1、NIO Inc.Reports Unaudited First Quarter 2023 Financial Results06/9/2023Quarterly Total Revenues reached RMB10,676.5 million(US$1,554.6 million)iQuarterly Vehicle Deliveries were 31,041 unitsSHANGHAI,China,June 09,2023(GLOBE NEWSWIRE)-NIO Inc.(NYSE:NIO;HKEX:9866;SGX:NIO)(“NIO”or the“Company”),a pione

2、er and a leading company in the premium smart electric vehicle market,today announced its unauditedfinancial results for the first quarter ended March 31,2023.Operating Highlights for the First Quarter of 2023Vehicle deliveries were 31,041 in the first quarter of 2023,consisting of 10,430 premium sm

3、art electric SUVs and 20,611premium smart electric sedans,representing an increase of 20.5%from the first quarter of 2022,and a decrease of 22.5%from the fourth quarter of 2022.Key Operating Results 2023 Q12022 Q42022 Q32022 Q2Deliveries31,04140,05231,60725,059 2022 Q12021 Q42021 Q32021 Q2Deliveries

4、25,76825,03424,43921,896Financial Highlights for the First Quarter of 2023Vehicle sales were RMB9,224.5 million(US$1,343.2 million)in the first quarter of 2023,representing a decrease of 0.2%from the first quarter of 2022 and a decrease of 37.5%from the fourth quarter of 2022.Vehicle marginii was 5.

5、1%in the first quarter of 2023,compared with 18.1%in the first quarter of 2022 and 6.8%in thefourth quarter of 2022.Total revenues were RMB10,676.5 million(US$1,554.6 million)in the first quarter of 2023,representing an increase of7.7%from the first quarter of 2022 and a decrease of 33.5%from the fo

6、urth quarter of 2022.Gross profit was RMB162.3 million(US$23.6 million)in the first quarter of 2023,representing a decrease of 88.8%fromthe first quarter of 2022 and a decrease of 73.9%from the fourth quarter of 2022.Gross margin was 1.5%in the first quarter of 2023,compared with 14.6%in the first q

7、uarter of 2022 and 3.9%in thefourth quarter of 2022.Loss from operations was RMB5,111.8 million(US$744.3 million)in the first quarter of 2023,representing an increase of133.6%from the first quarter of 2022 and a decrease of 24.1%from the fourth quarter of 2022.Excluding share-basedcompensation expen

8、ses,adjusted loss from operations(non-GAAP)was RMB4,522.4 million(US$658.5 million)in the firstquarter of 2023,representing an increase of 163.6%from the first quarter of 2022 and a decrease of 24.8%from the fourthquarter of 2022.Net loss was RMB4,739.5 million(US$690.1 million)in the first quarter

9、of 2023,representing an increase of 165.9%fromthe first quarter of 2022 and a decrease of 18.1%from the fourth quarter of 2022.Excluding share-based compensationexpenses,adjusted net loss(non-GAAP)was RMB 4,150.1 million(US$604.3 million)in the first quarter of 2023,representing an increase of 216.9

10、%from the first quarter of 2022 and a decrease of 18.1%from the fourth quarter of 2022.Net loss attributable to NIOs ordinary shareholders was RMB4,803.6 million(US$699.5 million)in the first quarter of2023,representing an increase of 163.2%from the first quarter of 2022 and a decrease of 17.8%from

11、the fourth quarter of2022.Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemptionvalue,adjusted net loss attributable to NIOs ordinary shareholders(non-GAAP)was RMB4,141.8 million(US$603.1million)in the first quarter of 2023,representing an inc

12、rease of 222.3%from the first quarter of 2022 and a decrease of18.0%from the fourth quarter of 2022.Basic and diluted net loss per ordinary share/American Depositary Share(ADS)iii were both RMB2.91(US$0.42)inthe first quarter of 2023,compared with RMB1.12 in the first quarter of 2022 and RMB3.55 in

