Docoh
Loading...

NIO NIO

Document and Entity Information

Document and Entity Information12 Months Ended
Dec. 31, 2020shares
Document Type20-F
Document Registration Statementfalse
Document Annual Reporttrue
Document Period End DateDec. 31,
2020
Document Transition Reportfalse
Document Shell Company Reportfalse
Entity File Number001-38638
Entity Registrant NameNIO Inc.
Entity Incorporation, State or Country CodeE9
Entity Address, Address Line OneBuilding 20, No. 56 AnTuo Road
Entity Address, Address Line TwoAnting Town
Entity Address, City or TownShanghai
Entity Address, Postal Zip Code201804
Entity Address, CountryCN
Entity Well-known Seasoned IssuerYes
Entity Voluntary FilersNo
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Document Accounting StandardU.S. GAAP
Entity Emerging Growth Companyfalse
Entity Central Index Key0001736541
Current Fiscal Year End Date--12-31
Amendment Flagfalse
ICFR Auditor Attestation Flagtrue
Document Fiscal Year Focus2020
Document Fiscal Period FocusFY
Entity Shell Companyfalse
Business Contact
Contact Personnel NameWei Feng
Entity Address, Address Line OneBuilding 20, No. 56 AnTuo Road
Entity Address, Address Line TwoAnting Town
Entity Address, City or TownShanghai
Entity Address, Postal Zip Code201804
Entity Address, CountryCN
Contact Personnel Email Addressir@nio.com
City Area Code86
Local Phone Number21-6908 2018
American Depositary Shares
Title of 12(b) SecurityAmerican depositary shares (each representing one Class A ordinary share,
Security Exchange NameNYSE
Trading SymbolNIO
Class A Ordinary Shares
Title of 12(b) SecurityClass A ordinary shares, par value US$0.00025 per share
Security Exchange NameNYSE
Entity Common Stock, Shares Outstanding1,292,312,288
Trading SymbolNIO
Class B Ordinary Shares
Entity Common Stock, Shares Outstanding128,293,932
Class C Ordinary Shares
Entity Common Stock, Shares Outstanding148,500,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Current assets:
Cash and cash equivalents ¥ 38,425,541 $ 5,888,972 ¥ 862,839
Restricted cash78,010 11,956 82,507
Short-term investment3,950,747 605,478 111,000
Trade receivable1,123,920 172,248 1,352,093
Amounts due from related parties169,288 25,945 50,783
Inventory1,081,553 165,755 889,528
Prepayments and other current assets1,422,403 217,993 1,579,258
Expected credit loss provision - current(44,645)(6,842)
Total current assets46,206,817 7,081,505 4,928,008
Non-current assets:
Long-term restricted cash41,547 6,367 44,523
Property, plant and equipment, net4,996,228 765,705 5,533,064
Intangible assets, net613 94 1,522
Land use rights, net203,968 31,259 208,815
Long-term investments300,121 45,996 115,325
Amounts due from related parties617 95
Right-of-use assets - operating lease1,350,294 206,942 1,997,672
Other non-current assets1,561,755 239,350 1,753,100
Expected credit loss provision - non-current(20,031)(3,070)
Total non-current assets8,435,112 1,292,738 9,654,021
Total assets54,641,929 8,374,243 14,582,029
Current liabilities:
Short-term borrowings1,550,000 237,548 885,620
Trade and notes payable6,368,253 975,977 3,111,699
Amounts due to related parties344,603 52,813 309,729
Taxes payable181,658 27,840 43,986
Current portion of operating lease liabilities547,142 83,852 608,747
Current portion of long-term borrowings380,560 58,323 322,436
Accruals and other liabilities4,604,024 705,600 4,216,641
Total current liabilities13,976,240 2,141,953 9,498,858
Non-current liabilities:
Long-term borrowings5,938,279 910,081 7,154,798
Non-current operating lease liabilities1,015,261 155,596 1,598,372
Other non-current liabilities1,849,906 283,510 1,151,813
Total non-current liabilities8,803,446 1,349,187 9,904,983
Total liabilities22,779,686 3,491,140 19,403,841
Commitments and contingencies (Note 28)
MEZZANINE EQUITY
Redeemable non-controlling interests4,691,287 718,971 1,455,787
Total mezzanine equity4,691,287 718,971 1,455,787
SHAREHOLDERS' (DEFICIT)/EQUITY
Additional paid in capital78,880,014 12,088,891 40,227,856
Accumulated other comprehensive loss(65,452)(10,031)(203,048)
Accumulated deficit(51,600,000)(7,915,465)(46,326,321)
Total NIO Inc. shareholders' (deficit)/equity27,168,831 4,163,806 (6,299,686)
Non-controlling interests2,125 326 22,087
Total shareholders' (deficit)/equity27,170,956 4,164,132 (6,277,599)
Total liabilities, mezzanine equity and shareholders' (deficit)/equity54,641,929 8,374,243 14,582,029
Class A Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares2,205 338 1,347
Class B Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares220 34 226
Class C Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares ¥ 254 $ 39 ¥ 254

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / sharesDec. 31, 2020Dec. 31, 2019
Ordinary shares, par value (in dollars per share) $ 0.00025 $ 0.00025
Ordinary shares, shares authorized4,000,000,000 4,000,000,000
Ordinary shares, shares outstanding1,526,539,388 1,064,472,660
Treasury stock, shares2,491,715 2,995,217
Class A Ordinary Shares
Ordinary shares, par value (in dollars per share) $ 0.00025 $ 0.00025
Ordinary shares, shares authorized2,503,736,290 2,500,000,000
Ordinary shares, shares outstanding1,249,745,456 783,942,438
Class B Ordinary Shares
Ordinary shares, par value (in dollars per share) $ 0.00025 $ 0.00025
Ordinary shares, shares authorized132,030,222
Ordinary shares, shares outstanding128,293,932 132,030,222
Class C Ordinary Shares
Ordinary shares, par value (in dollars per share) $ 0.00025 $ 0.00025
Ordinary shares, shares authorized148,500,000 148,500,000
Ordinary shares, shares outstanding148,500,000 148,500,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)¥ / sharessharesDec. 31, 2020USD ($)$ / sharessharesDec. 31, 2019CNY (¥)¥ / sharessharesDec. 31, 2018CNY (¥)¥ / sharesshares
Revenues:
Total revenues ¥ 16,257,933 $ 2,491,637 ¥ 7,824,904 ¥ 4,951,171
Cost of sales:
Total cost of sales(14,384,514)(2,204,524)(9,023,726)(5,207,047)
Gross (loss)/profit1,873,419 287,113 (1,198,822)(255,876)
Operating expenses:
Research and development(2,487,770)(381,267)(4,428,580)(3,997,942)
Selling, general and administrative(3,932,271)(602,647)(5,451,787)(5,341,790)
Other operating loss, net(61,023)(9,352)
Total operating expenses(6,481,064)(993,266)(9,880,367)(9,339,732)
Loss from operations(4,607,645)(706,153)(11,079,189)(9,595,608)
Interest income166,904 25,579 160,279 133,384
Interest expenses(426,015)(65,290)(370,536)(123,643)
Share of losses of equity investees(66,030)(10,120)(64,478)(9,722)
Other (loss)/income, net(364,928)(55,928)66,160 (21,346)
Loss before income tax expense(5,297,714)(811,912)(11,287,764)(9,616,935)
Income tax expense(6,368)(976)(7,888)(22,044)
Net loss(5,304,082)(812,888)(11,295,652)(9,638,979)
Accretion on convertible redeemable preferred shares to redemption value | ¥13,667,291
Accretion on redeemable non-controlling interests to redemption value(311,670)(47,766)(126,590)(63,297)
Net loss attributable to non-controlling interests4,962 760 9,141 41,705
Net loss attributable to ordinary shareholders of NIO Inc.(5,610,790)(859,894)(11,413,101)(23,327,862)
Net loss(5,304,082)(812,888)(11,295,652)(9,638,979)
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of nil tax137,596 21,088 (168,340)(20,786)
Total other comprehensive (loss)/income137,596 21,088 (168,340)(20,786)
Total comprehensive loss(5,166,486)(791,800)(11,463,992)(9,659,765)
Accretion on convertible redeemable preferred shares to redemption value | ¥13,667,291
Accretion on redeemable non-controlling interests to redemption value(311,670)(47,766)(126,590)(63,297)
Net loss attributable to non-controlling interests4,962 760 9,141 41,705
Comprehensive loss attributable to ordinary shareholders of NIO Inc. ¥ (5,473,194) $ (838,806) ¥ (11,581,441) ¥ (23,348,648)
Weighted average number of ordinary shares used in computing net loss per share
Basic and diluted (in shares) | shares1,182,660,948 1,182,660,948 1,029,931,705 332,153,211
Net loss per share attributable to ordinary shareholders
Basic and diluted | (per share) ¥ (4.74) $ (0.73) ¥ (11.08) ¥ (70.23)
Weighted average number of ADS used in computing net loss per ADS
Basic and diluted (in shares) | shares1,182,660,948 1,182,660,948 1,029,931,705 332,153,211
Net loss per ADS attributable to ordinary shareholders
Basic and diluted | (per share) ¥ (4.74) $ (0.73) ¥ (11.08) ¥ (70.23)
Vehicle sales
Revenues:
Total revenues ¥ 15,182,522 $ 2,326,823 ¥ 7,367,113 ¥ 4,852,470
Cost of sales:
Total cost of sales(13,255,770)(2,031,536)(8,096,035)(4,930,135)
Other sales
Revenues:
Total revenues1,075,411 164,814 457,791 98,701
Cost of sales:
Total cost of sales ¥ (1,128,744) $ (172,988) ¥ (927,691) ¥ (276,912)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Other comprehensive loss
Foreign currency translation adjustment, tax ¥ 0 ¥ 0 ¥ 0

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIT)/EQUITY ¥ in Thousands, $ in ThousandsSeries A-1 & A-2Accumulated deficitCNY (¥)Series A-1 & A-2Total Shareholders' (Deficit)/EquityCNY (¥)Series A-1 & A-2CNY (¥)Series A-3Accumulated deficitCNY (¥)Series A-3Total Shareholders' (Deficit)/EquityCNY (¥)Series A-3CNY (¥)Series BAccumulated deficitCNY (¥)Series BTotal Shareholders' (Deficit)/EquityCNY (¥)Series BCNY (¥)Series CAccumulated deficitCNY (¥)Series CTotal Shareholders' (Deficit)/EquityCNY (¥)Series CCNY (¥)Series DAccumulated deficitCNY (¥)Series DTotal Shareholders' (Deficit)/EquityCNY (¥)Series DCNY (¥)Cumulative effect of adoption of new accounting standard, adjustmentAccumulated deficitCNY (¥)Cumulative effect of adoption of new accounting standard, adjustmentTotal Shareholders' (Deficit)/EquityCNY (¥)Cumulative effect of adoption of new accounting standard, adjustmentCNY (¥)Ordinary SharesCNY (¥)sharesTreasury SharesCNY (¥)sharesAdditional paid in capitalCNY (¥)Accumulated other comprehensive (Loss)CNY (¥)Accumulated deficitCNY (¥)Total Shareholders' (Deficit)/EquityCNY (¥)Non- Controlling InterestsCNY (¥)CNY (¥)sharesUSD ($)shares
Balance at Dec. 31, 2017 ¥ 60 ¥ (9,186) ¥ 131,907 ¥ (13,922) ¥ (11,711,948) ¥ (11,603,089) ¥ 11,309 ¥ (11,591,780)
Balance (in shares) at Dec. 31, 2017 | shares36,727,350 (12,877,007)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion on convertible redeemable preferred shares to redemption value ¥ (7,091,163) ¥ (7,091,163) ¥ (7,091,163) ¥ (565,979) ¥ (565,979) ¥ (565,979) ¥ (2,417,979) ¥ (2,417,979) ¥ (2,417,979) ¥ (2,375,943) ¥ (2,375,943) ¥ (2,375,943) ¥ (1,216,227) ¥ (1,216,227) ¥ (1,216,227)(13,667,291)
Accretion on redeemable non-controlling interests to redemption value(63,297)(63,297)
Issuance of ordinary shares ¥ 315 7,526,681 7,526,996 7,526,996
Issuance of ordinary shares (in shares) | shares184,000,000
Conversion of convertible notes to ordinary shares ¥ 1,408 33,724,621 33,726,029 33,726,029
Conversion of convertible notes to ordinary shares (in shares) | shares821,378,518
Exercise of share options ¥ 27 42,224 42,251 ¥ 42,251
Exercise of share options (in shares) | shares16,026,060 (2,176,570)7,732,317 7,732,317
Vesting of restricted shares56,183 56,183 ¥ 56,183
Vesting of restricted shares (in shares) | shares7,720,681
Vesting of share options437,320 437,320 437,320
Grant of restricted shares ¥ 1 1 1
Grant of restricted shares (in shares) | shares509,001 (509,001)
Cancellation of restricted shares ¥ (2)(2)(2)
Cancellation of restricted shares (in shares) | shares(909,917)909,917
Capital injection by non-controlling interests14,500 14,500
Foreign currency translation adjustment(20,786)(20,786)(20,786)
Net loss(9,597,274)(9,597,274)(41,705)(9,638,979)
Balance at Dec. 31, 2018 ¥ 1,809 ¥ (9,186)41,918,936 (34,708)(35,039,810)6,837,041 (15,896)6,821,145
Balance (in shares) at Dec. 31, 2018 | shares1,057,731,012 (6,931,980)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of new accounting standard(Note 2(i)) ¥ (22,969) ¥ (22,969) ¥ (22,969)
Accretion on redeemable non-controlling interests to redemption value(126,590)(126,590)
Purchase of capped call options and zero-strike call options in connection with issuance of convertible senior notes(1,939,567)(1,939,567)(1,939,567)
Exercise of share options ¥ 22 50,768 50,790 ¥ 50,790
Exercise of share options (in shares) | shares12,775,127 20,133,668 20,133,668
Vesting of restricted shares3,802 3,802 ¥ 3,802
Vesting of restricted shares (in shares) | shares1,636,001
Vesting of share options329,693 329,693 329,693
Cancellation of restricted shares ¥ (4) ¥ 9,186 (9,186)(4)(4)
Cancellation of restricted shares (in shares) | shares(3,038,262)2,300,762
Capital injection by non-controlling interests47,124 47,124
Foreign currency translation adjustment(168,340)(168,340)(168,340)
Net loss(11,286,511)(11,286,511)(9,141)(11,295,652)
Balance at Dec. 31, 2019 ¥ 1,827 40,227,856 (203,048)(46,326,321)(6,299,686)22,087 (6,277,599)
Balance (in shares) at Dec. 31, 2019 | shares1,067,467,877 (2,995,217)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion on redeemable non-controlling interests to redemption value(311,670)(311,670)
Issuance of ordinary shares ¥ 448 34,571,809 34,572,257 34,572,257
Issuance of ordinary shares (in shares) | shares262,775,000
Issuance of restricted shares ¥ 4 54,508 54,512 54,512
Issuance of restricted shares (in shares) | shares2,113,469
Conversion of convertible notes to ordinary shares ¥ 309 3,962,990 3,963,299 3,963,299 $ 607,402
Conversion of convertible notes to ordinary shares (in shares) | shares181,872,811
Exercise of share options ¥ 91 187,427 187,518 ¥ 187,518
Exercise of share options (in shares) | shares14,814,462 439,038 15,253,500 15,253,500
Vesting of restricted shares9,551 9,551 ¥ 9,551
Vesting of restricted shares (in shares) | shares51,948
Vesting of share options177,543 177,543 177,543
Cancellation of restricted shares (in shares) | shares(12,516)12,516
Capital withdrawal by non-controlling interests(15,000)(15,000)
Foreign currency translation adjustment137,596 137,596 137,596 $ 21,088
Net loss(5,299,120)(5,299,120)(4,962)(5,304,082)(812,888)
Balance at Dec. 31, 2020 ¥ 2,679 ¥ 78,880,014 ¥ (65,452) ¥ (51,648,410) ¥ 27,168,831 ¥ 2,125 ¥ 27,170,956 $ 4,164,132
Balance (in shares) at Dec. 31, 2020 | shares1,529,031,103 (2,491,715)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss ¥ (5,304,082) $ (812,888) ¥ (11,295,652) ¥ (9,638,979)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization1,046,496 160,383 998,938 474,223
Allowance against receivables108,459
Expected credit losses9,654 1,480
Inventory write-downs5,803 889 10,427 0
Impairment on property, plant and equipment25,757 3,947 75,278
Foreign exchange loss457,382 70,097 13,876 36,597
Share-based compensation expenses187,094 28,673 333,495 679,468
Gain from disposal of an equity investee(40,722)
Share of losses of equity investee66,030 10,120 64,478 9,722
Loss on disposal of property, plant and equipment127,662 19,565 50,845 21,547
Amortization of right-of-use assets499,225 76,510 522,035
Changes in operating assets and liabilities:
Prepayments and other current assets135,441 20,757 (68,051)(835,554)
Amount due from related parties(119,128)(18,257)9,323 24,416
Inventory(197,828)(30,319)569,163 (1,375,862)
Other non-current assets131,657 20,177 (243,936)(657,986)
Taxes payable130,542 20,006 (7,948)21,398
Trade receivable237,928 36,464 (681,556)(756,508)
Trade and notes payable3,256,552 499,088 241,646 2,635,742
Long-term receivables20,296 3,110 (83,021)(574,677)
Operating lease liabilities(448,466)(68,730)(345,323)
Non-current deferred revenue381,909 58,530 102,391 193,524
Accruals and other liabilities836,511 128,201 658,895 1,360,510
Amount due to related parties60,673 9,299 64,347 179,514
Other non-current liabilities403,786 61,883 220,907 291,137
Net cash (used in)/provided by operating activities1,950,894 298,985 (8,721,706)(7,911,768)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets(1,127,686)(172,826)(1,706,787)(2,643,964)
Purchases of short-term investments(7,594,110)(1,163,848)(2,202,762)(8,090,703)
Proceeds from sale of short-term investments3,738,490 572,949 7,246,465 2,936,000
Loan to related parties(65,342)
Loan repayment from related parties34,066
Acquisitions of equity investees(250,826)(38,441)(31,500)(110,900)
Proceeds from disposal of an equity investee76,653
Proceeds from disposal of property and equipment163,072 24,992
Net cash (used in)/provided by investing activities(5,071,060)(777,174)3,382,069 (7,940,843)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options154,861 23,733 50,790 42,251
Capital injection from non-controlling interests14,500
Deposit from non-controlling interest47,124
Proceeds from issuance of redeemable non-controlling interests1,265,900
Repayment of non-recourse loan82,863
Repurchase of restricted shares(7,490)
Capital injection from redeemable non-controlling interests holders5,000,000 766,284
Principal payments on finance leases(42,529)(6,518)(43,916)
Capital withdrawal by non-controlling shareholders(10,500)(1,609)
Proceeds from issuance of convertible promissory note - third parties3,014,628 462,012 2,802,041
Proceeds from issuance of convertible promissory note - related parties90,499 13,870 1,520,416
Redemption of redeemable non-controlling interests(2,071,515)(317,474)
Proceeds from borrowings - third parties1,605,464 246,048 1,350,781 2,668,461
Repayments of borrowings - third parties(964,813)(147,864)(2,610,958)(120,205)
Proceeds from borrowings - related parties260,000 39,847 25,799
Repayment of borrowings - related parties(285,799)(43,801)
Proceeds from issuance of ordinary shares, net34,607,139 5,303,779 7,531,037
Net cash provided by financing activities41,357,435 6,338,307 3,094,953 11,603,092
Effects of exchange rate changes on cash, cash equivalents and restricted cash(682,040)(104,527)10,166 (56,947)
NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH37,555,229 5,755,591 (2,234,518)(4,306,466)
Cash, cash equivalents and restricted cash at beginning of the year989,869 151,704 3,224,387 7,530,853
Cash, cash equivalents and restricted cash at end of the year38,545,098 5,907,295 989,869 3,224,387
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accruals related to purchase of property and equipment749,799 114,912 1,121,715 1,027,377
Acquisition of an equity investee35,931
Issuance of restricted shares54,512 8,354
Conversion of convertible notes to ordinary shares3,963,299 607,402 33,726,029
Accretion on redeemable non-controlling interests to redemption value311,670 47,766 126,590 63,297
Accretion on convertible redeemable preferred shares to redemption value13,667,291
Supplemental Disclosure
Interest paid333,877 51,169 260,377 112,682
Income taxes paid ¥ 13,172 $ 2,019 ¥ 18,189 11,157
Series D
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from collection of receivable from a holder of Series D convertible redeemable preferred shares78,651
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accretion on convertible redeemable preferred shares to redemption value ¥ 1,216,227

