SHANGHAI, China, Nov. 10, 2022 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2022.
Operating Highlights for the Third Quarter of 2022
| Key Operating Results | ||||
| 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | |
| Deliveries | 31,607 | 25,059 | 25,768 | 25,034 |
| 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | |
| Deliveries | 24,439 | 21,896 | 20,060 | 17,353 |
Financial Highlights for the Third Quarter of 2022
| Key Financial Results (in RMB million, except for per ordinary share data and percentage) | |||||||||||||
| 2022 Q3 | 2022 Q2 | 2021 Q3 | % Changeiv | ||||||||||
| QoQ | YoY | ||||||||||||
| Vehicle Sales | 11,932.7 | 9,570.8 | 8,636.8 | 24.7% | 38.2% | ||||||||
| Vehicle Margin | 16.4% | 16.7% | 18.0% | -30bp | -160bp | ||||||||
| Total Revenues | 13,002.1 | 10,292.4 | 9,805.3 | 26.3% | 32.6% | ||||||||
| Gross Profit | 1,735.1 | 1,340.3 | 1,993.2 | 29.5% | -12.9% | ||||||||
| Gross Margin | 13.3% | 13.0% | 20.3% | 30bp | -700bp | ||||||||
| Loss from Operations | (3,870.3) | (2,845.6) | (991.9) | 36.0% | 290.2% | ||||||||
| Adjusted Loss from Operations (non-GAAP) | (3,258.4) | (2,355.1) | (726.3) | 38.4% | 348.6% | ||||||||
| Net Loss | (4,110.8) | (2,757.5) | (835.3) | 49.1% | 392.1% | ||||||||
| Adjusted Net Loss (non-GAAP) | (3,498.9) | (2,267.0) | (569.7) | 54.3% | 514.2% | ||||||||
| Net Loss Attributable to Ordinary Shareholders | (4,142.3) | (2,745.0) | (2,858.9) | 50.9% | 44.9% | ||||||||
| Net Loss per Ordinary Share/ADS-Basic and Diluted | (2.53) | (1.68) | (1.82) | 50.6% | 39.0% | ||||||||
| Adjusted Net Loss per Ordinary Share/ADS-Basic and Diluted (non-GAAP) | (2.11) | (1.34) | (0.36) | 57.5% | 486.1% | ||||||||
Recent Developments
Deliveries in October 2022
ESG Report
European Markets
CEO and CFO Comments
“NIO delivered 31,607 vehicles in the third quarter of 2022, representing a solid growth of 29.3% year-over-year and achieving a record-breaking quarterly delivery. Following the delivery of our new product lineup based on NIO Technology 2.0 catering to different market segments, we have witnessed strong growth momentum in user demand and robust foot traffic, especially after the debut of ET5s in stores from September, and expect the ET5 delivery will support a substantial acceleration of our overall revenue growth in the fourth quarter of 2022. To meet the growing user demand and shorten the waiting time, we have been working closely with supply chain partners to accelerate production and delivery," said William Bin Li, founder, chairman and chief executive officer of NIO.
“At the NIO Berlin 2022 on November 7, we introduced our compelling products and holistic service system to more users in Europe. Encouraged by the rave reviews from the local users and media, we have full confidence in our future performance in Europe,” added Mr. Li.
“We achieved solid top line growth in the third quarter of 2022 against a challenging market environment,” added Steven Wei Feng, chief financial officer of NIO. “We aim to consistently enhance the holistic user experience for our global user community by investing in core technology development as well as power network expansion, while continuously improving our operational execution and efficiency.”
Financial Results for the Third Quarter of 2022
Revenues
Cost of Sales and Gross Margin
Operating Expenses
Loss from Operations
Share-based Compensation Expenses
Loss before Income Tax Expense
Net Loss and Earnings Per Share
Balance Sheets
Share Issuance
Business Outlook
For the fourth quarter of 2022, the Company expects:
This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.
Conference Call
The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 10, 2022 (8:00 PM Beijing/Hong Kong/Singapore Time on November 10, 2022).