13、the fourth quarter of 2022.Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value,adjusted basic and diluted net loss per share/ADS(non-GAAP)were both RMB2.51(US$0.36),compared with RMB0.79 inthe first quarter of 2022 and RMB3.07 in the

14、fourth quarter of 2022.Cash and cash equivalents,restricted cash,short-term investment and long-term time deposits were RMB37.8billion(US$5.5 billion)as of March 31,2023.Key Financial Results for the First Quarter of 2023(in RMB million,except for per ordinary share/ADS data and percentage)2023 Q120

15、22 Q42022 Q1%Changeiv QoQYoYVehicle Sales9,224.514,759.09,244.0-37.5%-0.2%Vehicle Margin5.1%6.8%18.1%-170bp-1300bpTotal Revenues10,676.516,063.59,910.6-33.5%7.7%Gross Profit162.3621.81,446.8-73.9%-88.8%Gross Margin1.5%3.9%14.6%-240bp-1310bpLoss from Operations(5,111.8)(6,736.1)(2,188.7)-24.1%133.6%A

16、djusted Loss from Operations(non-GAAP)(4,522.4)(6,015.7)(1,715.6)-24.8%163.6%Net Loss(4,739.5)(5,786.1)(1,782.7)-18.1%165.9%Adjusted Net Loss(non-GAAP)(4,150.1)(5,065.6)(1,309.6)-18.1%216.9%Net Loss Attributable to Ordinary Shareholders(4,803.6)(5,847.1)(1,825.0)-17.8%163.2%Net Loss per Ordinary Sha

17、re/ADS-Basic andDiluted(2.91)(3.55)(1.12)-18.0%159.8%Adjusted Net Loss per Ordinary Share/ADS-Basicand Diluted(non-GAAP)(2.51)(3.07)(0.79)-18.2%217.7%Recent DevelopmentsDeliveries in April and May 2023NIO delivered 6,658 vehicles in April 2023 and 6,155 vehicles in May 2023.As of May 31,2023,NIOs cu

18、mulative vehicledeliveries since inception reached 333,410 vehicles.NIO Launched the All-New ES6On May 24,2023,NIO launched the All-New ES6,a smart electric all-round SUV in China and started its deliveries thenext day.CEO and CFO Comments“NIO delivered 31,041 vehicles in the first quarter of 2023,r

19、anking first in the premium battery electric vehicle market priced overRMB400,000 in China for 12 consecutive quarters,said William Bin Li,founder,chairman and chief executive officer of NIO,OnMay 24,2023,NIO launched the All-New ES6,an all-round smart electric SUV and started its deliveries the nex

20、t day.Withexquisite design,high performance,superior comfort,and advanced digital systems,the All-New ES6 has receivedoverwhelmingly positive feedback from our users.With the volume ramp-up of our new models including the All-New ES6,our teams are well prepared for a solid growth in vehicledeliverie

21、s,added Mr.Li.In the face of the changing market environment,we will observe and analyze the dynamics of the operating environment andcompetition landscape promptly,and continue to strengthen our competitive advantages in an agile and efficient manner,”addedSteven Wei Feng,NIOs chief financial offic

22、er,“Meanwhile,we will stay focused on execution,optimize cost structure,and furtherimprove our operating efficiency.”Financial Results for the First Quarter of 2023RevenuesTotal revenues in the first quarter of 2023 were RMB10,676.5 million(US$1,554.6 million),representing an increase of7.7%from the

23、 first quarter of 2022 and a decrease of 33.5%from the fourth quarter of 2022.Vehicle sales in the first quarter of 2023 were RMB9,224.5 million(US$1,343.2 million),representing a decrease of 0.2%from the first quarter of 2022 and a decrease of 37.5%from the fourth quarter of 2022.The decrease in ve

24、hicle sales overthe first quarter of 2022 was mainly due to lower average selling price as a result of higher proportion of ET5 and 75 kWhstandard-range battery pack deliveries,partially offset by an increase in delivery volume.The decrease in vehicle salesover the fourth quarter of 2022 was mainly