Organization and Nature of Oper

Organization and Nature of Operations12 Months Ended
Dec. 31, 2020
Organization and Nature of Operations
Organization and Nature of Operations1. Organization and Nature of Operations NIO Inc. (“NIO”, or “the Company”) was incorporated under the laws of the Cayman Islands in November 2014, as an exempted company with limited liability. The Company was formerly known as NextCar Inc.. It changed its name to NextEV Inc. in December 2014, and then changed to NIO Inc. in July 2017. The Company, its subsidiaries and consolidated variable interest entities (“VIEs”) are collectively referred to as the “Group”. The Group designs and develops high-performance fully electric vehicles. It launched the first volume manufactured electric vehicle, the ES8, to the public in December 2017. The Group jointly manufactures its vehicles through strategic collaboration with other Chinese vehicle manufacturers. The Group also offers Energy and Service Packages to its users. As of December 31, 2019 and 2020, its primary operations are conducted in the People’s Republic of China (“PRC”). The Group began to sell its first vehicles in June 2018. As of December 31, 2020, the Company’s principal subsidiaries and VIEs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Place and date of incorporation ​ Subsidiaries ​ interest held ​ or date of acquisition ​ Principal activities NIO NextEV Limited (“NIO HK”) (formerly known as NextEV Limited) 100% ​ Hong Kong, February 2015 Investment holding NIO GmbH (formerly known as NextEV GmbH) 100% ​ Germany, May 2015 Design and technology development NIO Holding Co., Ltd. ("NIO Holding") (formerly named NIO (Anhui) Holding Co., Ltd.) ​ 100% ​ Anhui, PRC, November 2017 ​ Headquarter and technology development NIO Co., Ltd. (“NIO SH”) (formerly known as NextEV Co., Ltd.) 100% ​ Shanghai, PRC, May 2015 Headquarter and technology development NIO USA, Inc. (“NIO US”) (formerly known as NextEV USA, Inc.) 100% ​ United States, November 2015 Technology development XPT Limited (“XPT”) 100% ​ Hong Kong, December 2015 Investment holding NIO Performance Engineering Limited ("NPE") ​ 100% ​ United Kingdom, July 2019 ​ Marketing and technology development NIO Sport Limited (“NIO Sport”) (formerly known as NextEV NIO Sport Limited) 100% ​ Hong Kong, April 2016 Racing management XPT Technology Limited (“XPT Technology”) 100% ​ Hong Kong, April 2016 Investment holding XPT Inc. (“XPT US”) 100% ​ United States, April 2016 Technology development XPT (Jiangsu) Investment Co., Ltd. (“XPT Jiangsu”) 100% ​ Jiangsu, PRC, May 2016 Investment holding Shanghai XPT Technology Limited 100% ​ Shanghai, PRC, May 2016 Technology development XPT (Nanjing) E-Powertrain Technology Co., Ltd. (“XPT NJEP”) 100% ​ Nanjing, PRC, July 2016 Manufacturing of E-Powertrain XPT (Nanjing) Energy Storage System Co., Ltd. (“XPT NJES”) 100% ​ Nanjing, PRC, October 2016 Manufacturing of battery pack NIO Power Express Limited (“PE HK) 100% ​ Hong Kong, January 2017 Investment holding NextEV User Enterprise Limited (“UE HK”) 100% ​ Hong Kong, February 2017 Investment holding Shanghai NIO Sales and Services Co., Ltd. (“UE CNHC”) 100% ​ Shanghai, PRC, March 2017 Investment holding and sales and after sales management NIO Energy Investment (Hubei) Co., Ltd. (“PE CNHC”) 100% ​ Wuhan PRC, April 2017 Investment holding Wuhan NIO Energy Co., Ltd. (“PE WHJV”) 100% ​ Wuhan, PRC, May 2017 Investment holding XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (“XPT NJWL”) 50% ​ Nanjing, PRC, June 2017 Manufacturing of components XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”) 100% ​ Nanjing, PRC, May 2018 Investment holding ​ ​ ​ ​ ​ ​ ​ Economic Place and Date of incorporation VIE and VIE’s subsidiaries ​ interest held ​ or date of acquisition Prime Hubs Limited (“Prime Hubs”) 100% ​ BVI, October 2014 NIO Technology Co., Ltd. (“NIO SHTECH”) (formerly known as Shanghai NextEV Technology Co., Ltd.) 100% ​ Shanghai, PRC, November 2014 Beijing NIO Network Technology Co., Ltd. (“NIO BJTECH”) 100% ​ Beijing, PRC, July 2017 Shanghai Anbin Technology Co., Ltd. (“NIO ABTECH”) 100% ​ Shanghai, PRC, April 2018 ​ As of December 31, 2020, the Company indirectly held 86.476% of total paid-in capital of NIO Holding. In accordance with NIO Holding's share purchase agreement, the redemption of the non-controlling interests is at the holders' option and is upon the occurrence of the events that are not solely within the control of the Company. Therefore, these redeemable non-controlling interests in NIO Holding were classified as mezzanine equity and are subsequently accreted to the redemption price using the agreed interest rate as a reduction of additional paid in capital (Note 22). Excluding the redeemable non-controlling interests, the Company indirectly held 100% of the equity interests of NIO Holding as of December 31, 2020. As of December 31, 2020, the Company indirectly held 51% of total paid-in capital of PE WHJV. In accordance with the joint investment agreement, the investment by Wuhan Donghu is accounted for as a loan because it is only entitled to fixed interests and subject to repayment within five years or upon the financial covenant violation (Note 13(iv)). Excluding the interests held by Wuhan Donghu, the Company indirectly held 100% of the equity interests of PE WHJV as of December 31, 2020. In accordance with the Article of Association of XPT NJWL, the Company has the power to control the board of directors of XPT NJWL to unilaterally govern the financial and operating policies of XPT NJWL and the non-controlling shareholder does not have substantive participating rights, therefore, the Group consolidates this entity. Variable interest entity NIO SHTECH was established by Li Bin and Qin Lihong (the “Nominee Shareholders”) in November 2014. In 2015, NIO SH, NIO SHTECH, and the Nominee Shareholders of NIO SHTECH entered into a series of contractual agreements, including a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney that irrevocably authorized the Nominee Shareholders designated by NIO SH to exercise the equity owner’s rights over NIO SHTECH. These agreements provide the Company, as the only shareholder of NIO SH, with effective control over NIO SHTECH to direct the activities that most significantly impact NIO SHTECH’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from NIO SHTECH. Management concluded that NIO SHTECH is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of NIO SHTECH and shall consolidate the financial results of NIO SHTECH in the Group’s consolidated financial statements. In April 2018, the above mentioned contractual agreements were terminated. On the same date, NIO SHTECH became a subsidiary wholly owned by NIO ABTECH, who also became a VIE of the Group on that day. As of December 31, 2019 and 2020, NIO SHTECH did not have significant operations, nor any material assets or liabilities. In October 2014, Prime Hubs, a British Virgin Islands (“BVI”) incorporated company and a consolidated variable interest entity of the Group, was established by the shareholders of the Group to facilitate the adoption of the Company’s employee stock incentive plans. The Company entered into a management agreement with Prime Hubs and Li Bin. The agreement provides the Company with effective control over Prime Hubs and enables the Company to obtain substantially all of the economic benefits arising from Prime Hubs. As of December 31, 2019 and 2020, Prime Hubs held 4,250,002 Class A Ordinary Shares of the Company, respectively. In April 2018, NIO SH entered into a series of contractual arrangements with the Nominee Shareholders as well as NIO ABTECH and NIO BJTECH separately, each including a loan agreement, an equity pledge agreement, an exclusive call option agreement and a power of attorney that irrevocably authorized the Nominee Shareholders designated by NIO SH to exercise the equity owner’s rights over NIO ABTECH and NIO BJTECH. These agreements provide the Company, as the only shareholder of NIO SH, with effective control over NIO ABTECH and NIO BJTECH to direct the activities that most significantly impact their economic performance and enable the Company to obtain substantially all of the economic benefits arising from them. Management concluded that NIO ABTECH and NIO BJTECH are variable interest entities of the Company and the Company is the ultimate primary beneficiary of them and shall consolidate the financial results of NIO ABTECH and NIO BJTECH in the Group’s consolidated financial statements. As of December 31, 2020, NIO ABTECH and NIO BJTECH did not have significant operations, nor any material assets or liabilities. On March 31, 2021, NIO SH, NIO ABTECH and each shareholder of NIO ABTECH entered into a termination agreement pursuant to which each of the contractual agreements among NIO SH, NIO ABTECH and its shareholders terminated as of the date of the agreement and after which date the Company no longer has effective control over NIO ABTECH, no longer receives any economic benefits of NIO ABTECH, no longer has an exclusive option to purchase all or part of the equity interests in NIO ABTECH when and to the extent permitted by the PRC law, and no longer consolidates the financial results of NIO ABTECH and its subsidiaries as our variable interest entity. Liquidity and Going Concern The Group’s consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due. ​ The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB9.6 billion, RMB11.3 billion and RMB5.3 billion for the years ended December 31, 2018, 2019 and 2020, respectively. Accumulated deficit amounted to RMB46.3 billion and RMB51.6 billion as of December 31, 2019 and 2020, respectively. ​ As of December 31, 2020, the Group’s balance of cash and cash equivalents was RMB38.4 billion and the Group had net current assets of RMB32.2 billion. Management has evaluated the sufficiency of its working capital and concluded that the Group’s available cash and cash equivalents, short-term investments, cash generated from operations will be sufficient to support its continuous operations and to meet its payment obligations when liabilities fall due within the next twelve months from the date of issuance of these consolidated financial statements. Accordingly, management continues to prepare the Group’s consolidated financial statements on going concern basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies12 Months Ended
Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies2. Summary of Significant Accounting Policies (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”); and to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All significant transactions and balances between the Company, its subsidiaries and the VIEs have been eliminated upon consolidation. The non-controlling interests in consolidated subsidiaries are shown separately in the consolidated financial statements. (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, the valuation and recognition of share-based compensation arrangements, depreciable lives of property, equipment and software, assessment for impairment of long-lived assets, inventory valuation for excess and obsolete inventories, lower of cost and net realizable value of inventories, valuation of deferred tax assets, current expected credit loss of receivables, warranty liabilities as well as redemption value of the convertible redeemable preferred shares. Actual results could differ from those estimates. (d) Functional currency and foreign currency translation The Group’s reporting currency is the Renminbi (“RMB”). The functional currency of the Company and its subsidiaries which are incorporated in HK is United States dollars (“US$”), except NIO Sport which operates mainly in United Kingdom and uses Great Britain pounds (“GBP”). The functional currencies of the other subsidiaries and the VIEs are their respective local currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss. The financial statements of the Group’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income or loss in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of shareholders’ (deficit)/equity. Total foreign currency translation adjustment (losses)/income were negative RMB20,786, negative RMB168,340 and RMB137,596 for the years ended December 31, 2018, 2019 and 2020, respectively. The grant-date fair value of the Group’s share-based compensation expenses is reported in US$ as the respective valuation is conducted in US$ as the shares are denominated in US$. (e) Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.5250, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2020. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate. (f) Fair value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, trade receivable, amounts due from related parties, deposits and other receivables, trade and notes payable, amounts due to related parties, other payables, short-term borrowings and long-term borrowings. As of December 31, 2019 and 2020, the carrying values of these financial instruments are approximated to their fair values. (g) Cash, cash equivalents and restricted cash Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. Restricted cash is restricted to withdrawal for use or pledged as security is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of bank credit card; (b) time deposits that are pledged for property lease. Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31 December 31 ​ ​ 2018 ​ 2019 ​ 2020 Cash and cash equivalents 3,133,847 ​ 862,839 38,425,541 Restricted cash 57,012 ​ 82,507 78,010 Long-term restricted cash 33,528 ​ 44,523 41,547 Total 3,224,387 ​ 989,869 38,545,098 ​ (h) Short-term investment Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year and investments in money market funds and financial products issued by banks. As of December 31, 2019 and 2020, the investment in fixed deposits that were recorded as short-term investments amounted to RMB111,000 and RMB3,950,747, respectively, among which, RMB96,000 and RMB2,873,398 were restricted as collateral for notes payable, bank borrowings and letters of guarantee as of December 31, 2019 and 2020, respectively. (i) Current expected credit losses In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Company adopted this ASC Topic 326 and several associated ASUs on January 1, 2020 using a modified retrospective approach with a cumulative effect recorded as increase of accumulated deficit with amount of RMB22,969. As of January 1, 2020, upon the adoption, the expected credit loss provision for the current and non-current assets were RMB118,851 and RMB12,899, respectively. The Company’s trade receivable, receivables of installment payments, deposits and other receivables are within the scope of ASC Topic 326. The Company has identified the relevant risk characteristics of its customers and the related receivables, deposits and other receivables which include size, type of the services or the products the Company provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Company’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Company’s specific facts and circumstances. For the year ended December 31, 2020, the Company recorded RMB9,654 expected credit loss expense in selling, general and administrative expenses. As of December 31, 2020, the expected credit loss provision for the current and non-current assets RMB44,645 and RMB20,031, respectively. (j) Trade Receivable and Allowance for Doubtful Accounts Trade receivable primarily includes amounts of vehicle sales in relation of government subsidy to be collected from government on behalf of customers, current portion of battery installment and receivables due from vehicle users. The Company recorded a provision for current expected credit losses. The following table summarizes the activity in the allowance for credit losses related to trade receivable for the year ended December 31 2020: ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31 Balance as at December 31, 2019 85,824 Adoption of ASC Topic 326 6,775 Balance as at January 1, 2020 92,599 Current period provision, net 2,047 Current period write-offs (54,098) Balance as at December 31, 2020 40,548 ​ Allowance for trade receivable recognized for the years ended December 31, 2018 and 2019 was nil and RMB85,824, respectively. (k) Inventory Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. (l) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets. The estimated useful lives are as follows: ​ Useful lives Building and constructions ​ 20 years Production facilities ​ 10 years Charging & battery swap infrastructure ​ 5 years R&D equipment ​ 5 years Computer and electronic equipment ​ 3 years Purchased software ​ 3 Leasehold improvements ​ Shorter of the estimated useful life or remaining lease term Others ​ 3 ​ Depreciation for mold and tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the related assets. The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest on construction-in-progress is included within property, plant and equipment and is amortized over the life of the related assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the consolidated statements of comprehensive loss. (m) Intangible assets, net Intangible assets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below: ​ ​ Useful lives Domain names and others ​ 5 years License ​ 3 years ​ The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed. (n) Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 536 months representing the shorter of the estimated usage periods or the terms of the agreements. (o) Long-term investments The Group’s long-term investments include equity investments in entities and equity securities without readily determinable fair values. Investments in entities in which the Group can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures Equity securities without readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. (p) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Impairment charge recognized for the years ended December 31, 2018, 2019 and 2020 was nil, RMB75,278 and RMB25,757, respectively. Impairment charge of nil, nil and RMB20,853 were written off against original amount upon the disposal of related long-lived assets for the years ended December 31, 2018, 2019 and 2020. (q) Warranty liabilities The Company accrues a warranty reserve for all new vehicles sold by the Company, which includes the Company's best estimate of the projected costs to repair or replace items under warranty, including recalls when identified. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Company's relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve when the Company accumulates more actual data and experience in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other liabilities, while the remaining balance is included within other non-current liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of cost of revenues in the consolidated statements of comprehensive loss. The following table shows a reconciliation in the current reporting period related to carried-forward warranty liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31 ​ 2018 2019 2020 Warranty – beginning of year — 177,293 412,004 Provision for warranty 179,766 283,647 582,069 Warranty costs incurred (2,473) (48,936) (41,127) ​ ​ ​ ​ ​ ​ ​ Warranty– end of year 177,293 412,004 952,946 ​ (r) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: ● provides all of the benefits received and consumed simultaneously by the customer; ● creates and enhances an asset that the customer controls as the Group performs; or ● does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition. When either party to a contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group’s contract liabilities primarily resulted from the multiple performance obligations identified in the vehicle sales contract and the sales of Energy and Service Packages, which is recorded as deferred revenue and advance from customers. As of December 31, 2019 and 2020, the balances of contract liabilities from vehicle sales contracts were RMB491,014 and RMB1,253,620, respectively. As of December 31, 2019 and 2020, the balances of contract liabilities from the sales of Energy and Service Packages were RMB57,842 and RMB91,486, respectively. Vehicle sales The Group generates revenue from sales of electric vehicles, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the vehicle as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of vehicles, charging piles, vehicle internet connection services and extended lifetime warranty which are accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when NIO transfers the control of vehicle to a user. Customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles. The government subsidies are applied on their behalves and collected by the Group or Jianghuai Automobile Group Co., Ltd. (“JAC”) from the government. The Group has concluded that government subsidies should be considered as a part of the transaction price it charges the customers for the electric vehicle, as the subsidy is granted to the buyer of the electric vehicle and the buyer remains liable for such amount in the event the subsidies were not received by the Group. For efficiency reason, the Group or JAC applies and collects the payment on behalf of the customers. In the instance that some eligible customer selects installment payment for battery, the Group believes such arrangement contains a significant financing component and as a result adjusts the amount considering the impact of time value on the transaction price using an appropriate discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). The long-term receivable of installment payment for battery was recognized as non-current assets. The difference between the gross receivable and the present value is recorded as unrealized finance income. Interest income resulting from a significant financing component will be presented separately from revenue from contracts with customers as this is not the Group’s ordinary business. The Group uses a cost plus margin approach to determine the estimated standalone selling price for each individual distinct performance obligation identified, considering the Group’s pricing policies and practices, and the data utilized in making pricing decisions. The overall contract price is then allocated to each distinct performance obligation based on the relative estimated standalone selling price in accordance with ASC 606. The revenue for vehicle sales and charging piles are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle internet connection service and free battery swapping service, the Group recognizes the revenue using a straight-line method. As for the extended lifetime warranty, given limited operating history and lack of historical data, the Group decides to recognize the revenue over time based on a straight-line method initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available. As the consideration for the vehicle and all embedded services must be paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the allocated amount regarding those unperformed obligations. On August 20, 2020, the Company introduced the Battery as a Service (BaaS), which allows users to purchase electric vehicles without battery packs and subscribe to the usage of battery packs separately. Under the BaaS, the Group sells battery packs to Weineng, the Battery Asset Company, and users subscribe to the usage of the battery packs from Weineng by paying a monthly subscription fee. Together with the launch of the BaaS, the Group entered into service agreements with Weineng, pursuant to which the Group provides services to Weineng including battery packs monitoring, maintenance, upgrade, replacement, IT system support, etc., with monthly service charges. In case of any default in payment of monthly rental fees from users, Weineng also has right to request the Group to track and lock down the battery leased to the users to limit its usage. In addition, in furtherance of the BaaS, the Group agreed to provide guarantee to Weineng for the default in payment of monthly subscription fees from users. The maximum amount of guarantee that can be claimed by Weineng for the users’ payment default shall not be higher than the accumulated service fees the Group receives from Weineng. In accordance with ASC 606 and ASC 460, for services provided to Weineng, revenue is recognized over the period when services are rendered. As for financial guarantee liabilities, the provision of guarantee is linked to and associated with services rendered to Weineng and the payment of guarantee amount is therefore accounted for as the reduction to the revenue from Weineng. The fair value of the guarantee liabilities is determined by taking considerations of the default pattern of the Company’s existing battery installment programs provided to users. At each period end, the financial liabilities are remeasured with the corresponding changes recorded as the reduction to the revenue. For the year ended December 31, 2020, 4,412 NIO vehicles and batteries were delivered to the users under the BaaS model and both service revenue and guarantee liability were immaterial. Sales of Energy and Service Packages The Group also sells the two packages, Energy Package and Service Package in exchange of considerations. The Energy Package provides vehicle users with a comprehensive range of charging solutions (including charging and battery swapping). The energy service is applied by users on the mobile application depending on their needs and the Group can decide the most appropriate service to offer according to its available resource. Through the Service Package, the Group offers vehicle users with a “worry free” vehicle ownership experience (including free repair service with certain limitations, routine maintenance service, enhanced data package, etc.), which can be applied by user via mobile application. The Group identifies the users who purchase Energy Package and Service Package meet the definition of a customer. The agreements for Energy Package and Service Package create legal enforceability to both parties on a monthly basis as the respective Energy or Service Packages can be canceled at any time without any penalty. The Group concludes the energy or service provided in Energy Package or Service Package respectively meets the stand-ready criteria and contains only one performance obligation within each package, the revenue is recognized over time on a monthly basis as customer simultaneously receives and consumes the benefits provided and the term of legally enforceable contract is only one month. As the consideration for Energy and Service Packages must be paid in advance, which means the payments received are prior to the transfer of services by the Group, the Group records the consideration as a contract liability (advance from customers) upon receipt. Sales of Automotive Regulatory Credits The Group earns tradable new energy vehicle credits in the operation of vehicle business under Chinese regulations related to zero-emission vehicles, greenhouse gas, fuel economy and clean fuel. The Group sells these credits to other regulated entities who can use the credits to comply with the regulatory requirements. Payments for automotive regulatory credits are typically received at the point control transfers to the customer, or in accordance with payment terms customary to the business. The Company recognize revenue on the sale of automotive regulatory credits at the time control of the regulatory credits is transferred to the purchasing party as other sales revenue in the consolidated statements of comprehensive loss. Revenue from the sale of automotive regulatory credits totaled nil, nil and RMB120,648 for the years ended December 31, 2018, 2019 and 2020, respectively. Incentives The Group offers a self-managed customer loyalty program points, which can be used in the Group’s online store and at NIO houses to redeem NIO merchandise. The Group determines the value of each point based on estimated incremental cost. Customers and NIO fans and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows: (i) Sales of vehicle The Group concludes the points offered linked to the purchase transaction of the vehicle is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the vehicle sales. The Group also estimates the probability of points redemption when performing the allocation. Since historical information does not yet exist for the Group to determine any potential points forfeitures and the fact that most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group believes it is reasonable to assume all points will be redeemed and no forfeiture is estimated currently. The amount allocated to the points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Group will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period. (ii) Sales of Energy Package and Service Package Energy Package—When the customers charge their vehicles Service

