was therefore classified as available-for-sale debt investment which was measured at its fair value with the change of fair value recognized as other comprehensive income. In 2022, the Group 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 As of December 31, 2022 and 2023, the Group 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 RMB946,571 and nil, respectively. After deducting the tax impact of RMB200,235 and nil, the Group recorded RMB746,336 and nil in other comprehensive income, among which RMB151,299 and nil was attributed to non-controlling interests. (v) Retained asset-backed securities In August 2023, the Company, through its wholly owned subsidiary, entered into an asset-backed securitization arrangement and securitized receivables arising from auto financing arrangements through the transfer of those assets to a third party securitization entity. The securitization entity initially issued debt securities to investors at the total amount of RMB859 million. It is a revolving arrangement where the Group provides management, administration and collection services at market rates on the transferred financial assets, but only retains an insignificant economic interest in the securitization entity. As a result, the Group does not have control over the securitization entity and the transferred receivables were derecognized. The Group elects to classify the retained asset-backed securities as trading securities. No impairment charges were recognized for the years ended December 31, 2021, 2022 and 2023. |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 2023 Non-current portion of auto financing receivables 4,501,168 2,486,326 Long-term deposits 944,768 1,092,550 Non-current portion of prepayments for long-term assets 433,750 1,173,248 Non-current portion of receivables of installment payments for battery 221,089 59,853 Non-current portion of right of use assets – finance lease 49,205 55,985 Non-current portion of national subsidy receivable 1,227,270 — Others 110,950 68,956 Less: Allowance for credit losses (89,641) (53,357) Total 7,398,559 4,883,561 Long-term deposits mainly consists of deposits to vendors for guarantee of production capacity as well as rental deposits which will not be collectible within one year. |
Trade and Notes Payable
Trade and Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Notes Payable | |
Trade and Notes Payable | 11. Trade and Notes Payable Trade and notes payable consist of the following: December 31, December 31, 2022 2023 Trade payable 12,709,285 14,111,853 Notes payable (i) 12,514,402 15,654,281 Total 25,223,687 29,766,134 (i) As of December 31, 2022 and 2023, notes payable includes certain supply chain financing program offered by banks to the Group’s suppliers. In connection with this program, the Group issues notes to participating suppliers which can elect to assign such notes, at a discount, to the banks for payment at or before the maturity of each note. The maturity of each note is consistent with the original supplier payment terms. All terms related to the Group’s payment obligations to participating suppliers (which may be assigned to the banks) remain unchanged as part of this program. As of December 31, 2022 and 2023, the outstanding amount of the supply chain financing channels program is insignificant. |
Accruals and Other Liabilities
Accruals and Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accruals and Other Liabilities | |
Accruals and Other Liabilities | 12. Accruals and Other Liabilities Accruals and other liabilities consist of the following: December 31, December 31, 2022 2023 Payables for purchase of property, plant and equipment 4,172,758 4,445,749 Payable for R&D expenses 1,814,746 2,318,679 Salaries and benefits payable 1,525,366 1,902,119 Current portion of deferred revenue/income 1,273,779 1,945,021 Payables for marketing events 1,075,693 1,636,911 Advance from customers 833,779 911,006 Warranty liabilities 669,793 709,288 Accrued costs on purchase commitments 792,786 521,443 Accrued expenses 857,639 422,730 Interest payables 32,271 135,492 Current portion of finance lease liabilities 30,609 25,311 Other payables 575,143 582,605 Total 13,654,362 15,556,354 As of December 31, 2022, as a result of the planned products upgrade of certain existing vehicle models, the Group provided a provision for purchase commitments specifically related to these vehicles with amount of RMB792,786. As of December 31, 2023, the unsettled amount was RMB521,443. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Borrowings | 13. Borrowings Borrowings consist of the following: December 31, December 31, 2022 2023 Short-term borrowing: Bank loan (i) 4,039,210 4,783,000 Other short-term financing arrangements — 302,411 Current portion of long-term borrowings: Current portion of convertible notes (ii) — 3,286,640 Current portion of long-term borrowings (iii) 108,320 1,144,420 Current portion of Asset-backed Securities and Notes (iv) 1,129,596 278,823 Current portion of other financing arrangements — 26,204 Long-term borrowings: Bank loan (iii) 430,460 1,198,380 Convertible notes (ii) 10,155,599 11,575,725 Asset-backed Securities and Notes (iv) 293,945 — Other financing arrangements 5,795 268,756 Total 16,162,925 22,864,359 (i) Short-term bank loan 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%. As of December 31, 2023, the Group obtained short-term borrowings from several banks of RMB4,783,000 in aggregate. The annual interest rate of these borrowings is approximately 2.35% to 2.95%. The short-term borrowings contain covenants including, among others, limitation on liens, consolidation, merger, sale of the Group’s assets and certain financial measures which include liabilities to assets ratio. The Group is in compliance with all of the loan covenants as of December 31, 2022 and 2023. As of December 31, 2022 and 2023, certain of the Group’s short-term borrowings were guaranteed by the Company’s subsidiaries or pledged with short-term investments of RMB348,230 and RMB354,135, and restricted cash of RMB355,197 and nil, respectively. (ii) Convertible notes 2024 Notes In February 2019, the Company 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 years ended December 31, 2022 and 2023, US$1,642 and nil in aggregate principal amount of such Notes were converted, pursuant to which the Company issued 172,631 and nil Class A ordinary shares to the holders of such Notes respectively. The balance of the Notes converted were derecognized in January and March 2022 and was recorded as ordinary shares and additional paid-in capital. As of December 31, 2022, the carrying value of the remaining 2024 Notes with the amount of RMB1,144,464 was classified in non-current liabilities. As of December 31, 2023, the carrying value of the remaining 2024 Notes with the amount of RMB1,165,244 were classified in current liabilities as the 2024 Notes will mature in February 2024. Affiliate Notes On September 5, 2019, the Company 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 2026 and 2027 Notes In January 2021, the Company 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. In 2022, the Company repurchased the aggregated portion of 2026 Notes with the carrying amount of US$190,962 (RMB1,317,106). As of December 31, 2022, the carrying amount of the Notes were RMB9,011,135. In 2023, the Company repurchased the aggregated portion of 2026 Notes and 2027 Notes with the carrying amount of US$ 253,762 (RMB1,801,685) and US$242,249 (RMB1,719,944), respectively. As of December 31, 2023, the carrying amount of the remaining 2026 Notes and 2027 Notes were RMB2,121,397 and RMB3,552,323, respectively. The Company reclassified the carrying value of the remaining 2026 Notes with the amount of RMB2,121,397 in current liabilities to reflect the early redemption right by 2026 Notes holders on February 1, 2024. 2029 and 2030 Notes In September and October 2023, the Company issued US$575,000 convertible senior Notes due 2029 (the “2029 Notes”) and US$575,000 convertible senior Notes due 2030 (the “2030 Notes”). The 2029 Notes bears interest at a rate of 3.875% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2024. The 2030 Notes bears interest at a rate of 4.625% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2024. Holders may convert their 2029 Notes at their option prior to the close of business on the second scheduled trading day immediately preceding October 15, 2029, and holders may convert their 2030 Notes at their option prior to the close of business on the second scheduled trading day immediately preceding October 15, 2030. The initial conversion price is US$11.12 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 2029 Notes have the right to require the Company to repurchase in cash for all or part of their Notes on October 15, 2027 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 2030 Notes have the right to require the Company to repurchase in cash for all or part of their Notes on October 15, 2028 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 accounted for 2029 Notes and 2030 Notes in accordance with ASU 2020-06 which eliminates the cash conversion accounting models. 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$17,855, 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, 2023, the carrying amount of the Notes were RMB8,023,401. (iii) Long-term bank loan As of December 31, 2022 As of December 31, 2023 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 March 7,2022 Bank of Beijing March 6,2024 149,000 2,000 147,000 147,000 147,000 — 2 June 15, 2022 Bank of Shanghai June 15, 2025 172,980 46,320 126,660 126,660 46,320 80,340 3 June 22, 2022 Hang Seng Bank June 22, 2024 180,000 60,000 120,000 120,000 120,000 — 4 July 25, 2022 China Construction Bank July 25, 2029 6,800 — 6,800 6,800 340 6,460 5 July 26, 2022 Industrial and Commercial Bank of China July 25, 2029 10,200 — 10,200 10,200 510 9,690 6 August 24, 2022 China Construction Bank July 25, 2029 19,800 — 19,800 19,800 990 18,810 7 January 19,2023 China Construction Bank July 25, 2029 — — — 313,400 15,670 297,730 8 January 20,2023 Industrial and Commercial Bank of China July 25, 2029 — — — 499,800 24,990 474,810 9 February 24, 2023 Bank of Beijing February 24, 2025 — — — 127,500 30,000 97,500 10 March 31,2023 Bank of Shanghai April 30, 2024 — — — 650,000 650,000 — 11 September 18,2023 Bank of Shanghai September 18,2026 — — — 321,640 108,600 213,040 Total 538,780 108,320 430,460 2,342,800 1,144,420 1,198,380 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 which includes liabilities to assets ratio. The Group is in compliance with all of the loan covenants as of December 31, 2022 and 2023. 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 bank’s 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. As of December 31, 2023, the Group had bank facilities with aggregated amount of RMB64,464,118 which consists of non-collateral based bank facilities of RMB16,348,270 and collateral-based bank facilities of RMB48,115,848. Out of the total non-collateral bank facilities, RMB5,492,800, RMB1,201,226 and RMB250,000 were used for bank borrowing, issuance of letters of guarantee and bank’s acceptance notes, respectively. Out of the total collateral-based bank facilities, RMB2,588,913, RMB14,713,855 and nil were used for issuance of letters of guarantee, bank’s acceptance notes and letter of credit, respectively. (iv) 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 when significant 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, 2022 and 2023, the balance of current portion of asset-backed securities and notes are RMB1,129,596 and RMB278,823, and the balance of non-current portion of asset-backed securities and notes are RMB293,945 and nil, respectively. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Non-Current Liabilities | |
Other Non-Current Liabilities | 14. Other Non-Current Liabilities Other non-current liabilities consist of the following: December 31, December 31, 2022 2023 Deferred revenue 2,288,111 3,051,022 Warranty liabilities 2,277,144 3,202,936 Deferred government grants 309,762 323,980 Non-current finance lease liabilities 14,457 22,173 Others 254,553 63,694 Total 5,144,027 6,663,805 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 15. Leases The Group has entered into various non-cancellable operating and finance lease agreements for certain offices, factory, 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, 2022 2023 Operating leases: Right-of-use assets - operating lease 7,374,456 11,404,116 Current portion of operating lease liabilities 1,025,968 1,743,156 Non-current operating lease liabilities 6,517,096 10,070,057 Total operating lease liabilities 7,543,064 11,813,213 Finance leases: Right-of-use assets - finance lease 49,205 55,985 Current portion of finance lease liabilities 30,609 25,311 Non-current finance lease liabilities 14,457 22,173 Total finance lease liabilities 45,066 47,484 The components of lease expenses were as follows: Year Ended December 31, Lease cost: 2022 2023 Amortization of right-of-use assets 1,141,740 1,529,463 Interest of operating lease liabilities 310,701 566,704 Expenses for short-term leases within 12 months and other non-lease component 407,850 544,640 Total lease cost 1,860,291 2,640,807 Other information related to leases where the Group is the lessee is as follows: As of December 31, As of December 31, 2022 2023 Weighted-average remaining lease term: Operating leases 11.6 years 12.0 years Finance leases 2.9 years 4.4 years Weighted-average discount rate: Operating leases 5.09 % 4.92 % Finance leases 5.58 % 5.22 % Supplemental cash flow information related to leases where we are the lessee is as follows: For the Year Ended December 31, 2022 2023 Operating cash outflows from operating leases 1,280,125 2,220,978 Operating cash outflows from finance leases (interest payments) 4,906 2,122 Financing cash outflows from finance leases 27,489 37,511 Right-of-use assets obtained in exchange for lease liabilities 5,820,041 6,339,111 As of December 31, 2022 and 2023, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows: As of December 31, As of December 31, 2022 2023 Operating Finance Operating Finance Leases Leases Leases Leases 2023 1,574,692 35,151 — — 2024 1,426,176 17,299 2,658,392 28,395 2025 1,213,535 6,717 1,949,316 11,342 2026 1,038,903 6,277 1,724,905 10,588 2027 837,505 4,737 1,449,608 8,899 2028 768,279 294 1,173,595 4,880 Thereafter 4,499,959 1,856 8,241,769 2,319 Total minimum lease payments 11,359,049 72,331 17,197,585 66,423 Less: Interest (3,815,985) (27,265) (5,384,372) (18,939) Present value of lease obligations 7,543,064 45,066 11,813,213 47,484 Less: Current portion (1,025,968) (30,609) (1,743,156) (25,311) Long-term portion of lease obligations 6,517,096 14,457 10,070,057 22,173 As of December 31, 2022 and 2023, the Group had future minimum lease payments for non-cancelable short-term operating leases of RMB304,213 and RMB537,432, respectively. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Revenue | 16. Revenue Revenue by source consists of the following: Year Ended December 31, 2021 2022 2023 Vehicle sales 33,169,740 45,506,581 49,257,270 Parts, accessories and after-sales vehicle services 806,079 1,228,385 2,337,490 Provision of power solution 811,809 1,016,094 1,666,346 Others 1,348,795 1,517,501 2,356,827 Total 36,136,423 49,268,561 55,617,933 For the years ended December 31, 2021, 2022 and 2023, revenue recognised at a point in time was RMB35,416,050, RMB47,734,716 and RMB53,401,464, respectively, and revenue recognised over time was RMB720,373, RMB1,533,845 and RMB2,216,470, respectively. |
Deferred Revenue_Income
Deferred Revenue/Income | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Revenue/Income | |
Deferred Revenue/Income | 17. 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, 2021 2022 2023 Deferred revenue/income–beginning of year 1,061,254 2,197,766 3,561,890 Additions 1,934,086 2,483,462 3,138,343 Recognition (795,878) (1,124,186) (1,705,134) Effects on foreign exchange adjustment (1,696) 4,848 944 Deferred revenue/income–end of year 2,197,766 3,561,890 4,996,043 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 services, the extended warranty services, battery swapping services as well as the points offered to customers, with unrecognized deferred revenue balance of RMB3,546,849 and RMB4,996,043 as of December 31, 2022 and 2023, respectively. The Group expects that approximately 39% of the transaction price allocated to unsatisfied performance obligation as at December 31, 2023 will be recognized as revenue during the period from January 1, 2024 to December 31, 2024 January 1, 2025 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 RMB15,041 and nil as of December 31, 2022 and 2023, respectively. |
Manufacturing in collaboration
Manufacturing in collaboration with JAC | 12 Months Ended |
Dec. 31, 2023 | |
Manufacturing in collaboration with JAC | |
Manufacturing in collaboration with JAC | 18. 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 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 December 31, 2023, JAC had fully paid the consideration. In December 2023, pursuant to an asset transfer agreement with JAC, the Group agreed to purchase the Transferred Assets back at the consideration of RMB1.7 billion,inclusive of tax, and the consideration was paid in full by end of December 2023. In December 2023, the Group also agreed to purchase the production facilities in F1 Plant from JAC at the consideration of RMB1.9 billion, inclusive of tax. As of December 31, 2023, both purchases of the Transferred Assets and F1 Plant have been consummated. For the years ended December 31, 2021, 2022 and 2023, the aggregate fees to JAC under the above collaboration arrangement were RMB715,118, RMB1,126,523 and RMB1,318,524, respectively, and were included in cost of sales. |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development Expenses | |
Research and Development Expenses | 19. Research and Development Expenses Research and development expenses consist of the following: For the Year Ended December 31, 2021 2022 2023 Employee compensation 2,658,158 6,684,971 8,998,415 Design and development expenses 1,572,834 3,276,915 3,019,403 Depreciation and amortization expenses 214,312 333,097 720,737 Rental and related expenses 53,846 193,132 273,493 Travel and entertainment expenses 43,732 111,531 135,891 Others 48,970 236,615 283,460 Total 4,591,852 10,836,261 13,431,399 |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Selling, General and Administrative Expenses | |
Selling, General and Administrative Expenses | 20. Selling, General and Administrative Expenses Selling, general and administrative expenses consist of the following: For the Year Ended December 31, 2021 2022 2023 Employee compensation 2,894,308 4,532,553 5,929,888 Marketing and promotional expenses 1,428,290 1,775,539 2,642,531 Rental and related expenses 845,512 1,336,575 1,683,929 Professional services 521,327 944,160 550,011 IT consumable, office supply and other low value consumable 247,828 545,498 581,193 Depreciation and amortization expenses 337,708 484,363 672,669 Other Taxes and Surcharges 198,572 285,076 290,456 Travel and entertainment expenses 80,726 162,924 218,396 Expected credit losses 54,332 48,707 (26,315) Others 269,529 421,724 341,798 Total 6,878,132 10,537,119 12,884,556 |
Redeemable non-controlling inte
Redeemable non-controlling interests | 12 Months Ended |
Dec. 31, 2023 | |
Redeemable non-controlling interests | |
Redeemable non-controlling interests | 21. Redeemable non-controlling interests 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, 2023, 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, 2021, 2022 and 2023, the Company recorded RMB6,586,579,RMB279,355 and RMB303,163 of accretion on redeemable non-controlling interests to redemption value. As of December 31, 2022 and 2023, the balance of redeemable non-controlling interests was RMB3,557,221 and RMB3,860,384, respectively. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2023 | |
Ordinary Shares | |