25、due to a decrease in delivery volume,and lower average selling price as aresult of higher proportion of ET5 and 75 kWh standard-range battery pack deliveries.Other sales in the first quarter of 2023 were RMB1,452.0 million(US$211.4 million),representing an increase of 117.8%from the first quarter of

26、 2022 and an increase of 11.3%from the fourth quarter of 2022.The increase in other sales overthe first quarter of 2022 was mainly due to the increase in sales of accessories,provision of repair and maintenanceservices,provision of auto financing services,sales of used cars and provision of power so

27、lutions,as a result of continuedgrowth of our users.The increase in other sales over the fourth quarter of 2022 was mainly due to the increase inprovision of auto financing services,sales of accessories,provision of repair and maintenance services,provision of powersolutions and sales of used cars,a

28、s a result of continued growth of our users,and partially offset by a decrease in revenuefrom rendering of research and development services.Cost of Sales and Gross MarginCost of sales in the first quarter of 2023 was RMB10,514.2 million(US$1,531.0 million),representing an increase of24.2%from the f

29、irst quarter of 2022 and a decrease of 31.9%from the fourth quarter of 2022.The increase in cost ofsales over the first quarter of 2022 was mainly driven by the increase in(i)delivery volume,and(ii)cost from the sales ofaccessories,provision of repair and maintenance services,sales of used cars and

30、provision of power solutions,associatedwith increased vehicle sales and expanded power and service network.The decrease in cost of sales over the fourthquarter of 2022 was mainly attributed to(i)the decrease in delivery volume,(ii)the decrease in average material cost pervehicle as a result of highe

31、r proportion of ET5 and 75 kWh standard-range battery pack deliveries,and(iii)the inventoryprovisions,accelerated depreciation on production facilities,and losses on purchase commitments related to the previousgeneration of ES8,ES6 and EC6 in the fourth quarter of 2022.Gross profit in the first quar

32、ter of 2023 was RMB162.3 million(US$23.6 million),representing a decrease of 88.8%fromthe first quarter of 2022 and a decrease of 73.9%from the fourth quarter of 2022.Gross margin in the first quarter of 2023 was 1.5%,compared with 14.6%in the first quarter of 2022 and 3.9%in thefourth quarter of 20

33、22.The decrease of gross margin from the first quarter of 2022 and the fourth quarter of 2022 wasmainly attributed to the decreased vehicle margin.Vehicle margin in the first quarter of 2023 was 5.1%,compared with 18.1%in the first quarter of 2022 and 6.8%in thefourth quarter of 2022.The decrease in

34、 vehicle margin from the first quarter of 2022 was mainly attributed to changes inproduct mix and increased battery cost per unit.The decrease in vehicle margin from the fourth quarter of 2022 wasmainly due to(i)changes in product mix,and(ii)increased promotion discount for the previous generation o

35、f ES8,ES6and EC6,which were partially offset by(iii)the inventory provisions,accelerated depreciation on production facilities,andlosses on purchase commitments for the previous generation of ES8,ES6 and EC6 in the fourth quarter of 2022.Operating ExpensesResearch and development expenses in the fir

36、st quarter of 2023 were RMB3,075.6 million(US$447.8 million),representing an increase of 74.6%from the first quarter of 2022 and a decrease of 22.7%from the fourth quarter of 2022.Excluding share-based compensation expenses,research and development expenses(non-GAAP)were RMB2,711.6million(US$394.8 m

37、illion),representing an increase of 79.1%from the first quarter of 2022 and a decrease of 23.7%fromthe fourth quarter of 2022.The increase in research and development expenses over the first quarter of 2022 was mainlyattributed to the increased personnel costs in research and development functions a

38、nd the increased share-basedcompensation expenses recognized in the first quarter of 2023.The decrease in research and development expenses overthe fourth quarter of 2022 reflected fluctuations due to different design and development stages of new products andtechnologies.Selling,general and adminis