A live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.nio.com/news-events/events.
For participants who wish to join the conference using dial-in numbers, please register in advance using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode and unique access PIN would be provided upon registering.
https://s1.c-conf.com/diamondpass/10026395-pu6b2m.html
A replay of the conference call will be accessible by phone at the following numbers, until November 17, 2022:
| United States: | +1-855-883-1031 | |||
| Hong Kong, China: | +852-800-930-639 | |||
| Mainland, China: | +86-400-1209-216 | |||
| Singapore: | +65-800-1013-223 | |||
| International: | +61-7-3107-6325 | |||
| Replay PIN: | 10026395 | |||
About NIO Inc.
NIO Inc. is a pioneer and a leading company in the premium smart electric vehicle market. Founded in November 2014, NIO’s mission is to shape a joyful lifestyle. NIO aims to build a community starting with smart electric vehicles to share joy and grow together with users. NIO designs, develops, jointly manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in autonomous driving, digital technologies, electric powertrains and batteries. NIO differentiates itself through its continuous technological breakthroughs and innovations, such as its industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as its proprietary autonomous driving technologies and Autonomous Driving as a Service, or ADaaS. NIO’s product portfolio consists of the ES8, a six- or seven-seater flagship premium smart electric SUV, the ES7 (or the EL7), a mid-large five-seater premium smart electric SUV, the ES6, a five-seater high-performance premium smart electric SUV, the EC6, a five-seater premium smart electric coupe SUV, the ET7, a flagship premium smart electric sedan, and the ET5, a mid-size premium smart electric sedan.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong 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 to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture a car of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the newly introduced BaaS and ADaaS; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO’s ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of the ES8, ES7 (or the EL7), ES6, EC6, ET7 and ET5; its ability to control costs associated with its operations; its ability to build the NIO brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the U.S. Securities and Exchange Commission and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Non-GAAP Disclosure
The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and development expenses (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 shareholders (non-GAAP), adjusted basic and diluted net loss per share (non-GAAP) and adjusted basic and diluted net loss per 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 and administrative expenses (non-GAAP), adjusted loss from operations (non-GAAP) and adjusted net loss (non-GAAP) as cost of sales, research and development expenses, selling, general and administrative expenses, loss from operations and net loss excluding share-based compensation expenses. The Company defines adjusted net loss attributable to ordinary shareholders (non-GAAP), adjusted basic and diluted net loss per share (non-GAAP) and adjusted basic and diluted net loss per ADS (non-GAAP) as net loss attributable to ordinary shareholders, basic and diluted net loss per share and basic and diluted net loss per ADS excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.
For more information, please visit: http://ir.nio.com.
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Source: NIO