Ordinary Shares | 22. 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 the 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 the 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 the 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, 2022 and 2023, the authorized share capital of the Company is US$1,000 divided into 4,000,000,000 shares, comprising of: 2,632,030,222 Class A Ordinary Shares, 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. In 2023, the Company completed a US$2,943.5 million strategic equity investment from CYVN Investments RSC Ltd, an affiliate of CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government (collectively referred to as “CYVN Entities”) which subscribed 378,695,543 newly issued Class A ordinary shares from the Company. As disclosed in Note 13 (ii), in 2022 and 2023, certain convertible notes were converted by respective holders, pursuant to which the Company issued 8,978,401 and nil 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, 2022 and 2023, 4,000,000,000 ordinary shares were authorized, 1,680,220,892 shares and 2,073,522,118 shares were issued, and 1,662,159,868 shares and 2,055,461,094 shares were outstanding, respectively. The share number excludes 24,279,105 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, 2023 | |
Non-controlling interest | |
Non-controlling interest | 23. 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 Group’s additional paid-in capital with an amount of RMB 184,085 . |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation | |
Share-based Compensation | 24. Share-based Compensation Compensation expenses recognized for share-based awards granted by the Company were as follows: For the Year Ended December 31, 2021 2022 2023 Cost of sales 34,009 66,914 83,972 Research and development expenses 406,940 1,323,370 1,517,206 Selling, general and administrative expenses 569,191 905,612 767,863 Total 1,010,140 2,295,896 2,369,041 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, 2021, 2022 and 2023. (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 the 2016 Plan, 2017 Plan and 2018 Plan 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, 2021, 2022 and 2023: 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 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 Granted 1,487,000 2.39 — — Exercised (4,242,054) 2.63 — — Cancelled (482,775) 10.25 — — Expired (126,634) 37.34 — — Outstanding as of December 31, 2023 62,619,412 3.48 3.56 423,637 Vested and expected to vest as of December 31,2023 62,553,567 3.48 3.56 403,072 Exercisable as of December 31, 2023 58,961,360 3.35 3.43 399,989 The total share-based compensation expenses recognized for share options during the years ended December 31, 2021, 2022 and 2023 was RMB534,641, RMB379,178 and RMB201,023, 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, 2021, 2022 and 2023 was US$33.54, US$19.27 and US$6.66, respectively, computed using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: For the Year Ended December 31, 2021 2022 2023 Exercise price (US$) 2.39 - 42.20 2.39 - 19.91 2.39 - 2.39 Fair value of the ordinary shares on the date of option grant (US$) 39.54 - 42.20 10.34 - 19.61 6.66 - 6.66 Risk-free interest rate 1.08 % - 1.47 % 2.50 % - 2.56 % 3.70 % - 3.70 % Exercise multiple 2.5 x 2.5 x 2.5 x Expected dividend yield 0 % 0 % 0 % Expected volatility 55 % 56 % 57 % Expected forfeiture rate (post-vesting) 2 % 1.5 % 1.8 % Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options. As of December 31, 2022 and 2023, there were RMB219,781 and RMB62,135 of unrecognized compensation expenses related to the stock options granted to the employees, which is expected to be recognized over a weighted-average period of 0.77 and 0.18 years, respectively. (ii) Restricted shares The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant. Share-based compensation expenses of RMB20,820, RMB118,700 and RMB89,581 related to restricted shares granted to the employees of NIO US was recognized for the years ended December 31, 2021, 2022 and 2023, respectively. The following table summarizes activities of the Company’s restricted shares to US employees under the 2016 Plan: Number of Restricted Weighted Average Shares Outstanding Grant Date Fair Value US$ Unvested at December 31, 2021 1,138,196 41.93 Granted 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 Granted 1,190,820 10.02 Vested (574,621) 23.97 Forfeited (1,299,475) 20.66 Unvested at December 31, 2023 2,285,082 16.45 As of December 31, 2022 and 2023, there were RMB428,463 and RMB256,410 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 3.48 and 3.23 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, 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 Granted 23,749,757 8.67 Vested (9,789,008) 23.32 Forfeited (7,166,686) 18.79 Unvested at December 31, 2023 53,778,816 16.15 As of December 31, 2022 and 2023, there were RMB6,525,925 and RMB5,366,095 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 3.32 and 3.02 years, respectively. Share-based compensation expenses of RMB437,166 and RMB1,744,712 and RMB1,999,820 related to restricted shares granted to the non-US employees was recognized for years ended December 31, 2021, 2022 and 2023, 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 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, 2023: 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, 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 Granted 7,525,378 0.00001 — — Exercised (3,663,406) — — — Cancelled (5,401,320) — — — Outstanding as of December 31, 2023 29,004,500 0.00001 7.87 43,526 For the year ended December 31, 2021, 2022 and 2023, the weighted average grant date fair values of options granted were US$1.12, US$1.12 and US$1.10 per share respectively. The estimated fair value of each option granted is estimated on the date of grant using the binominal option-pricing model with the assumptions (or ranges thereof) in the following table: For the Year Ended December 31, 2021, 2022 and 2023 Fair value of the ordinary shares on the date of option grant (US$) 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 years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses for the share options granted under A Plan were RMB17,513,RMB53,306 and RMB78,617 respectively. As of December 31, 2022 and 2023, there were RMB170,091 and RMB155,843 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 2.2 and 1.3 years, respectively. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2023 | |
Taxation | |
Taxation | 25. Taxation (a) Income taxes Cayman Islands The Company was incorporated in the Cayman Islands and conducts most of its business through its subsidiaries located in Mainland China, Hong Kong, United States, United Kingdom, 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 2023 onwards, enterprises engaging in research and development activities are entitled to claim 200% 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% 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 statutory income tax rates of other countries where the Company’s subsidiaries having significant operations for the years ended December 31, 2021, 2022 and 2023 are as follows: For the Year Ended December 31, 2021 2022 2023 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 % 22.00 % Netherlands 25.00 % 25.80 % 25.80 % Composition of income tax expense for the periods presented are as follows: For the Year Ended December 31, 2021 2022 2023 Current income tax expense 23,565 62,348 59,943 Deferred income tax expense/(benefit) 18,700 (7,245) 200,892 Total 42,265 55,103 260,835 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, 2021 2022 2023 Loss before income tax expense (3,974,684) (14,382,001) (20,458,918) Income tax benefit computed at PRC statutory income tax rate of 25% (993,671) (3,595,500) (5,114,730) Non-deductible expenses 29,325 23,484 58,852 Foreign tax rates differential 100,690 395,543 481,318 Additional 100%/75% tax deduction for qualified research and development expenses (546,805) (750,736) (1,432,723) FDII Deduction — (10,356) — Tax exempted interest income (2,194) (8,847) (25,017) US tax credits (30,273) (45,446) (36,746) Prior year True-ups 286,693 110,581 242,392 Effect of tax rate change — 490,855 — Others (1,206) (5,154) 316 Change in valuation allowance 1,199,706 3,450,679 6,087,173 Income tax expense 42,265 55,103 260,835 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, 2021 2022 2023 Deferred tax assets Net operating loss carry-forwards 7,294,844 9,711,744 14,850,298 Accrued and prepaid expenses 1,136,278 1,666,519 1,635,032 Deferred revenue 559,815 940,633 1,241,114 Tax credit carry-forwards 243,198 301,437 347,340 Property, plant and equipment, net — — 158,609 Unrealized financing expense 28,796 33,140 64,870 Intangible assets 85,439 89,328 59,375 Allowance against receivables 19,500 27,386 28,435 Deferred rent — 29,731 80,240 Share-based compensation 10,695 6,951 19,846 Write-downs of inventory 713 452 47,733 Advertising expenses in excess of deduction limit 705 188 33 Equity securities without readily determinable fair value — — 953 Equity securities with readily determinable fair value — 150 717 Unrealized foreign exchange loss — 1,704 2,364 Others 711 4,224 3,539 Less: Valuation allowance (9,216,725) (12,727,355) (18,538,828) Subtotal 163,969 86,232 1,670 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) (7,283) Available for sale debt investment (6,499) (206,734) — Equity securities — — (206,734) Property, plant and equipment, net (143,512) (86,082) — Deferred rent (18,752) — — Unrealized foreign exchange gain (1,705) — — Subtotal (189,168) (304,421) (214,017) Total deferred tax liabilities, net (25,199) (218,189) (212,347) 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, 2021 2022 2023 Valuation allowance Balance at beginning of the year 8,019,519 9,216,725 12,727,355 Additions 1,197,206 3,510,630 5,811,473 Balance at end of the year 9,216,725 12,727,355 18,538,828 The Group has tax losses arising in Mainland China of RMB61,331,790 that will expire in one Loss expiring in 2024 2,045,428 Loss expiring in 2025 3,860,354 Loss expiring in 2026 2,380,002 Loss expiring in 2027 9,180,600 Loss expiring in 2028 14,701,895 Loss expiring in 2029 5,334,423 Loss expiring in 2030 156,199 Loss expiring in 2031 4,833,296 Loss expiring in 2032 7,153,295 Loss expiring in 2033 11,686,298 Total 61,331,790 The Group has tax losses arising in Hong Kong of RMB3,178,917 for which could be carried forward indefinitely against future taxable income. The Group has tax losses arising in United States of RMB4,323, RMB593,406 and RMB1,866,675 that will expire in thirteen, fourteen and infinite years for deduction against future taxable income. As of December 31, 2022 and 2023, the Group provided full valuation allowances for the 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, 2023. 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 2019 through 2023 remain subject to the review by the relevant PRC tax authorities. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Loss Per Share | |
Loss Per Share | 26. Loss Per Share Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2021, 2022 and 2023 as follows: For the Year Ended December 31, 2021 2022 2023 Numerator: Net loss (4,016,949) (14,437,104) (20,719,753) Accretion on redeemable non-controlling interests to redemption value (6,586,579) (279,355) (303,163) Net loss attributable to non-controlling interests 31,219 157,014 (124,051) Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (10,572,309) (14,559,445) (21,146,967) Denominator: Weighted-average number of ordinary shares outstanding – basic and diluted 1,572,702,112 1,636,999,280 1,700,203,886 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (6.72) (8.89) (12.44) For the years ended December 31, 2021, 2022 and 2023, 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, 2021, 2022 and 2023, 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, 2021 2022 2023 Restricted shares 1,358,110 4,051,753 — Outstanding weighted average options granted 56,768,907 55,132,378 43,876,236 Convertible notes 45,323,169 37,671,003 57,008,080 Total 103,450,186 96,855,134 100,884,316 |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Balances and Transactions | |
Related Party Balances and Transactions | 27. Related Party Balances and Transactions The principal related parties with which the Group had transactions during the years presented are as follows: Name of Entity or Individual Relationship with the Group Beijing Welion New Energy Technology Co., Ltd. An investee of the Group 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 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 Shanghai Weishang Business Consulting Co., Ltd. Significantly influenced 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 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, 2021, 2022 and 2023, service income was primarily generated from property management , For the Year Ended December 31, 2021 2022 2023 Wuhan Weineng Battery Assets Co., Ltd. 56,095 120,967 166,027 Nanjing Weibang Transmission Technology Co., Ltd. 1,586 1,683 1,153 Beijing Weixu Business Consulting Co., Ltd. 220 37 — Total 57,901 122,687 167,180 (ii) Acceptance of advertising and IT support services For the Year Ended December 31, 2021 2022 2023 Tianjin Boyou Information Technology Co., Ltd. 217 8,984 7,823 Beijing Bit Ep Information Technology Co., Ltd. 4,533 — — Beijing Yiche Interactive Advertising Co., Ltd. 472 — — Total 5,222 8,984 7,823 (iii) Cost of manufacturing consignment For the Year Ended December 31, 2021 2022 2023 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 89,286 — — As of December 31, 2023, the outstanding warranty obligations have been fully repaid by the Group. (iv) Purchase of raw material or property, plant and equipment For the Year Ended December 31, 2021 2022 2023 Kunshan Siwopu Intelligent Equipment Co., Ltd. 876,510 728,096 1,062,521 Xunjie Energy (Wuhan) Co., Ltd. 67,350 90,132 111,875 Nanjing Weibang Transmission Technology Co., Ltd. 213,867 248,604 73,071 Total 1,157,727 1,066,832 1,247,467 (v) Sales of goods For the Year Ended December 31, 2021 2022 2023 Wuhan Weineng Battery Assets Co., Ltd. 4,138,187 3,103,871 1,457,500 Shanghai Weishang Business Consulting Co., Ltd. 157 229 199 Hefei Chuangwei Information Consultation Co., Ltd. — 1,798 194 Beijing Yiche Interactive Advertising Co., Ltd. 485 — — Kunshan Siwopu Intelligent Equipment Co., Ltd. 370 — — Total 4,139,199 3,105,898 1,457,893 (vi) Acceptance of R&D and maintenance service For the Year Ended December 31, 2021 2022 2023 Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. — 107,144 184,279 Beijing Welion New Energy Technology Co., Ltd. — — 34,016 Wuhan Weineng Battery Assets Co., Ltd. — 8,508 23,878 Kunshan Siwopu Intelligent Equipment Co., Ltd. 7,265 13,956 — Xunjie Energy (Wuhan) Co., Ltd. 929 3,735 — Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. — 3,015 — Total 8,194 136,358 242,173 (vii) Sale of raw material or property, plant and equipment For the Year Ended December 31, 2021 2022 2023 Wuhan Weineng Battery Assets Co., Ltd. — 1,012 5,597 (viii) Convertible notes issued to related parties and interest accrual For the Year Ended December 31, 2021 2022 2023 Huang River Investment Limited 15,316 13,712 11,234 (ix) Purchase of equity investee Year Ended December 31, 2021 2022 2023 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, 2022 2023 Wuhan Weineng Battery Assets Co., Ltd. 1,376,584 1,714,659 Kunshan Siwopu Intelligent Equipment Co., Ltd. 8,647 13,050 Hefei Chuangwei Information Consultation Co., Ltd. 2,032 2,249 Nanjing Weibang Transmission Technology Co., Ltd. 283 1,440 Shanghai Weishang Business Consulting Co., Ltd. 148 — Total 1,387,694 1,731,398 (ii) Amounts due to related parties As of December 31, 2022 2023 Kunshan Siwopu Intelligent Equipment Co., Ltd. 262,712 358,083 Xunjie Energy (Wuhan) Co., Ltd. 14,517 75,157 Wuhan Weineng Battery Assets Co., Ltd. 58,497 60,187 Beijing WeLion New Energy Technology Co., Ltd. — 25,843 Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. 23,279 19,869 Nanjing Weibang Transmission Technology Co., Ltd. 22,293 16,099 Tianjin Boyou Information Technology Co., Ltd. 48 6,200 Shanghai Weishang Business Consulting Co., Ltd. — 186 Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. 3,015 — Wistron Info Comm (Kunshan) Co., Ltd. 167 — Xtronics Innovation Ltd. 83 — Total 384,611 561,624 (iii) Short-term borrowing and interest payable As of December 31, 2022 2023 Huang River Investment Limited 3,918 216,465 (iv) Long-term borrowing As of December 31, 2022 2023 Huang River Investment Limited 208,938 — |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitment and Contingencies | |
Commitment and Contingencies | 28. 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, 2022 2023 Property, plant and equipment 4,541,383 5,465,192 Leasehold improvements 807,666 552,626 Total 5,349,049 6,017,818 (b) Contingencies Between March and July 2019, several securities class action lawsuits were filed against the Group, certain of the Group’s directors and officers, the underwriters in the IPO and the process agent. Some of these actions have been withdrawn, transferred, consolidated or dismissed. One action commenced during the aforementioned time period remains pending, under the caption In re NIO, Inc. Securities Litigation, 1:19-cv-01424, in the U.S. District Court for the Eastern District of New York (E.D.N.Y.). The plaintiffs in this case allege, in sum and substance, that the Group’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. The Court denied the Group’s motion to dismiss in August 2021, and granted plaintiffs’ motion for class certification in August 2023. Discovery is ongoing. Between August and September 2022, two complaints were filed against the Group, 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 Group’s public disclosures between August 2020 and July 2022 contained false statements or omissions in violation of the Exchange Act. On December 14, 2022, the court consolidated the two actions and appointed a lead plaintiff. Briefing on the Group’s motion to dismiss was completed on July 31, 2023. The Court’s decision on the motion to dismiss is pending. The aforementioned actions remain in their preliminary stages. The Group 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. 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 unnamed 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 NIO Inc., but also granted limited jurisdictional discovery with respect to the relationship between NIO Inc. and its U.S.-based subsidiaries. Document production has been paused as Plaintiffs and the Defendants have engaged in mediation and settlement discussions. The Parties are now in the processof final settelement. The settlement amount is not considered to be significant. 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, 2022 and 2023, 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, 2023 | |
Subsequent Events | |
Subsequent Events | 29. Subsequent Events (a) Completion of the Repurchase Right Offer for Convertible Senior Notes due 2026 On February 1, 2024, the Group completed the repurchase right offer relating to its 0.00% Convertible Senior Notes due 2026 (the “2026 Notes”). US$300,536 aggregate principal amount of the 2026 Notes were validly surrendered and not withdrawn prior to the expiration of the repurchase right offer. Following settlement of the repurchase, US$912 aggregate principal amount of the 2026 Notes remain outstanding and continue to be subject to the existing terms of the Indenture and the Notes. (b) Completion of the Asset-backed Notes Issuance In January 2024, the Group entered into another asset-backed securitization arrangement with issuance of the notes at the total amount of RMB2,450,000 and securitized receivables arising from auto financing arrangements through the transfer of those assets to a securitization vehicle. It is a revolving arrangement where the Group provides management, administration and collection services (at market rates) on the transferred financial assets, but only retains an insignificant economic interest in the securitization vehicle. As a result, the Group will not consolidate the securitization vehicle (thereby derecognizing transferred receivables) under US GAAP. (c) Amended shareholders agreement for NIO China On March 30, 2024, the Company and certain of its subsidiaries entered into a shareholders agreement with the Strategic Investors, which amended certain shareholders’ rights in NIO China, including the redemption rights. In particular, if NIO China fails to complete the listing application or to issue the material assets restructuring plan related to the qualified initial public offering before December 31, 2027, or fails to complete the qualified initial public offering before December 31, 2028, the Strategic Investors may request the Company to redeem the equity interest in NIO China then held by them. |
Parent Company (the "Company")
Parent Company (the "Company") Only Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company (the "Company") Only Financial Information | |