39、trative expenses in the first quarter of 2023 were RMB2,445.9 million(US$356.2 million),representing an increase of 21.4%from the first quarter of 2022 and a decrease of 30.7%from the fourth quarter of 2022.Excluding share-based compensation expenses,selling,general and administrative expenses (non-

40、GAAP)wereRMB2,239.3 million(US$326.1 million),representing an increase of 24.3%from the first quarter of 2022 and a decrease of31.2%from the fourth quarter of 2022.The increase in selling,general and administrative expenses over the first quarterof 2022 was mainly attributed to(i)the increase in per

41、sonnel costs related to sales and general corporate functions,and(ii)the increase in expenses related to the Companys sales and service network expansion.The decrease in selling,general and administrative expenses over the fourth quarter of 2022 was mainly due to the decrease in sales andmarketing a

42、ctivities and professional services.Loss from OperationsLoss from operations in the first quarter of 2023 was RMB5,111.8 million(US$744.3 million),representing an increase of133.6%from the first quarter of 2022 and a decrease of 24.1%from the fourth quarter of 2022.Excluding share-basedcompensation

43、expenses,adjusted loss from operations(non-GAAP)was RMB4,522.4 million(US$658.5 million)in the firstquarter of 2023,representing an increase of 163.6%from the first quarter of 2022 and a decrease of 24.8%from the fourthquarter of 2022.Net Loss and Earnings Per Share/ADSNet loss in the first quarter

44、of 2023 was RMB4,739.5 million(US690.1 million),representing an increase of 165.9%fromthe first quarter of 2022 and a decrease of 18.1%from the fourth quarter of 2022.Excluding share-based compensationexpenses,adjusted net loss(non-GAAP)was RMB4,150.1 million(US604.3 million)in the first quarter of

45、2023,representing an increase of 216.9%from the first quarter of 2022 and a decrease of 18.1%from the fourth quarter of 2022.Net loss attributable to NIOs ordinary shareholders in the first quarter of 2023 was RMB 4,803.6 million(US$699.5million),representing an increase of 163.2%from the first quar

46、ter of 2022 and a decrease of 17.8%from the fourth quarterof 2022.Excluding share-based compensation expenses and accretion on redeemable non-controlling interests toredemption value,adjusted net loss attributable to NIOs ordinary shareholders(non-GAAP)was RMB 4,141.8 million(US$603.1 million)in the

47、 first quarter of 2023.Basic and diluted net loss per ordinary share/ADS in the first quarter of 2023 were both RMB2.91(US$0.42),compared with RMB1.12 in the first quarter of 2022 and RMB3.55 in the fourth quarter of 2022.Excluding share-basedcompensation expenses and accretion on redeemable non-con

48、trolling interests to redemption value,adjusted basic anddiluted net loss per share/ADS(non-GAAP)were both RMB2.51(US$0.36),compared with RMB0.79 in the first quarter of2022 and RMB3.07 in the fourth quarter of 2022.Balance SheetBalance of cash and cash equivalents,restricted cash,short-term investm

49、ent and long-term time deposits wasRMB37.8 billion(US$5.5 billion)as of March 31,2023.Business OutlookFor the second quarter of 2023,the Company expects:Deliveries of vehicles to be between 23,000 and 25,000 vehicles,representing a decrease of approximately 8.2%to 0.2%from the same quarter of 2022.T

50、otal revenues to be between RMB8,742 million (US$1,273 million)and RMB9,370 million (US$1,364 million),representing a decrease of approximately 15.1%to 9.0%from the same quarter of 2022.This business outlook reflects the Companys current and preliminary view on the business situation and market cond

51、ition,whichis subject to change.Conference CallThe Companys management will host an earnings conference call at 8:00 AM U.S.Eastern Time on June 9,2023(8:00 PMBeijing/Hong Kong/Singapore Time on June 9,2023).A live and archived webcast of the conference call will be available on the Companys investo

52、r relations websiteat https:/ participants who wish to join the conference using dial-in numbers,please register in advance using the link provided belowand dial in 10 minutes prior to the call.Dial-in numbers,passcode and unique access PIN would be provided upon registering.https:/s1.c- replay of t

