On November 10, 2021, NIO released its Q3 2021 financial report. In this quarter, which set a new delivery record, the financial results are worth noting. The summary of the financial report is as follows, including the following sections:
Delivery Data
In Q3 2021, a total of 24,439 new vehicles were delivered, an increase of 11.6% quarter-over-quarter and 100.2% year-over-year. The delivery target for Q3 of 23,000 to 25,000 units was achieved, including:
- ES8: 5,418 units
- ES6: 11,271 units
- EC6: 7,750 units
Financial Data
- Total revenue was RMB 9.805 billion, an increase of 116.6% year-over-year and 16.1% quarter-over-quarter.
- NIO’s total gross profit reached RMB 1.993 billion in Q3 2021, an increase of 240.3% year-over-year and 26.6% quarter-over-quarter. The overall gross margin was 20.3%, slightly higher than the 18.6% in Q2.
- The revenue from vehicle sales was RMB 8.337 billion in Q3 2021, an increase of 102.4% year-over-year and 9.2% quarter-over-quarter. The gross profit margin per vehicle was 18%, a slight decrease quarter-over-quarter.
- The revenue from other businesses was RMB 780 million, an increase of 350.8% year-over-year and 117.9% quarter-over-quarter, largely due to subsidies and battery upgrade services.
- Net loss in Q3 2021 was RMB 2.859 billion, an increase of 140.7% year-over-year and 333.6% quarter-over-quarter.
Other Data
- Estimated total revenue for Q4 2021 will be between RMB 9.376 billion to 10.106 billion, with a quarter-over-quarter increase of 3.1% to 4.4%.
- NIO expects to deliver 23,500 to 25,500 cars in Q4 2021.
- NIO invested RMB 1.193 billion in R&D in Q3 2021, an increase of 101.9% year-over-year and 35% quarter-over-quarter, mainly due to R&D on new models and technologies.
- Sales and management expenses were RMB 1.825 billion in Q3 2021, an increase of 94.1% year-over-year and 21.8% quarter-over-quarter, mainly due to an increase in personnel services fees and network expansion.
- NIO’s cash reserves reached RMB 47 billion.
Official OverviewUnder the problem of supply shortage, NIO still achieved a quarterly delivery record high in Q3 2021, and the newly added order volume in October also hit a new historical high for a single month. From the production end, the NIO team is working hard to ensure production capacity and delivery volume in Q4, while also accelerating the production of three new NT2.0 platform vehicles for 2022.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.