NIO - Earnings call transcript Q2 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, ladies and gentlemen, thank you for standing by, and welcome to the NIO Inc.

Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note, today's conference call is being recorded. [Operator Instructions] I would now like to hand the conference over to Miss. Eve Tang from Capital Markets. Eve. ahead, go Please

Eve Tang

and good Conference Welcome and Markets. call, Call. in earlier were Mr. and IR Finance the Stanley Quarter On Mr. Capital website. Founder, operating NIO's VP XXXX published today release press Earnings The the Qu, VP posted of evening, morning, at William today's Miss. to company's Chairman everyone. Second results are Good company's and Jade Board of Officer; the we Chief Officer; Executive Financial have and Wei, Chief Mr. Li, of Steven Feng, Senior financial

be Before Litigation we Securities provisions continue, discussion reminded please safe the made of kindly Reform statements Act contain under harbor the will forward-looking of Private today's XXXX. U.S. that

Forward-looking statements involve inherent risks and uncertainties.

may our measures. which contains to a William please I Mr. that, and With Please unaudited Please unaudited that GAAP note rules. now expressed Hong measures the company the Stock and different will press conference assume news statements, the The and the Securities press results Limited. be of unaudited any well NIO's regarding certain risks U.S. required update to comparable of As refer reconciliation of applicable includes materially Exchange today. is information except call Singapore non-GAAP discussions go company GAAP over release such, CEO, as the of views Trading included in forward-looking the uncertainties Li. to filings company's as from also Kong under turn call information non-GAAP Commission, Further does the the obligation Limited to with measures. financial Securities and Exchange this any ahead. as William, financial not actual Exchange release,

William Li

for joining of NIO respectively, representing XX.X% delivered increase year-over-year. In XXXX everyone. and Hello, and and of XX,XXX call. July year-over-year. XX,XXX NIO's XX.X% delivered NIO QX marking XXXX, vehicles a Language] increases QX XX,XXX August in vehicles, [Foreign XXXX, Thank XX.X% a total earnings you

uncertainties. and production the delivery COVID-XX weather vehicle from the company's extreme the period, pandemic, challenges chain with were this During faced supply and conditions

all further half competitiveness, the vehicles. We chain from deliveries service growth production premium delivery product second closely platform. outstanding XXXX of NTX Hence to and believe and The supply of ESX to ETX we of XXXX. ESX, will ECX, new our units. witness in the XX,XXX based XXXX XX,XXX quarter third ESX demand the and for continued delivery upgraded ETX, the and of will to the we with electric the be partners production Benefiting total and robust growth the work expect vehicles the vehicle our accelerate and delivery in on ramp-up between

the significant prices of of battery in our with financial Part in gross ETX the QX, reached with XX.X%, of of sales and performance, high the terms specifications. contributed In management refined by increase vehicle deliveries the despite costs adjusted a margin orders policy.

industry-leading like At competitiveness recent premium demonstrated some the would and platforms its of share software first platform, has key highlights I in to Next, strong on based and sedan segment, NIO, R&D the NTX ETX, hardware product mid-large the the beyond DNA, the products XX, and the with NIO’s the inheriting our handling ESX safety and and digital both the driving, NTX comfort launched June creating the the experience. experiences intelligent ES on platform, the mid-large On smart based SUV expectations. high-performance of X-seater autonomous NIO performance, X operations.

XX. starting ESX August, new far received from at off a enabling test of addition, start an experience as deliveries in electric the has the and a caravents. in outdoor touring the option, the drive so market well been an In kicked offers ESX user with scale August Since

and NTX corporate The with ESX experience X and and and comprehensively with enhance richer strengthened order, unit launched XXXX the swing, have with performance the and over enhanced new confirmation power. The pure ETX is and on will product be batch design preparation the With users September competitiveness launch. We're X, the features digital Banyan smart most competitiveness become systems, popular same performance sedan based the With the ETX will the in time perception of system further on in in the also optimized August ultimate released ESX, one X.X.X on the market. also to of the peers have those electric that the far its midsized start at the sedans. of new first the NTX XX. with ECX XX experience, and ETX and will production we from computing outstanding while We premium delivered and fitted regards ETX compared optimizations. products their the digital in offer progressive September The based midsize intelligent to configuration of digital segment. mass comprehensive of full surpasses and order production have been confident