Recent Accounting Pronouncement

Recent Accounting Pronouncements12 Months Ended
Dec. 31, 2020
Recent Accounting Pronouncements
Recent Accounting Pronouncements3. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In January 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments— Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarified that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarified that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-10-15-141 to determine the accounting for those forward contracts and purchased options. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASU 2020-04 are effective for the Company as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact. In August 2020, the FASB issued a new accounting update relating to convertible instruments and contracts in an entity’s own equity. For convertible instruments, the accounting update reduces the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current U.S. GAAP. The accounting update amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The accounting update also simplifies the diluted earnings per share calculation in certain areas. For public business entities, the update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Entities are allowed to apply this update on either a full or modified retrospective basis. The Company has early adopted this new accounting update on a modified retrospective basis from January 1, 2021 and reported the 2026 Notes as one single unit of account of long-term borrowings on the balance sheet (Note 29).

Concentration and Risks

Concentration and Risks12 Months Ended
Dec. 31, 2020
Concentration and Risks
Concentration and Risks4. Concentration and Risks (a) Concentration and credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investment, trade receivable, amount due from related parties, deposits and other receivables. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2019 and 2020, all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the PRC and Hong Kong which management believes are of high credit quality. The PRC does not have an official deposit insurance program, nor does it have an agency similar to the Federal Deposit Insurance Corporation (FDIC) in the United States. However, the Group believes that the risk of failure of any of these PRC banks is remote. Bank failure is uncommon in China and the Group believes that those Chinese banks that hold the Group’s cash and cash equivalents and restricted cash are financially sound based on publicly available information. No individual customer accounted for more than 10% of net revenues for the years ended December 31, 2018, 2019 and 2020. No individual customer accounted for more than 10% of trade receivable as of December 31, 2019 and 2020. (b) Currency convertibility risk The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents and restricted cash denominated in RMB that are subject to such government controls amounted to RMB829,175 and RMB6,219,252 as of December 31, 2019 and 2020, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. (c) Foreign currency exchange rate risk Since July 21, 2005, the RMB has been permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. While the international reaction to the RMB appreciation has generally been positive, there remains significant international pressure on the PRC government to adopt an even more flexible currency policy, which could result in a further and more significant appreciation of the RMB against other currencies.

Inventory

Inventory12 Months Ended
Dec. 31, 2020
Inventory
Inventory5. Inventory Inventory consists of the following: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Raw materials 510,990 579,842 Work in process 1,862 2,995 Finished goods 291,116 381,387 Merchandise 95,987 121,978 Less: write-downs ​ (10,427) ​ (4,649) Total 889,528 1,081,553 ​ Raw materials primarily consist of materials for volume production as well as spare parts used for aftersales services. Work in progress mainly consists of electric drive systems in production. Finished goods include vehicles ready for transit at production factory, vehicles in transit to fulfill customer orders, new vehicles available for immediate sale at the Group’s sales and service center locations and charging piles. Merchandise includes accessories and branded merchandise of NIO which can be redeemed by deducting membership rewards points of customer loyalty program in the Group’s application store. Inventory write-downs recognized in cost of sales for the years ended December 31, 2018 and 2019 and 2020 were nil, RMB10,427 and RMB5,803, respectively.

Prepayments and Other Current A

Prepayments and Other Current Assets12 Months Ended
Dec. 31, 2020
Prepayments and Other Current Assets
Prepayments and Other Current Assets6. Prepayments and Other Current Assets Prepayments and other current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Deductible VAT input 1,253,617 943,577 Receivables from JAC ​ 78,132 ​ 121,012 Prepayment to vendors 88,900 83,792 Receivables from third party online payment service providers ​ 47,592 ​ 69,009 Deposits 73,271 45,891 Other receivables 60,381 159,122 Less: Allowance for doubtful accounts ​ (22,635) ​ — Total 1,579,258 1,422,403 ​ Receivables from JAC mainly consist of national subsidy collected by JAC on behalf of the Group’s customers which was not paid to the Company yet as of year ends. Prepayment to vendors mainly consist of prepayment for raw materials, prepaid rental for offices and NIO Houses, and prepaid expenses for R&D services provided by suppliers. The following table summarizes the activity in the allowance for credit losses related to prepayments and other current assets for the year ended December 31, 2020: ​ ​ ​ ​ ​ Months Ended ​ ​ December 31, 2020 Balance as at December 31, 2019 22,635 Adoption of ASC Topic 326 3,617 Balance as at January 1, 2020 26,252 Current period provision, net 475 Current period write-offs (22,630) Balance as at December 31, 2020 4,097 ​ Allowance for the prepayments and other current assets recognized for the years ended December 31, 2018 and 2019 was nil and RMB22,635, respectively.

Property, Plant and Equipment,

Property, Plant and Equipment, Net12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net7. Property, Plant and Equipment, Net Property and equipment and related accumulated depreciation were as follows: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Mold and tooling 1,898,975 2,411,164 Leasehold improvements 1,025,570 997,191 Production facilities ​ 869,819 ​ 787,039 Building and constructions 828,958 862,603 Charging & battery swap equipment 608,919 721,583 Construction in process 475,977 177,457 Computer and electronic equipment 428,028 372,956 R&D equipment 400,461 432,781 Purchased software 341,379 409,445 Others 279,233 374,219 Subtotal 7,157,319 7,546,438 Less: Accumulated depreciation (1,548,977) (2,470,028) Less: Accumulated impairment ​ (75,278) ​ (80,182) Total property, plant and equipment, net 5,533,064 4,996,228 ​ The Group recorded depreciation expenses of RMB469,408, RMB993,070 and RMB1,041,011 for the years ended December 31, 2018, 2019 and 2020, respectively.

Intangible Assets, Net

Intangible Assets, Net12 Months Ended
Dec. 31, 2020
Intangible Assets, Net
Intangible Assets, Net8. Intangible Assets, Net Intangible assets and related accumulated amortization were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ December 31, 2020 ​ Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying ​ ​ value ​ amortization ​ value ​ value ​ amortization ​ value Domain names and others 4,342 ​ (2,820) ​ 1,522 ​ 4,071 ​ (3,458) ​ 613 Total intangible assets, net 4,342 ​ (2,820) ​ 1,522 ​ 4,071 ​ (3,458) ​ 613 ​ The Group recorded amortization expenses of RMB1,988, RMB1,021 and RMB638 for the years ended December 31, 2018, 2019 and 2020, respectively.

Land Use Rights, Net

Land Use Rights, Net12 Months Ended
Dec. 31, 2020
Land Use Rights, Net.
Land Use Rights, Net9. Land Use Rights, Net Land use rights and related accumulated amortization were as follows: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Land use rights 216,489 216,489 Less: Accumulated amortization—land use rights (7,674) (12,521) Total land use rights, net 208,815 203,968 ​ In June 2018, XPT NJEP entered into an agreement to purchase land use rights for usage of land to build a factory for manufacturing of e-powertrain for the Group. The Group recorded amortization expenses for land use rights of RMB2,827, RMB4,847 and RMB4,847 for the years ended December 31, 2018, 2019 and 2020, respectively.

Long-term investments

Long-term investments12 Months Ended
Dec. 31, 2020
Long-term investments
Long-term investments10. Long-term investments The Company’s long-term investments consisted of the following: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Equity investments: ​ ​ ​ ​ Equity method investments 115,325 294,679 Equity securities without readily determinable fair value — 5,442 Total 115,325 300,121 ​ In August 2020, the Company and three other third party investors entered into an investment agreement to establish Wuhan Weineng Battery Asset Co., Ltd. (“Weineng”). The Company invested RMB200,000 in Weineng and held 25% of Weineng’s equity interests. In December 2020, Weineng entered into an agreement with the other third-party investors for a total additional investment of RMB640 million by those investors, which was not consummated as of December 31, 2020. Upon the consummation of this transaction, the Company's equity interests in Weineng would be diluted to approximately 13.9%. No impairment charge was recognized for the years ended December 31, 2018, 2019 and 2020.

Other Non-current Assets

Other Non-current Assets12 Months Ended
Dec. 31, 2020
Other Non-current Assets
Other Non-current Assets11. Other Non-current Assets Other non-current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Non-current portion of national subsidy receivable ​ — ​ 651,006 Receivables of installment payments for battery 657,698 637,402 Long-term deposits 848,655 128,355 Right-of-use assets - finance lease ​ 155,051 ​ 95,887 Prepayments for purchase of property and equipment 17,603 15,072 Others 74,093 34,033 Total 1,753,100 1,561,755 ​ Long-term deposit mainly consists of deposits to vendors for guarantee of production capacity as well as rental deposit for offices and NIO Houses which will not be collectible within one year. The following table summarizes the activity in the allowance for credit losses related to other non-current assets for the year ended December 31, 2020: ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 Balance as at December 31, 2019 323 Adoption of ASC Topic 326 12,576 Balance as at January 1, 2020 12,899 Current period provision, net 7,132 Balance as at December 31, 2020 20,031 ​ Allowance for the other non-current assets recognized for the years ended December 31,2018 and 2019 was nil and RMB323, respectively.

Accruals and Other Liabilities

Accruals and Other Liabilities12 Months Ended
Dec. 31, 2020
Accruals and Other Liabilities
Accruals and Other Liabilities12. Accruals and Other Liabilities Accruals and other liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Payables for purchase of property and equipment 1,121,715 ​ 715,561 Advance from customers 297,096 ​ 620,907 Payables for marketing events 436,610 ​ 596,110 Salaries and benefits payable 344,922 ​ 494,726 Payable for R&D expenses 694,081 ​ 402,777 Current portion of deferred revenue 189,172 ​ 383,430 Warranty liabilities 120,161 ​ 297,446 Payable to employees for options exercised — ​ 278,209 Accrued expenses ​ 246,121 ​ 273,676 Interest payables 105,940 ​ 98,462 Current portion of deferred construction allowance ​ 84,495 ​ 60,695 Current portion of finance lease liabilities ​ 40,334 ​ 33,237 Payables for traveling expenses of employees ​ 17,685 ​ 18,672 Investment deposit from investors 154,643 ​ — Other payables 363,666 ​ 330,116 Total 4,216,641 ​ 4,604,024 ​