Parent Company (the "Company") Only Financial Information | 30. 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, 2023. Condensed Balance Sheets As of December 31, 2022 2023 2023 RMB RMB US$ Note 2(e) ASSETS Current assets: Cash and cash equivalents 7,076,550 22,676,489 3,193,917 Restricted cash — — — Short-term investments 696,460 1,499,939 211,262 Amounts due from subsidiaries of the Company 6,657,631 15,453,012 2,176,511 Amounts due from related parties 87 89 13 Prepayments and other current assets 114,263 70,356 9,909 Total current assets 14,544,991 39,699,885 5,591,612 Non-current assets: Investments in subsidiaries and VIEs 21,328,304 2,783,143 391,997 Total non-current assets 21,328,304 2,783,143 391,997 Total assets 35,873,295 42,483,028 5,983,609 LIABILITIES Current liabilities: Amounts due to subsidiaries of the Company 1,775,951 1,928,100 271,567 Current portion of long-term borrowings — 3,286,640 462,914 Accruals and other liabilities 73,580 146,330 20,610 Total current liabilities 1,849,531 5,361,070 755,091 Long-term borrowings 10,155,599 11,575,725 1,630,407 Total non-current liabilities 10,155,599 11,575,725 1,630,407 Total liabilities 12,005,130 16,936,795 2,385,498 SHAREHOLDERS’ EQUITY Class A Ordinary Shares 2,668 3,368 474 Class C Ordinary Shares 254 254 36 Treasury shares (1,849,600) (1,849,600) (260,511) Additional paid in capital 94,593,062 117,717,254 16,580,128 Accumulated other comprehensive loss 1,036,011 432,991 60,986 Accumulated deficit (69,914,230) (90,758,034) (12,783,002) Total shareholders’ equity 23,868,165 25,546,233 3,598,111 Total liabilities and shareholders’ equity 35,873,295 42,483,028 5,983,609 Condensed Statements of Comprehensive Loss For the Year ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Note 2(e) Operating expenses: Selling, general and administrative (4,735) (24,039) (99,587) (14,027) Total operating expenses (4,735) (24,039) (99,587) (14,027) Loss from operations (4,735) (24,039) (99,587) (14,027) Interest and investment income 61,292 207,057 524,173 73,828 Interest expense (471,270) (113,277) (207,649) (29,247) Gain on extinguishment of debt — 138,332 170,193 23,971 Equity in loss of subsidiaries and VIEs (3,632,893) (14,138,689) (21,349,555) (3,007,022) Other income/(loss), net 61,876 (351,874) 121,800 17,155 Loss before income tax expense (3,985,730) (14,282,490) (20,840,625) (2,935,342) Income tax benefit/(expense) — 2,400 (3,179) (446) Net loss (3,985,730) (14,280,090) (20,843,804) (2,935,788) Accretion on redeemable non-controlling interests to redemption value (6,586,579) (279,355) (303,163) (42,700) Net loss attributable to ordinary shareholders of NIO Inc. (10,572,309) (14,559,445) (21,146,967) (2,978,488) Net loss (3,985,730) (14,280,090) (20,843,804) (2,935,788) Total comprehensive loss (4,196,578) (12,967,779) (21,446,824) (3,020,721) Accretion on redeemable non-controlling interests to redemption value (6,586,579) (279,355) (303,163) (42,700) Comprehensive loss attributable to ordinary shareholders of NIO Inc. (10,783,157) (13,247,134) (21,749,987) (3,063,421) Condensed Statements of Cash Flows For The Year ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (8,697) (4,949,308) (8,262,167) (1,163,702) CASH FLOWS FROM INVESTING ACTIVITIES Net cash (used in)/provided by investing activities (40,770,898) 9,140,766 (1,972,672) (277,845) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by/(used in) financing activities 22,382,871 (1,135,316) 25,782,226 3,631,351 Effects of exchange rate changes on cash, cash equivalents and restricted cash (445,787) 689,465 52,552 7,402 NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (18,842,511) 3,745,607 15,599,939 2,197,206 Cash, cash equivalents and restricted cash at beginning of the year 22,173,454 3,330,943 7,076,550 996,711 Cash, cash equivalents and restricted cash at end of the year 3,330,943 7,076,550 22,676,489 3,193,917 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, 2023 | |
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 and equity securities using fair value option 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, impairment of long-lived assets, determination and allocation of standalone transaction price regarding multiple performance obligations, subsequent measurement of equity securities measured under measurement alternatives, discount rate of lease liabilities, fair value of short-term investments, valuation of deferred tax assets, valuation and recognition of share-based compensation arrangements, as well as current or 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’ equity. Total foreign currency translation adjustment (losses)/ income were a loss of RMB230,345, an income of RMB717,274, and an income of RMB11,514 for the years ended December 31, 2021, 2022 and 2023, 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, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2023. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on, or December 31, 2023, 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 are carried at fair value using quoted market prices that currently available on a securities exchange and classified within Level 1. The Group’s investments in money market funds, financial products issued by banks and certain retained asset-backed securities 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, 2022 and 2023, such investments aggregately amounted to RMB12,781,060 and RMB8,473,612, 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 Group made in private companies which contains substantive redemption and preferential rights. The Group’s equity securities investments measured using fair value option include an investment the Group made in a private company which contains certain preferential rights. Such investments are classified within Level 3 for fair value measurement. As of December 31, 2022 and 2023, the carrying values of the investments were RMB1,648,861. The Group re-measured the respective fair values 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 years ended December 31, 2022 and 2023, RMB746,336 and nil, respectively, of fair value changes, net of tax, were recorded in either comprehensive income, in the case of available-for-sale debt security investments, or investment income/(losses), in the case of equity securities investments using fair value option . The significant unobservable inputs adopted in the valuation as of December 31, 2022 and 2023 are as follows: December 31, 2022 December 31, 2023 Unobservable Input Expected volatility 54%-61% 44%-51% Probability Liquidation scenario: 25%-40% Liquidation scenario: 35%-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, retained asset-backed securities, 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, 2022 and 2023, 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 at 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, 2022 2023 Cash and cash equivalents 19,887,575 32,935,111 Restricted cash 3,154,240 5,542,271 Long-term restricted cash 113,478 144,125 Total 23,155,293 38,621,507 |
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, 2022 and 2023, the short-term investments amounted to RMB19,171,017 and RMB16,810,107, respectively, among which, RMB12,259,459 and RMB11,520,514, were restricted as collateral for notes payable, bank borrowings and letter of guarantee as of December 31, 2022 and 2023, 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. For the years ended December 31, 2021, 2022 and 2023, the Group recorded RMB54,332, RMB48,707 and reversed RMB26,315, respectively, in expected credit loss provisions in selling, general and administrative expenses. As of December 31, 2023, the expected credit loss reserve for current and non-current assets are RMB60,384 and RMB53,357, respectively. As of December 31, 2022, the expected credit loss reserve for current and non-current assets are RMB50,415 and RMB89,641, respectively. 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 Balance as at December 31, 2023 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 4,703,829 0.98 % 46,177 Amounts due from related parties 1,731,399 0.51 % 8,796 Prepayments and other current assets 3,440,174 0.16 % 5,411 Non-current assets: Other non-current assets 4,936,918 1.08 % 53,357 |
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 Leasehold improvements Shorter of the estimated useful life or remaining lease term (ranging from 1 10 Vehicles for corporate use or customers’ subscription 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 Definite lived intangible assets are carried at cost less accumulated amortization and impairment, if any. Definite lived intangible assets are amortized using the straight-line method over the estimated useful lives as below: Useful lives Domain name 5 years The Group estimates the useful life of the domain name to be 5 years based on the contract terms, expected technical obsolescence and innovations and industry experience of such intangible assets.The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed. Intangible assets with an indefinite useful life represent the insurance brokerage license, and is carried at cost less any subsequent impairment loss. The Group expects, based upon regulatory precedent, the license can be renewed, on a perfunctory basis, upon expiration and believes that the license is unlikely to be terminated and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of this intangible asset to be indefinite. |
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. The Group elected the fair value option (“FVO”) at the date of initial recognition under ASC 825 for certain equity securities, with changes in fair value reported through earnings. 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. Trading securities are acquired and held principally for the purpose of selling them. The securities are reported at fair value, and subsequent changes in the fair value are recognized through net income. As disclosed in Note 9, the Group elects to classify the retained asset-backed securities as trading securities. Subsequent changes in the fair value are recognized through net income. 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, 2021, 2022 and 2023. |
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, 2021, 2022 and 2023 was nil,RMB35,011 and nil, 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, 2021 2022 2023 Warranty – beginning of year 952,946 1,962,977 2,946,937 Provision for warranty 1,078,854 1,128,920 1,222,916 Warranty costs incurred (68,823) (144,960) (257,629) Warranty– end of year 1,962,977 2,946,937 3,912,224 |
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 a loss of RMB668,051 for the year ended December 31, 2022. As of December 31, 2022, all the currency exchange forward contracts have been fully executed and the Group did not enter into any currency exchange forward contracts during the year ended December 31, 2023. 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 years ended December 31, 2022 and 2023, 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. |
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 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. As of December 31, 2022 and 2023, the Group did not record any contract assets. 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 customer contract, which is recorded as deferred revenue and advance from customers. The Group generates revenue from (i) vehicle sales, (ii) parts, accessories and after-sales vehicle services, (iii) provision of power solutions and (iv) others. The Group’s revenue sources for the comparative periods as disclosed in Note (16) have been revised to conform with the current year classification which depicts the nature and amounts of the Group’s major revenue streams for the most recent period. 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 in addition to sales of vehicles, which may include home chargers, vehicle connectivity services, extended warranty services and battery swapping services which are accounted for in accordance with ASC 606. In the PRC, initial users are entitled to vehicle connectivity services, extended warranty services and battery swapping services. 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. The government subsidy is 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 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, 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 services and battery swapping services, 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 services, 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. As of December 31, 2022 and 2023, the balances of contract liabilities (deferred revenue) from vehicle sales contracts were RMB3,740,108 and RMB5,040,125 respectively. 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 Group, 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 Group’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, 2023 and 2022, 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. 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. 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 is not performance obligation considering that it is value-added service to enhance user experience rather than critical item for vehicle driving and forecasted that usage of this service 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 is 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. Parts, accessories and after-sales vehicle services The Group sells parts and accessories to the third party authorized service centers and its users, and provides after-sales vehicle services to users, including, repair, maintenance, extended warranty services and other vehicle services. Revenue from the sales of parts and accessories is recognized when the control of the products is transferred to the customers. Revenue from after-sales services is recognized when the services are rendered. Provision of power solutions The Group provides power solutions to users, including, sale of charging piles, provision of battery charging and swapping services, battery upgrade service, BaaS battery buy-out service and other power solution services. Revenue from the services is recognized when relevant services are rendered. Revenue from the sales of charging piles is recognized when the control of the products is transferred to the customers. Battery swapping service The Group provides battery swapping service to users with convenient “recharging” experience by swapping the user’s battery for another one. 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 when the battery swapping service is completed. 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. Others Other revenues consists of sales of used vehicles, auto financing services, retail merchandise, automotive regulatory credits, embedded products and services offered together with vehicle sales, including vehicle connectivity services, and other products and services. Revenue is recognized when relevant services are rendered or control of the products is transferred. 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 Group 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. Incentives The Group offers a self-managed customer loyalty program in the form of “NIO points”, which can be redeemed to acquire free or discounted goods or services provided by the Group, including accessories, branded merchandise, and other services. The Group determines the standalone selling price of each point based on estimated incremental cost. Customers, and NIO users and, fans and employees have a variety of ways to earn the points. The major accounting policy for its points program is described as follows: (i) Points issued in connection with sales transactions The Group concludes the points issued in connection with the sales transaction 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 sales. The Group also estimates the probability of points redemption when performing the allocation based on the historical redemption pattern. 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 or when the points expire. (ii) Points issued in other scenarios NIO users and fans can also earn points through other ways such as inviting friends to test drive or purchase a vehicle, frequent sign-ins to the Group’s mobile application, participating in NIO community activities, 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, general and administrative expenses with a corresponding liability recorded under other current liabilities of its consolidated balance sheets upon the points are issued. The Group estimates liabilities under the customer loyalty program based on cost of the products and services 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 revenue of other sales for the amount of cash received. For the years ended December 31, 2021, 2022 and 2023, the revenue portion allocated to the points as a separate performance obligation was RMB371,849, RMB492,925 and RMB863,627, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2021, 2022 and 2023, the total points recorded as selling, general and administrative expenses were RMB155,884, RMB215,201 and RMB162,875, respectively. As of December 31, 2022 and, 2023, liabilities recorded related to unredeemed points were RMB680,660, and RMB954,709, respectively. |
Cost of Sales | (s) Cost of Sales Vehicle Cost of vehicle sales 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 sales 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 sales 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, 2021, 2022 and 2023, advertising costs totaled RMB529,057, RMB815,619 and RMB1,242,941, 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 RMB761,417, RMB1,578,273 and RMB2,349,966 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Government grants | (x) Government grants The Company’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, 2022 and 2023. |
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 Group 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 Group 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. The Group primarily uses the discount rate at the lease commencement date using the rate implicit in the lease. If the information necessary to determine the rate implicit in the lease is not readily available, the Group uses its incremental borrowing rate(“IBR”). The IBR is determined by the Group’s best understanding of the interest rate the Group would bear to borrow an amount equal to the lease payments in a similar economic environment over the lease term based on its credit rating. 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, 2021, 2022 and 2023. |
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, 2023 | |
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 New Horizon B.V. 100% Netherlands, November 2022 Investment holding 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 | Place and Date of incorporation VIE and VIE’s subsidiaries 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 NIO Insurance Broker Co., Ltd(“NIO IB”) (formerly known as Huiding Insurance Broker Co., Ltd) Anhui, PRC, January 2023 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Schedule of significant unobservable inputs adopted in the valuation | December 31, 2022 December 31, 2023 Unobservable Input Expected volatility 54%-61% 44%-51% Probability Liquidation scenario: 25%-40% Liquidation scenario: 35%-40% |
Schedule of cash and cash equivalents | December 31, December 31, 2022 2023 Cash and cash equivalents 19,887,575 32,935,111 Restricted cash 3,154,240 5,542,271 Long-term restricted cash 113,478 144,125 Total 23,155,293 38,621,507 |
Schedule of expected credit loss provision for the current and non-current assets | 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 Balance as at December 31, 2023 Expected Expected Original credit loss credit loss amount Rate provision Current assets: Trade and notes receivable 4,703,829 0.98 % 46,177 Amounts due from related parties 1,731,399 0.51 % 8,796 Prepayments and other current assets 3,440,174 0.16 % 5,411 Non-current assets: Other non-current assets 4,936,918 1.08 % 53,357 |
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 Leasehold improvements Shorter of the estimated useful life or remaining lease term (ranging from 1 10 Vehicles for corporate use or customers’ subscription 5 years Others (office equipment, after-sales equipment, etc) 3 |
Schedule of estimate useful life of intangible assets, net | Useful lives Domain name 5 years |