the vehicle the and braking, which emergency display we the driver and corporate comfort the the update handling. driving this experience automatic and has to audio action under suspension has of cabin driving introduced scenario, and system, the the modes more for the simulation In aspect in diversified video and advanced experience further assistance environment In the safety parking terms enhance users. the the optimize upgraded experience, have further digital the of and

in covering new network, have the we now XXX world. centers vehicles plan X and off we Factory regards ETX spaces NIO’s service preproduction and batch lines sales globe the Park, XXX month. to With NIO start and the this XXX As in to cities production for at mass delivery at and production XXX new rolled production, across of cities houses the the new service first and centers we

have terms X expressway charging verticals X built network, an X expressways swapping of China. areas covering and and power network, the In swapping we and in horizontal metropolitan

system including destination third-party connected experiences, including battery more hub power over same charges, a for better completed with users. dedicated XXX stations, and and a users. across swappable million bring to for end, chargeable, X,XXX experience more than charger recharging making horizontal power place than putting deployed by to of situated and for XX have and convenient areas. To have X,XXX have XXX,XXX vertical the X,XXX services. power and refilling. with fleet country in and this We X,XXX X,XXX investments layout spoke time, upgradable a offering our times and express and At aim continuous We swap with the installed over power we stations, the the network swaps experience NIO chargers making been in ways in the travel is metropolitan our joyful a we charges

power as recharging only Our plants. not swap also are stations virtual efficient serve facilities but a

stations we -- XXX are responded cities involved XX% we grid stations. power grid peak to meantime, shaving in regularly this responded the to power of to different In summer, up During while in over the demand charging to stations in consumption in great the support off-peak power To will by reduction, more and the off-peak optic support power hours. swap and charging continue increasing regions. energy electricity saving NIO response emission

the August, electric Germany, player formular to was user the Norway partner UNDT. shipped and take of and talents devoted in United has by user as new student student development for year, Europe new placement global the of in practicing of August to chosen formular being a supporting this Since been with ETX to developments. supporting order the we the social delivery the student the and Netherlands, FSAC. place formulary endorse the NIO community XX, a August this responsibility our the into by off. establishment, event. As very with China, look On will endorsing NIO from time. has electric and our sustainable We to XXXX kicked officially you in year, Denmark progress year. the markets, in technologies became would starting our products In NIO officially for NIO latest the China. The global automotive sharing corporate global the with NIO officially last a vehicle young to beginning Nations city products to partnership program, development core forward have Day like autonomous the of preparation at regarding began our this of On industry, August the Germany. We been that entered XX, host smart and been the events contribute industry for And our

platforms, the protection. collaborations NIO of young environmental areas the UNDP with innovators areas in business such the and to of partner Park's explore natural protection reserves in-depth ecological to the advance and to encourage supporting and and conservation a As will protected conduct as partnership solutions Green social biodiversity

of The second work period multiple service products vehicles delivery production, team half present our The will efficiency, and experience. and the services. system the production high-quality and improve accelerated a huge partners the to will for and supply with critical which delivery and of our of NIO, ramp-up chain, mass XXXX ensure closely the pressure the production products on new delivery will of be

will support. over second details Steven now With always, the for turn financial you, for you the thank I to As provide quarter. your floor Steven. Over to you that, the to

Steven Feng

Thank of only length encourage to I'll my which for second you, I key this I refer to call, details. will earnings And of our the for additional release, of go is posted in today. press William. the our quarter financial results online be over to now listeners mindful reference RMB XXXX. discussion to

RMB XX.X% Our of total with and second revenues XX.X in X.X% were billion, quarter-on-quarter. quarter the increase year-over-year an