53、he conference call will be accessible by phone at the following numbers,until June 16,2023:United States:+1-855-883-1031Hong Kong,China:+852-800-930-639Mainland,China:+86-400-1209-216Singapore:+65-800-1013-223International:+61-7-3107-6325Replay PIN:10030774About NIO Inc.NIO Inc.is a pioneer and a le

54、ading company in the premium smart electric vehicle market.Founded in November 2014,NIOsmission is to shape a joyful lifestyle.NIO aims to build a community starting with smart electric vehicles to share joy and growtogether with users.NIO designs,develops,jointly manufactures and sells premium smar

55、t electric vehicles,driving innovations innext-generation technologies in autonomous driving,digital technologies,electric powertrains and batteries.NIO differentiates itselfthrough its continuous technological breakthroughs and innovations,such as its industry-leading battery swapping technologies,

56、Battery as a Service,or BaaS,as well as its proprietary autonomous driving technologies and Autonomous Driving as a Service,or ADaaS.NIOs product portfolio consists of the ES8,a six-seater smart electric flagship SUV,the ES7(or the EL7),a mid-largefive-seater smart electric SUV,the ES6,a five-seater

57、 all-round smart electric SUV,the EC7,a five-seater smart electric flagshipcoupe SUV,the EC6,a five-seater smart electric coupe SUV,the ET7,a smart electric flagship sedan,and the ET5,a mid-sizesmart electric sedan.Safe Harbor StatementThis press release contains statements that may constitute“forwa

58、rd-looking”statements pursuant to the“safe harbor”provisions ofthe U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology suchas“will,”“expects,”“anticipates,”“aims,”“future,”“intends,”“plans,”“believes,”“estimates,”“likely to”and simil

59、ar statements.NIOmay also make written or oral forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission(the“SEC”),in its annual report to shareholders,in announcements,circulars or other publications made on the websites of eachof The Stock Exchange of Hong Ko

60、ng Limited(the“SEHK”)and the Singapore Exchange Securities Trading Limited(the“SGX-ST”),in press releases and other written materials and in oral statements made by its officers,directors or employees tothird parties.Statements that are not historical facts,including statements about NIOs beliefs,pl

61、ans and expectations,areforward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could causeactual results to differ materially from those contained in any forward-looking statement,including but not limited to the following:NIOs strategies;N

62、IOs future business development,financial condition and results of operations;NIOs ability to develop andmanufacture a car of sufficient quality and appeal to customers on schedule and on a large scale;its ability to ensure and expandmanufacturing capacities including establishing and maintaining pa

63、rtnerships with third parties;its ability to provide convenient andcomprehensive power solutions to its customers;the viability,growth potential and prospects of the newly introduced BaaS andADaaS;its ability to improve the technologies or develop alternative technologies in meeting evolving market

64、demand and industrydevelopment;NIOs ability to satisfy the mandated safety standards relating to motor vehicles;its ability to secure supply of rawmaterials or other components used in its vehicles;its ability to secure sufficient reservations and sales of its vehicles;its ability tocontrol costs as

65、sociated with its operations;its ability to build the NIO brand;general economic and business conditions globallyand in China and assumptions underlying or related to any of the foregoing.Further information regarding these and other risks isincluded in NIOs filings with the SEC and the announcement

66、s and filings on the websites of each of the SEHK and SGX-ST.Allinformation provided in this press release is as of the date of this press release,and NIO does not undertake any obligation toupdate any forward-looking statement,except as required under applicable law.Non-GAAP DisclosureThe Company u

67、ses non-GAAP measures,such as adjusted cost of sales(non-GAAP),adjusted research and developmentexpenses(non-GAAP),adjusted selling,general and administrative expenses(non-GAAP),adjusted loss from operations(non-GAAP),adjusted net loss(non-GAAP),adjusted net loss attributable to ordinary shareholder

