NIO Narrowed Net Loss to $629M in 2021
NIO Inc., a major player in the Chinese smart electric vehicle market, on Thursday announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021.
Hong Kong-listed NIO delivered 25,034 vehicles in the fourth quarter of 2021, including 5,683 ES8s, 12,180 ES6s and 7,171 EC6s, representing an increase of 44.3% from the fourth quarter of 2020 and an increase of 2.4% from the third quarter of 2021. Its deliveries of vehicles totaled 91,429 in 2021, representing an increase of 109.1% from 2020.
NIO’s total revenues were 9.9 billion yuan ($1.55 billion) in the fourth quarter of 2021, representing an increase of 49.1% from the fourth quarter of 2020. Its vehicle sales were 9.22 billion yuan in the fourth quarter of 2021, an increase of 49.3% year-on-year.
The EV maker’s gross profit was 1.7 billion yuan in the fourth quarter of 2021, a year-on-year increase of 48.8%. However, its net loss was 2.14 billion yuan in the quarter, while the net loss attributable to NIO’s ordinary shareholders was 2.18 billion.
In terms of the firm’s vehicle sales last year, NIO took in 33.17 billion yuan ($5.2 billion), representing an increase of 118.5% from the previous year.
Its total revenues were 36.14 billion yuan for the full year of 2021, representing an increase of 122.3% from the previous year. Gross profit was 6.82 billion yuan in 2021, a year-on-year increase of 264.1%, while the net loss was 4.02 billion yuan, a year-on-year decrease of 24.3%.
Besides the data from last year, NIO disclosed some new developments at the beginning of this year. Combined deliveries of the ES8, ES6 and EC6 were 9,652 vehicles in January 2022 and 6,131 vehicles in February 2022, representing an increase of 33.6% and 9.9% year-on-year, respectively. As of February 28, 2022, cumulative deliveries of the ES8, ES6 and EC6 reached 182,853 vehicles.
On March 16, 2022, NIO appointed Long Yu, an independent director, as a new member of the audit committee, effective today.
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“We expect to deliver a total of 25,000 to 26,000 vehicles in the first quarter of 2022,” said William Li, founder, chairman and chief executive officer of NIO. “2022 will be a year of reacceleration for NIO. We will deliver three new products based on NIO Technology Platform 2.0 this year. In March, we kicked off the test drive of ET7 and will start its delivery on March 28, 2022. After the launch of ET5 in December 2021, we have received great feedback from prospective users, and expect to start its delivery in September 2022. In addition, we plan to offer our products and services in more countries and regions in 2022 to further expand our global user community.”