vehicle was was was has in of of and from vehicle second expanded second More first quarter The quarter-on-quarter XX.X% with compared compared to and X.X% was was deliveries. mainly revenue billion, quarter, in increase of higher incremental of development are patent and the year-over-year other and quarter year-over-year billion, XX.X% representing of Vehicle X revenue year-over-year loss ordinary energy higher to for and primarily attributed quarter-to-quarter X.X quarter-over-quarter increased made quarter the and vehicle of used network. XX.X% NIO's increased X.X% new of XXX.X% mainly The attributable Other year-over-year service quarter year-over-year derived expansion. to related by and gross driven to billion, sales The margins, from X.X in to of attributed margin represent power quarter mainly the of XX.X% per year-over-year X.X The costs shareholders Increase year-over-year services development sales the decreased an to the increase cars. decrease The by the quarter sales regarding sales and X.X loss sales sales favorable margin. mainly second unit, attributed which attributed quarter quarter was operations marketing attributed the the was parts: the from average attributed specifically, XXXX service and financing with launch was investment XXXX auto in of. offset vehicle quarter-over-quarter. in and in in attributed and quarter increase in second vehicle XX% XX.X% RMB derived of other was increase increase was which increase RMB and XXX.X% quarter-over-quarter. and Loss The billion, costs personnel to year-over-year in year-over-year increase is sales the The to expenses increase increase R&D price. gross and latest quarter-to-quarter. and second in credit the in in an sales G&A quarter-over-quarter. of billion, increase from XX% XX% the the second XX.X% and XXXXX. in decrease resulting mix margin auto margin in in in costs of in first increase network and in year-over-year used increased X.X% an RMB in SG&A an quarter-over-quarter the costs were second in we and was was mainly include cost design quarter-over-quarter. year-over-year as year-over-year expenses RMB RMB an In SG&A The vehicle financing of was and total revenues quarter XX.X% Net XXXX. the which was technologies. is promotion of and of of sales sales XX% year-over-year, department expenses and services, add of countries quarter-over-quarter. in increase Net part changes of packages RMB service margin X.X sales and quarter Our other expenses of expenses increase billion, decrease second XXX.X% XXX.X% selling quarter in of Gross X.X is quarter-over-quarter. XX.X% partially sales. cars was services. products ETX. X.X an the the which which was second second is billion, increase RMB to second sales mainly battery sales decrease costs XX.X% quarter XXXX and of increase reduction which the other quarter been in was margin increased

cash cash and equivalents, and restricted billion investment was of cash RMB balance as XX, Our short-term XXXX. June XX.X

prepared turn our now Q&A to I operator to will Now over session. this our pursue concludes remarks. the call the

Operator

First Instructions] Hsiao question [Operator Stanley. Tim Morgan from comes from

Tim Hsiao

[Foreign Language] So I've X questions. got

NTX.X light done the disruption ECX. even upcoming risk and round the kept are the potential so models continuously supply in one component Should we and Because the any what for like of the of for operating And of like models of China, next of hiccup ESX the sales supply has crunch. upside the production is ETX about first The about bottleneck to year, concerned the team in fresh potential far going to the hedge in upcoming models? to have months? company's be ETX. NIO to And

While of this your have future? that the chipset. localization So to from accelerate autonomous learn models semiconductors, the the our want new the high-end export I what would term, to China? or avoid just and like our pretty speed of the of done to second on the of in development the to like is auto limited. own we up what's that, in Media to AMD industry even kind upcoming about production? GPU our risk impact the The for in-house should restriction to question But take driving near chips functions be the point companies

William Li

question. [Foreign Thanks, Tim, Language] for your

have July to some throughout hiccups. in some chain compared our of COVID-XX that our of third in resurgence experience first supply China experience, the in quarter. the the some we on Shanghai, believe that in chain we extent. supply and of quarter, Regarding August, is based September April But under accumulated the and the COVID-XX March we with impact In the And control regions in believe also especially terms effects question.

us, the Regarding already of to affected rate the macro vehicle the taken yield have components, to casting this casting is components. has measures below macro our multiple delivery the rate yield expectation, and we but the use

we same introduced already example, rates At we be the component. the we For properly partners to due issue improve to for some to in understand already witnessed to that have at we to improvements. we this have the our time, of believe some preliminary able sent resolved new micro testing have this suppliers We yield the help we already October, stage, also engineers extent, should resolve once. some them over dozens have