Borrowings

Borrowings12 Months Ended
Dec. 31, 2020
Borrowings
Borrowings13. Borrowings Borrowings consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Short-term borrowings: ​ ​ Bank loan (i) ​ 188,000 ​ 1,550,000 Convertible notes (ii) ​ 697,620 ​ — Current portion of long-term bank loan (iii) ​ 322,436 ​ 380,560 Long-term borrowings: ​ ​ Bank loan (iii) 950,154 303,822 Convertible notes (ii) ​ 5,784,984 ​ 5,196,507 Loan from joint investor (iv) 419,660 437,950 Total 8,362,854 7,868,839 ​ (i) Short-term bank loan As of December 31, 2019, we obtained short-term borrowings from several banks of RMB128,000 in aggregate and bank acceptance of RMB60,000. The annual interest rate of these borrowings is approximately 3.45% to 4.87%. As of December 31, 2020, we obtained short-term borrowings from several banks of RMB1,550,000 in aggregate. The annual interest rate of these borrowings is approximately 3.3% to 4.85%. The short-term borrowings contain covenants including, among others, limitation on liens, consolidation, merger and sale of the Company’s assets. The Company is in compliance with all of the loan covenants as of December 31, 2019 and 2020. As of December 31, 2019 and 2020, certain of the Group’s short-term borrowings were guaranteed by the Company’s subsidiaries or pledged with trade receivable of nil and RMB49,800, short-term investments of nil and RMB155,498, and restricted cash of RMB60,000 and nil, respectively. (ii) Convertible notes On January 30, 2019, the Group issued US$650,000 convertible senior notes and additional US$100,000 senior notes (collectively the “Notes”) to the notes purchasers (the “Notes Offering”). The Notes bears interest at a rate of 4.50% per year, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2019. The Notes is convertible into the Company’s American Depositary Shares at the pre-agreed fixed conversion price at the discretion of the holders and will mature for repayment on February 1, 2024. Holders of the Notes are entitled to require the Company to repurchase all or part of the Notes in cash on February 1, 2022 or in the event of certain fundamental changes. In connection with the Notes Offering, the Company entered into capped call transactions with certain notes purchasers and/or their respective affiliates and/or other financial institutions (the “Capped Call Option Counterparties”) and used a portion of the net proceeds of the Notes Offering to pay the cost of such transactions. In addition, the Company also entered into privately negotiated zero-strike call option transactions with certain notes purchasers or their respective affiliates (the “Zero-Strike Call Option Counterparties”) and used a portion of the net proceeds of the Notes Offering to pay the aggregate premium under such transactions. The Company accounts for the Notes as a single instrument as a long-term debt. The debt issuance cost were recorded as reduction to the long-term debts and are amortized as interest expenses using the effective interest method. The value of the Notes are measured by the cash received. The cost for the capped call transactions have been recorded as deduction of additional paid-in capital within total shareholders’ deficit. The zero-strike call option was deemed as a prepaid forward to purchase the Company’s own shares and recognized as permanent equity at its fair value at inception as a reduction to additional paid in capital in the consolidated balance sheet. As of December 31, 2019 and 2020, the balances of these convertible notes were RMB5,179,027 and RMB4,870,262, respectively. In November 2020, US$7.0 in aggregate principal amount of such Notes were converted, pursuant to which the Company issued 735 ADSs to the holders of such Notes. Accordingly, the balance of the notes converted were derecognized and recorded as ordinary shares and additional paid-in capital. On September 5, 2019, the Group issued US$200,000 convertible senior notes to an affiliate of Tencent Holdings Limited and Mr. Bin Li, chairman and chief executive officer of the Company. Tencent and Mr. Li each subscribed for US$100,000 principal amount of the convertible notes, each in two equally split tranches. The 360-day Notes will be convertible into Class A ordinary shares (or ADSs) of the Company at a conversion price of US$2.98 per ADS at the holder’s option from the 15th day immediately prior to maturity, and the 3-year Notes will be convertible into Class A ordinary shares (or ADSs) of the Company at a conversion price of US$3.12 per ADS at the holder’s option from the first anniversary of the issuance date. The holders of the 3-year Notes will have the right to require the Company to repurchase for cash all of the notes or any portion thereof on February 1, 2022. The 360-day Notes was recorded in short-term borrowings and the 3-year Notes were recorded in long-term borrowings. The Company will pay an annual premium of 2% at maturity. Interest expenses were accrued over the term of each note using the effective interest method. In September and December 2020, all of the 360-day Notes due in 2020 and US$50,000 in aggregate principal amount of the 3-year Notes due in 2022 were converted, pursuant to which the Company issued 49,582,686 Class A ordinary shares to the holders of such notes. Such notes were derecognized and recorded as ordinary shares and additional paid-in capital. As of December 31, 2019 and 2020, the balances of these convertible notes outstanding were RMB1,303,577 and RMB326,245, respectively. In January and February 2020, the Company consummated the issuance of convertible notes to several third party investors in an aggregate principal amount of US$200,000. The notes issued bear zero interest and mature on February 4, 2021. Prior to maturity, the holder of the notes has the right to convert the notes (a) after the six-month anniversary, into ADSs representing Class A ordinary shares of the Company at an initial conversion price of US$3.07 per ADS or (b) upon the completion of a bona fide issuance of equity securities of the Company for fundraising purposes, into ADSs representing Class A ordinary shares of the Company at the conversion price derived from such equity financing. The notes were recorded in short-term borrowings with interest expenses accrued over the term using the effective interest method. The debt issuance cost were recorded as reduction to the short-term borrowings and are amortized as interest expenses using the effective interest method. In July and August 2020, all of such notes were converted, pursuant to which the Company issued 65,146,600 ADSs to the holders of such notes. Such notes were derecognized and recorded as ordinary shares and additional paid-in capital. As of December 31, 2019 and 2020, the balances of these convertible notes outstanding were nil. In March 2020, the Company consummated the issuance of convertible notes to several third party investors with an aggregate principal amount of US$235,000. The notes issued bear zero interest and will mature on March 5, 2021. Prior to maturity, holders of the notes have the right to convert either all or part of the principal amount of the notes into Class A ordinary shares (or ADSs) of the Company from September 5, 2020, at a conversion price of US$3.50 per ADS, subject to certain adjustments. The notes was recorded in short-term borrowings with interest expenses accrued over the term using the effective interest method. The debt issuance costs were recorded as reduction to the short-term borrowings and are amortized as interest expenses using the effective interest method. In September and Octorber 2020, all of such notes were converted, pursuant to which the Company issued 67,142,790 Class A ADSs to the holders of such notes. Such notes were derecognized and recorded as ordinary shares and additional paid-in capital. As of December 31, 2019 and 2020, the balances of these convertible notes outstanding were nil. As of December 31, 2019 and 2020, RMB697,620 and nil of convertible notes were due within one year, respectively. (iii) Long-term bank loan ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion ​ ​ ​ ​ ​ Current portion ​ ​ ​ ​ ​ ​ ​ ​ Maturity/ ​ Outstanding ​ according to the ​ Long-term ​ Outstanding ​ according to the ​ Long-term Ref. Date of borrowing Lender/Banks Repayment date loan repayment schedule portion loan repayment schedule portion 1 ​ May 17, 2017 Bank of Nanjing ​ May 17, 2022 475,382 200,000 275,382 275,382 200,000 75,382 2 ​ September 28, 2017 China Merchants Bank ​ September 14, 2021 96,000 8,000 88,000 88,000 88,000 — 3 ​ February 2, 2018 China CITIC Bank ​ February 1, 2021 44,500 10,000 34,500 34,500 34,500 — 4 ​ August 17, 2018 China CITIC Bank ​ March 7, 2021 49,500 10,000 39,500 39,500 39,500 — 5 ​ November 30, 2018 Bank of Shanghai ​ November 30, 2021 4,102 1,014 3,088 — — — 6 ​ December 24, 2018 Bank of Shanghai ​ November 30, 2021 32,305 7,695 24,610 — — — 7 ​ January 3, 2019 Bank of Shanghai ​ November 30, 2021 16,145 3,855 12,290 — — — 8 ​ January 10, 2019 Bank of Shanghai ​ November 30, 2021 32,305 7,695 24,610 — — — 9 ​ January 17, 2019 Bank of Shanghai ​ November 30, 2021 32,305 7,695 24,610 — — — 10 ​ January 24, 2019 Bank of Shanghai ​ November 30, 2021 28,257 6,743 21,514 — — — 11 ​ March 25, 2019 Bank of Shanghai ​ November 30, 2021 128,353 28,862 99,491 — — — 12 ​ March 27, 2019 Bank of Shanghai ​ November 30, 2021 42,777 9,631 33,146 — — — 13 ​ March 29, 2019 Hankou Bank ​ March 29, 2022 199,000 2,000 197,000 197,000 2,000 195,000 14 ​ June 26, 2019 Bank of Shanghai ​ November 30, 2021 18,072 3,855 14,217 — — — 15 ​ September 11, 2019 Bank of Shanghai ​ November 30, 2021 73,587 15,391 58,196 — — — 16 ​ December 24, 2020 Bank of Shanghai ​ December 24, 2023 — — — 50,000 16,560 33,440 ​ ​ Total ​ ​ ​ 1,272,590 322,436 950,154 684,382 380,560 303,822 ​ The long-term borrowings contain covenants including, among others, limitation on liens, consolidation, merger and sale of the Company's assets. The Company is in compliance with all of the loan covenants as of December 31, 2019 and 2020. As of December 31, 2019 and 2020, certain of the Group's long-term borrowings were guaranteed by the Company's subsidiaries or pledged with trade receivable of RMB601,236 and RMB65,138, respectively. ​ (iv) Loan from joint investor On May 18, 2017, the Group entered into a joint investment agreement with Wuhan Donghu New Technology Development Zone Management Committee ("Wuhan Donghu") to set up an entity (the "PE WHJV"). Wuhan Donghu subscribed for RMB384,000 paid in capital in PE WHJV with 49% of the shares. On June 30, 2017, September 29, 2017 and April 16, 2018, Wuhan Donghu injected RMB50,000, RMB100,000 and RMB234,000 in cash to PE WHJV, respectively. Pursuant to the investment agreement, Wuhan Donghu does not have substantive participating rights to PE WHJV, nor is allowed to transfer its equity interest in PE WHJV to other third party. In addition, within five years or when the net assets of PE WHJV is less than RMB550,000, the Group is obligated to purchase from Wuhan Donghu all of its interest in PE WHJV at its investment amount paid plus interest at the current market rate announced by PBOC. As such, the Group consolidates PE WHJV. The investment by Wuhan Donghu is accounted for as a loan because it is only entitled to fixed interest income and subject to repayment within five years or upon the financial covenant violation. As of December 31, 2019 and 2020, RMB35,660 and RMB53,950 of interest were accrued at the benchmark rate of medium and long-term loan announced by PBOC. As of December 31, 2019 and 2020, certain bank borrowings of PE WHJV were guaranteed by Wuhan Donghu.

Other Non-Current Liabilities

Other Non-Current Liabilities12 Months Ended
Dec. 31, 2020
Other Non-Current Liabilities
Other Non-Current Liabilities14. Other Non-Current Liabilities Other non-current liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Deferred revenue 295,915 ​ 677,824 Warranty liabilities 291,843 ​ 655,500 Deferred government grants 340,667 ​ 326,373 Non-current finance lease liabilities ​ 88,790 ​ 55,107 Deferred construction allowance 72,762 ​ 49,484 Others ​ 61,836 ​ 85,618 Total 1,151,813 ​ 1,849,906 ​ Deferred government grants mainly consist of specific government subsidies for purchase of land use right and buildings, product development and renewal of production facilities, which is amortized using the straight-line method as a deduction of the amortization expense of the land use right over its remaining estimated useful life. Deferred construction allowance consists of long-term payable of construction projects, with payment terms over one year.

Lease

Lease12 Months Ended
Dec. 31, 2020
Lease
Lease15. Lease The Group has entered into various non-cancellable operating and finance lease agreements for certain offices, warehouses, retail and service locations, equipment and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The balances for the operating and finance leases where the Group is the lessee are presented as follows within the consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ As of December 31, As of December 31, ​ ​ 2019 2020 Operating leases: ​ ​ Right-of-use assets - operating lease 1,997,672 ​ 1,350,294 ​ ​ ​ ​ ​ Current portion of operating lease liabilities 608,747 ​ 547,142 Non-current operating lease liabilities 1,598,372 ​ 1,015,261 Total operating lease liabilities 2,207,119 ​ 1,562,403 ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ Right-of-use assets - finance lease 155,051 ​ 95,887 ​ ​ ​ ​ ​ Current portion of finance lease liabilities 40,334 ​ 33,237 Non-current finance lease liabilities 88,790 ​ 55,107 Total finance lease liabilities 129,124 ​ 88,344 ​ The components of lease expenses were as follows: ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended ​ ​ December 31, December 31, Lease cost: ​ 2019 2020 Amortization of right-of-use assets ​ 522,035 ​ 499,225 Interest of operating lease liabilities 137,459 ​ 96,430 Expenses for short-term leases within 12 months and other non-lease component 155,613 ​ 81,022 Total lease cost 815,107 ​ 676,677 ​ Other information related to leases where the Group is the lessee is as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, As of December 31, ​ ​ 2019 2020 Weighted-average remaining lease term: ​ ​ ​ Operating leases 4.7 years 3.8 years Finance leases 3.9 years 3.1 years ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases 5.83 % 5.82 % Finance leases 5.77 % 5.70 % ​ Supplemental cash flow information related to leases where we are the lessee is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended ​ ​ December 31, December 31, ​ ​ 2019 2020 Operating cash outflows from operating leases 482,782 ​ 544,896 Operating cash outflows from finance leases (interest payments) 5,969 ​ 5,729 Financing cash outflows from finance leases 43,916 ​ 42,529 Right-of-use assets obtained in exchange for lease liabilities 777,169 ​ 279,274 ​ As of December 31, 2020, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2020 ​ Operating Finance ​ ​ Leases ​ Leases 2021 609,011 ​ 36,494 2022 421,579 ​ 29,561 2023 287,087 ​ 22,515 2024 146,459 ​ 7,996 2025 ​ 84,925 ​ 36 Thereafter 175,950 ​ — Total minimum lease payments 1,725,011 ​ 96,602 Less: Interest (162,608) ​ (8,258) Present value of lease obligations 1,562,403 ​ 88,344 Less: Current portion (547,142) ​ (33,237) Long-term portion of lease obligations 1,015,261 ​ 55,107 ​ As of December 31, 2019 and 2020, the Group had future minimum lease payments for non-cancelable short-term operating leases of RMB33,580 and RMB55,977, respectively. For the year ended December 31, 2018, the Company recognized lease expense of RMB490,936 under ASC 840.

Revenues

Revenues12 Months Ended
Dec. 31, 2020
Revenues
Revenues16. Revenues Revenues by source consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Vehicle sales 4,852,470 7,367,113 15,182,522 Sales of charging pile 82,184 127,632 229,781 Sales of Packages 10,220 111,448 244,072 Others 6,297 218,711 601,558 Total 4,951,171 7,824,904 16,257,933 ​

Deferred Revenue_Income

Deferred Revenue/Income12 Months Ended
Dec. 31, 2020
Deferred Revenue/Income
Deferred Revenue/Income17. Deferred Revenue/Income The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue/income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31 ​ 2018 2019 2020 Deferred revenue/income – beginning of year — 301,774 485,087 Additions 384,116 428,786 1,013,397 Recognition (82,342) (246,861) (432,069) Effects on foreign exchange adjustment ​ — ​ 1,388 ​ (5,161) Deferred revenue/income – end of year 301,774 485,087 1,061,254 ​ Deferred revenue mainly includes the transaction price allocated to the performance obligations that are unsatisfied, or partially satisfied, which mainly arises from the undelivered charging pile, the vehicle internet connection service, the extended lifetime warranty service, the points offered to customers as well as free battery swapping service embedded in the vehicle sales contract, with unrecognized deferred revenue balance of RMB405,326 and RMB1,006,824 as of December 31, 2019 and 2020, respectively. The Group expects that 36% of the transaction price allocated to unsatisfied performance obligation as at December 31, 2020 December 31, 2021 Deferred income includes the reimbursement from a depository bank in connection with the advancement of the Company’s ADS and investor relations programs in the next five years. The Company initially recorded the payment from the depository bank as deferred revenue and then recognized as other income over the beneficial period, with unrecognized deferred income balance of RMB79,761 and RMB54,430 as of December 31, 2019 and 2020.

Manufacturing in collaboration

Manufacturing in collaboration with JAC12 Months Ended
Dec. 31, 2020
Manufacturing in collaboration with JAC
Manufacturing in collaboration with JAC18. Manufacturing in collaboration with JAC In May 2016, April 2019 and March 2020, the Group entered into several agreements with JAC for the manufacture of the ES8, the ES6 and the EC6 for five years. Pursuant to the arrangements, JAC built up a new manufacturing plant (“Hefei Manufacturing Plant”) and is responsible for the equipment used on the product line while NIO is responsible for the tooling. For each vehicle produced the Group pays processing fee to JAC on a per-vehicle basis monthly for the first three years on the basis that NIO provides all the raw materials to JAC. In addition, for the first 36 months after agreed time of start of production, which was April 2018, the Group should compensate JAC operating losses incurred in Hefei Manufacturing Plant. For the years ended December 31, 2018, 2019 and 2020, JAC charged the Group RMB126,425, RMB206,736 and RMB65,384, respectively, based on the actual losses incurred in Hefei Manufacturing Plant during the same periods, which was recorded in cost of sales.

Research and Development Expens

Research and Development Expenses12 Months Ended
Dec. 31, 2020
Research and Development Expenses
Research and Development Expenses19. Research and Development Expenses Research and development expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2018 2019 2020 Employee compensation ​ 1,850,886 ​ 2,004,931 ​ 1,362,231 Design and development expenses ​ 1,827,980 ​ 2,041,024 ​ 778,463 Depreciation and amortization expenses ​ 103,427 ​ 187,137 ​ 255,544 Rental and related expenses ​ 33,105 ​ 57,401 ​ 51,123 Travel and entertainment expenses ​ 104,949 ​ 63,998 ​ 15,720 Others ​ 77,595 ​ 74,089 ​ 24,689 Total ​ 3,997,942 ​ 4,428,580 ​ 2,487,770 ​

Selling, General and Administra

Selling, General and Administrative Expenses12 Months Ended
Dec. 31, 2020
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses20. Selling, General and Administrative Expenses Selling, general and administrative expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2018 2019 2020 Employee compensation ​ 2,256,455 2,231,698 1,687,945 Marketing and promotional expenses ​ 1,158,519 818,053 675,142 Rental and related expenses ​ 450,113 737,578 498,601 Depreciation and amortization expenses ​ 249,765 457,364 325,478 Professional services ​ 578,469 487,537 307,658 IT consumable, office supply and other low value consumable ​ 167,323 109,501 69,954 Travel and entertainment expenses ​ 197,187 ​ 126,571 ​ 39,328 Expected credit losses ​ — ​ — ​ 9,654 Allowance against receivables ​ — ​ 108,459 ​ — Others ​ 283,959 375,026 318,511 Total ​ 5,341,790 5,451,787 3,932,271 ​