68、s(non-GAAP)and adjustedbasic and diluted net loss per share/ADS(non-GAAP),in evaluating its operating results and for financial and operational decision-making purposes.The Company defines adjusted cost of sales(non-GAAP),adjusted research and development expenses(non-GAAP),adjusted selling,general

69、and administrative expenses(non-GAAP)and adjusted loss from operations(non-GAAP)and adjusted net loss(non-GAAP)as cost of sales,research and development expenses,selling,general and administrativeexpenses,loss from operations and net loss excluding share-based compensation expenses.The Company defin

70、es adjusted netloss attributable to ordinary shareholders(non-GAAP),adjusted basic and diluted net loss per share/ADS(non-GAAP)as net lossattributable to ordinary shareholders and basic and diluted net loss per share/ADS excluding share-based compensation expensesand accretion on redeemable non-cont

71、rolling interests to redemption value.By excluding the impact of share-based compensationexpenses and accretion on redeemable non-controlling interests to redemption value,the Company believes that the non-GAAPfinancial measures help identify underlying trends in its business and enhance the overall

72、 understanding of the Companys pastperformance and future prospects.The Company also believes that the non-GAAP financial measures allow for greater visibilitywith respect to key metrics used by the Companys management in its financial and operational decision-making.The non-GAAP financial measures

73、are not presented in accordance with U.S.GAAP and may be different from non-GAAPmethods of accounting and reporting used by other companies.The non-GAAP financial measures have limitations as analyticaltools and when assessing the Companys operating performance,investors should not consider them in

74、isolation,or as asubstitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S.GAAP.TheCompany encourages investors and others to review its financial information in its entirety and not rely on a single financialmeasure.The Company mitigates the

75、se limitations by reconciling the non-GAAP financial measures to the most comparable U.S.GAAPperformance measures,all of which should be considered when evaluating the Companys performance.For more information on the non-GAAP financial measures,please see the table captioned“Unaudited Reconciliation

76、 of GAAPand Non-GAAP Results”set forth at the end of this press release.Exchange RateThis announcement contains translations of certain Renminbi amounts into U.S.dollars at specified rates solely for theconvenience of the reader.Unless otherwise stated,all translations from Renminbi to U.S.dollars w

77、ere made at the rate ofRMB6.8676 to US$1.00,the noon buying rate in effect on March 31,2023 in the H.10 statistical release of the Federal ReserveBoard.The Company makes no representation that the Renminbi or U.S.dollars amounts referred could be converted into U.S.dollars or Renminbi,as the case ma

78、y be,at any particular rate or at all.For more information,please visit:http:/.Investor RMedia RSource:NIONIO INC.Unaudited Consolidated Balance Sheets(All amounts in thousands)As of December 31,2022 March 31,2023 March 31,2023 RMB RMB US$ASSETS Current assets:Cash and cash equivalents19,887,575 14,

79、763,443 2,149,724Restricted cash3,154,240 2,836,594 413,040Short-term investments19,171,017 17,842,478 2,598,066Trade and notes receivables5,118,170 5,464,539 795,698Amounts due from related parties1,380,956 1,550,523 225,774Inventory8,191,386 6,376,311 928,463Prepayments and other current assets2,2

80、46,408 2,817,160 410,210Total current assets59,149,752 51,651,048 7,520,975Non-current assets:Long-term restricted cash113,478 126,032 18,352Property,plant and equipment,net.15,658,666 15,910,905 2,316,807Intangible assets,net 29,648 4,317Land use rights,net212,603 211,277 30,764Long-term investment

81、s6,356,411 5,443,621 792,653Right-of-use assets-operating lease7,374,456 9,113,057 1,326,964Other non-current assets7,398,559 6,841,786 996,241Total non-current assets37,114,173 37,676,326 5,486,098Total assets96,263,925 89,327,374 13,007,073LIABILITIES Current liabilities:Short-term borrowings4,039

82、,210 5,294,210 770,897Trade and notes payable25,223,687 18,873,747 2,748,230Amounts due to related parties384,611 347,285 50,569Taxes payable286,300 278,316 40,526Current portion of operating lease liabilities1,025,968 951,187 138,504Current portion of long-term borrowings1,237,916 2,408,126 350,650