Of we about course, in we delivery that are whole our the for confident delivery are the and targets fourth our year. quarter,

will Of drive fourth and the but course, challenges delivery many improve ahead of in there us, target be quarter. the to back achieve we performance will

time, this closely. technical We solutions we work that estimations now, our our partner, on of a AI chipsets, operations. the are will training and chipset, have are the power same we many this U.S. chipsets different -- autonomous AI offer Basically, this monitoring shipment the driving with technology At believe companies companies very on to chipset, AI of closely been believe in working long-term sufficient very in like we mass for our different training who with working understand in Based going for this keep on on affect the the not of China we we NVIDIA. not training related strategy. and to an the aspect have is would with also have been so respect. that situation AI Regarding type production their our business we evaluating over are the kind impact for there computing is

build And capabilities, the are key capabilities those including chipset. our our all and believe stack is we full in the course, in-house target the core building we technology of core technologies. to Of

well. building and mitigate margin At to our to it We risks. help gross time, offer we also powers risks the as also is our this same are to technology and political us believe capabilities, that going help improve the and regulatory us the can

Operator

next Lee Bank The of from from question comes America. Ming-Hsun

Ming-Hsun Lee

for currently, also, But guidance Will the new more any very you your your ratio, have launch? industry you speed and any industry. and and What industry. sales give during some Second Show. up product Language] the iteration feedback there the ETX more Auto in XXXX And latest could third for the new Chengdu do the also is competition also you your regarding plan? target product And in ETX model for the your guidance have plan can of R&D sales? and overall X SG&A you new point [Foreign considering you question brand? Do have is lower share competition good

William Li

many in industry, and [Foreign strategy terms companies the the own products launching our But we seen investment, Yes, to Language] of we in Thanks, in like have the would for Ming, market. follow question. the cadence. good

in our focus for we and pace to to terms our In decisive investment of the we up competitiveness. believe we our well. like our our of percentage Well, is as investments sure or strategy the determined pace. Show on just don't we And the a own in the auto of and strategy We'd can is to improve external course, showcased And like R&D. R&D for the exhibitions ETX, we long-term have down. on the environment, so -- and ramped year, SG&A, change the this in long-term strategy. would R&D, as also This make going because ETX long-term is to Chendu already of the and revenue, our make expect we trend Auto different have competition of this aspects other

have and public range received user media for has of reviews lot We a we ETX ETX. the also attracted from very good the wide and attention the a itself. feedback media, coverage the the received have of and users, of

on very upgrade new NTX if ESX technology our to to plan we plan users. welcomed X.X. platform. regarding technology time. we we the products the the confident platforms, parent over at believe NTX the our much rolled that we We And that to of and comprehensive year, ETX, we launched very our platform all by based will more ETX, the be further Because market product the and platform we the innovations have technology look X.X, been at performance the Next the technology launch have to ADV many with competitiveness

like the launch, product technology the products Of this much are share the new details going our of ramp-up moment, course, accelerate we based would at on to cannot I say new we and that regarding platform. to new

Okay.

third like would users course, the to Regarding users to and use question, same brand enjoying we of of price pay different the At the at products more users' needs a a our of regarding need different the have technologies. may the attention to and the to and different advance range time, and have technologies. more products and of

EV smart us, and our for regarding decisive like of So more we the to those technologies, core would to experience benefits users planning we and products have make enjoy this. will

Operator

Bin The from Credit next comes from Suisse. Wang question

Bin Wang

question My the first Language] volume year [Foreign is full guidance.

previous volume already the half guidance units. will year, XXX,XXX be this guide second you As that

with visit you're 'XX about a 'XX the progress? or quarter, say our actually around yes, do in be told a They means considering in 'XX quarter, products, your that to And volume October or XXX. If say, not the in data 'XX me X true last months dealer. December other tight to third November Is think order quarter We units. is will the guidance, X to some new your volume and that about fact #X question. backlog. X XX,XXX then That's X

roughly ETX XX,XXX XX,XXX both assume ordered for for X, for I the are can So XX,XXX ETX. and

think the quarter that for X your and gross to XX,XXX question. a to outlook the order second be right now should Q-on-Q in So margin And the You So and guidance, seems backlog? to the That's level old price an second declined backlog. than is X% will for together, margin actually first is the the the previously, about order X return X% Basically, quarter got That number Xx your the one the last products, quarter? quarter. this in about you've better way year? outlook right guidance, with margin number the third right? quarter have what's the been for be to

William Li

question. we also our your this year. for I've will delivery Bin, to Thanks, for that Previously, best the mentioned Language] meet target [Foreign try

pressure supply. quarter Of this course, going fourth is delivery challenges to a the and on and that means the of our witness lot