Schedule of reconciliation of carried-forward warranty liabilities | For the Year Ended December 31, 2021 2022 2023 Warranty – beginning of year 952,946 1,962,977 2,946,937 Provision for warranty 1,078,854 1,128,920 1,222,916 Warranty costs incurred (68,823) (144,960) (257,629) Warranty– end of year 1,962,977 2,946,937 3,912,224 |
Concentration and Risks (Tables
Concentration and Risks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2021 2022 2023 Percentage of the total revenue Customer A 12 % * * December 31, December 31, 2022 2023 Percentage of the account receivables Customer A 21 % 27 % |
Supplier concentration Risk | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | The following tables summarizes the supplier with greater than 10% of the total purchase and payables: For the Year Ended December 31, 2021 2022 2023 Percentage of the total purchase Supplier A 20 % 20 % 15 % December 31, December 31, 2022 2023 Percentage of the payables Supplier A 31 % 20 % |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory | |
Schedule of inventory | December 31, December 31, 2022 2023 Raw materials 2,974,125 2,245,076 Work in process 170,995 90,035 Finished Goods 4,685,790 2,646,287 Merchandise 510,143 480,174 Less: inventory provision (149,667) (183,846) Total 8,191,386 5,277,726 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments and Other Current Assets | |
Schedule of prepayments and other current assets | December 31, December 31, 2022 2023 Deductible VAT input 779,694 2,271,162 Prepayment to vendors 541,457 575,016 Deposits 349,651 240,769 Receivables from third party online payment service providers 154,264 160,030 Interest receivable 10,167 42,340 Receivables from JAC 196,075 — Receivables of reimbursement from the depositary bank 87,170 — Other receivables 131,963 150,857 Less: Allowance for credit losses (4,033) (5,411) Total 2,246,408 3,434,763 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net | |
Schedule of property, plant and equipment | December 31, December 31, 2022 2023 Charging & battery swap equipment 3,393,603 6,442,827 Mold and tooling 3,901,436 6,341,011 Production facilities 3,252,362 6,025,654 Leasehold improvements 3,408,731 5,160,732 Construction in process 3,114,345 2,894,333 Computer and electronic equipment 1,250,861 1,767,634 R&D equipment 939,586 1,469,604 Purchased software 985,141 1,281,685 Buildings and constructions 890,576 912,378 Subscription vehicles 387,619 890,044 Corporate vehicles 473,602 833,355 Others 603,978 1,150,042 Subtotal 22,601,840 35,169,299 Less: Accumulated depreciation (6,901,232) (10,288,331) Less: Accumulated impairment (41,942) (33,964) Total property, plant and equipment, net 15,658,666 24,847,004 |
Land Use Rights, Net (Tables)
Land Use Rights, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Land Use Rights, Net | |
Schedule of land use rights, net | December 31, December 31, 2022 2023 Land use rights 235,198 235,198 Less: Accumulated amortization—land use rights (22,595) (27,899) Total land use rights, net 212,603 207,299 |
Long-term investments (Tables)
Long-term investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-term investments. | |
Schedule of long-term investments | December 31, December 31, 2022 2023 Equity investments: Equity method investments (i) 1,325,800 1,505,509 Equity securities using fair value option (iv) — 1,528,861 Equity securities without readily determinable fair value (ii) 101,536 391,205 Equity securities with readily determinable fair value 48,290 45,323 Debt investments: Held-to-maturity debt securities – time deposit (iii) 3,231,924 1,875,318 Available-for-sale debt securities (iv) 1,648,861 120,000 Retained asset-backed securities(v) — 21,000 Total 6,356,411 5,487,216 |
Schedule of equity securities without readily determinable fair value | December 31, December 31, 2022 2023 Equity securities without readily determinable fair value: Initial cost 9,477 304,134 Net cumulative fair value adjustments 92,059 87,071 Carrying value 101,536 391,205 |
Schedule of available-for-sale debt securities | December 31, December 31, 2022 2023 Available-for-sale debt securities: Initial cost 671,567 120,000 Net cumulative fair value adjustments 977,294 — Carrying value 1,648,861 120,000 |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Non-current Assets | |
Schedule of other non current assets | December 31, December 31, 2022 2023 Non-current portion of auto financing receivables 4,501,168 2,486,326 Long-term deposits 944,768 1,092,550 Non-current portion of prepayments for long-term assets 433,750 1,173,248 Non-current portion of receivables of installment payments for battery 221,089 59,853 Non-current portion of right of use assets – finance lease 49,205 55,985 Non-current portion of national subsidy receivable 1,227,270 — Others 110,950 68,956 Less: Allowance for credit losses (89,641) (53,357) Total 7,398,559 4,883,561 |
Trade and Notes Payable (Tables
Trade and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Notes Payable | |
Schedule of trade and notes payable | December 31, December 31, 2022 2023 Trade payable 12,709,285 14,111,853 Notes payable (i) 12,514,402 15,654,281 Total 25,223,687 29,766,134 (i) As of December 31, 2022 and 2023, notes payable includes certain supply chain financing program offered by banks to the Group’s suppliers. In connection with this program, the Group issues notes to participating suppliers which can elect to assign such notes, at a discount, to the banks for payment at or before the maturity of each note. The maturity of each note is consistent with the original supplier payment terms. All terms related to the Group’s payment obligations to participating suppliers (which may be assigned to the banks) remain unchanged as part of this program. As of December 31, 2022 and 2023, the outstanding amount of the supply chain financing channels program is insignificant. |
Accruals and Other Liabilities
Accruals and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accruals and Other Liabilities | |
Schedule of accruals and other liabilities | December 31, December 31, 2022 2023 Payables for purchase of property, plant and equipment 4,172,758 4,445,749 Payable for R&D expenses 1,814,746 2,318,679 Salaries and benefits payable 1,525,366 1,902,119 Current portion of deferred revenue/income 1,273,779 1,945,021 Payables for marketing events 1,075,693 1,636,911 Advance from customers 833,779 911,006 Warranty liabilities 669,793 709,288 Accrued costs on purchase commitments 792,786 521,443 Accrued expenses 857,639 422,730 Interest payables 32,271 135,492 Current portion of finance lease liabilities 30,609 25,311 Other payables 575,143 582,605 Total 13,654,362 15,556,354 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Schedule of long-term borrowings | December 31, December 31, 2022 2023 Short-term borrowing: Bank loan (i) 4,039,210 4,783,000 Other short-term financing arrangements — 302,411 Current portion of long-term borrowings: Current portion of convertible notes (ii) — 3,286,640 Current portion of long-term borrowings (iii) 108,320 1,144,420 Current portion of Asset-backed Securities and Notes (iv) 1,129,596 278,823 Current portion of other financing arrangements — 26,204 Long-term borrowings: Bank loan (iii) 430,460 1,198,380 Convertible notes (ii) 10,155,599 11,575,725 Asset-backed Securities and Notes (iv) 293,945 — Other financing arrangements 5,795 268,756 Total 16,162,925 22,864,359 As of December 31, 2022 As of December 31, 2023 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 March 7,2022 Bank of Beijing March 6,2024 149,000 2,000 147,000 147,000 147,000 — 2 June 15, 2022 Bank of Shanghai June 15, 2025 172,980 46,320 126,660 126,660 46,320 80,340 3 June 22, 2022 Hang Seng Bank June 22, 2024 180,000 60,000 120,000 120,000 120,000 — 4 July 25, 2022 China Construction Bank July 25, 2029 6,800 — 6,800 6,800 340 6,460 5 July 26, 2022 Industrial and Commercial Bank of China July 25, 2029 10,200 — 10,200 10,200 510 9,690 6 August 24, 2022 China Construction Bank July 25, 2029 19,800 — 19,800 19,800 990 18,810 7 January 19,2023 China Construction Bank July 25, 2029 — — — 313,400 15,670 297,730 8 January 20,2023 Industrial and Commercial Bank of China July 25, 2029 — — — 499,800 24,990 474,810 9 February 24, 2023 Bank of Beijing February 24, 2025 — — — 127,500 30,000 97,500 10 March 31,2023 Bank of Shanghai April 30, 2024 — — — 650,000 650,000 — 11 September 18,2023 Bank of Shanghai September 18,2026 — — — 321,640 108,600 213,040 Total 538,780 108,320 430,460 2,342,800 1,144,420 1,198,380 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Non-Current Liabilities | |
Schedule of other non-current liabilities | December 31, December 31, 2022 2023 Deferred revenue 2,288,111 3,051,022 Warranty liabilities 2,277,144 3,202,936 Deferred government grants 309,762 323,980 Non-current finance lease liabilities 14,457 22,173 Others 254,553 63,694 Total 5,144,027 6,663,805 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of lessee lease information | December 31, December 31, 2022 2023 Operating leases: Right-of-use assets - operating lease 7,374,456 11,404,116 Current portion of operating lease liabilities 1,025,968 1,743,156 Non-current operating lease liabilities 6,517,096 10,070,057 Total operating lease liabilities 7,543,064 11,813,213 Finance leases: Right-of-use assets - finance lease 49,205 55,985 Current portion of finance lease liabilities 30,609 25,311 Non-current finance lease liabilities 14,457 22,173 Total finance lease liabilities 45,066 47,484 As of December 31, As of December 31, 2022 2023 Weighted-average remaining lease term: Operating leases 11.6 years 12.0 years Finance leases 2.9 years 4.4 years Weighted-average discount rate: Operating leases 5.09 % 4.92 % Finance leases 5.58 % 5.22 % For the Year Ended December 31, 2022 2023 Operating cash outflows from operating leases 1,280,125 2,220,978 Operating cash outflows from finance leases (interest payments) 4,906 2,122 Financing cash outflows from finance leases 27,489 37,511 Right-of-use assets obtained in exchange for lease liabilities 5,820,041 6,339,111 |
Schedule of lease expenses | Year Ended December 31, Lease cost: 2022 2023 Amortization of right-of-use assets 1,141,740 1,529,463 Interest of operating lease liabilities 310,701 566,704 Expenses for short-term leases within 12 months and other non-lease component 407,850 544,640 Total lease cost 1,860,291 2,640,807 |
Schedule of maturities of our operating and finance lease liabilities (excluding short-term leases) | As of December 31, As of December 31, 2022 2023 Operating Finance Operating Finance Leases Leases Leases Leases 2023 1,574,692 35,151 — — 2024 1,426,176 17,299 2,658,392 28,395 2025 1,213,535 6,717 1,949,316 11,342 2026 1,038,903 6,277 1,724,905 10,588 2027 837,505 4,737 1,449,608 8,899 2028 768,279 294 1,173,595 4,880 Thereafter 4,499,959 1,856 8,241,769 2,319 Total minimum lease payments 11,359,049 72,331 17,197,585 66,423 Less: Interest (3,815,985) (27,265) (5,384,372) (18,939) Present value of lease obligations 7,543,064 45,066 11,813,213 47,484 Less: Current portion (1,025,968) (30,609) (1,743,156) (25,311) Long-term portion of lease obligations 6,517,096 14,457 10,070,057 22,173 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Schedule of revenues | Year Ended December 31, 2021 2022 2023 Vehicle sales 33,169,740 45,506,581 49,257,270 Parts, accessories and after-sales vehicle services 806,079 1,228,385 2,337,490 Provision of power solution 811,809 1,016,094 1,666,346 Others 1,348,795 1,517,501 2,356,827 Total 36,136,423 49,268,561 55,617,933 |
Deferred Revenue_Income (Tables
Deferred Revenue/Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Revenue/Income | |
Schedule of reconciliation in the current reporting period related to carried-forward deferred revenue/income | Year Ended December 31, 2021 2022 2023 Deferred revenue/income–beginning of year 1,061,254 2,197,766 3,561,890 Additions 1,934,086 2,483,462 3,138,343 Recognition (795,878) (1,124,186) (1,705,134) Effects on foreign exchange adjustment (1,696) 4,848 944 Deferred revenue/income–end of year 2,197,766 3,561,890 4,996,043 |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development Expenses | |
Schedule of research and development expenses | For the Year Ended December 31, 2021 2022 2023 Employee compensation 2,658,158 6,684,971 8,998,415 Design and development expenses 1,572,834 3,276,915 3,019,403 Depreciation and amortization expenses 214,312 333,097 720,737 Rental and related expenses 53,846 193,132 273,493 Travel and entertainment expenses 43,732 111,531 135,891 Others 48,970 236,615 283,460 Total 4,591,852 10,836,261 13,431,399 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selling, General and Administrative Expenses | |
Schedule of selling, general and administrative expenses | For the Year Ended December 31, 2021 2022 2023 Employee compensation 2,894,308 4,532,553 5,929,888 Marketing and promotional expenses 1,428,290 1,775,539 2,642,531 Rental and related expenses 845,512 1,336,575 1,683,929 Professional services 521,327 944,160 550,011 IT consumable, office supply and other low value consumable 247,828 545,498 581,193 Depreciation and amortization expenses 337,708 484,363 672,669 Other Taxes and Surcharges 198,572 285,076 290,456 Travel and entertainment expenses 80,726 162,924 218,396 Expected credit losses 54,332 48,707 (26,315) Others 269,529 421,724 341,798 Total 6,878,132 10,537,119 12,884,556 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation | |
Schedule of compensation expenses recognized for share based awards granted | For the Year Ended December 31, 2021 2022 2023 Cost of sales 34,009 66,914 83,972 Research and development expenses 406,940 1,323,370 1,517,206 Selling, general and administrative expenses 569,191 905,612 767,863 Total 1,010,140 2,295,896 2,369,041 |
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, 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 Granted 1,487,000 2.39 — — Exercised (4,242,054) 2.63 — — Cancelled (482,775) 10.25 — — Expired (126,634) 37.34 — — Outstanding as of December 31, 2023 62,619,412 3.48 3.56 423,637 Vested and expected to vest as of December 31,2023 62,553,567 3.48 3.56 403,072 Exercisable as of December 31, 2023 58,961,360 3.35 3.43 399,989 |
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, 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 Granted 7,525,378 0.00001 — — Exercised (3,663,406) — — — Cancelled (5,401,320) — — — Outstanding as of December 31, 2023 29,004,500 0.00001 7.87 43,526 |
NIO Incentive Plans | |
Share-based Compensation | |
Schedule of weighted average assumptions used | For the Year Ended December 31, 2021 2022 2023 Exercise price (US$) 2.39 - 42.20 2.39 - 19.91 2.39 - 2.39 Fair value of the ordinary shares on the date of option grant (US$) 39.54 - 42.20 10.34 - 19.61 6.66 - 6.66 Risk-free interest rate 1.08 % - 1.47 % 2.50 % - 2.56 % 3.70 % - 3.70 % Exercise multiple 2.5 x 2.5 x 2.5 x Expected dividend yield 0 % 0 % 0 % Expected volatility 55 % 56 % 57 % Expected forfeiture rate (post-vesting) 2 % 1.5 % 1.8 % |
A Plan | |
Share-based Compensation | |
Schedule of weighted average assumptions used | For the Year Ended December 31, 2021, 2022 and 2023 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, 2021 1,138,196 41.93 Granted 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 Granted 1,190,820 10.02 Vested (574,621) 23.97 Forfeited (1,299,475) 20.66 Unvested at December 31, 2023 2,285,082 16.45 |
Non-US employees under 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, 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 Granted 23,749,757 8.67 Vested (9,789,008) 23.32 Forfeited (7,166,686) 18.79 Unvested at December 31, 2023 53,778,816 16.15 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Taxation | |
Schedule of maximum applicable income tax rates of other countries | For the Year Ended December 31, 2021 2022 2023 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 % 22.00 % Netherlands 25.00 % 25.80 % 25.80 % |
Schedule of composition of income tax expense | For the Year Ended December 31, 2021 2022 2023 Current income tax expense 23,565 62,348 59,943 Deferred income tax expense/(benefit) 18,700 (7,245) 200,892 Total 42,265 55,103 260,835 |
Schedule of reconciliation of the income tax expense | For the Year Ended December 31, 2021 2022 2023 Loss before income tax expense (3,974,684) (14,382,001) (20,458,918) Income tax benefit computed at PRC statutory income tax rate of 25% (993,671) (3,595,500) (5,114,730) Non-deductible expenses 29,325 23,484 58,852 Foreign tax rates differential 100,690 395,543 481,318 Additional 100%/75% tax deduction for qualified research and development expenses (546,805) (750,736) (1,432,723) FDII Deduction — (10,356) — Tax exempted interest income (2,194) (8,847) (25,017) US tax credits (30,273) (45,446) (36,746) Prior year True-ups 286,693 110,581 242,392 Effect of tax rate change — 490,855 — Others (1,206) (5,154) 316 Change in valuation allowance 1,199,706 3,450,679 6,087,173 Income tax expense 42,265 55,103 260,835 |
Schedule of deferred tax assets and liabilities | As of December 31, 2021 2022 2023 Deferred tax assets Net operating loss carry-forwards 7,294,844 9,711,744 14,850,298 Accrued and prepaid expenses 1,136,278 1,666,519 1,635,032 Deferred revenue 559,815 940,633 1,241,114 Tax credit carry-forwards 243,198 301,437 347,340 Property, plant and equipment, net — — 158,609 Unrealized financing expense 28,796 33,140 64,870 Intangible assets 85,439 89,328 59,375 Allowance against receivables 19,500 27,386 28,435 Deferred rent — 29,731 80,240 Share-based compensation 10,695 6,951 19,846 Write-downs of inventory 713 452 47,733 Advertising expenses in excess of deduction limit 705 188 33 Equity securities without readily determinable fair value — — 953 Equity securities with readily determinable fair value — 150 717 Unrealized foreign exchange loss — 1,704 2,364 Others 711 4,224 3,539 Less: Valuation allowance (9,216,725) (12,727,355) (18,538,828) Subtotal 163,969 86,232 1,670 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) (7,283) Available for sale debt investment (6,499) (206,734) — Equity securities — — (206,734) Property, plant and equipment, net (143,512) (86,082) — Deferred rent (18,752) — — Unrealized foreign exchange gain (1,705) — — Subtotal (189,168) (304,421) (214,017) Total deferred tax liabilities, net (25,199) (218,189) (212,347) |
Schedule of valuation allowance | As of December 31, 2021 2022 2023 Valuation allowance Balance at beginning of the year 8,019,519 9,216,725 12,727,355 Additions 1,197,206 3,510,630 5,811,473 Balance at end of the year 9,216,725 12,727,355 18,538,828 |
Schedule of tax losses expiration dates | Loss expiring in 2024 2,045,428 Loss expiring in 2025 3,860,354 Loss expiring in 2026 2,380,002 Loss expiring in 2027 9,180,600 Loss expiring in 2028 14,701,895 Loss expiring in 2029 5,334,423 Loss expiring in 2030 156,199 Loss expiring in 2031 4,833,296 Loss expiring in 2032 7,153,295 Loss expiring in 2033 11,686,298 Total 61,331,790 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss Per Share | |
Schedule of computation of earnings per share | For the Year Ended December 31, 2021 2022 2023 Numerator: Net loss (4,016,949) (14,437,104) (20,719,753) Accretion on redeemable non-controlling interests to redemption value (6,586,579) (279,355) (303,163) Net loss attributable to non-controlling interests 31,219 157,014 (124,051) Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (10,572,309) (14,559,445) (21,146,967) Denominator: Weighted-average number of ordinary shares outstanding – basic and diluted 1,572,702,112 1,636,999,280 1,700,203,886 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (6.72) (8.89) (12.44) |
Schedule of weighted average numbers of ordinary shares outstanding | For the Year Ended December 31, 2021 2022 2023 Restricted shares 1,358,110 4,051,753 — Outstanding weighted average options granted 56,768,907 55,132,378 43,876,236 Convertible notes 45,323,169 37,671,003 57,008,080 Total 103,450,186 96,855,134 100,884,316 |
Related Party Balance and Trans
Related Party Balance and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Balances and Transactions | |