NIO INC.
Unaudited Consolidated Balance Sheets
| (All amounts in thousands) |
| As of | ||||
| December 31, 2021 | September 30, 2022 | September 30, 2022 | ||
| RMB | RMB | US$ | ||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | 15,333,719 | 18,080,674 | 2,541,741 | |
| Restricted cash | 2,994,408 | 3,493,321 | 491,083 | |
| Short-term investments | 37,057,554 | 26,729,065 | 3,757,512 | |
| Trade and notes receivable | 2,797,805 | 4,384,009 | 616,294 | |
| Amounts due from related parties | 1,551,334 | 1,754,279 | 246,613 | |
| Inventory | 2,056,352 | 6,671,568 | 937,874 | |
| Prepayments and other current assets | 1,850,143 | 1,944,863 | 273,405 | |
| Total current assets | 63,641,315 | 63,057,779 | 8,864,522 | |
| Non-current assets: | ||||
| Long-term restricted cash | 46,437 | 65,732 | 9,240 | |
| Property, plant and equipment, net | 7,399,516 | 12,777,076 | 1,796,173 | |
| Land use rights, net | 199,121 | 213,929 | 30,074 | |
| Long-term investments | 3,059,383 | 5,982,684 | 841,032 | |
| Right-of-use assets - operating lease | 2,988,374 | 7,505,429 | 1,055,097 | |
| Other non-current assets | 5,549,455 | 7,274,586 | 1,022,645 | |
| Total non-current assets | 19,242,286 | 33,819,436 | 4,754,261 | |
| Total assets | 82,883,601 | 96,877,215 | 13,618,783 | |
| LIABILITIES | ||||
| Current liabilities: | ||||
| Short-term borrowings | 5,230,000 | 5,039,210 | 708,401 | |
| Trade and notes payable | 12,638,991 | 20,367,423 | 2,863,207 | |
| Amounts due to related parties | 687,200 | 478,745 | 67,301 | |
| Taxes payable | 627,794 | 207,715 | 29,200 | |
| Current portion of operating lease liabilities | 744,561 | 831,617 | 116,907 | |
| Current portion of long-term borrowings | 2,067,962 | 1,768,304 | 248,584 | |
| Accruals and other liabilities | 7,201,644 | 11,036,414 | 1,551,474 | |
| Total current liabilities | 29,198,152 | 39,729,428 | 5,585,074 | |
| Non-current liabilities: | ||||
| Long-term borrowings | 9,739,176 | 12,537,116 | 1,762,440 | |
| Non-current operating lease liabilities | 2,317,193 | 6,825,488 | 959,512 | |
| Deferred tax liabilities | 25,199 | 216,598 | 30,449 | |
| Other non-current liabilities | 3,540,458 | 4,704,302 | 661,320 | |
| Total non-current liabilities | 15,622,026 | 24,283,504 | 3,413,721 | |
| Total liabilities | 44,820,178 | 64,012,932 | 8,998,795 | |
NIO INC.
Unaudited Consolidated Balance Sheets
| (All amounts in thousands) |
| As of | ||||
| December 31, 2021 | September 30, 2022 | September 30, 2022 | ||
| RMB | RMB | US$ | ||
| MEZZANINE EQUITY | ||||
| Redeemable non-controlling interests | 3,277,866 | 3,484,640 | 489,863 | |
| Total mezzanine equity | 3,277,866 | 3,484,640 | 489,863 | |
| SHAREHOLDERS’ EQUITY | ||||
| Total NIO Inc. shareholders’ equity | 34,709,924 | 29,133,646 | 4,095,543 | |
| Non-controlling interests | 75,633 | 245,997 | 34,582 | |
| Total shareholders’ equity | 34,785,557 | 29,379,643 | 4,130,125 | |
| Total liabilities, mezzanine equity and shareholders’ equity | 82,883,601 | 96,877,215 | 13,618,783 | |
NIO INC.
Unaudited Consolidated Statements of Comprehensive Loss
| (All amounts in thousands, except for share and per share data) |
| Three Months Ended | ||||||||
| September 30, 2021 | June 30, 2022 | September 30, 2022 | September 30, 2022 | |||||
| RMB | RMB | RMB | US$ | |||||
| Revenues: | ||||||||
| Vehicle sales | 8,636,765 | 9,570,842 | 11,932,709 | 1,677,474 | ||||
| Other sales | 1,168,536 | 721,522 | 1,069,386 | 150,332 | ||||
| Total revenues | 9,805,301 | 10,292,364 | 13,002,095 | 1,827,806 | ||||
| Cost of sales: | ||||||||