Convertible Redeemable Preferre

Convertible Redeemable Preferred Shares12 Months Ended
Dec. 31, 2020
Convertible Redeemable Preferred Shares
Convertible Redeemable Preferred Shares21. Convertible Redeemable Preferred Shares In March 2015, the Company issued 165,000,000 shares of Series A-1 convertible redeemable preferred shares (“Series A-1 Preferred Shares”) for US$1.00 per share for cash of US$165,000. The total consideration was paid in three installments and were fully paid in January 2017. In March and May 2015, the Company issued 130,000,000 shares of Series A-2 convertible redeemable preferred shares (“Series A-2 Preferred Shares”) for US$1.00 per share for cash of US$130,000. In September 2015, the Company issued 24,210,431 shares of Series A-3 Preferred Shares for US$1.6522 per share for cash of US$40,000. The Series A-1, A-2 and A-3 Preferred Shares are collectively referred to as the “Series A Preferred Shares”. In June, July, August, September 2016 and February 2017, the Company issued 114,867,321 shares of Series B convertible redeemable preferred shares (“Series B Preferred Shares”) for US$2.751 per share for cash of US$316,000. In March, April, May and July 2017, the Company issued 166,205,830 shares of Series C convertible redeemable preferred shares (“Series C Preferred Shares”) for US$3.885 per share for cash of US$645,709. In November and December 2017, the Company issued 211,156,415 shares of Series D convertible redeemable preferred shares (“Series D Preferred Shares”) for US$5.353 per share for cash of US$1,130,320. US$12,000 out of the total consideration from one of the investor was not paid until March 28, 2018 and it was treated as a reduction of Series D Preferred Shares until it was paid. In addition, a finder’s commission of US$26,000 was incurred for the Series D Preferred Shares financing. The Company paid 50% of the commission in cash amounted US$13,000 and the remaining 50% by issuance of 2,428,588 shares of Series D Preferred Shares for free to the financial advisory. The total of the finder’s commission was also recorded as an issuance cost as a deduction of the preferred shares. The Series A-1, A-2, A-3, B, C and D Preferred Shares are collectively referred to as the “Preferred Shares”. All series of Preferred Shares have the same par value of US$0.00025 per share. The Company classified the Preferred Shares in the mezzanine section of the consolidated balance sheets because they were redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control, that being the Company’s failure to complete a QIPO by December 31, 2021. The Preferred Shares are recorded initially at fair value, net of issuance costs. The issuance costs for Series A-1, A-2, A-3, B, C, and D were RMB1,892, RMB1,177, RMB1,296, RMB11,857, RMB10,039 and RMB6,033 (US$301, US$189, US$208, US$1,782, US$1,489 and US$901, equivalent). The major rights, preferences and privileges of the Preferred Shares are as follows: Voting Rights The holders of the Preferred Shares shall have the right to one vote for each ordinary share into which each outstanding Preferred Share held could then be converted. The holders of the Preferred Shares vote together with the Ordinary Shareholders, and not as a separate class or series, on all matters put before the shareholders. The holders of the Preferred Shares are entitled to appoint a total of 10 out of 11 directors of the Board. Dividends Subject to the approval and declaration by the Board of Directors, the holders of the Preferred Shares (exclusive of unpaid shares) are entitled to receive dividends in the following order: ● Series D Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series C preferred Shares, Series B preferred shares, Series A Preferred Shares and ordinary shares; ● Series C Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series B preferred shares, Series A Preferred Shares and ordinary shares; ● Series B Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series A Preferred Shares and ordinary shares; ● Series A Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any ordinary shares; ● any remaining dividends shall be distributed on a pro rata basis to holders of all the Preferred Shares and ordinary shares on a fully diluted and as-if converted basis. No dividends on preferred and ordinary shares have been declared since the issuance date through December 31, 2018 and 2019. Liquidation In the event of any liquidation, the holders of Preferred Shares have preference over holders of ordinary shares with respect to payment of dividends and distribution of assets. Upon Liquidation, Series D Preferred Shares shall rank senior to Series C Preferred Shares, Series C Preferred Shares shall rank senior to Series B Preferred Shares, Series B Preferred Shares shall rank senior to Series A-3 Preferred Shares, Series A-3 Preferred Shares shall rank senior to Series A-1 and A-2 Preferred Shares, Series A-1 and A-2 Preferred Shares shall rank senior to ordinary shares. The holders of Preferred Shares (exclusive of unpaid shares) shall be entitled to receive an amount per share equal to (A) an amount equal to the higher of (1) 100% of the original issue price of such Preferred Shares, and (2) the amount that would be payable on such Preferred Shares if converted into ordinary shares immediately before such Liquidation; and (B) the amount of all declared but unpaid dividends on such Preferred Shares based on such holder’s pro rata portion of the total number of the Preferred Shares. If there are still assets of the Company legally available for distribution, such remaining assets of the Company shall be distributed to the holders of issued and outstanding Ordinary Shares on pro rata basis among themselves. Conversion The Preferred Shares (exclusive of unpaid shares) would automatically be converted into common shares 1) upon a QIPO; or 2) upon the written consent of the holders of a majority of the outstanding Preferred Share of each class with respect to conversion of each class. The initial conversion ratio of Preferred Shares to ordinary shares shall be 1:1, subject to adjustments in the event of (i) share splits, share dividends, combinations, recapitalization and similar events, or (ii) issuance of Ordinary Shares (excluding certain events such as issuance of ordinary shares pursuant to a public offering) at a price per share less than the conversion price in effect on the date of or immediately prior to such issuance. The Company determined that there were no beneficial conversion features identified for any of the Preferred Shares during any of the periods. In making this determination, the Company compared the fair value of the ordinary shares into which the Preferred Shares are convertible with the respective effective conversion price at the issuance date. In all instances, the effective conversion price was greater than the fair value of the ordinary shares. To the extent a conversion price adjustment occurs, as described above, the Company will re-evaluate whether or not a beneficial conversion feature should be recognized. Redemption The Company shall redeem, at the option of any holder of outstanding Preferred Shares, all of the outstanding Preferred Shares (other than the unpaid shares) held by the requesting holder, at any time after the earliest to occur of (a) December 31, 2021, if no QIPO or Approved Sale has been consummated prior to such date, (b) any material change in applicable law that would prohibit or otherwise make it illegal to continue to operate the business under the then-existing equity structure of the Group, which could not be solved by alteration or adjustment of the equity structure of the Group after good faith consultation among the Company and its shareholders, (c) the early termination of employment or service contracts of no less than 30% of the certain key employees (or subsequent persons holding their respective positions) with the Group during any six-month period (excluding any early termination with cause) which has resulted in material adverse effect with respect to the Business of the Group as a whole, and (d) termination or disruption of the business of the Group as a whole, which is attributable to any Group Company’s non-compliance with applicable laws or breach or early termination of material business contracts or business arrangements with any supplier, clients or otherwise (any matter or event as described in items (a) to (d), hereinafter a “Redemption Event”), or (e) any other Preferred Share holder has requested the Company to redeem its shares in any Redemption Event by delivery of a notice. The redemption amount payable for each Preferred Share (other than the unpaid shares) will be an amount equal to the greater of (a) 100% of the Preferred Shares’ original issue price, plus all accrued but unpaid dividends thereon up to the date of redemption and compound interest on the preferred shares’ original issue price at the rate of 8% per annum, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations, mergers or similar transactions, and (b) the fair market value of such Preferred Shares at the date of redemption. Upon the redemption, Series D Preferred Shares shall rank senior to Series C Preferred Shares, Series C Preferred Shares shall rank senior to Series B Preferred Shares, Series B Preferred Shares shall rank senior to Series A-3 Preferred Shares, Series A-3 Preferred Shares shall rank senior to Series A-1 and A-2 Preferred Shares, Series A-1 and A-2 Preferred Shares shall rank pari passu to each other. Conversion upon IPO On September 14, 2018, in connection with the completion of IPO, all of the Preferred Shares were automatically converted to 821,378,518 ordinary shares based on the aforementioned conversion price. Accounting for Preferred Shares The Company recognized accretion to the respective redemption value of the Preferred Shares over the period starting from issuance date to September 12, 2018, the earliest redemption date. According to the redemption price calculation described above, the Company recognized accretion of the Preferred Shares amounted to RMB13,667,291, nil and nil for the years ended December 31, 2018, 2019 and 2020. The Company’s convertible redeemable preferred shares activities for the year ended December 31, 2018 are summarized below.: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A ‑ 1 & A ‑ 2 ​ Series A ‑ 3 ​ Series B ​ Series C ​ Series D ​ Total ​ Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount ​ ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) Balances as of December 31, 2017 295,000,000 ​ 5,011,731 ​ 24,210,431 ​ 427,129 ​ 114,867,321 ​ 2,294,980 ​ 166,205,830 ​ 4,454,596 ​ 213,585,003 ​ 7,469,350 ​ 813,868,585 ​ 19,657,786 Issuance of Series A-3 Preferred Shares (note 24(c)) ​ — ​ — ​ 7,509,933 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 7,509,933 ​ — Proceeds from Series D Preferred Shares ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 78,651 ​ — ​ 78,651 Accretion on convertible redeemable preferred shares to redemption value ​ — ​ 7,091,163 ​ — ​ 565,979 ​ — ​ 2,417,979 ​ — ​ 2,375,943 ​ — ​ 1,216,227 ​ — ​ 13,667,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A ‑ 1 & A ‑ 2 ​ Series A ‑ 3 ​ Series B ​ Series C ​ Series D ​ Total ​ Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount ​ ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) Conversion of Series A‑1 and A‑2 Preferred Shares to Ordinary shares (295,000,000) ​ (12,102,894) ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (295,000,000) ​ (12,102,894) Conversion of Series A‑3 Preferred Shares to Ordinary shares — ​ — ​ (31,720,364) ​ (993,108) ​ — ​ — ​ — ​ — ​ — ​ — ​ (31,720,364) ​ (993,108) Conversion of Series B Preferred Shares to Ordinary shares — ​ — ​ — ​ — ​ (114,867,321) ​ (4,712,959) ​ — ​ — ​ — ​ — ​ (114,867,321) ​ (4,712,959) Conversion of Series C Preferred Shares to Ordinary shares — ​ — ​ — ​ — ​ — ​ — ​ (166,205,830) ​ (6,830,539) ​ — ​ — ​ (166,205,830) ​ (6,830,539) Conversion of Series D Preferred Shares to Ordinary shares — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (213,585,003) ​ (8,764,228) ​ (213,585,003) ​ (8,764,228) Balances as of December 31, 2018 — — — — — — — — — — — — ​

Redeemable non-controlling inte

Redeemable non-controlling interests12 Months Ended
Dec. 31, 2020
Redeemable non-controlling interests
Redeemable non-controlling interests22. Redeemable non-controlling interests Investment in XPT Auto XPT Auto, the Group’s wholly owned subsidiary had its redeemable preferred share (“XPT Auto PS”) financing of RMB1,269,900 to certain third party strategic investors in the second quarter of 2018. These third party strategic investors’ contributions in XPT Auto were accounted for as the Group’s redeemable non-controlling interests, and were classified as mezzanine equity. Pursuant to XPT Auto’s share purchase agreement, the XPT Auto PS issued to third party strategic investors have the same rights as the existing ordinary shareholder of XPT Auto except that they have following privileges: Redemption The holders of XPT Auto PS have the option to request XPT Auto to redeem those shares under certain circumstance: (1) a qualified initial public offering of XPT Auto has not occurred by the fifth anniversary after the issuance of XPT Auto PS; (2) XPT Auto doesn’t meet its performance target (revenue and net profit) for each of the year during FY2019 and FY2023; or (3) a deadlock event lasts for 60 The redemption price should be equal to the original issue price plus simple interest on the original issue price at the rate of 10% per annum minus the dividends paid up to the date of redemption. Liquidation In the event of any liquidation, the holders of XPT Auto PS have preference over holders of ordinary shares. On a return of capital on liquidation, XPT Auto’s assets available for distribution among the investors shall first be paid to XPT Auto PS investors at the amount equal to the original issue price plus simple interest on the original issue price at the rate of 10% per annum minus the dividends paid up to the date of liquidation. The remaining assets of XPT Auto shall all be distributed to its ordinary shareholders. The Company recognized accretion to the respective redemption value of the XPT Auto PS as a reduction of additional paid in capital over the period starting from issuance date. For the years ended December 31, 2018, 2019 and 2020, the Company recorded RMB63,297, RMB126,590 and RMB104,270, respectively, of accretion on redeemable non-controlling interests to redemption value. ​ In November 2020, the Company, through its wholly owned subsidiary, purchased all the equity interests in XPT Auto held by its minority shareholders with a cash consideration of RMB1.6 billion, which equaled the redemption price. As a result, the Company indirectly wholly owned XPT Auto thereafter. The Company accounted for such transaction as an equity transaction. The equity interests held by the minority shareholders, which were recorded as redeemable non-controlling interests with the carrying value of RMB1.6 billion, were derecognized accordingly. Investment in NIO China On April 29, 2020, the Company entered into definitive agreements, as amended and supplemented in May and June 2020, for investments in NIO Holding, the legal entity of NIO China wholly owned by the Company pre-investment, with a group of investors (collectively, the “Strategic Investors”), pursuant to which, the Strategic Investors agreed to invest an aggregate of RMB7.0 billion in cash into NIO China for its non-controlling interest. In June and July 2020, the Company received RMB5.0 billion. On September 16, 2020, pursuant to a share transfer agreement, the Company repurchased 8.612% equity interests owned by one of the Strategic Investors of NIO China with the total consideration of RMB511.5 million, consisting of the actual capital investment plus accrued interest. In addition, the Company assumed this investor’s remaining cash contribution obligation of RMB2.0 billion. As of December 31, 2020, the Company held 86.476% controlling equity interests in NIO Holding. Pursuant to NIO China’s share purchase agreement, each of the Strategic Investors has the right to request the Company to redeem their equity interests in NIO China at an agreed price in case of NIO China’s failure to submit the application for a qualified initial public offering in 48 months commencing from June 29, 2020, failure to complete a qualified initial public offering in 60 months commencing from June 29, 2020, or other events as set forth in the share purchase agreement. The agreed price is calculated based on each non-controlling shareholder’s cash investment to NIO China plus an annual interest rate of 8.5%. As the redemption is at the holders’ option and is upon the occurrence of the events that are not solely within the control of the Company, these Strategic Investors’ contributions in NIO China were classified as mezzanine equity and is subsequent accreted to the redemption price using the agreed interest rate as a reduction of additional paid in capital. The Company recorded RMB207,400 of accretion on redeemable non-controlling interests to redemption value for the year ended December 31, 2020.

Ordinary Shares

Ordinary Shares12 Months Ended
Dec. 31, 2020
Ordinary Shares
Ordinary Shares23. Ordinary Shares Upon inception, each ordinary share was issued at a par value of US$0.00025 per share. Various numbers of ordinary shares were issued to share-based compensation award recipients. As of December 31, 2019 and 2020, the authorized share capital of the Company is US$1,000 divided into 4,000,000,000 shares, comprising of: 2,503,736,290 Class A Ordinary Shares, 128,293,932 Class B Ordinary Shares, 148,500,000 Class C Ordinary Shares, each at a par value of US$0.00025 per share, and 1,219,469,778 shares of a par value of US$0.00025 each of such class or classes as the board of directors may determine. On June 15, 2020 and subsequently on June 18, 2020, the Company consummated the follow-on offering of a total of 82,800,000 American depositary shares (the "ADSs") at a price of US$5.95 per ADS. On September 2, 2020, the Company consummated another follow-on offering of a total of 101,775,000 American depositary shares (the "ADSs") at a price of US$17.00 per ADS. On December 16, 2020 and subsequently on December 17, 2020, the Company consummated another follow-on offering of a total of 78,200,000 American depositary shares (the "ADSs") at a price of US$39.00 per ADS. As of December 31, 2019 and 2020, 4,000,000,000 ordinary shares were authorized. 1,067,467,877 and 1,529,031,103 shares were issued and 1,064,472,660 and 1,526,539,388 shares were outstanding as of December 31, 2019 and 2020, respectively.

Share-based Compensation

Share-based Compensation12 Months Ended
Dec. 31, 2020
Share-based Compensation
Share-based Compensation24. Share-based Compensation Compensation expenses recognized for share-based awards granted by the Company were as follows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Cost of sales 9,289 ​ 9,763 ​ 5,564 Research and development expenses 109,124 ​ 82,680 ​ 51,024 Selling, general and administrative expenses 561,055 ​ 241,052 ​ 130,506 Total 679,468 ​ 333,495 ​ 187,094 ​ There was no income tax benefit recognized in the consolidated statements of comprehensive loss for share-based compensation expenses and the Group did not capitalize any of the share-based compensation expenses as part of the cost of any assets in the years ended December 31, 2018, 2019 and 2020. (a) Prime Hubs’ Restricted Shares Plan In 2015, the Company adopted the Prime Hubs Restricted Shares Plan (the “Prime Hubs Plan”). Pursuant to the Prime Hubs Plan, restricted shares were granted to certain employees and non-employee consultants of the Group as approved by the board of directors. The restricted shares granted require the non-employee consultants to serve the Group for a period of one year with 100% of the restricted shares vesting upon the completion of the service period and the employees to serve the Group for a period of four years with 25% of the restricted shares vesting at each anniversary of the service commencement date. The restricted shares issued under the Prime Hubs Plan are held by Prime Hubs, a consolidated variable interest entity of the Company, and are accounted for as treasury stocks of the Company prior to their vesting. The following table summarizes activities of the Company’s restricted shares granted to employees under the Prime Hubs Plan: ​ ​ ​ ​ ​ ​ ​ Number of Shares Weighted Average Employees ​ Outstanding ​ Grant Date Fair Value ​ ​ ​ US$ Unvested as of December 31, 2017 7,058,338 1.04 Vested (7,058,338) 1.04 Unvested as of December 31, 2018, 2019 and 2020 — — ​ In August 2018, the Company agreed to repurchase 562,500 vested Prime Hubs restricted shares from a former employee who passed away with total cash consideration of RMB7,490 at the fair value. For the years ended December 31, 2018, 2019 and 2020, total share-based compensation expenses recognized for the employee restricted shares granted under the Prime Hubs Plan were RMB39,560, nil and nil, respectively. As of December 31, 2018 , all the employee restricted shares granted under the Prime Hubs Plan had been fully vested and hence all related share-based compensation expenses had been recognized. (b) NIO Incentive Plans In 2015, the Company adopted the 2015 Stock Incentive Plan (the “2015 Plan”), which allows the plan administrator to grant share options and restricted shares of the Company to its employees, directors, and consultants. The Company granted both share options and restricted shares to the employees. The share options and restricted shares of the Company under 2015 Plan have a contractual term of ten years from the grant date, and vest over a period of four years of continuous service, one fourth (1/4) vest In 2016, 2017 and 2018, the Board of Directors further approved the 2016 Stock Incentive Plan (the “2016 Plan”), the 2017 Stock Incentive Plan (the “2017 Plan") and the 2018 Stock Incentive Plan (the "2018 Plan”). The share options of the Company under 2016, 2017 and 2018 Plans have a contractual term of seven four The Group did not recognize any share-based compensation expenses for share options granted to the non-NIO US employees of the Group until completion of the Company’s IPO on September 12, 2018. The Group recognized the share options and restricted shares of the Company granted to the employees of NIO US on a straight-line basis over the vesting term of the awards, net of estimated forfeitures. Share-based compensation expenses for share options granted to the non-NIO US employees of the Group before IPO were recognized by using the graded-vesting method. (i) Share Options The following table summarizes activities of the Company’s share options under the 2015, 2016, 2017 and 2018 Plans for the years ended December 31, 2018, 2019 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ Number of ​ Average ​ Average ​ Aggregate ​ ​ Options ​ Exercise ​ Remaining ​ Intrinsic ​ ​ Outstanding ​ Price ​ Contractual Life ​ Value ​ ​ ​ ​ US$ ​ In Years ​ US$ Outstanding as of December 31, 2017 57,775,914 ​ 0.57 ​ 8.52 ​ 114,299 Granted 47,216,792 ​ 2.79 ​ — ​ — Exercised ​ (7,732,317) ​ 0.40 ​ — ​ — Cancelled (5,498,453) ​ 1.17 ​ — ​ — Expired (687,796) ​ 0.62 ​ — ​ — Outstanding as of December 31, 2018 91,074,140 ​ 1.69 ​ 8.23 ​ 425,988 Granted 33,964,176 ​ 3.29 ​ — ​ — Exercised (20,133,668) ​ 0.49 ​ — ​ — Cancelled (14,759,778) ​ 2.69 ​ — ​ — Expired (1,300,898) ​ 4.11 ​ — ​ — Outstanding as of December 31, 2019 88,843,972 ​ 2.38 ​ 6.77 ​ 164,363 Granted 16,077,700 ​ 8.09 ​ — ​ — Exercised (15,253,500) ​ 1.55 ​ — ​ — Cancelled (9,030,781) ​ 3.02 ​ — ​ — Expired (1,318,892) ​ 4.49 ​ — ​ — Outstanding as of December 31, 2020 79,318,499 ​ 3.59 ​ 6.39 ​ 3,581,119 Vested and expected to vest as of December 31, 2018 88,168,431 ​ 1.67 ​ 8.21 ​ 413,978 Exercisable as of December 31, 2018 32,959,964 ​ 0.73 ​ 7.45 ​ 185,787 Vested and expected to vest as of December 31, 2019 85,578,313 ​ 2.37 ​ 6.76 ​ 159,483 Exercisable as of December 31, 2019 32,925,154 ​ 1.78 ​ 6.34 ​ 80,801 Vested and expected to vest as of December 31, 2020 78,405,625 ​ 3.58 ​ 6.39 ​ 3,540,734 Exercisable as of December 31, 2020 32,504,454 ​ 2.28 ​ 6.24 ​ 1,510,113 ​ The weighted-average grant date fair value for options granted under the Company’s 2017, 2018 and 2019 Plans during the years ended December 31, 2018, 2019 and 2020 was US$1.93, US$1.46 and US$4.03, respectively, computed using the binomial option pricing model. The total share-based compensation expenses recognized for share options during the years ended December 31, 2018, 2019 and 2020 was RMB437,320, RMB329,693 and RMB177,543, respectively. The fair value of each option granted under the Company’s 2017, 2018 and 2019 Plans during 2018,2019 and 2020 was estimated on the date of each grant using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 2019 2020 Exercise price (US$) 0.10 ​ - 6.74 ​ 1.80 ​ - 7.09 2.38 ​ - 48.45 ​ Fair value of the ordinary shares on the date of option grant (US$) 3.38 ​ - 6.74 ​ 1.80 ​ - 7.09 2.38 ​ - 48.45 ​ Risk-free interest rate 2.74 % - 3.15 % 1.66 % - 2.54 % 0.50 % - 1.00 % Expected term (in years) 7 ​ - 10 7 ​ - 10 7 ​ - 10 ​ Expected dividend yield ​ ​ ​ 0 % ​ ​ ​ 0 % ​ ​ ​ 0 % Expected volatility 47 % - 51 % 44 % - 52 % 54 % - 55 % Expected forfeiture rate (post-vesting) 5 % - 8 % 6 % - 8 % 2 % - 6 % ​ Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options. As of December 31, 2019 and 2020, there were RMB89,896 and RMB109,905 of unrecognized compensation expenses related to the stock options granted to the employees of NIO US, which is expected to be recognized over a weighted-average period of 2.78 and 2.73 years, respectively. As of December 31, 2019 and 2020, there were RMB269,425 and RMB430,414 of unrecognized compensation expenses related to the stocks options granted to the Group’s non-NIO US employees which is expected to be recognized over a weighted-average period of 2.67 years and 2.01 years, respectively. (ii) Restricted shares The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant. The following table summarizes activities of the Company’s restricted shares to US employees under the 2016 Plan: ​ ​ ​ ​ ​ ​ ​ Number of Restricted Weighted Average ​ ​ Shares Outstanding ​ Grant Date Fair Value ​ ​ ​ ​ US$ Unvested at December 31, 2017 1,112,977 ​ 0.96 Vested (608,406) ​ 0.96 Forfeited (63,058) ​ 0.96 Unvested at December 31, 2018 441,513 ​ 0.96 Vested (362,685) ​ 0.96 Forfeited (78,828) ​ 0.96 Unvested at December 31, 2019, and 2020 — ​ — ​ Share-based compensation expenses of RMB3,790, RMB2,357 and nil related to restricted shares granted to the employees of NIO US was recognized for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, there were nil of unrecognized compensation expenses related to restricted shares granted to the employees of NIO US. The following table summarizes activities of the Company’s restricted shares to non-US employees under the 2017 and 2018 Plan: ​ ​ ​ ​ ​ ​ ​ Number of Restricted Weighted Average ​ ​ Shares Outstanding ​ Grant Date Fair Value ​ ​ ​ ​ US$ Unvested at December 31, 2018 ​ 63,897 ​ 6.60 Vested ​ (31,949) ​ 6.60 Unvested at December 31, 2019 31,948 ​ 6.60 Granted 3,869,213 ​ 20.07 Vested (2,165,417) ​ 3.85 Unvested at December 31, 2020 1,735,744 ​ 40.05 ​ Share-based compensation expenses of RMB20,323, RMB1,445 and RMB9,551 related to restricted shares granted to the non-US employees was recognized for the years ended December 31, 2018, 2019 and 2020, respectively. ​ As of December 31, 2019 and 2020, there were RMB1,028 and RMB472,628 of unrecognized compensation expenses related to restricted shares granted to the non-US employees, which is expected to be recognized over a weighted-average period of 0.7 and 3.6 years, respectively. (c) Non-recourse Loan In November 2015, the Company issued an offer letter to one of its key management team member (“the Borrower”). In the offer letter, the Company offered the Borrower to purchase 7,509,933 Series A-3 Preferred Shares of the Company at the price of US $1.6522 per share, which equals to the purchase price same class of preferred shares by other third party investors in the most recent round of financing prior to the offer letter. In addition, the Company agreed to provide a loan in the amount of US $12,408 with an interest rate of 1.8% compounded semiannually to paid for the fund the purchase of such Series A-3 Preferred Shares by the Borrower (“the Loan”). The Loan agreement was signed on March 10, 2016. The Loan is subject to a three-year service condition with 25% immediately vested on the grant date and 25% cliff vesting annually. The Borrower’s personal liability on the Loan, and the Company’s recourse against the Borrower personally on the Loan, shall be limited to 50% of the then-outstanding principal amount of the Loan, including any interest accrued thereon. In June 2018, the Borrower repaid the loan pursuant to the agreement, including the interest accrued, to the Company, amounting to RMB82,863. By the time of the repayment, 75% of the Award was vested and considered as exercised while 25% remained as unvested. Pursuant to ASC 718, the Company accounted for the Loan as a stock liability (the “Award”). Given the underlying of the Award is Series A-3 Preferred Shares, it was treated as a liability award following ASC 480. The Award was initially recognized at fair value and subsequently re-measured by recognizing the change in fair value as an adjustment to the compensation costs. The fair value of the Award granted was estimated on each reporting date using the Black-Scholes option pricing model with the assumptions (or ranges thereof) in the following table: ​ ​ ​ ​ ​ ​ 2018 Exercise price 1.74 Fair value of the Preferred Shares on the measurement date 4.54 Risk-free interest rate 2 % Remaining life (in years) 0.26 Expected dividend yield 0 % Expected volatility 43%-44 % ​ As of December 31, 2018, the Award was fully vested and exercised. Share-based compensation expenses related to the Award of RMB178,475, nil and nil were recognized for the years ended December 31, 2018, 2019 and 2020, respectively.