Schedule of related party transactions | (i) Provision of service For the years ended December 31, 2021, 2022 and 2023, service income was primarily generated from property management , For the Year Ended December 31, 2021 2022 2023 Wuhan Weineng Battery Assets Co., Ltd. 56,095 120,967 166,027 Nanjing Weibang Transmission Technology Co., Ltd. 1,586 1,683 1,153 Beijing Weixu Business Consulting Co., Ltd. 220 37 — Total 57,901 122,687 167,180 (ii) Acceptance of advertising and IT support services For the Year Ended December 31, 2021 2022 2023 Tianjin Boyou Information Technology Co., Ltd. 217 8,984 7,823 Beijing Bit Ep Information Technology Co., Ltd. 4,533 — — Beijing Yiche Interactive Advertising Co., Ltd. 472 — — Total 5,222 8,984 7,823 (iii) Cost of manufacturing consignment For the Year Ended December 31, 2021 2022 2023 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 89,286 — — As of December 31, 2023, the outstanding warranty obligations have been fully repaid by the Group. (iv) Purchase of raw material or property, plant and equipment For the Year Ended December 31, 2021 2022 2023 Kunshan Siwopu Intelligent Equipment Co., Ltd. 876,510 728,096 1,062,521 Xunjie Energy (Wuhan) Co., Ltd. 67,350 90,132 111,875 Nanjing Weibang Transmission Technology Co., Ltd. 213,867 248,604 73,071 Total 1,157,727 1,066,832 1,247,467 (v) Sales of goods For the Year Ended December 31, 2021 2022 2023 Wuhan Weineng Battery Assets Co., Ltd. 4,138,187 3,103,871 1,457,500 Shanghai Weishang Business Consulting Co., Ltd. 157 229 199 Hefei Chuangwei Information Consultation Co., Ltd. — 1,798 194 Beijing Yiche Interactive Advertising Co., Ltd. 485 — — Kunshan Siwopu Intelligent Equipment Co., Ltd. 370 — — Total 4,139,199 3,105,898 1,457,893 (vi) Acceptance of R&D and maintenance service For the Year Ended December 31, 2021 2022 2023 Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. — 107,144 184,279 Beijing Welion New Energy Technology Co., Ltd. — — 34,016 Wuhan Weineng Battery Assets Co., Ltd. — 8,508 23,878 Kunshan Siwopu Intelligent Equipment Co., Ltd. 7,265 13,956 — Xunjie Energy (Wuhan) Co., Ltd. 929 3,735 — Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. — 3,015 — Total 8,194 136,358 242,173 (vii) Sale of raw material or property, plant and equipment For the Year Ended December 31, 2021 2022 2023 Wuhan Weineng Battery Assets Co., Ltd. — 1,012 5,597 (viii) Convertible notes issued to related parties and interest accrual For the Year Ended December 31, 2021 2022 2023 Huang River Investment Limited 15,316 13,712 11,234 (ix) Purchase of equity investee Year Ended December 31, 2021 2022 2023 Weilan (Note 9) 50,000 — — |
Schedule of due from related parties | (i) Amounts due from related parties As of December 31, 2022 2023 Wuhan Weineng Battery Assets Co., Ltd. 1,376,584 1,714,659 Kunshan Siwopu Intelligent Equipment Co., Ltd. 8,647 13,050 Hefei Chuangwei Information Consultation Co., Ltd. 2,032 2,249 Nanjing Weibang Transmission Technology Co., Ltd. 283 1,440 Shanghai Weishang Business Consulting Co., Ltd. 148 — Total 1,387,694 1,731,398 |
Schedule of due to related parties | (ii) Amounts due to related parties As of December 31, 2022 2023 Kunshan Siwopu Intelligent Equipment Co., Ltd. 262,712 358,083 Xunjie Energy (Wuhan) Co., Ltd. 14,517 75,157 Wuhan Weineng Battery Assets Co., Ltd. 58,497 60,187 Beijing WeLion New Energy Technology Co., Ltd. — 25,843 Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. 23,279 19,869 Nanjing Weibang Transmission Technology Co., Ltd. 22,293 16,099 Tianjin Boyou Information Technology Co., Ltd. 48 6,200 Shanghai Weishang Business Consulting Co., Ltd. — 186 Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. 3,015 — Wistron Info Comm (Kunshan) Co., Ltd. 167 — Xtronics Innovation Ltd. 83 — Total 384,611 561,624 (iii) Short-term borrowing and interest payable As of December 31, 2022 2023 Huang River Investment Limited 3,918 216,465 (iv) Long-term borrowing As of December 31, 2022 2023 Huang River Investment Limited 208,938 — |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitment and Contingencies | |
Schedule of capital expenditures contracted | As of December 31, 2022 2023 Property, plant and equipment 4,541,383 5,465,192 Leasehold improvements 807,666 552,626 Total 5,349,049 6,017,818 |
Parent Company (the "Company"_2
Parent Company (the "Company") Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company (the "Company") Only Financial Information | |
Schedule of condensed balance sheets | As of December 31, 2022 2023 2023 RMB RMB US$ Note 2(e) ASSETS Current assets: Cash and cash equivalents 7,076,550 22,676,489 3,193,917 Restricted cash — — — Short-term investments 696,460 1,499,939 211,262 Amounts due from subsidiaries of the Company 6,657,631 15,453,012 2,176,511 Amounts due from related parties 87 89 13 Prepayments and other current assets 114,263 70,356 9,909 Total current assets 14,544,991 39,699,885 5,591,612 Non-current assets: Investments in subsidiaries and VIEs 21,328,304 2,783,143 391,997 Total non-current assets 21,328,304 2,783,143 391,997 Total assets 35,873,295 42,483,028 5,983,609 LIABILITIES Current liabilities: Amounts due to subsidiaries of the Company 1,775,951 1,928,100 271,567 Current portion of long-term borrowings — 3,286,640 462,914 Accruals and other liabilities 73,580 146,330 20,610 Total current liabilities 1,849,531 5,361,070 755,091 Long-term borrowings 10,155,599 11,575,725 1,630,407 Total non-current liabilities 10,155,599 11,575,725 1,630,407 Total liabilities 12,005,130 16,936,795 2,385,498 SHAREHOLDERS’ EQUITY Class A Ordinary Shares 2,668 3,368 474 Class C Ordinary Shares 254 254 36 Treasury shares (1,849,600) (1,849,600) (260,511) Additional paid in capital 94,593,062 117,717,254 16,580,128 Accumulated other comprehensive loss 1,036,011 432,991 60,986 Accumulated deficit (69,914,230) (90,758,034) (12,783,002) Total shareholders’ equity 23,868,165 25,546,233 3,598,111 Total liabilities and shareholders’ equity 35,873,295 42,483,028 5,983,609 |
Schedule of condensed statements of comprehensive loss | For the Year ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Note 2(e) Operating expenses: Selling, general and administrative (4,735) (24,039) (99,587) (14,027) Total operating expenses (4,735) (24,039) (99,587) (14,027) Loss from operations (4,735) (24,039) (99,587) (14,027) Interest and investment income 61,292 207,057 524,173 73,828 Interest expense (471,270) (113,277) (207,649) (29,247) Gain on extinguishment of debt — 138,332 170,193 23,971 Equity in loss of subsidiaries and VIEs (3,632,893) (14,138,689) (21,349,555) (3,007,022) Other income/(loss), net 61,876 (351,874) 121,800 17,155 Loss before income tax expense (3,985,730) (14,282,490) (20,840,625) (2,935,342) Income tax benefit/(expense) — 2,400 (3,179) (446) Net loss (3,985,730) (14,280,090) (20,843,804) (2,935,788) Accretion on redeemable non-controlling interests to redemption value (6,586,579) (279,355) (303,163) (42,700) Net loss attributable to ordinary shareholders of NIO Inc. (10,572,309) (14,559,445) (21,146,967) (2,978,488) Net loss (3,985,730) (14,280,090) (20,843,804) (2,935,788) Total comprehensive loss (4,196,578) (12,967,779) (21,446,824) (3,020,721) Accretion on redeemable non-controlling interests to redemption value (6,586,579) (279,355) (303,163) (42,700) Comprehensive loss attributable to ordinary shareholders of NIO Inc. (10,783,157) (13,247,134) (21,749,987) (3,063,421) |
Schedule of condensed statements of cash flows | For The Year ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (8,697) (4,949,308) (8,262,167) (1,163,702) CASH FLOWS FROM INVESTING ACTIVITIES Net cash (used in)/provided by investing activities (40,770,898) 9,140,766 (1,972,672) (277,845) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by/(used in) financing activities 22,382,871 (1,135,316) 25,782,226 3,631,351 Effects of exchange rate changes on cash, cash equivalents and restricted cash (445,787) 689,465 52,552 7,402 NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (18,842,511) 3,745,607 15,599,939 2,197,206 Cash, cash equivalents and restricted cash at beginning of the year 22,173,454 3,330,943 7,076,550 996,711 Cash, cash equivalents and restricted cash at end of the year 3,330,943 7,076,550 22,676,489 3,193,917 |
Organization and Nature of Op_3
Organization and Nature of Operations - Subsidiaries (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
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% | |
NIO Holding Co., Ltd. ("NIO Holding") (formerly known as NIO (Anhui) Holding Co., Ltd.) | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | 100% |
XPT (Jiangsu) Automotive Technology Co., Ltd. ("XPT Auto") | ||
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% | |
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% | |
New Horizon B.V. | ||
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% | |
NEU Battery Asset Co., Ltd. ("BAC Cayman") | ||
Organization and Nature of Operations | ||
Equity interest held | 100% | |
Instant Power Europe B.V. ("BAC NL") Co., Limited | ||
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% | |
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% | |
XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. ("XPT NJWL") | ||
Organization and Nature of Operations | ||
Equity interest held | 50% |
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, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Organization and Nature of Operations | |||||
Net loss | ¥ 20,719,753 | $ 2,918,316 | ¥ 14,437,104 | ¥ 4,016,949 | |
Operating cash outflow | 1,400,000 | $ 194,587 | 3,866,008 | ¥ (1,966,386) | |
Accumulated deficit | (90,800,000) | (69,914,230) | $ (12,783,002) | ||
Cash and cash equivalents | 32,935,111 | 19,887,575 | 4,638,813 | ||
Short-term investments | 16,810,107 | ¥ 19,171,017 | $ 2,367,654 | ||
Net current assets | ¥ | ¥ 12,600,000 | ||||
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, 2023 | Dec. 31, 2022 |
Minimum | Expected volatility | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 44 | 54 |
Maximum | Expected volatility | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 51 | 61 |
Liquidation scenario | Minimum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 35 | 25 |
Liquidation scenario | Maximum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 40 | 40 |
Redemption scenario | Minimum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 0 | 25 |
Redemption scenario | Maximum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 35 | 40 |
IPO scenario | Minimum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 30 | 20 |
IPO scenario | Maximum | Probability | ||
Significant unobservable inputs adopted in the valuation | ||
Measurement input | 60 | 50 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Cash, cash equivalents and restricted cash (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Summary of Significant Accounting Policies | ||||||
Cash and cash equivalents | ¥ 32,935,111 | $ 4,638,813 | ¥ 19,887,575 | |||
Restricted cash | 5,542,271 | 780,613 | 3,154,240 | |||
Long-term restricted cash | 144,125 | 20,300 | 113,478 | |||
Total | ¥ 38,621,507 | $ 5,439,726 | ¥ 23,155,293 | $ 3,261,355 | ¥ 18,374,564 | ¥ 38,545,098 |
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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets | ¥ 70,380,233 | $ 9,912,849 | ¥ 59,149,752 |
Non-current assets | 47,002,969 | $ 6,620,229 | 37,114,173 |
Expected credit loss provision - current | 60,384 | 50,415 | |
Expected credit loss provision - non-current | 53,357 | 89,641 | |
Trade and notes receivable | |||
Current assets | ¥ 4,703,829 | ¥ 5,157,814 | |
Expected credit loss rate - current | 0.98% | 0.98% | 0.77% |
Expected credit loss provision - current | ¥ 46,177 | ¥ 39,644 | |
Amounts due from related parties | |||
Current assets | ¥ 1,731,399 | ¥ 1,387,694 | |
Expected credit loss rate - current | 0.51% | 0.51% | 0.49% |
Expected credit loss provision - current | ¥ 8,796 | ¥ 6,738 | |
Prepayments and other current assets | |||
Current assets | ¥ 3,440,174 | ¥ 2,250,441 | |
Expected credit loss rate - current | 0.16% | 0.16% | 0.18% |
Expected credit loss provision - current | ¥ 5,411 | ¥ 4,033 | |
Other non-current assets | |||
Non-current assets | ¥ 4,936,918 | ¥ 7,488,200 | |
Expected credit loss rate - non-current | 1.08% | 1.08% | 1.20% |
Expected credit loss provision - non-current | ¥ 53,357 | ¥ 89,641 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property, plant and equipment, net (Details) | Dec. 31, 2023 |
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 |
Vehicles for corporate use or subscription | |
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) | Dec. 31, 2023 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Warranty liabilities | |||
Warranty - beginning of year | ¥ 2,946,937 | ¥ 1,962,977 | ¥ 952,946 |
Provision for warranty | 1,222,916 | 1,128,920 | 1,078,854 |
Warranty costs incurred | (257,629) | (144,960) | (68,823) |
Warranty - end of year | ¥ 3,912,224 | ¥ 2,946,937 | ¥ 1,962,977 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Revenue (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |||
Stand-alone fair value as a percentage of gross selling price | 1% | ||
Aggregate stand-alone fair value as a percentage of contract price | 3% | ||
Revenue allocated to performance obligation | ¥ 863,627 | ¥ 492,925 | ¥ 371,849 |
Amount charged to selling and marketing expenses | 162,875 | 215,201 | ¥ 155,884 |
Liabilities related to unredeemed points | 954,709 | 680,660 | |
Vehicle sales | |||
Summary of Significant Accounting Policies | |||
Contract liabilities | ¥ 5,040,125 | ¥ 3,740,108 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) segment | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Functional currency and foreign currency translation | |||||
Foreign currency translation adjustment | ¥ 11,514 | $ 1,622 | ¥ 717,274 | ¥ (230,345) | |
Exchange rate (RMB per USD 1.00) | 7.0999 | 7.0999 | |||
Short-term investment | |||||
Short-term investments | ¥ 16,810,107 | 19,171,017 | $ 2,367,654 | ||
Restricted as collateral for bank borrowings and letter of guarantee | 11,520,514 | 12,259,459 | |||
Carrying value of the investment | 120,000 | 1,648,861 | |||
Fair value changes were recorded in other comprehensive income | ¥ 0 | ¥ 746,336 | |||
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 | ||
Current expected credit losses | |||||
Expected credit loss expense | ¥ 26,315 | ¥ 48,707 | 54,332 | ||
Expected credit loss provision - current | 60,384 | 50,415 | |||
Expected credit loss provision - non-current | 53,357 | 89,641 | |||
Long-term investments | |||||
Impairment recognized, long term investments | 0 | 0 | 0 | ||
Impairment recognized, long-lived assets | 0 | 35,011 | 0 | ||
Sales and marketing expenses | |||||
Advertising costs | 1,242,941 | 815,619 | 529,057 | ||
Employee benefits | |||||
Employee benefit expenses | 2,349,966 | 1,578,273 | 761,417 | ||
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 | ||||
Fair Value, Inputs, Level 2 | |||||
Short-term investment | |||||
Short-term investments | 8,473,612 | ¥ 12,781,060 | |||
Fair Value, Inputs, Level 3 | |||||
Short-term investment | |||||
Carrying value of the investment | ¥ 1,648,861 |
Concentration and Risks (Detail
Concentration and Risks (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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) | 27% | 21% | |
Supplier concentration Risk | Supplier A | Total revenue | |||
Concentration and Risks | |||
Concentration risk (as a percent) | 15% | 20% | 20% |
Supplier concentration Risk | Supplier A | Accounts payable | |||
Concentration and Risks | |||
Concentration risk (as a percent) | 20% | 31% |
Concentration and Risks - Addit
Concentration and Risks - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Concentration and Risks | ||
Cash, cash equivalents and restricted cash subject to currency conversion controls | ¥ 12,472,010 | ¥ 13,012,259 |
Inventory (Details)
Inventory (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Inventory | |||||
Raw materials | ¥ 2,245,076 | ¥ 2,974,125 | |||
Work in process | 90,035 | 170,995 | |||
Finished Goods | 2,646,287 | 4,685,790 | |||
Merchandise | 480,174 | 510,143 | |||
Less: write-downs | (183,846) | (149,667) | |||
Total | 5,277,726 | 8,191,386 | $ 743,352 | ||
Write-downs of inventory | ¥ 65,362 | $ 9,206 | ¥ 148,729 | ¥ 1,105 |
Prepayments and Other Current_3
Prepayments and Other Current Assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepayments and Other Current Assets | ||
Deductible VAT input | ¥ 2,271,162 | ¥ 779,694 |
Prepayment to vendors | 575,016 | 541,457 |
Deposits | ¥ 240,769 | ¥ 349,651 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current |
Receivables from third party online payment service providers | ¥ 160,030 | ¥ 154,264 |
Interest receivable | 42,340 | 10,167 |
Receivables from JAC | 196,075 | |
Receivables of reimbursement from the depositary bank | 87,170 | |
Other receivables | 150,857 | 131,963 |
Less: Allowance for doubtful accounts | (5,411) | (4,033) |
Total | ¥ 3,434,763 | ¥ 2,246,408 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Property, Plant and Equipment, Net | ||||
Property and equipment | ¥ 35,169,299 | ¥ 22,601,840 | ||
Less: Accumulated depreciation | (10,288,331) | (6,901,232) | ||
Less: Accumulated impairment | (33,964) | (41,942) | ||
Total property, plant and equipment, net | 24,847,004 | 15,658,666 | $ 3,499,627 | |
Depreciation expenses | 3,372,673 | 2,874,912 | ¥ 1,702,559 | |
Total consideration | 1,700,000 | 1,700,000 | ||
Collaborative Arrangement | ||||
Property, Plant and Equipment, Net | ||||
Total consideration | 1,900,000 | |||
Charging & battery swap equipment | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 6,442,827 | 3,393,603 | ||
Mold and tooling | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 6,341,011 | 3,901,436 | ||
Production facilities | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 6,025,654 | 3,252,362 | ||
Leasehold improvements | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 5,160,732 | 3,408,731 | ||
Construction in process | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 2,894,333 | 3,114,345 | ||
Computer and electronic equipment | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 1,767,634 | 1,250,861 | ||
R&D equipment | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 1,469,604 | 939,586 | ||
Purchased software | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 1,281,685 | 985,141 | ||
Buildings and constructions | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 912,378 | 890,576 | ||
Subscription vehicles | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 890,044 | 387,619 | ||
Corporate vehicles | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | 833,355 | 473,602 | ||
Others | ||||
Property, Plant and Equipment, Net | ||||
Property and equipment | ¥ 1,150,042 | ¥ 603,978 |
Land Use Rights, Net (Details)
Land Use Rights, Net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Land Use Rights, Net | |||
Land use rights | ¥ 235,198 | ¥ 235,198 | |
Less: Accumulated amortization-land use rights | (27,899) | (22,595) | |
Total land use rights, net | ¥ 207,299 | $ 29,197 | ¥ 212,603 |
Land Use Rights, Net - Addition
Land Use Rights, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Land Use Rights, Net | |||
Amortization expense for land use rights | ¥ 5,304 | ¥ 5,227 | ¥ 4,847 |
Long-term investments (Details)
Long-term investments (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Nov. 30, 2023 CNY (¥) | Jul. 31, 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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Aug. 31, 2023 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Equity investments: | ||||||||||||||
Equity method investments | ¥ 1,505,509 | ¥ 1,325,800 | ||||||||||||
Equity securities without readily determinable fair value: | ||||||||||||||
Equity securities using fair value option | 1,528,861 | |||||||||||||
Equity securities without readily determinable fair value | 391,205 | 101,536 | ||||||||||||
Invested in equity securities without readily determinable fair value | 294,657 | 35 | ¥ 4,000 | |||||||||||
Equity securities with readily determinable fair value | 45,323 | 48,290 | ||||||||||||
Debt investments: | ||||||||||||||
Held-to-maturity debt securities - time deposit | 1,875,318 | 3,231,924 | ||||||||||||
Retained asset-backed securities | 21,000 | |||||||||||||
Available-for-sale debt securities | 120,000 | 1,648,861 | ||||||||||||
Total | 5,487,216 | 6,356,411 | $ 772,858 | |||||||||||
Number of third party investors | item | 3 | |||||||||||||
Amount of investment | ¥ 200,000 | |||||||||||||
Impairment recognized, long term investments | 0 | 0 | 0 | |||||||||||
Share of income of equity investees | ¥ 64,394 | $ 9,070 | ¥ 377,775 | 62,510 | ||||||||||
Weighted average maturity period of held to maturity debt securities | 1 year 6 months | 1 year 6 months | 1 year 10 months 24 days | |||||||||||
Total capital contribution | ¥ 650,000 | ¥ 120,000 | 650,000 | |||||||||||