| Vehicle sales | (7,078,180 | ) | (7,976,625 | ) | (9,978,261 | ) | (1,402,722 | ) |
| Other sales | (733,959 | ) | (975,436 | ) | (1,288,741 | ) | (181,168 | ) |
| Total cost of sales | (7,812,139 | ) | (8,952,061 | ) | (11,267,002 | ) | (1,583,890 | ) |
| Gross profit | 1,993,162 | 1,340,303 | 1,735,093 | 243,916 | ||||
| Operating expenses: | ||||||||
| Research and development | (1,193,122 | ) | (2,149,479 | ) | (2,944,517 | ) | (413,934 | ) |
| Selling, general and administrative | (1,824,875 | ) | (2,282,461 | ) | (2,712,483 | ) | (381,315 | ) |
| Other operating income | 32,910 | 246,077 | 51,607 | 7,255 | ||||
| Total operating expenses | (2,985,087 | ) | (4,185,863 | ) | (5,605,393 | ) | (787,994 | ) |
| Loss from operations | (991,925 | ) | (2,845,560 | ) | (3,870,300 | ) | (544,078 | ) |
| Interest and investment income | 240,120 | 292,863 | 313,208 | 44,030 | ||||
| Interest expenses | (77,190 | ) | (64,712 | ) | (100,564 | ) | (14,137 | ) |
| Share of (loss)/income of equity investees | (35,631 | ) | 48,053 | 52,054 | 7,318 | |||
| Other income/(losses), net | 32,574 | (189,955 | ) | (495,582 | ) | (69,668 | ) | |
| Loss before income tax expense | (832,052 | ) | (2,759,311 | ) | (4,101,184 | ) | (576,535 | ) |
| Income tax (expense)/benefit | (3,250 | ) | 1,791 | (9,639 | ) | (1,355 | ) | |
| Net loss | (835,302 | ) | (2,757,520 | ) | (4,110,823 | ) | (577,890 | ) |
| Accretion on redeemable non-controlling interests to redemption value | (2,023,534 | ) | (68,899 | ) | (71,100 | ) | (9,995 | ) |
| Net (income)/ loss attributable to non-controlling interests | (14 | ) | 81,411 | 39,603 | 5,567 | |||
| Net loss attributable to ordinary shareholders of NIO Inc. | (2,858,850 | ) | (2,745,008 | ) | (4,142,320 | ) | (582,318 | ) |
| Net loss | (835,302 | ) | (2,757,520 | ) | (4,110,823 | ) | (577,890 | ) |
| Other comprehensive income | ||||||||
| Change in unrealized gains related to available-for-sale debt securities, net of tax | — | (4,999 | ) | 32,727 | 4,601 | |||
| Change in unrealized losses on cash flow hedges | — | (20 | ) | (797 | ) | (112 | ) | |
| Foreign currency translation adjustment, net of nil tax | 19,912 | 490,549 | 400,386 | 56,285 | ||||
| Total other comprehensive income | 19,912 | 485,530 | 432,316 | 60,774 | ||||
| Total comprehensive loss | (815,390 | ) | (2,271,990 | ) | (3,678,507 | ) | (517,116 | ) |
| Accretion on redeemable non-controlling interests to redemption value | (2,023,534 | ) | (68,899 | ) | (71,100 | ) | (9,995 | ) |
| Net (income)/ loss attributable to non-controlling interests | (14 | ) | 81,411 | 39,603 | 5,567 | |||
| Other comprehensive income attributable to non-controlling interests | — | — | (6,387 | ) | (898 | ) | ||
| Comprehensive loss attributable to ordinary shareholders of NIO Inc. | (2,838,938 | ) | (2,259,478 | ) | (3,716,391 | ) | (522,442 | ) |
| Weighted average number of ordinary shares used in computing net loss per share | ||||||||
| Basic and diluted | 1,567,807,244 | 1,632,803,993 | 1,640,001,909 | 1,640,001,909 | ||||
| Net loss per share attributable to ordinary shareholders | ||||||||
| Basic and diluted | (1.82 | ) | (1.68 | ) | (2.53 | ) | (0.36 | ) |
| Weighted average number of ADS used in computing net loss per share | ||||||||
| Basic and diluted | 1,567,807,244 | 1,632,803,993 | 1,640,001,909 | 1,640,001,909 | ||||
| Net loss per ADS attributable to ordinary shareholders | ||||||||
| Basic and diluted | (1.82 | ) | (1.68 | ) | (2.53 | ) | (0.36 | ) |
NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP Results
| (All amounts in thousands, except for share and per share data) |