83、Accruals and other liabilities13,654,362 12,284,198 1,788,718Total current liabilities45,852,054 40,437,069 5,888,094Non-current liabilities:Long-term borrowings10,885,799 11,330,771 1,649,888Non-current operating lease liabilities6,517,096 8,412,155 1,224,905Deferred tax liabilities218,189 216,396

84、31,510Other non-current liabilities5,144,027 5,468,845 796,326Total non-current liabilities22,765,111 25,428,167 3,702,629Total liabilities68,617,165 65,865,236 9,590,723 NIO INC.Unaudited Consolidated Balance Sheets(All amounts in thousands)As of December 31,2022 March 31,2023 March 31,2023 RMB RMB

85、 US$MEZZANINE EQUITY Redeemable non-controlling interests3,557,221 3,629,686 528,522Total mezzanine equity3,557,221 3,629,686 528,522SHAREHOLDERS EQUITY Total NIO Inc.shareholders equity23,868,165 19,619,448 2,856,812Non-controlling interests221,374 213,004 31,016Total shareholders equity24,089,539

86、19,832,452 2,887,828Total liabilities,mezzanine equity and shareholders equity96,263,925 89,327,374 13,007,073 NIO INC.Unaudited Consolidated Statements of Comprehensive Loss(All amounts in thousands,except for share and per share/ADS data)Three Months Ended March 31,2022 December 31,2022 March 31,2

87、023 March 31,2023 RMB RMB RMB US$Revenues:Vehicle sales9,244,014 14,759,016 9,224,483 1,343,189 Other sales666,574 1,304,498 1,451,988 211,426 Total revenues9,910,588 16,063,514 10,676,471 1,554,615 Cost of sales:Vehicle sales(7,567,550)(13,749,365)(8,757,407)(1,275,177)Other sales(896,199)(1,692,39

88、1)(1,756,775)(255,806)Total cost of sales(8,463,749)(15,441,756)(10,514,182)(1,530,983)Gross profit1,446,839 621,758 162,289 23,632 Operating expenses:Research and development(1,761,687)(3,980,578)(3,075,611)(447,844)Selling,general and administrative(2,014,804)(3,527,371)(2,445,928)(356,155)Other o

89、perating income140,987 150,057 247,402 36,025 Total operating expenses(3,635,504)(7,357,892)(5,274,137)(767,974)Loss from operations(2,188,665)(6,736,134)(5,111,848)(744,342)Interest and investment income400,688 351,960 306,762 44,668 Interest expenses(77,339)(70,669)(68,663)(9,998)Gain on extinguis

90、hment of debt 118,400 Share of income of equity investees26,229 251,439 13,599 1,980 Other income,net86,886 315,699 128,290 18,680 Loss before income tax expense(1,752,201)(5,769,305)(4,731,860)(689,012)Income tax expense(30,459)(16,796)(7,674)(1,117)Net loss(1,782,660)(5,786,101)(4,739,534)(690,129

91、)Accretion on redeemable non-controllinginterests to redemption value(66,775)(72,581)(72,465)(10,552)Net loss attributable to non-controlling interests24,397 11,603 8,370 1,219 Net loss attributable to ordinaryshareholders of NIO Inc.(1,825,038)(5,847,079)(4,803,629)(699,462)Net loss(1,782,660)(5,78

92、6,101)(4,739,534)(690,129)Other comprehensive income/(loss)Change in unrealized gains/(losses)related toavailable-for-sale debt securities,net of tax743,103 (24,495)Change in unrealized gains/(losses)on cashflow hedges 817 (1,329)(194)Foreign currency translation adjustment,net ofnil tax(38,879)(134

93、,783)(54,605)(7,951)Total other comprehensive income/(loss)704,224 (158,461)(55,934)(8,145)Total comprehensive loss(1,078,436)(5,944,562)(4,795,468)(698,274)Accretion on redeemable non-controllinginterests to redemption value(66,775)(72,581)(72,465)(10,552)Net loss attributable to non-controlling in