Taxation

Taxation12 Months Ended
Dec. 31, 2020
Taxation
Taxation25. Taxation (a) Income taxes Cayman Islands The Company was incorporated in the Cayman Islands and conducts most of its business through its subsidiaries located in Mainland China, Hong Kong, United States, United Kingdom and Germany. Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. PRC All Chinese companies are subject to enterprise income tax (“EIT”) at a uniform rate of 25%. Under the EIT Law enacted by the National People’s Congress of PRC on March 16, 2007 and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by a foreign investment enterprise in the PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of 5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with PRC. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC will be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%. According to relevant laws and regulations promulgated by the State Administration of Tax of the PRC effective from 2008 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses so incurred as tax deductible expenses when determining their assessable profits for the year (‘Super Deduction’). The additional deduction of 75% of qualified research and development expenses can only be claimed directly in the annual EIT filing and subject to the approval from the relevant tax authorities. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to 8.25% profit tax on the first HKD2 million taxable income and 16.5% profit tax on the remaining taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. Other Countries The maximum applicable income tax rates of other countries where the Company’s subsidiaries having significant operations for the years ended December 31, 2018, 2019 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ ​ 2018 2019 2020 ​ United States 29.84 % 29.84 % 29.84 ​ % United Kingdom 19.00 % 19.00 % 19.00 ​ % Germany 32.98 % 32.98 % 32.98 ​ % ​ Composition of income tax expense for the periods presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Current income tax expense 22,044 7,888 6,368 ​ Reconciliations of the income tax expense computed by applying the PRC statutory income tax rate of 25%to the Group’s income tax expense of the years presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ Year Ended December 31, ​ 2018 2019 2020 Loss before income tax expense (9,616,935) (11,287,764) (5,297,714) Income tax expense computed at PRC statutory income tax rate of 25% (2,404,234) (2,821,941) (1,324,429) Non-deductible expenses 96,684 58,374 47,151 Foreign tax rates differential 167,180 107,617 (81,668) Additional 75% tax deduction for qualified research and development expenses (216,993) (22,630) (36,775) Tax exempted interest income (10,377) (3,093) — Non-taxable offshore income — — (523,276) US tax credits (42,781) (72,448) (21,633) Prior year adjustments (1,422) (16,259) (4,324) Tax benefit contributed by Non-controlling interest ​ — ​ 2,285 ​ 1,241 Tax benefit not utilized 2,433,987 2,775,983 1,950,081 Income tax expense 22,044 7,888 6,368 ​ The PRC statutory income tax rate was used because the majority of the Group’s operations are based in PRC. (b) Deferred tax The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying business. The statutory income tax rate of 25%or applicable preferential income tax rates were applied when calculating deferred tax assets. The Group’s deferred tax assets consist of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2018 2019 2020 Deferred tax assets Net operating loss carry-forwards 3,777,696 6,005,461 6,831,387 Accrued and prepaid expenses 255,240 420,714 534,693 Deferred Revenue ​ 83,877 ​ 105,840 ​ 251,778 Tax credit carry-forwards 117,801 213,773 233,326 Property, plant and equipment, net 17,467 10,584 64,191 Unrealized financing cost 41,939 29,200 40,800 Intangible assets ​ 15,687 ​ 36,362 ​ 36,702 Allowance against receivables ​ — ​ 27,196 ​ 9,027 Deferred rent 36,729 19,035 9,791 Share-based compensation 8,962 7,688 6,857 Write-downs of inventory ​ — ​ 2,607 ​ 1,162 Advertising expenses in excess of deduction limit 14,234 353 507 Unrealized foreign exchange loss 55 55 (971) Others ​ — ​ 162 ​ 269 Total deferred tax assets 4,369,687 6,879,030 8,019,519 Less: Valuation allowance (4,369,687) (6,879,030) (8,019,519) Total deferred tax assets, net — — — ​ Full valuation allowances have been provided where, based on all available evidence, management determined that deferred tax assets are not more likely than not to be realizable in future tax years. Movement of valuation allowance is as follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2018 2019 2020 Valuation allowance Balance at beginning of the year 1,878,643 4,369,687 6,879,030 Additions 2,491,044 2,509,343 1,140,489 Balance at end of the year 4,369,687 6,879,030 8,019,519 ​ The Group has tax losses arising in Mainland China of RMB21,494,377, that will expire in one ​ ​ ​ ​ Loss expiring in 2021 38,471 Loss expiring in 2022 57,986 Loss expiring in 2023 2,361,845 Loss expiring in 2024 3,439,013 Loss expiring in 2025 3,529,613 Loss expiring in 2026 ​ 547,984 Loss expiring in 2027 ​ 2,799,057 Loss expiring in 2028 ​ 3,386,670 Loss expiring in 2029 ​ 5,333,738 Total 21,494,377 ​ The Group has tax losses arising in Hong Kong of RMB2,601,564 for which could be carried forward indefinitely against future taxable income. The Group has tax losses arising in United States of RMB22,927, RMB232,098, RMB813,638 and RMB2,394,621 that will expire in sixteen, seventeen, eighteen and infinite years for deduction against future taxable income. Uncertain Tax Position The Group did not identify any significant unrecognized tax benefits for each of the periods presented. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expense and also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2020.

Loss Per Share

Loss Per Share12 Months Ended
Dec. 31, 2020
Loss Per Share
Loss Per Share26. Loss Per Share Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2018, 2019 and 2020 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Numerator: Net loss (9,638,979) (11,295,652) (5,304,082) Accretion on convertible redeemable preferred shares to redemption value (13,667,291) — — Accretion on redeemable non-controlling interests to redemption value (63,297) (126,590) (311,670) Net loss attributable to non-controlling interests 41,705 9,141 4,962 Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (23,327,862) (11,413,101) (5,610,790) Denominator: ​ ​ ​ Weighted-average number of ordinary shares outstanding — basic and diluted 332,153,211 1,029,931,705 1,182,660,948 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (70.23) (11.08) (4.74) ​ For the years ended December 31, 2018, 2019 and 2020, the Company had potential ordinary shares, including non-vested restricted shares, options granted, Convertible Notes and Preferred Shares. As the Group incurred losses for the years ended December 31, 2018, 2019 and 2020, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company. Such weighted average numbers of ordinary shares outstanding are as following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Non-vested restricted shares 340,518 459,199 — Outstanding weighted average options granted 72,735,288 31,276,979 52,558,756 Convertible Notes — 92,512,382 183,942,782 Preferred Shares 678,614,152 — — Total 751,689,958 124,248,560 236,501,538 ​

Related Party Balances and Tran

Related Party Balances and Transactions12 Months Ended
Dec. 31, 2020
Related Party Balances and Transactions
Related Party Balances and Transactions27. Related Party Balances and Transactions The principal related parties with which the Group had transactions during the years presented are as follows: ​ ​ Name of Entity or Individual Relationship with the Company Baidu Capital L.P. ​ Shareholder Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. ​ Controlled by Principal Shareholder Shanghai NIO Hongling Investment Management Co., Ltd. ​ Controlled by Principal Shareholder NIO Capital ​ Controlled by Principal Shareholder Suzhou Zenlead XPT New Energy Technologies Co., Ltd. ​ Affiliate Beijing Chehui Hudong Guanggao Co., Ltd. ​ Controlled by Principal Shareholder Beijing Xinyi Hudong Guanggao Co., Ltd. ​ Controlled by Principal Shareholder Bite Shijie (Beijing) Keji Co., Ltd. ​ Controlled by Principal Shareholder Kunshan Siwopu Intelligent Equipment Co., Ltd. ​ Affiliate Nanjing Weibang Transmission Technology Co., Ltd. ​ Affiliate Shanghai Weishang Business Consulting Co., Ltd. ​ Controlled by Principal Shareholder Beijing Bit Ep Information Technology Co., Ltd. ​ Controlled by Principal Shareholder Serene View Investment Limited ​ Controlled by Principal Shareholder Huang River Investment Limited ​ Controlled by Principal Shareholder Tianjin Boyou Information Technology Co., Ltd. ​ Controlled by Principal Shareholder Wistron Info Comm (Kunshan) Co., Ltd. ​ Subsidiary's Non-controlling shareholder Beijing Yiche Information Science and Technology Co., Ltd. ​ Controlled by Principal Shareholder Beijing Yiche Interactive Advertising Co., Ltd. ​ Controlled by Principal Shareholder Shanghai Yiju Information Technology Co., Ltd. ​ Controlled by Principal Shareholder Beijing Changxing Information Technology Co., Ltd. ​ Significantly influenced by Principal Shareholder Beijing Bitauto Interactive Technology Co., Ltd. ​ Controlled by Principal Shareholder Wuhan Weineng Battery Assets Co., Ltd. ​ Affiliate Xtronics Innovation Ltd. ​ Subsidiary's Non-controlling shareholder Xunjie Energy (Wuhan) Co ., Ltd. ​ Affiliate ​ In June 2018, Wenjie Wu, originally appointed by Baidu Capital L.P. to be a board director of the Company, resigned and since then, Baidu Capital L.P. ceased to have significant influence over the Company and was no longer the Group's related party. In December 2020, Mr. Bin Li resigned as chairman of the Board in Beijing Bitauto Interactive Technology Co., Ltd.. Since then, Beijing Bitauto Interactive Technology Co., Ltd., Beijing Xinyi Hudong Guanggao Co., Ltd., Bite Shijie (Beijing) Keji Co., Ltd. and Beijing Chehui Hudong Guanggao Co., Ltd. were no longer controlled by Mr. Bin Li, and were no longer the Group's related parties. (a) The Group entered into the following significant related party transactions: (i) Provision of service For the years ended December 31, 2018, 2019 and 2020, service income was primarily generated from property management and miscellaneous research and development services the Group provided to its related parties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Nanjing Weibang Transmission Technology Co., Ltd. ​ — ​ 2,417 ​ 1,523 Wuhan Weineng Battery Assets Co., Ltd. — ​ — ​ 38 Shanghai Weishang Business Consulting Co., Ltd. ​ 905 ​ 1,806 ​ — Shanghai NIO Hongling Investment Management Co., Ltd. 2,707 ​ — ​ — ​ ​ 3,612 ​ 4,223 ​ 1,561 ​ (ii) Acceptance of advertising and IT support services ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Beijing Chehui Hudong Guanggao Co., Ltd. 6,915 ​ 29,599 ​ 92,356 Beijing Xinyi Hudong Guanggao Co., Ltd. 28,245 ​ 37,935 ​ 39,919 Beijing Bit Ep Information Technology Co., Ltd. ​ — ​ 3,627 ​ 4,159 Tianjin Boyou Information Technology Co., Ltd. ​ — ​ 264 ​ 1,594 Beijing Yiche Information Science and Technology Co., Ltd. 32 ​ 466 ​ 280 Shanghai Yiju Information Technology Co., Ltd. ​ — ​ 76 ​ 142 Bite Shijie (Beijing) Keji Co., Ltd. ​ 2,865 ​ 1,664 ​ 47 Beijing Yiche Interactive Advertising Co., Ltd. ​ — ​ 6,132 ​ — ​ 38,057 79,763 138,497 ​ (iii) Loan to related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 NIO Capital 66,166 — — ​ On January 12, 2018, the Group granted two interest free loans to NIO Capital, with principal amount of US$5,000 each. The loans mature in six months. One of the loan has been received by the Group and the other has been converted into the investment in ordinary shares of a subsidiary of NIO Capital, which was further disposed in 2019. (iv) Cost of manufacturing consignment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 132,152 132,511 174,680 ​ (v) Purchase of raw material, property and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Nanjing Weibang Transmission Technology Co., Ltd. ​ — ​ 34,220 ​ 114,329 Kunshan Siwopu Intelligent Equipment Co., Ltd. 11,107 ​ 7,982 ​ 22,797 Xunjie Energy (Wuhan) Co., Ltd. — ​ — ​ 460 ​ 11,107 ​ 42,202 ​ 137,586 ​ (vi) Interest payable on behalf of related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Baidu Capital L.P. 8,065 — — ​ (vii) Acceptance of R&D and maintenance service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 14,776 ​ — ​ 1,953 Kunshan Siwopu Intelligent Equipment Co., Ltd. 2,436 ​ 341 ​ 1,449 ​ 17,212 ​ 341 ​ 3,402 ​ (viii) Payment on behalf of related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Nanjing Weibang Transmission Technology Co., Ltd. 2,790 — — ​ (ix) Loan from related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Beijing Bitauto Interactive Technology Co., Ltd. ​ — ​ — ​ 260,000 Beijing Changxing Information Technology Co., Ltd. ​ — ​ 25,799 ​ — ​ — ​ 25,799 ​ 260,000 ​ In 2019, the Company signed a loan agreement with Beijing Changxing Information Technology Co., Ltd. for a loan of RMB25,799 at an interest rate of 15%. As of December 31, 2020, the loan has been fully repaid by the Company. In 2020, the Company signed loan agreements with Beijing Bitauto Interactive Technology Co., Ltd. for an aggregate loan amount of RMB260,000 at an interest rate of 6%. As of December 31, 2020, the loans have been fully repaid by the Company. (x) Sale of raw material, property and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Wistron Info Comm (Kunshan) Co., Ltd. ​ — ​ 725 ​ 358 Wuhan Weineng Battery Assets Co., Ltd. ​ — ​ — ​ 120 ​ — ​ 725 ​ 478 ​ (xi) Convertible notes issued to related parties and interest accural (Note 12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2018 ​ 2019 ​ 2020 Serene View Investment Limited — ​ 614,926 ​ 101,927 Huang River Investment Limited — ​ 920,914 ​ 22,018 ​ — ​ 1,535,840 ​ 123,945 ​ (xii) Sales of goods ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Wuhan Weineng Battery Assets Co., Ltd. ​ — — 290,135 Beijing Bit Ep Information Technology Co., Ltd. ​ — — 4,402 Beijing Bitauto Interactive Technology Co., Ltd. ​ — — 1,974 Beijing Yiche Interactive Advertising Co., Ltd. ​ — — 1,453 Beijing Yiche Information Science and ​ — — 525 ​ ​ — — 298,489 ​ (b) The Group had the following significant related party balances: (i) Amounts due from related parties ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ 2019 2020 Wuhan Weineng Battery Assets Co. Ltd. — ​ 118,779 Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. 50,000 ​ 50,000 Kunshan Siwopu Intelligent Equipment Co., Ltd. ​ — ​ 617 Nanjing Weibang Transmission Technology Co., Ltd. 674 ​ 509 Wistron Info Comm (Kunshan) Co., Ltd. 109 ​ — Total 50,783 ​ 169,905 ​ In 2017, the Company grant interest-free loans to Ningbo Meishen Bonded Port Area Weilan Investment Co., Ltd. As of December 31, 2020, the loans remain outstanding. ​ (ii) Amounts due to related parties ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ 2019 2020 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 180,687 ​ 273,982 Nanjing Weibang Transmission Technology Co., Ltd. 33,018 ​ 51,687 Kunshan Siwopu Intelligent Equipment Co., Ltd. ​ 379 ​ 11,986 Wistron Info Comm (Kunshan) Co., Ltd. ​ — ​ 3,007 Beijing Bit Ep Information Technology Co., Ltd. 2,598 ​ 1,768 Xtronics Innovation Ltd. ​ — ​ 1,493 Xunjie Energy (Wuhan) Co ., Ltd. ​ — ​ 513 Beijing Yiche Information Science and Technology Co., Ltd. 205 ​ 167 Beijing Xinyi Hudong Guanggao Co., Ltd. 36,714 ​ — Beijing Changxing Information Technology Co., Ltd. ​ 25,799 ​ — Beijing Chehui Hudong Guanggao Co., Ltd. ​ 25,170 ​ — Beijing Yiche Interactive Advertising Co., Ltd. ​ 3,500 ​ — Bite Shijie (Beijing) Keji Co., Ltd. 1,549 ​ — Shanghai Yiju Information Technology Co., Ltd. 80 ​ — Tianjin Boyou Information Technology Co., Ltd. 30 ​ — Total ​ 309,729 ​ 344,603 ​ (iii) Short-term borrowings and interest payable ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ ​ 2019 Huang River Investment Limited 354,840 3,391 Serene View Investment Limited 350,255 — Total 705,095 3,391 ​ (iv) Long-term borrowings ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ 2019 2020 Huang River Investment Limited ​ 560,325 ​ 531,507 Serene View Investment Limited ​ 258,213 ​ — Total 818,538 531,507 ​