Total consideration | ¥ 270,000 | |||||||||||||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Debt Securities, Available-for-sale, Unrealized Gain (Loss) | |||||||||||||
Capital contribution by company | 550,000 | |||||||||||||
Capital contribution by unrelated investors | ¥ 100,000 | |||||||||||||
Net cumulative fair value adjustments | ¥ 977,294 | ¥ (977,294) | ||||||||||||
Debt securities issued to investors | ¥ 859,000 | |||||||||||||
Available-for-sale debt securities increase in fair value | ¥ 946,571 | 0 | ||||||||||||
Amount of tax impact on the increase in fair value of available for sale debt securities | 0 | 200,235 | ||||||||||||
Other comprehensive income attributed to non-controlling interests | 0 | 746,336 | ||||||||||||
Other comprehensive income | ||||||||||||||
Debt investments: | ||||||||||||||
Unrealised gain on deferred tax | ¥ 206,734 | |||||||||||||
Private company | Discontinued Operations, Disposed of by Sale | ||||||||||||||
Debt investments: | ||||||||||||||
Total consideration | ¥ 120,000 | |||||||||||||
Non- Controlling Interests | ||||||||||||||
Debt investments: | ||||||||||||||
Other comprehensive income attributed to non-controlling interests | ¥ 0 | ¥ 151,299 | ||||||||||||
Related party | 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% | 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 income of equity investees | ¥ 377,775 | ¥ (62,510) | ||||||||||||
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 | 94,849 | 192,723 | ||||||||||||
Private company | ||||||||||||||
Debt investments: | ||||||||||||||
Amount of investment | ¥ 112,500 | |||||||||||||
Share of income of equity investees | ¥ 64,394 | |||||||||||||
Realized gain in the share of income of Investee on disposal | 104,653 | |||||||||||||
Investment at fair value, Remeasurement | ¥ 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, 2023 | Nov. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term investments. | ||||
Change in year to year fair value gain (losses) on equity securities without readily determinable fair value | ¥ 4,988 | ¥ (2,652) | ¥ 94,711 | |
Equity securities without readily determinable fair value: | ||||
Initial cost | 304,134 | 9,477 | ||
Net cumulative fair value adjustments | 87,071 | 92,059 | ||
Carrying value | 391,205 | 101,536 | ||
Available-for-sale debt securities: | ||||
Initial cost | 120,000 | 671,567 | ||
Net cumulative fair value adjustments | ¥ (977,294) | 977,294 | ||
Carrying value | ¥ 120,000 | ¥ 1,648,861 |
Other Non-current Assets (Detai
Other Non-current Assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Non-current Assets | ||
Non-current portion of auto financing receivables | ¥ 2,486,326 | ¥ 4,501,168 |
Long-term deposits | 1,092,550 | 944,768 |
Non-current portion of prepayments for long-term assets | 1,173,248 | 433,750 |
Non-current portion of receivables of installment payments for battery | 59,853 | 221,089 |
Non-current portion of right of use assets - finance lease | 55,985 | 49,205 |
Non-current portion of national subsidy receivable | 1,227,270 | |
Others | 68,956 | 110,950 |
Less: Allowance for credit losses | (53,357) | (89,641) |
Total | ¥ 4,883,561 | ¥ 7,398,559 |
Trade and Notes Payable (Detail
Trade and Notes Payable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Trade and Notes Payable | |||
Trade payable | ¥ 14,111,853 | ¥ 12,709,285 | |
Notes payable | 15,654,281 | 12,514,402 | |
Total | ¥ 29,766,134 | $ 4,192,472 | ¥ 25,223,687 |
Accruals and Other Liabilitie_2
Accruals and Other Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Accruals and Other Liabilities | |||
Payables for purchase of property, plant and equipment | ¥ 4,445,749 | ¥ 4,172,758 | |
Payable for R&D expenses | 2,318,679 | 1,814,746 | |
Salaries and benefits payable | 1,902,119 | 1,525,366 | |
Current portion of deferred revenue/income | 1,945,021 | 1,273,779 | |
Payables for marketing events | 1,636,911 | 1,075,693 | |
Advance from customers | 911,006 | 833,779 | |
Warranty liabilities | 709,288 | 669,793 | |
Accrued costs on purchase commitments | 521,443 | 792,786 | |
Accrued expenses | 422,730 | 857,639 | |
Interest payables | 135,492 | 32,271 | |
Current portion of finance lease liabilities | 25,311 | 30,609 | |
Other payables | 582,605 | 575,143 | |
Total | ¥ 15,556,354 | $ 2,191,067 | ¥ 13,654,362 |
Accruals and Other Liabilitie_3
Accruals and Other Liabilities - Additional Information (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accruals and Other Liabilities | ||
Accrued costs of purchase commitments due to their transition to new models under NIO Technology Platform 2.0 | ¥ 521,443 | ¥ 792,786 |
Borrowings - Components (Detail
Borrowings - Components (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Short-term borrowing: | |||
Bank loan | ¥ 4,783,000 | ¥ 4,039,210 | |
Other short-term financing arrangements | 302,411 | ||
Current portion of long-term borrowings: | |||
Current portion of long-term borrowings | 4,736,087 | $ 667,064 | 1,237,916 |
Current portion of Asset-backed Securities and Notes | 278,823 | 1,129,596 | |
Current portion of other financing arrangements | 26,204 | ||
Long-term borrowings: | |||
Bank loan | 1,198,380 | 430,460 | |
Convertible notes | 11,575,725 | 10,155,599 | |
Asset-backed Securities and Notes | 0 | 293,945 | |
Other financing arrangements | 268,756 | 5,795 | |
Total | 22,864,359 | 16,162,925 | |
Convertible notes | |||
Current portion of long-term borrowings: | |||
Current portion of convertible notes | 3,286,640 | ||
Long-term borrowings | |||
Current portion of long-term borrowings: | |||
Current portion of long-term borrowings | 1,144,420 | 108,320 | |
Asset-backed Securities | |||
Current portion of long-term borrowings: | |||
Current portion of Asset-backed Securities and Notes | ¥ 278,823 | ¥ 1,129,596 |
Borrowings - Balances of long-t
Borrowings - Balances of long-term bank loan (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Borrowings | ||
Outstanding loan | ¥ 2,342,800 | ¥ 538,780 |
Current portion according to the repayment schedule | 1,144,420 | 108,320 |
Long-term portion | 1,198,380 | 430,460 |
Loan Agreement with Bank of Beijing, Maturity, March 2024 | ||
Borrowings | ||
Outstanding loan | 147,000 | 149,000 |
Current portion according to the repayment schedule | 147,000 | 2,000 |
Long-term portion | 147,000 | |
Loan Agreement with Bank of Shanghai, Maturity, June 2025 | ||
Borrowings | ||
Outstanding loan | 126,660 | 172,980 |
Current portion according to the repayment schedule | 46,320 | 46,320 |
Long-term portion | 80,340 | 126,660 |
Loan Agreement with Hang Seng Bank, Maturity, June 2024 | ||
Borrowings | ||
Outstanding loan | 120,000 | 180,000 |
Current portion according to the repayment schedule | 120,000 | 60,000 |
Long-term portion | 120,000 | |
Loan Agreement with China Construction Bank, Maturity, July 2029, One | ||
Borrowings | ||
Outstanding loan | 6,800 | 6,800 |
Current portion according to the repayment schedule | 340 | |
Long-term portion | 6,460 | 6,800 |
Loan Agreement with Industrial and Commercial Bank of China, Maturity, July 2029 | ||
Borrowings | ||
Outstanding loan | 10,200 | 10,200 |
Current portion according to the repayment schedule | 510 | |
Long-term portion | 9,690 | 10,200 |
Loan Agreement with China Construction Bank, Maturity, July 2029, Two | ||
Borrowings | ||
Outstanding loan | 19,800 | 19,800 |
Current portion according to the repayment schedule | 990 | |
Long-term portion | 18,810 | ¥ 19,800 |
Loan Agreement with China Construction Bank, Maturity, July 2029, Three | ||
Borrowings | ||
Outstanding loan | 313,400 | |
Current portion according to the repayment schedule | 15,670 | |
Long-term portion | 297,730 | |
Loan Agreement with China Construction Bank, Maturity, July 2029, Four | ||
Borrowings | ||
Outstanding loan | 499,800 | |
Current portion according to the repayment schedule | 24,990 | |
Long-term portion | 474,810 | |
Loan Agreement with Bank of Beijing, Maturity, February 2025 | ||
Borrowings | ||
Outstanding loan | 127,500 | |
Current portion according to the repayment schedule | 30,000 | |
Long-term portion | 97,500 | |
Loan Agreement with Bank of Shanghai, Maturity, April 2024 | ||
Borrowings | ||
Outstanding loan | 650,000 | |
Current portion according to the repayment schedule | 650,000 | |
Loan Agreement with Bank of Shanghai, Maturity, September 2026 | ||
Borrowings | ||
Outstanding loan | 321,640 | |
Current portion according to the repayment schedule | 108,600 | |
Long-term portion | ¥ 213,040 |
Borrowings - Additional informa
Borrowings - Additional information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 15, 2021 USD ($) shares | Sep. 05, 2019 USD ($) installment $ / shares | Dec. 31, 2022 CNY (¥) | Aug. 31, 2022 CNY (¥) shares | Aug. 31, 2022 USD ($) shares | Jan. 31, 2021 CNY (¥) shares | Jan. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | Nov. 30, 2020 USD ($) shares | Sep. 30, 2020 USD ($) | Dec. 31, 2021 | Dec. 31, 2020 shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) $ / shares | Sep. 30, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Feb. 28, 2019 USD ($) | |
Borrowings | ||||||||||||||||||||
Short-term borrowings | ¥ 4,039,210 | ¥ 5,085,411 | $ 716,265 | |||||||||||||||||
Aggregate principal amount converted | $ | $ 0 | $ 1,642 | ||||||||||||||||||
Carrying value of remaining notes classified in non-current liabilities | 10,155,599 | 11,575,725 | ||||||||||||||||||
Facility amount | 56,121,492 | 64,464,118 | ||||||||||||||||||
Current portion of Asset-backed Securities and Notes | 1,129,596 | 278,823 | ||||||||||||||||||
Non-current portion of asset-backed securities and notes | 293,945 | 0 | ||||||||||||||||||
Uncollateralized [Member] | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Facility amount | 28,411,492 | 16,348,270 | ||||||||||||||||||
Collateral Pledged [Member] | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Facility amount | 27,710,000 | 48,115,848 | ||||||||||||||||||
Ordinary Shares | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Value of derecognized notes | ¥ 15 | |||||||||||||||||||
Additional Paid in Capital | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Value of derecognized notes | ¥ 207,457 | |||||||||||||||||||
Borrowings | Uncollateralized [Member] | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Facility amount | 2,838,780 | 5,492,800 | ||||||||||||||||||
Letters of Guarantee | Uncollateralized [Member] | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Facility amount | 3,264,275 | 1,201,226 | ||||||||||||||||||
Letters of Guarantee | Collateral Pledged [Member] | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Facility amount | 2,650,000 | 2,588,913 | ||||||||||||||||||
Banker's acceptance | Uncollateralized [Member] | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Facility amount | 350,000 | 250,000 | ||||||||||||||||||
Banker's acceptance | Collateral Pledged [Member] | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Facility amount | 5,884,500 | 14,713,855 | ||||||||||||||||||
Letter of Credit | Collateral Pledged [Member] | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Facility amount | 300,000 | ¥ 0 | ||||||||||||||||||
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 | 0 | 0 | 172,631 | ||||||||||||
Asset pledged | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Short-term investments pledged to secure short-term bank borrowings | 348,230 | ¥ 354,135 | ||||||||||||||||||
Restricted cash pledged to secure short-term bank borrowings | ¥ 355,197 | 0 | ||||||||||||||||||
Short Term Borrowings At December 2022 | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Short-term borrowings | ¥ 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% | ||||||||||||||||||
Short Term Borrowings At December 2023 | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Short-term borrowings | ¥ 4,783,000 | |||||||||||||||||||
Short Term Borrowings At December 2023 | Maximum | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 2.95% | 2.95% | ||||||||||||||||||
Short Term Borrowings At December 2023 | Minimum | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Short-term debt, interest rate (as a percent) | 2.35% | 2.35% | ||||||||||||||||||
Convertible Notes | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Convertible senior notes | $ | $ 650,000 | |||||||||||||||||||
Additional convertible senior notes | $ | $ 100,000 | |||||||||||||||||||
Interest rate | 0.50% | 0.50% | 4.50% | |||||||||||||||||
Aggregate principal amount converted | ¥ 189,494 | $ 27,474 | $ 50,000 | $ 7,000 | $ 50,000 | |||||||||||||||
Convertible notes | ¥ 175,166 | |||||||||||||||||||
Number of installment | installment | 2 | |||||||||||||||||||
Convertible Notes | Class A Ordinary Shares | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Shares issued upon conversion | shares | 735 | |||||||||||||||||||
Convertible Notes | American Depositary Shares | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Conversion price | $ / shares | $ 93.06 | $ 11.12 | $ 11.12 | |||||||||||||||||
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 | ¥ 1,144,464 | |||||||||||||||||||
Carrying value of remaining notes classified in non-current liabilities | ¥ 1,165,244 | |||||||||||||||||||
360-day Notes | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Note payable term | 360 days | 360 days | 360 days | |||||||||||||||||
Conversion price | $ / shares | $ 2.98 | |||||||||||||||||||
3-year Notes | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Note payable term | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | |||||||||||||
Conversion price | $ / shares | $ 3.12 | |||||||||||||||||||
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 | ||||||||||||||||||||
Convertible senior notes | ¥ 9,011,135 | 2,121,397 | ||||||||||||||||||
Convertible notes | 2,121,397 | |||||||||||||||||||
Aggregate principal amount of notes | $ | $ 750,000 | |||||||||||||||||||
Portion of notes repurchased | ¥ 1,317,106 | 1,801,685 | 253,762 | $ 190,962 | ||||||||||||||||
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 2027 | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Convertible senior notes | 3,552,323 | |||||||||||||||||||
Aggregate principal amount of notes | $ | $ 750,000 | |||||||||||||||||||
Portion of notes repurchased | 1,719,944 | 242,249 | ||||||||||||||||||
Convertible Senior Notes Due 2027 | ASU 2020-06 | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Long-term borrowings | $ | 26,340 | |||||||||||||||||||
Convertible Senior Notes, Due 2029 | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Interest rate | 3.875% | |||||||||||||||||||
Aggregate principal amount of notes | $ | $ 575,000 | |||||||||||||||||||
Convertible Senior Notes, Due 2029 | American Depositary Shares | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Percentage of principal amount of notes to be repurchased for repurchase price | 100% | |||||||||||||||||||
Convertible Senior Notes, Due 2030 | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Interest rate | 4.625% | |||||||||||||||||||
Aggregate principal amount of notes | $ | $ 575,000 | |||||||||||||||||||
Convertible Senior Notes, Due 2030 | American Depositary Shares | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Percentage of principal amount of notes to be repurchased for repurchase price | 100% | |||||||||||||||||||
Convertible Senior Notes Due 2029 and 2030 | ASU 2020-06 | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Convertible senior notes | 8,023,401 | |||||||||||||||||||
Long-term borrowings | $ | $ 17,855 | |||||||||||||||||||
Capped Call Transactions and Zero-Strike Call Transactions | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
Shares issued upon conversion | shares | 16,402,643 | |||||||||||||||||||
Interest expense, debt | ¥ 1,849,600 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Other Non-Current Liabilities | |||
Deferred revenue | ¥ 3,051,022 | ¥ 2,288,111 | |
Warranty liabilities | 3,202,936 | 2,277,144 | |
Deferred government grants | 323,980 | 309,762 | |
Non-current finance lease liabilities | 22,173 | 14,457 | |
Others | 63,694 | 254,553 | |
Total | ¥ 6,663,805 | $ 938,578 | ¥ 5,144,027 |
Leases (Details)
Leases (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Operating leases: | |||
Right-of-use assets - operating lease | ¥ 11,404,116 | $ 1,606,236 | ¥ 7,374,456 |
Current portion of operating lease liabilities | 1,743,156 | 245,518 | 1,025,968 |
Non-current operating lease liabilities | 10,070,057 | $ 1,418,338 | 6,517,096 |
Total operating lease liabilities | 11,813,213 | 7,543,064 | |
Finance leases: | |||
Right-of-use assets - finance lease | ¥ 55,985 | ¥ 49,205 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent |
Current portion of finance lease liabilities | ¥ 25,311 | ¥ 30,609 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current | Accrued Liabilities, Current |
Non-current finance lease liabilities | ¥ 22,173 | ¥ 14,457 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total finance lease liabilities | ¥ 47,484 | ¥ 45,066 |
Leases - Lease cost (Details)
Leases - Lease cost (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease cost: | ||
Amortization of right-of-use assets | ¥ 1,529,463 | ¥ 1,141,740 |
Interest of operating lease liabilities | 566,704 | 310,701 |
Expenses for short-term leases within 12 months and other non-lease component | 544,640 | 407,850 |
Total lease cost | ¥ 2,640,807 | ¥ 1,860,291 |
Leases - Other information (Det
Leases - Other information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Weighted-average remaining lease term Operating leases | 12 years | 11 years 7 months 6 days |
Weighted-average remaining lease term Finance leases | 4 years 4 months 24 days | 2 years 10 months 24 days |
Weighted-average discount rate Operating leases | 4.92% | 5.09% |
Weighted-average discount rate Finance leases | 5.22% | 5.58% |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Leases | ||||
Operating cash outflows from operating leases | ¥ 2,220,978 | ¥ 1,280,125 | ||
Operating cash outflows from finance leases (interest payments) | 2,122 | 4,906 | ||
Financing cash outflows from finance leases | 37,511 | $ 5,283 | 27,489 | ¥ 32,873 |
Right-of-use assets obtained in exchange for lease liabilities | ¥ 6,339,111 | ¥ 5,820,041 |
Leases - Maturities of operatin
Leases - Maturities of operating and finance lease liabilities (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | |
Operating Leases | |||
2023 | ¥ 1,574,692 | ||
2024 | ¥ 2,658,392 | 1,426,176 | |
2025 | 1,949,316 | 1,213,535 | |
2026 | 1,724,905 | 1,038,903 | |
2027 | 1,449,608 | 837,505 | |
2028 | 1,173,595 | 768,279 | |
Thereafter | 8,241,769 | 4,499,959 | |
Total minimum lease payments | 17,197,585 | 11,359,049 | |
Less: Interest | (5,384,372) | (3,815,985) | |
Present value of lease obligations | 11,813,213 | 7,543,064 | |
Less: Current portion | (1,743,156) | (1,025,968) | $ (245,518) |
Long-term portion of lease obligations | 10,070,057 | 6,517,096 | $ 1,418,338 |
Finance Leases | |||
2023 | 35,151 | ||
2024 | 28,395 | 17,299 | |
2025 | 11,342 | 6,717 | |
2026 | 10,588 | 6,277 | |
2027 | 8,899 | 4,737 | |
2028 | 4,880 | 294 | |
Thereafter | 2,319 | 1,856 | |
Total minimum lease payments | 66,423 | 72,331 | |
Less: Interest | (18,939) | (27,265) | |
Present value of lease obligations | 47,484 | 45,066 | |
Less: Current portion | (25,311) | (30,609) | |
Long-term portion of lease obligations | 22,173 | 14,457 | |
Short-term operating leases | ¥ 537,432 | ¥ 304,213 |
Revenue (Details)
Revenue (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Revenue | ||||
Total revenues | ¥ 55,617,933 | $ 7,833,622 | ¥ 49,268,561 | ¥ 36,136,423 |
Point in time | ||||
Revenue | ||||
Total revenues | 53,401,464 | 47,734,716 | 35,416,050 | |
Over time | ||||
Revenue | ||||
Total revenues | 2,216,470 | 1,533,845 | 720,373 | |
Vehicle sales | ||||
Revenue | ||||
Total revenues | 49,257,270 | $ 6,937,741 | 45,506,581 | 33,169,740 |
Parts, accessories and after-sales vehicle services | ||||
Revenue | ||||
Total revenues | 2,337,490 | 1,228,385 | 806,079 | |
Provision of power solution | ||||
Revenue | ||||
Total revenues | 1,666,346 | 1,016,094 | 811,809 | |
Others | ||||
Revenue | ||||
Total revenues | ¥ 2,356,827 | ¥ 1,517,501 | ¥ 1,348,795 |
Deferred Revenue_Income - Roll
Deferred Revenue/Income - Roll forward (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of reconciliation in the current reporting period related to carried-forward deferred revenue | |||
Deferred revenue/income-beginning of year | ¥ 3,561,890 | ¥ 2,197,766 | ¥ 1,061,254 |
Additions | 3,138,343 | 2,483,462 | 1,934,086 |