We capacity make large to from to compared fourth the the a kicked mass starting the production for scale believe manufacture the because we preparation from only II of relatively tooling quarter. have in third Actually, quarter, we the At factory delivery the off demand. need X factories can is I the ETX running of going are already X for Factory to starting in from delivery the at the the the make lower starting preparation Factory the part. the the beginning, started We already the sure the have that with third we're and factory to the NIO believe support quarter, ETX. X of is production will product one have

haven't quarter, as So the fourth this and we break Actually, are target -- to And are to target preparations in month. to for the we well. making we record meet achieve going yes. we active have confident believe every record-breaking been quarter, fourth the we

regarding we definitions ESX a expectation. order the understanding have long time the our regarding because better I information, the believe at we disclosed orders. Regarding performance different haven't say much ESX, and believe for we order than is for sufficient the the now Actually, specific different order ETX. this can the But a backlog we what information and have companies that

is demand, time capacity. of is chain, capacity the about the constraints own supply longer. ETX, much of not the or Recently, bottleneck the about for course, believe and production For mainly our the that we waiting the the production

sufficient have will we in preparations, constraint believe supply but the we chain. made the be So main already

Steven Feng

questions other about -- For

William Li

Language] [Foreign

Steven Feng

Okay. William, yes.

Sure, Most the we of gross prices our profit. the and about with question esX company of reached the margin certain second first measures impact price in the gross higher will and to of third our delivered be And vehicle selling improve in most QX. positive half reflected has multiple addition to the margins. of For margin profit QX by be year. QX, taken starting models and ETX, and

So in which we facing cost battery But we our vehicle of challenges great Thank gross increase and are will Bin. short which have expect a QX. -- will a negative margin the be still impact slight term, uncertainty in you, regarding to margin.

Operator

question The next from from comes Citi. Chung Jeff

Jeff Chung

Language] produce second ramp October ETX [Foreign So This December. about How first in first production can production is is December? from And question ETX we the about the And is September my what December? capacity. many the the ETX's the question. question pace up ramp-up on to is to from overall

guidance XX% accelerated third run be implied September the our So rate should month-on-month. quarter by

So every to to our target, month. XX% be it a year's full has least December meet October at to the month-on-month revenue on level in order

should the a ramp-up be October? more pace? accelerating or we So expect rather straight-line to compared portion That's critical December, November, could

William Li

and a I actually, it volume think everyone the production Thank then especially a it a stable this will production some at new beginning, comes when there's Yes, to will start ramp-up, capacity product can ramp-up. accelerate and to time the At understands Jeff. Language] process, for make you, [Foreign relatively level. low it

ETX XX,XXX to sufficient this. the higher ETX. than look made ETX production we should already in have opportunity X we appropriations of units month. have And If target our course, December, at be for of believe for mass surpass the internal the We the the will

to the up ETX month. record we For at the going December. around Especially, are will over we the the peak we month bottleneck have production October, December, we resolved going ESX for the ramp delivery and mentioned time, the break ETX. I Previously, also the of to supply that and also the in and November see chain believe will be are

going we ramp means we at past, But But years, in and challenges In control. situations. experiences. factors predict we're extreme it the with volume up. we to outside many delivery lots So there have this that to certainty many accumulated the our of past moment, see are experienced few have because of the cannot gradually

any We supply amid and our So how the sure make ramp-up course, knows handle to those meet fourth that can chain of production those believe challenges the experience team are to challenges. target confident we and going of we quarter, the terms we in in to we're but production, of for. set pressure

Jeff Chung

-- my Language] if So capacity question the XX,XXX is production [Foreign is

William Li

[Foreign and uncertainties. some is for Language] us the reservation actual the of there fluctuations the ETX. orders, confirmation, the But order to production production this starting course, Of for for of are point make arrangement the

you your ETX place like earlier, soon as to orders would course, If you your of should get possible. as then,

Operator

question next Deutsche Bank. Edison from from comes Yu The

Edison Yu

U.S. earlier Is into And that wondering he it noticed we when on Language] last question quarter. original second updates is one, taken this? then or William First the still kind visited month. fourth introduce perhaps the And the the was in was Is there track? perhaps I what [Foreign were considerations decisions of was any battery U.S.? there entry plan the to to a solid hybrid pack, I believe,