Commitments and Contingencies

Commitments and Contingencies12 Months Ended
Dec. 31, 2020
Commitments and Contingencies
Commitments and Contingencies28. Commitments and Contingencies (a) Capital commitments Capital expenditures contracted for at the balance sheet dates but not recognized in the Group’s consolidated financial statements are as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ 2019 2020 Property and equipment 551,582 428,448 Leasehold improvements 68,652 54,911 Total 620,234 483,359 ​ (b) Contingencies Between March and July 2019, several putative securities class action lawsuits were filed against the Company, certain of the Company’s directors and officers, the underwriters in the IPO and the process agent, alleging, in sum and substance, that the Company’s statements in the Registration Statement and/or other public statements were false or misleading and in violation of the U.S. federal securities laws. Some of these actions have been withdrawn, transferred or consolidated. Currently, three securities class actions remain pending in the U.S. District Court for the Eastern District of New York (E.D.N.Y.), Supreme Court of the State of New York, New York County (N.Y. County), and Supreme Court of the State of New York, County of Kings (Kings County) respectively. In the E.D.N.Y. action, the Company and other defendants filed their Motion to Dismiss on October 19, 2020 and briefing on the Motion to Dismiss was completed on December 4, 2020. The Court’s decision on the Motion to Dismiss is pending. In the New York county action, by an order dated March 23, 2021, the Court granted the plaintiffs’ motion to lift the stay in favor of the federal action. In the Kings County action, the judge has yet to be assigned and there has not been any major development. These actions remain in their preliminary stages. The Company is currently unable to determine any estimate of the amount or range of any potential loss, if any, associated with the resolution of such lawsuits, if they proceed. ​ The Group is subject to legal proceedings and regulatory actions in the ordinary course of business, such as disputes with landlords, suppliers, employees, etc. The results of such proceedings cannot be predicted with certainty, but the Group does not anticipate that the final outcome arising out of any of such matters will have a material adverse effect on the consolidated balance sheets, comprehensive loss or cash flows on an individual basis or in the aggregate. As of December 31, 2019 and 2020, the Group is not a party to any material legal or administrative proceedings.

Subsequent Events

Subsequent Events12 Months Ended
Dec. 31, 2020
Subsequent Events
Subsequent Events29. Subsequent Events In January 2021, the Company completed the offering of US$750 million of convertible senior notes due 2026 (the “2026 Notes”) and US$750 million of convertible senior notes due 2027 (the “2027 Notes”), which included the exercise in full by the initial purchasers to purchase up to an additional US$100 million of the 2026 Notes and the 2027 Notes, respectively. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at the Company’s discretion. In addition, the Company entered into separate and individually privately negotiated agreements with certain holders of its outstanding 4.50% convertible senior notes due 2024 (the “2024 Notes”) to exchange approximately US$581.7 million principal amount of the outstanding 2024 Notes for its ADSs, each representing one Class A ordinary share of the Company (the “2024 Notes Exchanges”). The 2024 Notes Exchanges closed on January 15, 2021. In connection with the 2024 Notes Exchanges, the Company also entered into agreements with certain financial institutions that are parties to its existing capped call transactions (which the Company had entered into in February 2019 in connection with the issuance of the 2024 Notes) to terminate a portion of the relevant existing capped call transactions in a notional amount corresponding to the portion of the principal amount of such 2024 Notes exchanged. In connection with such terminations of the existing capped call transactions, the Company received deliveries of the ADSs in such amounts as specified pursuant to such termination agreements on January 15, 2021. In February 2021, the Company completed the increase of its controlling equity interests in NIO China through the purchase of certain investors’ equity interests and the subscription for newly increased registered capital. As a result, the Company holds an aggregate of 90.360% controlling equity interests in NIO China. In March 2021, the Group entered into definitive agreements with JAC to establish a joint venture for manufacture management and operations with a registered capital of RMB500 million where the Group holds 49% equity interests.

Parent Company Only Condensed F

Parent Company Only Condensed Financial Information12 Months Ended
Dec. 31, 2020
Parent Company Only Condensed Financial Information
Parent Company Only Condensed Financial Information30. Parent Company Only Condensed Financial Information The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the Company only. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant capital and other commitments, or guarantees as of December 31, 2020. Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2019 2020 2020 ​ ​ RMB ​ RMB ​ US$ ​ ​ ​ ​ ​ ​ Note 2(e) ASSETS Current assets: Cash and cash equivalents 11,629 22,173,454 ​ 3,398,230 Amounts due from related parties 22,698 19,680 ​ 3,016 Prepayments and other current assets — 34,664 ​ 5,312 Total current assets 34,327 22,227,798 ​ 3,406,558 Non-current assets: ​ ​ ​ Investments in subsidiaries and VIEs 2,884,635 10,540,521 ​ 1,615,405 Total non-current assets 2,884,635 10,540,521 ​ 1,615,405 Total assets 2,918,962 32,768,319 ​ 5,021,963 LIABILITIES Current liabilities: Short-term borrowings ​ 697,620 ​ — ​ — Amounts due to related parties 2,555,511 246,800 37,824 Accruals and other liabilities 100,772 101,750 15,591 Total current liabilities 3,353,903 348,550 53,415 Long-term borrowings ​ 5,784,984 ​ 5,196,507 ​ 796,400 Deferred revenue 79,761 54,431 8,342 Total non-current liabilities 5,864,745 5,250,938 804,742 Total liabilities 9,218,648 5,599,488 858,157 SHAREHOLDERS’ (DEFICIT)/EQUITY Class A Ordinary Shares 1,347 2,205 ​ 338 Class B Ordinary Shares 226 220 ​ 34 Class C Ordinary Shares 254 254 ​ 39 Treasury shares — — ​ — Additional paid in capital 40,227,856 78,880,014 ​ 12,088,891 Accumulated other comprehensive loss (203,048) (65,452) ​ (10,031) Accumulated deficit (46,326,321) (51,648,410) ​ (7,915,465) Total shareholders’ (deficit)/equity (6,299,686) 27,168,831 ​ 4,163,806 Total liabilities and shareholders’ (deficit)/equity 2,918,962 32,768,319 ​ 5,021,963 ​ Condensed Statements of Comprehensive Loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ 2018 2019 2020 2020 ​ ​ RMB ​ RMB ​ RMB ​ US$ ​ ​ ​ ​ ​ ​ ​ ​ Note 2(e) Operating expenses: Selling, general and administrative (178,479) (97) (7,463) (1,144) Total operating expenses (178,479) (97) (7,463) (1,144) Loss from operations (178,479) (97) (7,463) (1,144) Interest income 7,692 4,212 10,086 1,546 Interest expense — (237,374) (312,662) (47,918) Equity in loss of subsidiaries and VIEs (9,432,640) (11,076,907) (5,089,371) (779,982) Other income 6,153 23,655 100,290 15,370 Loss before income tax expense (9,597,274) (11,286,511) (5,299,120) (812,128) Income tax expense — — — — Net loss (9,597,274) (11,286,511) (5,299,120) (812,128) Accretion on convertible redeemable preferred shares to redemption value (13,667,291) — — — Accretion on redeemable non-controlling interests to redemption value (63,297) (126,590) (311,670) (47,766) Net loss attributable to ordinary shareholders of NIO Inc. (23,327,862) (11,413,101) (5,610,790) (859,894) ​ Condensed Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year ended December 31, ​ 2018 2019 2020 2020 ​ ​ RMB ​ RMB ​ RMB ​ US$ ​ ​ ​ ​ ​ ​ ​ ​ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES ​ ​ ​ ​ Net cash generated from/(used in) operating activities ​ 3,917,654 ​ 438,465 (2,460,216) ​ (377,045) CASH FLOWS FROM INVESTING ACTIVITIES ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ​ (11,693,144) ​ (4,817,498) (12,998,602) ​ (1,992,123) CASH FLOWS FROM FINANCING ACTIVITIES ​ ​ ​ ​ ​ ​ ​ Net cash provided by financing activities ​ 7,762,745 ​ 4,373,247 37,867,127 ​ 5,803,391 Effects of exchange rate changes on cash and cash equivalents ​ 6,654 ​ 236 (246,484) ​ (37,775) NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS ​ (6,091) ​ (5,550) 22,161,825 ​ 3,396,448 Cash and cash equivalents at beginning of the year ​ 23,270 ​ 17,179 11,629 ​ 1,782 Cash and cash equivalents at end of the year ​ 17,179 ​ 11,629 22,173,454 ​ 3,398,230 ​ Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and VIEs. For the company only condensed financial information, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries and VIEs” and shares in the subsidiaries and VIEs’ loss are presented as “Equity in loss of subsidiaries and VIEs” on the Condensed Statements of Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)12 Months Ended
Dec. 31, 2020
Summary of Significant Accounting Policies
Basis of presentation(a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.
Principles of consolidation(b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”); and to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All significant transactions and balances between the Company, its subsidiaries and the VIEs have been eliminated upon consolidation. The non-controlling interests in consolidated subsidiaries are shown separately in the consolidated financial statements.
Use of estimates(c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, the valuation and recognition of share-based compensation arrangements, depreciable lives of property, equipment and software, assessment for impairment of long-lived assets, inventory valuation for excess and obsolete inventories, lower of cost and net realizable value of inventories, valuation of deferred tax assets, current expected credit loss of receivables, warranty liabilities as well as redemption value of the convertible redeemable preferred shares. Actual results could differ from those estimates.
Functional currency and foreign currency translation(d) Functional currency and foreign currency translation The Group’s reporting currency is the Renminbi (“RMB”). The functional currency of the Company and its subsidiaries which are incorporated in HK is United States dollars (“US$”), except NIO Sport which operates mainly in United Kingdom and uses Great Britain pounds (“GBP”). The functional currencies of the other subsidiaries and the VIEs are their respective local currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss. The financial statements of the Group’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income or loss in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of shareholders’ (deficit)/equity. Total foreign currency translation adjustment (losses)/income were negative RMB20,786, negative RMB168,340 and RMB137,596 for the years ended December 31, 2018, 2019 and 2020, respectively. The grant-date fair value of the Group’s share-based compensation expenses is reported in US$ as the respective valuation is conducted in US$ as the shares are denominated in US$.
Convenience translation(e) Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.5250, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2020. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate.
Fair value(f) Fair value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, trade receivable, amounts due from related parties, deposits and other receivables, trade and notes payable, amounts due to related parties, other payables, short-term borrowings and long-term borrowings. As of December 31, 2019 and 2020, the carrying values of these financial instruments are approximated to their fair values.
Cash, cash equivalents and restricted cash(g) Cash, cash equivalents and restricted cash Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. Restricted cash is restricted to withdrawal for use or pledged as security is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of bank credit card; (b) time deposits that are pledged for property lease. Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31 December 31 ​ ​ 2018 ​ 2019 ​ 2020 Cash and cash equivalents 3,133,847 ​ 862,839 38,425,541 Restricted cash 57,012 ​ 82,507 78,010 Long-term restricted cash 33,528 ​ 44,523 41,547 Total 3,224,387 ​ 989,869 38,545,098 ​
Short-term investment(h) Short-term investment Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year and investments in money market funds and financial products issued by banks. As of December 31, 2019 and 2020, the investment in fixed deposits that were recorded as short-term investments amounted to RMB111,000 and RMB3,950,747, respectively, among which, RMB96,000 and RMB2,873,398 were restricted as collateral for notes payable, bank borrowings and letters of guarantee as of December 31, 2019 and 2020, respectively.
Current expected credit losses(i) Current expected credit losses In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Company adopted this ASC Topic 326 and several associated ASUs on January 1, 2020 using a modified retrospective approach with a cumulative effect recorded as increase of accumulated deficit with amount of RMB22,969. As of January 1, 2020, upon the adoption, the expected credit loss provision for the current and non-current assets were RMB118,851 and RMB12,899, respectively. The Company’s trade receivable, receivables of installment payments, deposits and other receivables are within the scope of ASC Topic 326. The Company has identified the relevant risk characteristics of its customers and the related receivables, deposits and other receivables which include size, type of the services or the products the Company provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Company’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Company’s specific facts and circumstances. For the year ended December 31, 2020, the Company recorded RMB9,654 expected credit loss expense in selling, general and administrative expenses. As of December 31, 2020, the expected credit loss provision for the current and non-current assets RMB44,645 and RMB20,031, respectively.
Trade Receivable and Allowance for Doubtful Accounts(j) Trade Receivable and Allowance for Doubtful Accounts Trade receivable primarily includes amounts of vehicle sales in relation of government subsidy to be collected from government on behalf of customers, current portion of battery installment and receivables due from vehicle users. The Company recorded a provision for current expected credit losses. The following table summarizes the activity in the allowance for credit losses related to trade receivable for the year ended December 31 2020: ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31 Balance as at December 31, 2019 85,824 Adoption of ASC Topic 326 6,775 Balance as at January 1, 2020 92,599 Current period provision, net 2,047 Current period write-offs (54,098) Balance as at December 31, 2020 40,548 ​ Allowance for trade receivable recognized for the years ended December 31, 2018 and 2019 was nil and RMB85,824, respectively.
Inventory(k) Inventory Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
Property, plant and equipment, net(l) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets. The estimated useful lives are as follows: ​ Useful lives Building and constructions ​ 20 years Production facilities ​ 10 years Charging & battery swap infrastructure ​ 5 years R&D equipment ​ 5 years Computer and electronic equipment ​ 3 years Purchased software ​ 3 Leasehold improvements ​ Shorter of the estimated useful life or remaining lease term Others ​ 3 ​ Depreciation for mold and tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the related assets. The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest on construction-in-progress is included within property, plant and equipment and is amortized over the life of the related assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the consolidated statements of comprehensive loss.
Intangible assets, net(m) Intangible assets, net Intangible assets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below: ​ ​ Useful lives Domain names and others ​ 5 years License ​ 3 years ​ The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed.
Land use rights, net(n) Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 536 months representing the shorter of the estimated usage periods or the terms of the agreements.
Long-term investments(o) Long-term investments The Group’s long-term investments include equity investments in entities and equity securities without readily determinable fair values. Investments in entities in which the Group can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures Equity securities without readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.
Impairment of long-lived assets(p) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Impairment charge recognized for the years ended December 31, 2018, 2019 and 2020 was nil, RMB75,278 and RMB25,757, respectively. Impairment charge of nil, nil and RMB20,853 were written off against original amount upon the disposal of related long-lived assets for the years ended December 31, 2018, 2019 and 2020.
Warranty liabilities(q) Warranty liabilities The Company accrues a warranty reserve for all new vehicles sold by the Company, which includes the Company's best estimate of the projected costs to repair or replace items under warranty, including recalls when identified. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Company's relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve when the Company accumulates more actual data and experience in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other liabilities, while the remaining balance is included within other non-current liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of cost of revenues in the consolidated statements of comprehensive loss. The following table shows a reconciliation in the current reporting period related to carried-forward warranty liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31 ​ 2018 2019 2020 Warranty – beginning of year — 177,293 412,004 Provision for warranty 179,766 283,647 582,069 Warranty costs incurred (2,473) (48,936) (41,127) ​ ​ ​ ​ ​ ​ ​ Warranty– end of year 177,293 412,004 952,946
Revenue recognition(r) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: ● provides all of the benefits received and consumed simultaneously by the customer; ● creates and enhances an asset that the customer controls as the Group performs; or ● does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition. When either party to a contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group’s contract liabilities primarily resulted from the multiple performance obligations identified in the vehicle sales contract and the sales of Energy and Service Packages, which is recorded as deferred revenue and advance from customers. As of December 31, 2019 and 2020, the balances of contract liabilities from vehicle sales contracts were RMB491,014 and RMB1,253,620, respectively. As of December 31, 2019 and 2020, the balances of contract liabilities from the sales of Energy and Service Packages were RMB57,842 and RMB91,486, respectively. Vehicle sales The Group generates revenue from sales of electric vehicles, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the vehicle as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of vehicles, charging piles, vehicle internet connection services and extended lifetime warranty which are accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when NIO transfers the control of vehicle to a user. Customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles. The government subsidies are applied on their behalves and collected by the Group or Jianghuai Automobile Group Co., Ltd. (“JAC”) from the government. The Group has concluded that government subsidies should be considered as a part of the transaction price it charges the customers for the electric vehicle, as the subsidy is granted to the buyer of the electric vehicle and the buyer remains liable for such amount in the event the subsidies were not received by the Group. For efficiency reason, the Group or JAC applies and collects the payment on behalf of the customers. In the instance that some eligible customer selects installment payment for battery, the Group believes such arrangement contains a significant financing component and as a result adjusts the amount considering the impact of time value on the transaction price using an appropriate discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). The long-term receivable of installment payment for battery was recognized as non-current assets. The difference between the gross receivable and the present value is recorded as unrealized finance income. Interest income resulting from a significant financing component will be presented separately from revenue from contracts with customers as this is not the Group’s ordinary business. The Group uses a cost plus margin approach to determine the estimated standalone selling price for each individual distinct performance obligation identified, considering the Group’s pricing policies and practices, and the data utilized in making pricing decisions. The overall contract price is then allocated to each distinct performance obligation based on the relative estimated standalone selling price in accordance with ASC 606. The revenue for vehicle sales and charging piles are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle internet connection service and free battery swapping service, the Group recognizes the revenue using a straight-line method. As for the extended lifetime warranty, given limited operating history and lack of historical data, the Group decides to recognize the revenue over time based on a straight-line method initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available. As the consideration for the vehicle and all embedded services must be paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the allocated amount regarding those unperformed obligations. On August 20, 2020, the Company introduced the Battery as a Service (BaaS), which allows users to purchase electric vehicles without battery packs and subscribe to the usage of battery packs separately. Under the BaaS, the Group sells battery packs to Weineng, the Battery Asset Company, and users subscribe to the usage of the battery packs from Weineng by paying a monthly subscription fee. Together with the launch of the BaaS, the Group entered into service agreements with Weineng, pursuant to which the Group provides services to Weineng including battery packs monitoring, maintenance, upgrade, replacement, IT system support, etc., with monthly service charges. In case of any default in payment of monthly rental fees from users, Weineng also has right to request the Group to track and lock down the battery leased to the users to limit its usage. In addition, in furtherance of the BaaS, the Group agreed to provide guarantee to Weineng for the default in payment of monthly subscription fees from users. The maximum amount of guarantee that can be claimed by Weineng for the users’ payment default shall not be higher than the accumulated service fees the Group receives from Weineng. In accordance with ASC 606 and ASC 460, for services provided to Weineng, revenue is recognized over the period when services are rendered. As for financial guarantee liabilities, the provision of guarantee is linked to and associated with services rendered to Weineng and the payment of guarantee amount is therefore accounted for as the reduction to the revenue from Weineng. The fair value of the guarantee liabilities is determined by taking considerations of the default pattern of the Company’s existing battery installment programs provided to users. At each period end, the financial liabilities are remeasured with the corresponding changes recorded as the reduction to the revenue. For the year ended December 31, 2020, 4,412 NIO vehicles and batteries were delivered to the users under the BaaS model and both service revenue and guarantee liability were immaterial. Sales of Energy and Service Packages The Group also sells the two packages, Energy Package and Service Package in exchange of considerations. The Energy Package provides vehicle users with a comprehensive range of charging solutions (including charging and battery swapping). The energy service is applied by users on the mobile application depending on their needs and the Group can decide the most appropriate service to offer according to its available resource. Through the Service Package, the Group offers vehicle users with a “worry free” vehicle ownership experience (including free repair service with certain limitations, routine maintenance service, enhanced data package, etc.), which can be applied by user via mobile application. The Group identifies the users who purchase Energy Package and Service Package meet the definition of a customer. The agreements for Energy Package and Service Package create legal enforceability to both parties on a monthly basis as the respective Energy or Service Packages can be canceled at any time without any penalty. The Group concludes the energy or service provided in Energy Package or Service Package respectively meets the stand-ready criteria and contains only one performance obligation within each package, the revenue is recognized over time on a monthly basis as customer simultaneously receives and consumes the benefits provided and the term of legally enforceable contract is only one month. As the consideration for Energy and Service Packages must be paid in advance, which means the payments received are prior to the transfer of services by the Group, the Group records the consideration as a contract liability (advance from customers) upon receipt. Sales of Automotive Regulatory Credits The Group earns tradable new energy vehicle credits in the operation of vehicle business under Chinese regulations related to zero-emission vehicles, greenhouse gas, fuel economy and clean fuel. The Group sells these credits to other regulated entities who can use the credits to comply with the regulatory requirements. Payments for automotive regulatory credits are typically received at the point control transfers to the customer, or in accordance with payment terms customary to the business. The Company recognize revenue on the sale of automotive regulatory credits at the time control of the regulatory credits is transferred to the purchasing party as other sales revenue in the consolidated statements of comprehensive loss. Revenue from the sale of automotive regulatory credits totaled nil, nil and RMB120,648 for the years ended December 31, 2018, 2019 and 2020, respectively. Incentives The Group offers a self-managed customer loyalty program points, which can be used in the Group’s online store and at NIO houses to redeem NIO merchandise. The Group determines the value of each point based on estimated incremental cost. Customers and NIO fans and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows: (i) Sales of vehicle The Group concludes the points offered linked to the purchase transaction of the vehicle is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the vehicle sales. The Group also estimates the probability of points redemption when performing the allocation. Since historical information does not yet exist for the Group to determine any potential points forfeitures and the fact that most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group believes it is reasonable to assume all points will be redeemed and no forfeiture is estimated currently. The amount allocated to the points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Group will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period. (ii) Sales of Energy Package and Service Package Energy Package—When the customers charge their vehicles Service Package-The Group grants points to the customers with safe driving record during the effective period of the service package. The Group records the value of the points as a reduction of revenue from the Service Package. Since historical information is limited for the Group to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group has used an estimated forfeiture rate of zero. (iii) Other scenarios Customers or users of the mobile application can also obtain points through any other ways such as frequent sign-ins to the Group’s mobile application, sharing articles from the application to users’ own social media. The Group believes these points are to encourage user engagement and generate market awareness. As a result, the Group accounts for such points as selling and marketing expenses with a corresponding liability recorded under other current liabilities of its consolidated balance sheets upon the points offering. The Group estimates liabilities under the customer loyalty program based on cost of the NIO merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Group records a reduction of inventory and other current liabilities. In certain cases where merchandise is sold for cash in addition to points, the Group records other sales revenue. Similar to the reasons above, the Group estimates no points forfeiture currently and continues to assess when and if a forfeiture rate should be applied. For the years ended December 31, 2018, 2019 and 2020, the revenue portion allocated to the points as separate performance obligation was RMB47,310, RMB66,286 and RMB162,485, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2018, 2019 and 2020, the total points recorded as a reduction of revenue was RMB441, RMB25,408 and RMB50,855, respectively. For the years ended December 31, 2018, 2019 and 2020, the total points recorded as selling and marketing expenses were RMB153,057, RMB142,425 and RMB78,229, respectively. As of December 31, 2019 and 2020, liabilities recorded related to unredeemed points were RMB178,666 and RMB221,450, respectively. Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes that lifetime roadside assistance and out-of-town charging services are not performance obligations considering these two services are value-added services to enhance user experience rather than critical items for vehicle driving and forecasted that usage of these two services will be very limited. The Group also performs an estimation on the standalone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of roadside assistance and out-of-town charging services are insignificant individually and in aggregate, representing less than 1% of vehicle gross selling price and aggregate fair value of each individual promise. Considering the qualitative assessment and the result of the quantitative estimate, the Group concluded not to assess whether promises are performance obligations if they are immaterial in the context of the contract and the relative standalone fair value individually and in aggregate is less than 3% of the contract price, namely the road-side assistance and out-of-town charging services. Related costs are recognized as incurred.
Cost of Sales(s) Cost of Sales Vehicle Cost of vehicle revenue includes direct parts, material, processing fee, loss compensation to JAC, labor costs, manufacturing overhead (including depreciation of assets associated with the production), and reserves for estimated warranty expenses. Cost of vehicle revenue also includes reserves for estimated warranty expenses and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventory that is either obsolete or in excess of forecasted demand. Service and Other Cost of service and other revenue includes direct parts, material, labor costs, vehicle internet connectivity costs, and depreciation of assets that are associated with sales of Energy and Service packages.
Sales and marketing expenses(t) Sales and marketing expenses Sales and marketing expenses consist primarily of advertising expenses, marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended December 31, 2018, 2019 and 2020, advertising costs totalled RMB218,060, RMB230,061and RMB266,569, respectively.
Research and development expenses(u) Research and development expenses Certain costs associated with developing internal-use software are capitalized when such costs are incurred within the application development stage of software development. Other than that, all costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses are primary comprised of charges for R&D and consulting work performed by third parties; salaries, bonuses, share-based compensation, and benefits for those employees engaged in research, design and development activities; costs related to design tools; license expenses related to intellectual property, supplies and services; and allocated costs, including depreciation and amortization, rental fees, and utilities.
General and administrative expenses(v) General and administrative expenses General and administrative expenses consist primarily of salaries, bonuses, share-based compensation and benefits for employees involved in general corporate functions and those not specifically dedicated to research and development activities, depreciation and amortization of fixed assets which are not used in research and development activities, legal and other professional services fees, rental and other general corporate related expenses.
Employee benefits(w) Employee benefits Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB517,787, RMB553,523 and RMB366,223 for the years ended December 31, 2018, 2019 and 2020, respectively.
Government grants(x) Government grants The Group’s PRC based subsidiaries received government subsidies from certain local governments. The Group’s government subsidies consisted of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as product development and renewal of production facilities. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group; receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. The Group recorded specific purpose subsidies as advances payable when received. For specific subsidies, upon government acceptance of the related project development or asset acquisition, the specific purpose subsidies are recognized to reduce related R&D expenses or the cost of asset acquisition. Other subsidies are recognized as other operating income upon receipt as further performance by the Group is not required.
Income taxes(y) Income taxes Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax The Group records liabilities related to uncertain tax positions when, despite the Group’s belief that the Group’s tax return positions are supportable, the Group believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. The Group did not recognize uncertain tax positions as of December 31, 2019 and 2020.
Share-based compensation(z) Share-based compensation The Company grants restricted shares and share options to eligible employees and non-employee consultants and accounts for share-based compensation in accordance with ASC 718, Compensation— Stock Compensation Equity-Based Payments to Non-Employees Employees’ share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share options or restricted shares granted with only service conditions, using the straight-line vesting method, net of estimated forfeitures, over the vesting period; or c) for share options granted with service conditions and the occurrence of an IPO as performance condition, cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO, using the graded vesting method. This performance condition was met upon completion of the Company’s IPO on September 12, 2018 and the associated share-based compensation expense for awards vested as of that date were recognized; or d) for share options where the underlying share is liability within the scope of ASC 480, using the graded vesting method, net of estimated forfeitures, over the vesting period, and re-measuring the fair value of the award at each reporting period end until the award is settled. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Share-based compensation expenses for share options and restricted shares granted to non-employees are measured at fair value at the earlier of the performance commitment date or the date service is completed, and recognized over the period during which the service is provided. The Group applies the guidance in ASC 505-50 to measure share options and restricted shares granted to non-employees based on the then-current fair value at each reporting date. Before the completion of the Company's IPO, the fair value of the restricted shares was assessed using the income approaches / market approaches, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. Upon the completion of the IPO, the fair value of the restricted shares is based on the fair market value of the underlying ordinary shares on the date of grant. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of these awards was determined taking into account independent valuation advice. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting options and records share-based compensation expenses only for those awards that are expected to vest.
Comprehensive income/(loss)(aa) Comprehensive income/(loss) The Group applies ASC 220, Comprehensive Income
Leases(ab) Leases As the lessee, the Group recognizes in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, the Group makes an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities and recognizes lease expenses for such lease generally on a straight-line basis over the lease term. Operating lease assets are included within right-of-use assets— operating lease, and the corresponding operating lease liabilities are included within operating lease liabilities on the consolidated balance sheets as of December 31, 2019 and 2020. Finance lease assets are included within other non-current assets, and the corresponding finance lease liabilities are included within accruals and other liabilities for the current portion, and within other non-current liabilities on our consolidated balance sheets as of December 31, 2019 and 2020.
Dividends(ac) Dividends Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2018, 2019 and 2020.
Earnings/(Loss) per share(ad) Earnings/(Loss) per share Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method, unvested restricted shares, restricted share units and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.
Segment reporting(ae) Segment reporting ASC 280, Segment Reporting Based on the criteria established by ASC 280, the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s long-lived assets are substantially located in the PRC, no geographical segments are presented.