Recognition | 1,705,134 | 1,124,186 | 795,878 |
Effects on foreign exchange adjustment | 944 | 4,848 | (1,696) |
Deferred revenue/income-end of year | ¥ 4,996,043 | ¥ 3,561,890 | ¥ 2,197,766 |
Deferred Revenue_Income - Timin
Deferred Revenue/Income - Timing of satisfaction (Details) | Dec. 31, 2023 |
Deferred Revenue/Income | |
Percentage of revenue recognized | 39% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Deferred Revenue/Income | |
Period of revenue recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Deferred Revenue/Income | |
Percentage of revenue recognized | 61% |
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, 2023 | Dec. 31, 2022 | |
Deferred Revenue/Income | ||
Unrecognized deferred revenue | ¥ 4,996,043 | ¥ 3,546,849 |
Investor relations program, term | 5 years | |
Deferred revenue, ADR | ¥ 0 | ¥ 15,041 |
Manufacturing in collaboratio_2
Manufacturing in collaboration with JAC (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Manufacturing in collaboration with JAC | |||
Total consideration | ¥ 1,700,000 | ¥ 1,700,000 | |
Collaborative Arrangement | |||
Manufacturing in collaboration with JAC | |||
Total consideration | 1,900,000 | ||
Collaborative Arrangement | Vehicle sales | |||
Manufacturing in collaboration with JAC | |||
Actual manufacturing losses recorded as cost of sales | ¥ 1,318,524 | ¥ 1,126,523 | ¥ 715,118 |
Research and Development Expe_3
Research and Development Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Research and Development Expenses | ||||
Employee compensation | ¥ 8,998,415 | ¥ 6,684,971 | ¥ 2,658,158 | |
Design and development expenses | 3,019,403 | 3,276,915 | 1,572,834 | |
Depreciation and amortization expenses | 720,737 | 333,097 | 214,312 | |
Rental and related expenses | 273,493 | 193,132 | 53,846 | |
Travel and entertainment expenses | 135,891 | 111,531 | 43,732 | |
Others | 283,460 | 236,615 | 48,970 | |
Total | ¥ 13,431,399 | $ 1,891,773 | ¥ 10,836,261 | ¥ 4,591,852 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Selling, General and Administrative Expenses | ||||
Employee compensation | ¥ 5,929,888 | ¥ 4,532,553 | ¥ 2,894,308 | |
Marketing and promotional expenses | 2,642,531 | 1,775,539 | 1,428,290 | |
Rental and related expenses | 1,683,929 | 1,336,575 | 845,512 | |
Professional services | 550,011 | 944,160 | 521,327 | |
IT consumable, office supply and other low value consumable | 581,193 | 545,498 | 247,828 | |
Depreciation and amortization expenses | 672,669 | 484,363 | 337,708 | |
Other Taxes and Surcharges | 290,456 | 285,076 | 198,572 | |
Travel and entertainment expenses | 218,396 | 162,924 | 80,726 | |
Expected credit losses | (26,315) | $ (3,706) | 48,707 | 54,332 |
Others | 341,798 | 421,724 | 269,529 | |
Total | ¥ 12,884,556 | $ 1,814,752 | ¥ 10,537,119 | ¥ 6,878,132 |
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 (¥) | Jul. 31, 2020 CNY (¥) | Jun. 30, 2020 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Redeemable non-controlling interests | ||||||||||
Redeemable non-controlling interests | ¥ 3,860,384 | ¥ 3,557,221 | $ 543,724 | |||||||
Cash investments received | ¥ 100,000 | |||||||||
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 | ¥ 303,163 | ¥ 279,355 | ¥ 6,586,579 | |||||||
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, $ 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 ($) shares | Dec. 31, 2020 shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) shares | |
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 | $ | $ 0 | $ 1,642 | |||||||||||
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 | 2,073,522,118 | 1,680,220,892 | |||||||||||
Ordinary shares, shares outstanding | 2,055,461,094 | 1,662,159,868 | |||||||||||
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 | ¥ 20,962,289 | $ 2,952,477 | ¥ 12,677,554 | ||||||||||
Convertible Senior Notes Due 2024 | |||||||||||||
Ordinary Shares | |||||||||||||
Aggregate principal amount converted | $ | $ 581,685 | ||||||||||||
Shares issued upon conversion | 62,192,017 | ||||||||||||
CYVN Entities | |||||||||||||
Ordinary Shares | |||||||||||||
Equity Method Investment, Aggregate Cost | $ | $ 2,943,500 | ||||||||||||
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 | 2,632,030,222 | |||||||||||
Aggregate principal amount converted | ¥ 148,393 | $ 22,526 | |||||||||||
Shares issued upon conversion | 8,805,770 | 7,219,872 | 7,219,872 | 49,582,686 | 0 | 0 | 172,631 | ||||||
Number of ordinary shares in each ADS | 24,279,105 | ||||||||||||
Ordinary shares, shares issued | 1,925,022,118 | 1,531,720,892 | |||||||||||
Ordinary shares, shares outstanding | 1,906,961,094 | 1,513,659,868 | |||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00025 | $ 0.00025 | |||||||||||
Class A Ordinary Shares | CYVN Entities | |||||||||||||
Ordinary Shares | |||||||||||||
Ordinary shares, shares issued | 378,695,543 | ||||||||||||
Class B Ordinary Shares | |||||||||||||
Ordinary Shares | |||||||||||||
Ordinary shares, shares authorized | 0 | 0 | |||||||||||
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 | |||||||||||||
Shares issued upon conversion | 0 | 0 | 8,978,401 | ||||||||||
American Depositary Shares | At-the-market equity offering program | |||||||||||||
Ordinary Shares | |||||||||||||
Number of ordinary shares in each ADS | 53,292,401 | 53,292,401 | |||||||||||
Proceeds from issuance of ordinary shares, net of issuance costs | ¥ 12,677,554 | $ 1,974,000 |
Non-controlling interest (Detai
Non-controlling interest (Details) - NIO AI Technology Limited Cayman Islands [Member] - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Aug. 31, 2022 | Mar. 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 (Note 23) | ¥ 184,085 |
Share-based Compensation - Expe
Share-based Compensation - Expense allocation (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation | |||
Share-based compensation expenses | ¥ 2,369,041 | ¥ 2,295,896 | ¥ 1,010,140 |
Cost of sales | |||
Share-based Compensation | |||
Share-based compensation expenses | 83,972 | 66,914 | 34,009 |
Research and development expenses | |||
Share-based Compensation | |||
Share-based compensation expenses | 1,517,206 | 1,323,370 | 406,940 |
Selling, general and administrative expenses | |||
Share-based Compensation | |||
Share-based compensation expenses | ¥ 767,863 | ¥ 905,612 | ¥ 569,191 |
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, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Number of Options Outstanding | |||||||
Outstanding, Beginning Balance | shares | 65,983,875 | 70,497,950 | 79,318,499 | ||||
Granted | shares | 1,487,000 | 1,685,000 | 2,468,150 | ||||
Exercised | shares | (4,242,054) | (4,533,690) | (9,119,048) | ||||
Cancelled | shares | (482,775) | (1,197,777) | (2,143,711) | ||||
Expired | shares | (126,634) | (467,608) | (25,940) | ||||
Outstanding, Ending Balance | shares | 62,619,412 | 65,983,875 | 70,497,950 | 79,318,499 | |||
Vested and expected to vest | shares | 62,553,567 | ||||||
Exercisable | shares | 58,961,360 | ||||||
Weighted Average Exercise Price, Options | |||||||
Outstanding, Beginning Balance | $ 3.57 | $ 4.76 | $ 3.59 | ||||
Granted | 2.39 | 3.03 | 13.89 | ||||
Exercised | 2.63 | 2.58 | 2.31 | ||||
Cancelled | 10.25 | 10.76 | 12.59 | ||||
Expired | 37.34 | 12.03 | 19.03 | ||||
Outstanding, Ending Balance | 3.48 | $ 3.57 | $ 4.76 | $ 3.59 | |||
Vested and expected to vest | 3.48 | ||||||
Exercisable | $ 3.35 | ||||||
Weighted Average Remaining Contractual Life, Outstanding, Options | 3 years 6 months 21 days | 4 years 6 months 3 days | 5 years 5 months 8 days | 6 years 4 months 20 days | |||
Weighted Average Remaining Contractual Life, Options, Vested and expected to vest | 3 years 6 months 21 days | ||||||
Weighted Average Remaining Contractual Life, Options, Exercisable | 3 years 5 months 4 days | ||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 423,637 | $ 465,353 | $ 1,944,597 | ||||
Aggregate Intrinsic Value, Vested and expected to vest, Options | $ | 403,072 | ||||||
Aggregate Intrinsic Value, Exercisable, Options | $ | $ 399,989 | ||||||
Recognized share-based compensation expenses | ¥ | ¥ 2,369,041 | ¥ 2,295,896 | ¥ 1,010,140 | ||||
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 percentage | 75% | ||||||
Vesting period | 36 months | ||||||
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 | $ | $ 3,581,119 | ||||||
Options | NIO Incentive Plans | |||||||
Weighted Average Exercise Price, Options | |||||||
Recognized share-based compensation expenses | ¥ | ¥ 201,023 | ¥ 379,178 | ¥ 534,641 | ||||
Weighted-average grant date fair value for options granted | $ 6.66 | $ 19.27 | $ 33.54 |
Share-based Compensation - Ni_2
Share-based Compensation - Nio Incentive Plans - Options Assumptions and Unrecognized (Details) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Share-based Compensation | |||||
Risk-free interest rate | 1.58% | 1.58% | 1.58% | ||
Expected term (in years) | 10 years | 10 years | 10 years | ||
Expected dividend yield | 0% | 0% | 0% | ||
Expected volatility | 52% | 52% | 52% | ||
Expected forfeiture rate (post-vesting) | 2% | 2% | 2% | ||
Minimum | |||||
Share-based Compensation | |||||
Exercise price (US$) | $ 2.39 | $ 2.39 | $ 2.39 | ||
Fair value of the ordinary shares on the date of option grant (US$) | $ 1 | $ 1 | $ 1 | ||
Risk-free interest rate | 3.70% | 2.50% | 1.08% | ||
Maximum | |||||
Share-based Compensation | |||||
Exercise price (US$) | $ 2.39 | $ 19.91 | $ 42.20 | ||
Fair value of the ordinary shares on the date of option grant (US$) | $ 1.01 | $ 1.01 | $ 1.01 | ||
Risk-free interest rate | 3.70% | 2.56% | 1.47% | ||
Expected term (in years) | 2 years 6 months | 2 years 6 months | 2 years 6 months | ||
Expected volatility | 57% | 56% | 55% | ||
Expected forfeiture rate (post-vesting) | 1.80% | 1.50% | 2% | ||
Options | Minimum | |||||
Share-based Compensation | |||||
Fair value of the ordinary shares on the date of option grant (US$) | $ 6.66 | $ 10.34 | $ 39.54 | ||
Options | Maximum | |||||
Share-based Compensation | |||||
Fair value of the ordinary shares on the date of option grant (US$) | $ 6.66 | $ 19.61 | $ 42.20 | ||
Options | NIO Incentive Plans | Employees | |||||
Share-based Compensation | |||||
Unrecognized share-based compensation expenses, Options | ¥ | ¥ 62,135 | ¥ 219,781 | |||
Weighted-average period for unrecognized expenses expected to be recognized | 2 months 4 days | 9 months 7 days |
Share-based Compensation - Ni_3
Share-based Compensation - Nio Incentive Plans - Restricted Shares (Details) | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 CNY (¥) $ / shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 CNY (¥) $ / shares | Dec. 31, 2021 CNY (¥) shares | |
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Recognized share-based compensation expenses | ¥ | ¥ 2,369,041,000 | ¥ 2,295,896,000 | ¥ 1,010,140,000 | ||
NIO Incentive Plans | US employees under 2016 Plan | |||||
Number of Restricted Shares Outstanding | |||||
Unvested, Beginning Balance | shares | 2,968,358 | 1,138,196 | |||
Granted | shares | 1,190,820 | 2,353,714 | |||
Vested | shares | (574,621) | (291,069) | |||
Forfeited | shares | (1,299,475) | (232,483) | |||
Unvested, Ending Balance | shares | 2,285,082 | 2,968,358 | 1,138,196 | ||
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Unvested, Beginning Balance | $ / shares | $ 23.87 | $ 41.93 | |||
Granted | $ / shares | 10.02 | 16 | |||
Vested | $ / shares | 23.97 | 36.44 | |||
Forfeited | $ / shares | 20.66 | 29.70 | |||
Unvested, Ending Balance | $ / shares | 16.45 | 23.87 | |||
NIO Incentive Plans | Non-US employees under 2017 and 2018 plan | |||||
Number of Restricted Shares Outstanding | |||||
Unvested, Beginning Balance | shares | 46,984,753 | 22,899,941 | |||
Granted | shares | 23,749,757 | 31,944,551 | |||
Vested | shares | (9,789,008) | (4,687,528) | |||
Forfeited | shares | (7,166,686) | (3,172,211) | |||
Unvested, Ending Balance | shares | 53,778,816 | 46,984,753 | 22,899,941 | ||
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Unvested, Beginning Balance | $ / shares | 22.88 | 33.02 | |||
Granted | $ / shares | 8.67 | 15.12 | |||
Vested | $ / shares | 23.32 | 34.49 | |||
Forfeited | $ / shares | 18.79 | 28.42 | |||
Unvested, Ending Balance | $ / shares | $ 16.15 | $ 22.88 | |||
Restricted shares | NIO Incentive Plans | US employees under 2016 Plan | |||||
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Recognized share-based compensation expenses | ¥ | ¥ 89,581,000 | ¥ 118,700,000 | ¥ 20,820,000 | ||
Unrecognized share-based compensation expenses, other than options | ¥ | ¥ 256,410,000 | $ 256,410,000 | ¥ 428,463,000 | $ 428,463,000 | |
Weighted-average period for unrecognized expenses expected to be recognized | 3 years 2 months 23 days | 3 years 5 months 23 days | |||
Restricted shares | NIO Incentive Plans | Non-US employees under 2017 and 2018 plan | |||||
Weighted Average Grant Date Fair Value, Restricted shares | |||||
Recognized share-based compensation expenses | ¥ | ¥ 1,999,820,000 | ¥ 1,744,712,000 | ¥ 437,166,000 | ||
Unrecognized share-based compensation expenses, other than options | ¥ | ¥ 5,366,095,000 | $ 5,366,095,000 | ¥ 6,525,925,000 | $ 6,525,925,000 | |
Weighted-average period for unrecognized expenses expected to be recognized | 3 years 7 days | 3 years 3 months 25 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, 2023 CNY (¥) shares | Dec. 31, 2023 CNY (¥) $ / shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 CNY (¥) $ / shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | |
Number of Options Outstanding | ||||||||||
Outstanding, Beginning Balance | shares | 65,983,875 | 70,497,950 | 79,318,499 | |||||||
Granted | shares | 1,487,000 | 1,685,000 | 2,468,150 | |||||||
Exercised | shares | (4,242,054) | (4,533,690) | (9,119,048) | |||||||
Cancelled | shares | (482,775) | (1,197,777) | (2,143,711) | |||||||
Outstanding, Ending Balance | shares | 62,619,412 | 65,983,875 | 70,497,950 | 79,318,499 | ||||||
Weighted Average Exercise Price, Options | ||||||||||
Outstanding, Beginning Balance | $ 3.57 | $ 4.76 | $ 3.59 | |||||||
Granted | 2.39 | 3.03 | 13.89 | |||||||
Exercised | 2.63 | 2.58 | 2.31 | |||||||
Cancelled | 10.25 | 10.76 | 12.59 | |||||||
Outstanding, Ending Balance | 3.48 | 3.57 | $ 4.76 | $ 3.59 | ||||||
Weighted Average Remaining Contractual Life, Outstanding, Options | 3 years 6 months 21 days | 4 years 6 months 3 days | 5 years 5 months 8 days | 6 years 4 months 20 days | ||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 1,944,597,000 | $ 423,637,000 | $ 465,353,000 | |||||||
Risk-free interest rate | 1.58% | 1.58% | 1.58% | |||||||
Expected term (in years) | 10 years | 10 years | 10 years | |||||||
Expected dividend yield | 0% | 0% | 0% | |||||||
Expected volatility | 52% | 52% | 52% | |||||||
Expected forfeiture rate (post-vesting) | 2% | 2% | 2% | |||||||
Share-based compensation expenses | ¥ | ¥ 2,369,041 | ¥ 2,295,896 | ¥ 1,010,140 | |||||||
Minimum | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Fair value of the ordinary shares on the date of option grant (US$) | $ 1 | $ 1 | $ 1 | |||||||
Risk-free interest rate | 3.70% | 2.50% | 1.08% | |||||||
Maximum | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Fair value of the ordinary shares on the date of option grant (US$) | 1.01 | $ 1.01 | $ 1.01 | |||||||
Risk-free interest rate | 3.70% | 2.56% | 1.47% | |||||||
Expected term (in years) | 2 years 6 months | 2 years 6 months | 2 years 6 months | |||||||
Expected volatility | 57% | 56% | 55% | |||||||
Expected forfeiture rate (post-vesting) | 1.80% | 1.50% | 2% | |||||||
A Plan | ||||||||||
Number of Options Outstanding | ||||||||||
Outstanding, Beginning Balance | shares | 30,543,848 | 31,931,249 | ||||||||
Vested | shares | (1,387,401) | |||||||||
Granted | shares | 7,525,378 | |||||||||
Exercised | shares | (3,663,406) | |||||||||
Cancelled | shares | (5,401,320) | |||||||||
Outstanding, Ending Balance | shares | 29,004,500 | 30,543,848 | 31,931,249 | |||||||
Weighted Average Exercise Price, Options | ||||||||||
Outstanding, Beginning Balance | 0.00001 | 0.00001 | ||||||||
Granted | 0.00001 | |||||||||
Vested | 0.00001 | |||||||||
Outstanding, Ending Balance | 0.00001 | 0.00001 | $ 0.00001 | |||||||
Weighted Average Remaining Contractual Life, Outstanding, Options | 7 years 10 months 13 days | 8 years 10 months 2 days | 9 years 10 months 2 days | |||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 35,888 | $ 43,526 | $ 34,337 | |||||||
Expiration period | 10 years | |||||||||
Requisite service period | 4 years | |||||||||
Vesting percentage | 25% | |||||||||
Vesting period | 36 months | |||||||||
Options | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Aggregate Intrinsic Value, Outstanding, Options | $ | $ 3,581,119,000 | |||||||||
Options | Minimum | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Fair value of the ordinary shares on the date of option grant (US$) | $ 39.54 | $ 6.66 | $ 10.34 | |||||||
Options | Maximum | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Fair value of the ordinary shares on the date of option grant (US$) | 42.20 | $ 6.66 | $ 19.61 | |||||||
Options | A Plan | ||||||||||
Weighted Average Exercise Price, Options | ||||||||||
Vested | $ 1.10 | $ 1.12 | $ 1.12 | |||||||
Share-based compensation expenses | ¥ | ¥ 78,617 | ¥ 53,306 | ¥ 17,513 | |||||||
Unrecognized share-based compensation expenses, other than options | ¥ | ¥ 155,843 | $ 155,843 | ¥ 170,091 | $ 170,091 | ||||||
Weighted-average period for unrecognized expenses expected to be recognized | 1 year 3 months 18 days | 2 years 2 months 12 days |
Taxation (Details)
Taxation (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Taxation | ||||
Equity interest held | 25% | 25% | ||
Statutory income tax rate | 25% | 25% | 25% | 25% |
Current income tax expense | ¥ 59,943 | ¥ 62,348 | ¥ 23,565 | |
Deferred income tax expense/(benefit) | 200,892 | (7,245) | 18,700 | |
Total | ¥ 260,835 | $ 36,738 | ¥ 55,103 | ¥ 42,265 |
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% | 22% |
Netherlands | ||||
Taxation | ||||
Effective income tax rate | 25.80% | 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% | ||
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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Taxation | ||||
Loss before income tax expense | ¥ (20,458,918) | $ (2,881,578) | ¥ (14,382,001) | ¥ (3,974,684) |
Income tax benefit computed at PRC statutory income tax rate of 25% | (5,114,730) | (3,595,500) | (993,671) | |
Non-deductible expenses | 58,852 | 23,484 | 29,325 | |
Foreign tax rates differential | 481,318 | 395,543 | 100,690 | |
Additional 100%/75% tax deduction for qualified research and development expenses | (1,432,723) | (750,736) | (546,805) | |
FDII Deduction | 10,356 | |||
Tax exempted interest income | (25,017) | (8,847) | (2,194) | |
US tax credits | (36,746) | (45,446) | (30,273) | |
Prior year True-ups | 242,392 | 110,581 | 286,693 | |
Effect of tax rate change | 490,855 | |||
Others | 316 | (5,154) | (1,206) | |
Change in valuation allowance | 6,087,173 | 3,450,679 | 1,199,706 | |
Income tax expense | ¥ 260,835 | $ 36,738 | ¥ 55,103 | ¥ 42,265 |
Taxation - Deferred tax assets
Taxation - Deferred tax assets and liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||||
Net operating loss carry-forwards | ¥ 14,850,298 | ¥ 9,711,744 | ¥ 7,294,844 | |
Accrued and prepaid expenses | 1,635,032 | 1,666,519 | 1,136,278 | |
Deferred revenue | 1,241,114 | 940,633 | 559,815 | |
Tax credit carry-forwards | 347,340 | 301,437 | 243,198 | |
Property, plant and equipment, net | 158,609 | |||
Unrealized financing expense | 64,870 | 33,140 | 28,796 | |
Intangible assets | 59,375 | 89,328 | 85,439 | |
Allowance against receivables | 28,435 | 27,386 | 19,500 | |
Deferred rent | 80,240 | 29,731 | ||
Share-based compensation | 19,846 | 6,951 | 10,695 | |
Write-downs of inventory | 47,733 | 452 | 713 | |
Advertising expenses in excess of deduction limit | 33 | 188 | 705 | |
Equity securities without readily determinable fair value | 953 | |||
Equity securities with readily determinable fair value | 717 | 150 | ||
Unrealized foreign exchange loss | 2,364 | 1,704 | ||
Others | 3,539 | 4,224 | 711 | |
Less: Valuation allowance | (18,538,828) | (12,727,355) | (9,216,725) | ¥ (8,019,519) |
Subtotal | 1,670 | 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 | (7,283) | (5,170) | ||
Available for sale debt investment | (206,734) | (6,499) | ||
Equity securities | (206,734) | |||
Property, plant and equipment, net | (86,082) | (143,512) | ||
Deferred rent | (18,752) | |||
Unrealized foreign exchange gain | (1,705) | |||