| Three Months Ended September 30, 2022 | ||||||
| GAAP Result | Share-based compensation | Accretion on redeemable non-controlling interests to redemption value | Adjusted Result (Non-GAAP) | |||
| RMB | RMB | RMB | RMB | |||
| Cost of sales | (11,267,002 | ) | 17,040 | — | (11,249,962 | ) |
| Research and development expenses | (2,944,517 | ) | 373,154 | — | (2,571,363 | ) |
| Selling, general and administrative expenses | (2,712,483 | ) | 221,680 | — | (2,490,803 | ) |
| Total | (16,924,002 | ) | 611,874 | — | (16,312,128 | ) |
| Loss from operations | (3,870,300 | ) | 611,874 | — | (3,258,426 | ) |
| Net loss | (4,110,823 | ) | 611,874 | — | (3,498,949 | ) |
| Net loss attributable to ordinary shareholders of NIO Inc. | (4,142,320 | ) | 611,874 | 71,100 | (3,459,346 | ) |
| Net loss per share attributable to ordinary shareholders, basic and diluted (RMB) | (2.53 | ) | 0.37 | 0.05 | (2.11 | ) |
| Net loss per ADS attributable to ordinary shareholders, basic and diluted (RMB) | (2.53 | ) | 0.37 | 0.05 | (2.11 | ) |
| Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD) | (0.36 | ) | 0.05 | 0.01 | (0.30 | ) |
| Three Months Ended June 30, 2022 | ||||||
| GAAP Result | Share-based compensation | Accretion on redeemable non-controlling interests to redemption value | Adjusted Result (Non-GAAP) | |||
| RMB | RMB | RMB | RMB | |||
| Cost of sales | (8,952,061 | ) | 14,227 | — | (8,937,834 | ) |
| Research and development expenses | (2,149,479 | ) | 275,894 | — | (1,873,585 | ) |
| Selling, general and administrative expenses | (2,282,461 | ) | 200,382 | — | (2,082,079 | ) |
| Total | (13,384,001 | ) | 490,503 | — | (12,893,498 | ) |
| Loss from operations | (2,845,560 | ) | 490,503 | — | (2,355,057 | ) |
| Net loss | (2,757,520 | ) | 490,503 | — | (2,267,017 | ) |
| Net loss attributable to ordinary shareholders of NIO Inc. | (2,745,008 | ) | 490,503 | 68,899 | (2,185,606 | ) |
| Net loss per share attributable to ordinary shareholders, basic and diluted (RMB) | (1.68 | ) | 0.30 | 0.04 | (1.34 | ) |
| Net loss per ADS attributable to ordinary shareholders, basic and diluted (RMB) | (1.68 | ) | 0.30 | 0.04 | (1.34 | ) |
| Three Months Ended September 30, 2021 | ||||||
| GAAP Result | Share-based compensation | Accretion on redeemable non-controlling interests to redemption value | Adjusted Result (Non-GAAP) | |||
| RMB | RMB | RMB | RMB | |||
| Cost of sales | (7,812,139 | ) | 10,021 | — | (7,802,118 | ) |
| Research and development expenses | (1,193,122 | ) | 98,170 | — | (1,094,952 | ) |
| Selling, general and administrative expenses | (1,824,875 | ) | 157,400 | — | (1,667,475 | ) |
| Total | (10,830,136 | ) | 265,591 | — | (10,564,545 | ) |
| Loss from operations | (991,925 | ) | 265,591 | — | (726,334 | ) |
| Net loss | (835,302 | ) | 265,591 | — | (569,711 | ) |
| Net loss attributable to ordinary shareholders of NIO Inc. | (2,858,850 | ) | 265,591 | 2,023,534 | (569,725 | ) |
| Net loss per share attributable to ordinary shareholders, basic and diluted (RMB) | (1.82 | ) | 0.17 | 1.29 | (0.36 | ) |
| Net loss per ADS attributable to ordinary shareholders, basic and diluted (RMB) | (1.82 | ) | 0.17 | 1.29 | (0.36 | ) |
i All translations from RMB to USD for the three months ended September 30, 2022 were made at the rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022 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 new vehicle 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.
| Last Trade: | US$4.53 |
| Daily Change: | 0.13 2.95 |
| Daily Volume: | 33,047,127 |
| Market Cap: | US$8.790B |
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