94、terests24,397 11,603 8,370 1,219 Other comprehensive(income)/loss attributableto non-controlling interests(150,141)5,229 Comprehensive loss attributable to ordinaryshareholders of NIO Inc.(1,270,955)(6,000,311)(4,859,563)(707,607)Weighted average number of ordinaryshares/ADS used in computing net lo

95、ss pershare/ADS Basic and diluted1,624,805,030 1,647,356,108 1,649,309,669 1,649,309,669 Net loss per share/ADS attributable toordinary shareholders Basic and diluted(1.12)(3.55)(2.91)(0.42)NIO INC.Unaudited Reconciliation of GAAP and Non-GAAP Results(All amounts in thousands,except for share and pe

96、r share/ADS data)Three Months Ended March 31,2023 GAAPResult Share-basedcompensation Accretion on redeemablenon-controlling intereststo redemption value AdjustedResult(Non-GAAP)RMB RMB RMB RMBCost of sales(10,514,182)18,768 (10,495,414)Research and development expenses(3,075,611)363,967 (2,711,644)S

97、elling,general and administrative expenses(2,445,928)206,670 (2,239,258)Total(16,035,721)589,405 (15,446,316)Loss from operations(5,111,848)589,405 (4,522,443)Net loss(4,739,534)589,405 (4,150,129)Net loss attributable to ordinary shareholders ofNIO Inc.(4,803,629)589,405 72,465 (4,141,759)Net loss

98、per share/ADS attributable to ordinaryshareholders,basic and diluted(RMB)(2.91)0.36 0.04 (2.51)Net loss per share/ADS attributable to ordinaryshareholders,basic and diluted(USD)(0.42)0.05 0.01 (0.36)Three Months Ended December 31,2022 GAAPResult Share-basedcompensation Accretion on redeemablenon-con

99、trolling intereststo redemption value AdjustedResult(Non-GAAP)RMB RMB RMB RMBCost of sales(15,441,756)23,522 (15,418,234)Research and development expenses(3,980,578)426,701 (3,553,877)Selling,general and administrative expenses(3,527,371)270,257 (3,257,114)Total(22,949,705)720,480 (22,229,225)Loss f

100、rom operations(6,736,134)720,480 (6,015,654)Net loss(5,786,101)720,480 (5,065,621)Net loss attributable to ordinary shareholdersof NIO Inc.(5,847,079)720,480 72,581(5,054,018)Net loss per share/ADS attributable to ordinaryshareholders,basic and diluted(RMB)(3.55)0.44 0.04 (3.07)Three Months Ended Ma

101、rch 31,2022 GAAPResult Share-basedcompensation Accretion on redeemablenon-controlling intereststo redemption value AdjustedResult(Non-GAAP)RMB RMB RMB RMBCost of sales(8,463,749)12,125 (8,451,624)Research and development expenses(1,761,687)247,621 (1,514,066)Selling,general and administrative expens

102、es(2,014,804)213,293 (1,801,511)Total(12,240,240)473,039 (11,767,201)Loss from operations(2,188,665)473,039 (1,715,626)Net loss(1,782,660)473,039 (1,309,621)Net loss attributable to ordinary shareholders ofNIO Inc.(1,825,038)473,039 66,775 (1,285,224)Net loss per share/ADS attributable to ordinarysh

103、areholders,basic and diluted(RMB)(1.12)0.29 0.04 (0.79)_i All translations from RMB to USD for three months ended March 31,2023 were made at the rate of RMB6.8676 to US$1.00,thenoon buying rate in effect on March 31,2023 in the H.10 statistical release of the Federal Reserve Board.ii Vehicle margin is the margin of new vehicle sales,which is calculated based on revenues and cost of sales derived from newvehicle sales only.iii Each ADS represents one ordinary share.iv Except for gross margin and vehicle margin,where absolute changes instead of percentage changes are calculated.