William Li

situation, Language] of been XXXX. the day the for Actually, global X. setup in U.S. from a hundreds I colleagues San you, U.S., Thank Edison, your several have question. actually we COVID-XX center for of in here in the Europe. is Jose R&D up and in based back colleagues We [Foreign the Because NIO years. set colleagues to able our also haven’t have visit of we

colleagues U.S. to over there. go visit over I would our time, colleagues in also to visit and the here So to at Europe this like will then I

for a the entry, time. preparations we market been making For long have U.S.

strategy market almost U.S. about thinking been We for in back planning has this and have X the XXXX, in been entry years already.

be environment provide? based the plan U.S. regarding Europe. be We preparations for market. and the the making also we for is a best quite market should U.S. the market. the different We experience we strategy market? U.S. China and entry, the regulatory of is And products have been the market? product model is thinking very of market on for our the been kind U.S. – believe What market business clear European comprehensive so right plan competitive user now, right also The what China and and the should about different from much what we kind have have from and U.S. quite U.S. should market

U.S. making We and thinking us make preparation patience. have we is for long-term and And market to the that preparations entry. the comprehensive about been right believe strategy

course, much for can we for strategy and be at disclose patient the But isn’t moment. need believe entry, we Of to clear U.S. we just this a there have the we market execution. details

semisolid a pack. we this hour XXX-kilowatt the high density, pack, are offers and very semisolids For power battery making battery of pack this evaluations battery comprehensive

the pack preparations making probably we fourth together the be believe of months. the evaluation, the users provide pack current according are our to for in going that with for according service this evaluation, But current are delayed this several the to not to to battery our And quarter. will production our we partners. We battery

working is partners this our Of course, situation. with partners situation that evaluate with our the been and we have progress to to work we current the will to try the improve

Operator

The next UBS. Paul from question comes from Gong

Paul Gong

X [Foreign me. Language] questions So from

plan. And profit, and especially have the how might from but some orders there some X with really color just give some more get you My by been regarding one production and to and intending do has there quarters preparation, to, people Outpace else certain misleading your to other to Are first We Firefly. orders you can tertiary that realize compared order management been try some order secondary for there prepare to is, ago? batteries your second information who placed sell the are that? The noticed say, not suppliers, be share and for that that which is for brands someone components. let's entered question and the is vehicle, have the

William Li

your for Language] Paul, question. [Foreign Thanks,

Regarding may transfer then a of very strict user if the users manner the But timely first regarding orders cannot we order the others. probably demand question, meet course, some in we their to policies transfer. have

of So because few And cases of for we believe the quite be will will follow-up also order low. the there probably our be is transfer This mechanism. percentage order transfer. very

percentage the current the in for be place. a order who should we the backlog, you then and then to reservation transfer mechanisms a users are will make In This orders. to future in place you production quite the only the make up of different placing we of the to orders with others because profit. now, be orders they converted our orders regarding low to percentage sure have If can the lead actual all order specific follow

the For we brand. previously, already about plans our the mass market track. have for Currently, the discussed brand, R&D progress on mass is market

segment, market, offer going the is Yes, probably demand Actually, launch technology on which we to the the the plan EV product different based chain, China the the conversion products provide to user at new have the recognized discussions market want in the brand media the that is products X.X. past from have been supply the from platform the more cadence to platform in we ICE mass third segments. terms for We're entry-level accelerate technology to we and year, some there in mass schedule the we will the been market if growth believe new latest platform to past, about that driving we to the to and in has Our in of And also EV, have market. the of link here technology penetration different X.X. cater the the EV tremendous follow of the NIO. witnessed

is have at the to innovation. I interesting technologies good combining and some We innovative business very users. the user with innovative the opportunities very provide our realized experience experience model And for believe NIO

models the wider some services and to communities. identified a innovative different We and users business opportunities groups provide of us blended to a kind user the to range to products have technologies of make for with provide together and

say about. moment, cannot are believe So information that we some there I that it. much we is But can opportunities this disclose do about what at

Operator

question-and-answer I call Tang for concludes our remarks. will to the now This hand back session. Ms. Eve closing

Eve Tang

Thank again joining today. you once for us

If the you Investor contact free our to information website. further This concludes call. Relations provided have through contact the feel on please questions, team NIO's conference

your disconnect Thank you. now may You lines.

NIO (NIO) 7 Sep 222022 Q2 Earnings call transcript