Subtotal | (214,017) | (304,421) | (189,168) | |
Total deferred tax liabilities, net | ¥ (212,347) | ¥ (218,189) | ¥ (25,199) |
Taxation - Valuation allowance
Taxation - Valuation allowance (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation allowance | |||
Balance at beginning of the year | ¥ 12,727,355 | ¥ 9,216,725 | ¥ 8,019,519 |
Additions | 5,811,473 | 3,510,630 | 1,197,206 |
Balance at end of the year | ¥ 18,538,828 | ¥ 12,727,355 | ¥ 9,216,725 |
Taxation - NOL (Details)
Taxation - NOL (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2023 CNY (¥) | |
State Administration of Taxation, China | |
Taxation | |
Loss expiring in 2024 | ¥ 2,045,428 |
Loss expiring in 2025 | 3,860,354 |
Loss expiring in 2026 | 2,380,002 |
Loss expiring in 2027 | 9,180,600 |
Loss expiring in 2028 | 14,701,895 |
Loss expiring in 2029 | 5,334,423 |
Loss expiring in 2030 | 156,199 |
Loss expiring in 2031 | 4,833,296 |
Loss expiring in 2032 | 7,153,295 |
Loss expiring in 2033 | 11,686,298 |
Operating Loss Carryforwards, Total | ¥ 61,331,790 |
State Administration of Taxation, China | Minimum | |
Taxation | |
Operating loss carryforward expiration period | 1 year |
State Administration of Taxation, China | Maximum | |
Taxation | |
Operating loss carryforward expiration period | 10 years |
Hong Kong | |
Taxation | |
Tax losses carried forward indefinitely | ¥ 3,178,917 |
Internal Revenue Service - United States | |
Taxation | |
Tax losses carried forward indefinitely | 1,866,675 |
Loss expiring in fourteen years | 4,323 |
Loss expiring in fifteen years | ¥ 593,406 |
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, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss | ¥ (20,719,753) | $ (2,918,316) | ¥ (14,437,104) | ¥ (4,016,949) |
Accretion on redeemable non-controlling interests to redemption value | (303,163) | (42,700) | (279,355) | (6,586,579) |
Net loss attributable to non-controlling interests | (124,051) | (17,472) | 157,014 | 31,219 |
Net loss attributable to ordinary shareholders of NIO Inc. | ¥ (21,146,967) | $ (2,978,488) | ¥ (14,559,445) | ¥ (10,572,309) |
Denominator: | ||||
Weighted-average number of ordinary shares outstanding - basic | 1,700,203,886 | 1,700,203,886 | 1,636,999,280 | 1,572,702,112 |
Weighted-average number of ordinary shares outstanding - diluted | 1,700,203,886 | 1,700,203,886 | 1,636,999,280 | 1,572,702,112 |
Basic net loss per share attributable to ordinary shareholders of NIO Inc | (per share) | ¥ (12.44) | $ (1.75) | ¥ (8.89) | ¥ (6.72) |
Diluted net loss per share attributable to ordinary shareholders of NIO Inc | (per share) | ¥ (12.44) | $ (1.75) | ¥ (8.89) | ¥ (6.72) |
Loss Per Share - Weighted avera
Loss Per Share - Weighted average numbers of ordinary shares outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Per Share | |||
Weighted average numbers of ordinary shares outstanding | 100,884,316 | 96,855,134 | 103,450,186 |
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 | 43,876,236 | 55,132,378 | 56,768,907 |
Convertible notes | |||
Loss Per Share | |||
Weighted average numbers of ordinary shares outstanding | 57,008,080 | 37,671,003 | 45,323,169 |
Related Party Balances and Tr_2
Related Party Balances and Transactions - Provision of service (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Balances and Transactions | |||
Provision of service | ¥ 167,180 | ¥ 122,687 | ¥ 57,901 |
Related party | Wuhan Weineng Battery Assets Co., Ltd. | |||
Related Party Balances and Transactions | |||
Provision of service | 166,027 | 120,967 | 56,095 |
Related party | Nanjing Weibang Transmission Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Provision of service | ¥ 1,153 | 1,683 | 1,586 |
Related party | 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | ¥ 7,823 | ¥ 8,984 | ¥ 5,222 |
Related party | Tianjin Boyou Information Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | ¥ 7,823 | ¥ 8,984 | 217 |
Related party | Beijing Bit Ep Information Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | 4,533 | ||
Related party | Beijing Yiche Interactive Advertising Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of advertising and IT support services | ¥ 472 |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Cost of manufacturing consignment (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021 CNY (¥) | |
Related party | Suzhou Zenlead XPT New Energy Technologies Co., Ltd. | |
Related Party Balances and Transactions | |
Cost of manufacturing consignment | ¥ 89,286 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Balances and Transactions | |||
Purchase of raw material or property, plant and equipment | ¥ 1,247,467 | ¥ 1,066,832 | ¥ 1,157,727 |
Related party | Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Balances and Transactions | |||
Purchase of raw material or property, plant and equipment | 1,062,521 | 728,096 | 876,510 |
Related party | Xunjie Energy (Wuhan) Co., Ltd. | |||
Related Party Balances and Transactions | |||
Purchase of raw material or property, plant and equipment | 111,875 | 90,132 | 67,350 |
Related party | Nanjing Weibang Transmission Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Purchase of raw material or property, plant and equipment | ¥ 73,071 | ¥ 248,604 | ¥ 213,867 |
Related Party Balances and Tr_6
Related Party Balances and Transactions - Sales of goods (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Balances and Transactions | |||
Sales of goods | ¥ 1,457,893 | ¥ 3,105,898 | ¥ 4,139,199 |
Related party | Wuhan Weineng Battery Assets Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | 1,457,500 | 3,103,871 | 4,138,187 |
Related party | Hefei Chuangwei Information Consultation Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | 194 | 1,798 | |
Related party | Shanghai Weishang Business Consulting Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | ¥ 199 | ¥ 229 | 157 |
Related party | Beijing Yiche Interactive Advertising Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | 485 | ||
Related party | Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Balances and Transactions | |||
Sales of goods | ¥ 370 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | ¥ 242,173 | ¥ 136,358 | ¥ 8,194 |
Related party | Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | 184,279 | 107,144 | |
Related party | Beijing Welion New Energy Technology Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | 34,016 | ||
Related party | Wuhan Weineng Battery Assets Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | ¥ 23,878 | 8,508 | |
Related party | Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | 13,956 | 7,265 | |
Related party | Xunjie Energy (Wuhan) Co., Ltd. | |||
Related Party Balances and Transactions | |||
Acceptance of R&D and maintenance service | 3,735 | ¥ 929 | |
Related party | 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 |
Related Party Balances and Tr_8
Related Party Balances and Transactions - Sale of raw material or property, plant and equipment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related party | Wuhan Weineng Battery Assets Co., Ltd. | ||
Related Party Balances and Transactions | ||
Sale of raw material or property, plant and equipment | ¥ 5,597 | ¥ 1,012 |
Related Party Balances and Tr_9
Related Party Balances and Transactions - Convertible notes issued to related parties and interest accrual (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related party | Huang River Investment Limited | |||
Related Party Balances and Transactions | |||
Convertible notes issued to related parties and interest accrual | ¥ 11,234 | ¥ 13,712 | ¥ 15,316 |
Related Party Balances and T_10
Related Party Balances and Transactions - Purchase of equity investee (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | |
Related Party Balances and Transactions | |||||
Purchase of equity investee | ¥ 421,729 | $ 59,399 | ¥ 279,043 | ¥ 592,570 | |
Related party | Weilan | |||||
Related Party Balances and Transactions | |||||
Purchase of equity investee | $ 50,000 |
Related Party Balances and T_11
Related Party Balances and Transactions - Due from related parties (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Balances and Transactions | ||
Amounts due from related parties | ¥ 1,731,398 | ¥ 1,387,694 |
Amounts due from related parties | 1,731,398 | 1,387,694 |
Related party | Wuhan Weineng Battery Assets Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 1,714,659 | 1,376,584 |
Amounts due from related parties | 1,714,659 | 1,376,584 |
Related party | Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 13,050 | 8,647 |
Amounts due from related parties | 13,050 | 8,647 |
Related party | Hefei Chuangwei Information Consultation Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 2,249 | 2,032 |
Amounts due from related parties | 2,249 | 2,032 |
Related party | Nanjing Weibang Transmission Technology Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 1,440 | 283 |
Amounts due from related parties | ¥ 1,440 | 283 |
Related party | Shanghai Weishang Business Consulting Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due from related parties | 148 | |
Amounts due from related parties | ¥ 148 |
Related Party Balances and T_12
Related Party Balances and Transactions - Due to related parties (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Balances and Transactions | ||
Amounts due to related parties | ¥ 561,624 | ¥ 384,611 |
Related party | Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 358,083 | 262,712 |
Related party | Xunjie Energy (Wuhan) Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 75,157 | 14,517 |
Related party | Wuhan Weineng Battery Assets Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 60,187 | 58,497 |
Related party | Beijing Welion New Energy Technology Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 25,843 | |
Related party | Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 19,869 | 23,279 |
Related party | Nanjing Weibang Transmission Technology Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 16,099 | 22,293 |
Related party | Tianjin Boyou Information Technology Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 6,200 | 48 |
Related party | Shanghai Weishang Business Consulting Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | ¥ 186 | |
Related party | Ningbo Meishan Free Trade Port Weilai Xinneng Investment Management Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 3,015 | |
Related party | Wistron Info Comm (Kunshan) Co., Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | 167 | |
Related party | Xtronics Innovation Ltd. | ||
Related Party Balances and Transactions | ||
Amounts due to related parties | ¥ 83 |
Related Party Balances and T_13
Related Party Balances and Transactions - Short-term borrowing and interest payable (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related party | Huang River Investment Limited | ||
Related Party Balances and Transactions | ||
Short-term borrowing and interest payable | ¥ 216,465 | ¥ 3,918 |
Related Party Balances and T_14
Related Party Balances and Transactions - Long-term borrowing (Details) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Related party | 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, 2023 | Dec. 31, 2022 |
Commitment and Contingencies | ||
Property, plant and equipment | ¥ 5,465,192 | ¥ 4,541,383 |
Leasehold improvements | 552,626 | 807,666 |
Total | ¥ 6,017,818 | ¥ 5,349,049 |
Subsequent Events (Details)
Subsequent Events (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 01, 2024 USD ($) | Jan. 31, 2024 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | |
Subsequent Events | ||||||
Aggregate principal amount converted | $ 0 | $ 1,642 | ||||
Total amount | ¥ 43,000 | $ 6,056 | ||||
Subsequent event | ||||||
Subsequent Events | ||||||
Total amount | ¥ | ¥ 2,450,000 | |||||
Convertible Senior Notes Due 2026 | ||||||
Subsequent Events | ||||||
Aggregate principal amount | ¥ | ¥ 2,121,397 | ¥ 9,011,135 | ||||
Convertible Senior Notes Due 2026 | Subsequent event | ||||||
Subsequent Events | ||||||
Interest rate | 0% | |||||
Aggregate principal amount converted | $ 300,536 | |||||
Aggregate principal amount | $ 912 |
Parent Company (the "Company"_3
Parent Company (the "Company") Only Financial Information - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Current assets: | |||||
Cash and cash equivalents | ¥ 32,935,111 | $ 4,638,813 | ¥ 19,887,575 | ||
Short-term investments | 16,810,107 | 2,367,654 | 19,171,017 | ||
Amounts due from others | 1,722,603 | 242,624 | 1,380,956 | ||
Prepayments and other current assets | 3,434,763 | 483,776 | 2,246,408 | ||
Total current assets | 70,380,233 | 9,912,849 | 59,149,752 | ||
Non-current assets: | |||||
Total non-current assets | 47,002,969 | 6,620,229 | 37,114,173 | ||
Total assets | 117,383,202 | 16,533,078 | 96,263,925 | ||
Current liabilities: | |||||
Amounts due to subsidiaries of the Company | 561,625 | 79,103 | 384,611 | ||
Current portion of long-term borrowings | 4,736,087 | 667,064 | 1,237,916 | ||
Accruals and other liabilities | 15,556,354 | 2,191,067 | 13,654,362 | ||
Total current liabilities | 57,798,116 | 8,140,694 | 45,852,054 | ||
Long-term borrowings | 13,042,861 | 1,837,049 | 10,885,799 | ||
Deferred revenue | 3,051,022 | 2,288,111 | |||
Total non-current liabilities | 29,989,070 | 4,223,873 | 22,765,111 | ||
Total liabilities | 87,787,186 | 12,364,567 | 68,617,165 | ||
SHAREHOLDERS' EQUITY | |||||
Treasury shares | (1,849,600) | (260,511) | (1,849,600) | ||
Additional paid in capital | 117,717,254 | 16,580,128 | 94,593,062 | ||
Accumulated other comprehensive loss | 432,991 | 60,986 | 1,036,011 | ||
Accumulated deficit | (90,800,000) | (12,783,002) | (69,914,230) | ||
Total shareholders' equity | 25,735,632 | 3,624,787 | 24,089,539 | ¥ 34,785,557 | ¥ 27,170,956 |
Total liabilities, mezzanine equity and shareholders' equity | 117,383,202 | 16,533,078 | 96,263,925 | ||
Parent | |||||
Current assets: | |||||
Cash and cash equivalents | 22,676,489 | 3,193,917 | 7,076,550 | ||
Short-term investments | 1,499,939 | 211,262 | 696,460 | ||
Prepayments and other current assets | 70,356 | 9,909 | 114,263 | ||
Total current assets | 39,699,885 | 5,591,612 | 14,544,991 | ||
Non-current assets: | |||||
Investments in subsidiaries and VIEs | 2,783,143 | 391,997 | 21,328,304 | ||
Total non-current assets | 2,783,143 | 391,997 | 21,328,304 | ||
Total assets | 42,483,028 | 5,983,609 | 35,873,295 | ||
Current liabilities: | |||||
Current portion of long-term borrowings | 3,286,640 | 462,914 | |||
Accruals and other liabilities | 146,330 | 20,610 | 73,580 | ||
Total current liabilities | 5,361,070 | 755,091 | 1,849,531 | ||
Long-term borrowings | 11,575,725 | 1,630,407 | 10,155,599 | ||
Total non-current liabilities | 11,575,725 | 1,630,407 | 10,155,599 | ||
Total liabilities | 16,936,795 | 2,385,498 | 12,005,130 | ||
SHAREHOLDERS' EQUITY | |||||
Treasury shares | (1,849,600) | (260,511) | (1,849,600) | ||
Additional paid in capital | 117,717,254 | 16,580,128 | 94,593,062 | ||
Accumulated other comprehensive loss | 432,991 | 60,986 | 1,036,011 | ||
Accumulated deficit | (90,758,034) | (12,783,002) | (69,914,230) | ||
Total shareholders' equity | 25,546,233 | 3,598,111 | 23,868,165 | ||
Total liabilities, mezzanine equity and shareholders' equity | 42,483,028 | 5,983,609 | 35,873,295 | ||
Parent | Subsidiaries | |||||
Current assets: | |||||
Amounts due from others | 15,453,012 | 2,176,511 | 6,657,631 | ||
Current liabilities: | |||||
Amounts due to subsidiaries of the Company | 1,928,100 | 271,567 | 1,775,951 | ||
Parent | Related parties | |||||
Current assets: | |||||
Amounts due from others | 89 | 13 | 87 | ||
Class A Ordinary Shares | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | 3,368 | 474 | 2,668 | ||
Class A Ordinary Shares | Parent | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | 3,368 | 474 | 2,668 | ||
Class C Ordinary Shares | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | 254 | 36 | 254 | ||
Class C Ordinary Shares | Parent | |||||
SHAREHOLDERS' EQUITY | |||||
Ordinary Shares | ¥ 254 | $ 36 | ¥ 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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Operating expenses: | ||||
Selling, general and administrative | ¥ (12,884,556) | $ (1,814,752) | ¥ (10,537,119) | ¥ (6,878,132) |
Total operating expenses | (25,706,980) | (3,620,753) | (20,784,652) | (11,317,736) |
Loss from operations | (22,655,184) | (3,190,916) | (15,640,659) | (4,496,303) |
Interest and investment income | 2,210,018 | 311,275 | 1,358,719 | 911,833 |
Interest expense | 403,530 | 56,836 | 333,216 | 637,410 |
Gain on extinguishment of debt | (170,193) | (23,971) | (138,332) | |
Equity in loss of subsidiaries and VIEs | 64,394 | 9,070 | 377,775 | 62,510 |
Other income/(losses), net | 155,191 | 21,858 | (282,952) | 184,686 |
Loss before income tax expense | (20,458,918) | (2,881,578) | (14,382,001) | (3,974,684) |
Income tax expense | 260,835 | 36,738 | 55,103 | 42,265 |
Net loss | (20,719,753) | (2,918,316) | (14,437,104) | (4,016,949) |
Accretion on redeemable non-controlling interests to redemption value | (303,163) | (42,700) | (279,355) | (6,586,579) |
Net loss attributable to ordinary shareholders of NIO Inc. | (21,146,967) | (2,978,488) | (14,559,445) | (10,572,309) |
Total comprehensive loss | (21,478,799) | (3,025,225) | (12,973,494) | (4,223,070) |
Comprehensive loss attributable to ordinary shareholders of NIO Inc | (21,749,987) | (3,063,421) | (13,247,134) | (10,783,157) |
Parent | ||||
Operating expenses: | ||||
Selling, general and administrative | (99,587) | (14,027) | (24,039) | (4,735) |
Total operating expenses | (99,587) | (14,027) | (24,039) | (4,735) |
Loss from operations | 99,587 | 14,027 | 24,039 | 4,735 |
Interest and investment income | 524,173 | 73,828 | 207,057 | 61,292 |
Interest expense | (207,649) | (29,247) | (113,277) | (471,270) |
Gain on extinguishment of debt | 170,193 | 23,971 | 138,332 | |
Equity in loss of subsidiaries and VIEs | (21,349,555) | (3,007,022) | (14,138,689) | (3,632,893) |
Other income/(losses), net | 121,800 | 17,155 | (351,874) | 61,876 |
Loss before income tax expense | (20,840,625) | (2,935,342) | (14,282,490) | (3,985,730) |
Income tax expense | (3,179) | (446) | 2,400 | 0 |
Net loss | (20,843,804) | (2,935,788) | (14,280,090) | (3,985,730) |
Accretion on redeemable non-controlling interests to redemption value | (303,163) | (42,700) | (279,355) | (6,586,579) |
Net loss attributable to ordinary shareholders of NIO Inc. | (21,146,967) | (2,978,488) | (14,559,445) | (10,572,309) |
Total comprehensive loss | (21,446,824) | (3,020,721) | (12,967,779) | (4,196,578) |
Comprehensive loss attributable to ordinary shareholders of NIO Inc | ¥ (21,749,987) | $ (3,063,421) | ¥ (13,247,134) | ¥ (10,783,157) |
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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net cash used in operating activities | ¥ (1,400,000) | $ (194,587) | ¥ (3,866,008) | ¥ 1,966,386 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Net cash (used in)/provided by investing activities | (10,885,375) | (1,533,173) | 10,385,017 | (39,764,704) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net cash provided by/(used in) financing activities | 27,662,881 | 3,896,236 | (1,616,384) | 18,128,743 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 70,254 | 9,895 | (121,896) | (500,959) |
NET (DECREASE)/ INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 15,466,214 | 2,178,371 | 4,780,729 | (20,170,534) |
Cash, cash equivalents and restricted cash at beginning of the year | 23,155,293 | 3,261,355 | 18,374,564 | 38,545,098 |
Cash, cash equivalents and restricted cash at end of the year | 38,621,507 | 5,439,726 | 23,155,293 | 18,374,564 |
Parent | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net cash used in operating activities | (8,262,167) | (1,163,702) | (4,949,308) | (8,697) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Net cash (used in)/provided by investing activities | (1,972,672) | (277,845) | 9,140,766 | (40,770,898) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net cash provided by/(used in) financing activities | 25,782,226 | 3,631,351 | (1,135,316) | 22,382,871 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 52,552 | 7,402 | 689,465 | (445,787) |
NET (DECREASE)/ INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 15,599,939 | 2,197,206 | 3,745,607 | (18,842,511) |
Cash, cash equivalents and restricted cash at beginning of the year | 7,076,550 | 996,711 | 3,330,943 | 22,173,454 |
Cash, cash equivalents and restricted cash at end of the year | ¥ 22,676,489 | $ 3,193,917 | ¥ 7,076,550 | ¥ 3,330,943 |