Organization and Nature of Op_2

Organization and Nature of Operations (Tables)12 Months Ended
Dec. 31, 2020
Organization and Nature of Operations
Schedule of principal subsidiaries​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Place and date of incorporation ​ Subsidiaries ​ interest held ​ or date of acquisition ​ Principal activities NIO NextEV Limited (“NIO HK”) (formerly known as NextEV Limited) 100% ​ Hong Kong, February 2015 Investment holding NIO GmbH (formerly known as NextEV GmbH) 100% ​ Germany, May 2015 Design and technology development NIO Holding Co., Ltd. ("NIO Holding") (formerly named NIO (Anhui) Holding Co., Ltd.) ​ 100% ​ Anhui, PRC, November 2017 ​ Headquarter and technology development NIO Co., Ltd. (“NIO SH”) (formerly known as NextEV Co., Ltd.) 100% ​ Shanghai, PRC, May 2015 Headquarter and technology development NIO USA, Inc. (“NIO US”) (formerly known as NextEV USA, Inc.) 100% ​ United States, November 2015 Technology development XPT Limited (“XPT”) 100% ​ Hong Kong, December 2015 Investment holding NIO Performance Engineering Limited ("NPE") ​ 100% ​ United Kingdom, July 2019 ​ Marketing and technology development NIO Sport Limited (“NIO Sport”) (formerly known as NextEV NIO Sport Limited) 100% ​ Hong Kong, April 2016 Racing management XPT Technology Limited (“XPT Technology”) 100% ​ Hong Kong, April 2016 Investment holding XPT Inc. (“XPT US”) 100% ​ United States, April 2016 Technology development XPT (Jiangsu) Investment Co., Ltd. (“XPT Jiangsu”) 100% ​ Jiangsu, PRC, May 2016 Investment holding Shanghai XPT Technology Limited 100% ​ Shanghai, PRC, May 2016 Technology development XPT (Nanjing) E-Powertrain Technology Co., Ltd. (“XPT NJEP”) 100% ​ Nanjing, PRC, July 2016 Manufacturing of E-Powertrain XPT (Nanjing) Energy Storage System Co., Ltd. (“XPT NJES”) 100% ​ Nanjing, PRC, October 2016 Manufacturing of battery pack NIO Power Express Limited (“PE HK) 100% ​ Hong Kong, January 2017 Investment holding NextEV User Enterprise Limited (“UE HK”) 100% ​ Hong Kong, February 2017 Investment holding Shanghai NIO Sales and Services Co., Ltd. (“UE CNHC”) 100% ​ Shanghai, PRC, March 2017 Investment holding and sales and after sales management NIO Energy Investment (Hubei) Co., Ltd. (“PE CNHC”) 100% ​ Wuhan PRC, April 2017 Investment holding Wuhan NIO Energy Co., Ltd. (“PE WHJV”) 100% ​ Wuhan, PRC, May 2017 Investment holding XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (“XPT NJWL”) 50% ​ Nanjing, PRC, June 2017 Manufacturing of components XPT (Jiangsu) Automotive Technology Co., Ltd. (“XPT AUTO”) 100% ​ Nanjing, PRC, May 2018 Investment holding
Schedule of variable interest entities​ ​ ​ ​ ​ ​ ​ Economic Place and Date of incorporation VIE and VIE’s subsidiaries ​ interest held ​ or date of acquisition Prime Hubs Limited (“Prime Hubs”) 100% ​ BVI, October 2014 NIO Technology Co., Ltd. (“NIO SHTECH”) (formerly known as Shanghai NextEV Technology Co., Ltd.) 100% ​ Shanghai, PRC, November 2014 Beijing NIO Network Technology Co., Ltd. (“NIO BJTECH”) 100% ​ Beijing, PRC, July 2017 Shanghai Anbin Technology Co., Ltd. (“NIO ABTECH”) 100% ​ Shanghai, PRC, April 2018

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)12 Months Ended
Dec. 31, 2020
Summary of Significant Accounting Policies
Schedule of cash and cash equivalents​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31 December 31 ​ ​ 2018 ​ 2019 ​ 2020 Cash and cash equivalents 3,133,847 ​ 862,839 38,425,541 Restricted cash 57,012 ​ 82,507 78,010 Long-term restricted cash 33,528 ​ 44,523 41,547 Total 3,224,387 ​ 989,869 38,545,098
Summary of activity in the allowance for credit losses related to accounts receivable​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31 Balance as at December 31, 2019 85,824 Adoption of ASC Topic 326 6,775 Balance as at January 1, 2020 92,599 Current period provision, net 2,047 Current period write-offs (54,098) Balance as at December 31, 2020 40,548
Schedule of estimate useful life of property, plant and equipment​ Useful lives Building and constructions ​ 20 years Production facilities ​ 10 years Charging & battery swap infrastructure ​ 5 years R&D equipment ​ 5 years Computer and electronic equipment ​ 3 years Purchased software ​ 3 Leasehold improvements ​ Shorter of the estimated useful life or remaining lease term Others ​ 3
Schedule of estimate useful life of intangible assets, net​ ​ Useful lives Domain names and others ​ 5 years License ​ 3 years
Schedule of reconciliation of carried-forward warranty liabilities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31 ​ 2018 2019 2020 Warranty – beginning of year — 177,293 412,004 Provision for warranty 179,766 283,647 582,069 Warranty costs incurred (2,473) (48,936) (41,127) ​ ​ ​ ​ ​ ​ ​ Warranty– end of year 177,293 412,004 952,946

Inventory (Tables)

Inventory (Tables)12 Months Ended
Dec. 31, 2020
Inventory
Schedule of inventory​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Raw materials 510,990 579,842 Work in process 1,862 2,995 Finished goods 291,116 381,387 Merchandise 95,987 121,978 Less: write-downs ​ (10,427) ​ (4,649) Total 889,528 1,081,553

Prepayments and Other Current_2

Prepayments and Other Current Assets (Tables)12 Months Ended
Dec. 31, 2020
Prepayments and Other Current Assets
Schedule of prepayments and other current assets​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Deductible VAT input 1,253,617 943,577 Receivables from JAC ​ 78,132 ​ 121,012 Prepayment to vendors 88,900 83,792 Receivables from third party online payment service providers ​ 47,592 ​ 69,009 Deposits 73,271 45,891 Other receivables 60,381 159,122 Less: Allowance for doubtful accounts ​ (22,635) ​ — Total 1,579,258 1,422,403
Summary of activity in the allowance for credit losses related to prepayments and other current assets​ ​ ​ ​ ​ Months Ended ​ ​ December 31, 2020 Balance as at December 31, 2019 22,635 Adoption of ASC Topic 326 3,617 Balance as at January 1, 2020 26,252 Current period provision, net 475 Current period write-offs (22,630) Balance as at December 31, 2020 4,097

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment, Net
Schedule of property, plant and equipment​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Mold and tooling 1,898,975 2,411,164 Leasehold improvements 1,025,570 997,191 Production facilities ​ 869,819 ​ 787,039 Building and constructions 828,958 862,603 Charging & battery swap equipment 608,919 721,583 Construction in process 475,977 177,457 Computer and electronic equipment 428,028 372,956 R&D equipment 400,461 432,781 Purchased software 341,379 409,445 Others 279,233 374,219 Subtotal 7,157,319 7,546,438 Less: Accumulated depreciation (1,548,977) (2,470,028) Less: Accumulated impairment ​ (75,278) ​ (80,182) Total property, plant and equipment, net 5,533,064 4,996,228

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)12 Months Ended
Dec. 31, 2020
Intangible Assets, Net
Schedule of impaired intangible assets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ December 31, 2020 ​ Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying ​ ​ value ​ amortization ​ value ​ value ​ amortization ​ value Domain names and others 4,342 ​ (2,820) ​ 1,522 ​ 4,071 ​ (3,458) ​ 613 Total intangible assets, net 4,342 ​ (2,820) ​ 1,522 ​ 4,071 ​ (3,458) ​ 613

Land Use Rights, Net (Tables)

Land Use Rights, Net (Tables)12 Months Ended
Dec. 31, 2020
Land Use Rights, Net.
Schedule of land use rights, net​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Land use rights 216,489 216,489 Less: Accumulated amortization—land use rights (7,674) (12,521) Total land use rights, net 208,815 203,968

Long-term investments (Tables)

Long-term investments (Tables)12 Months Ended
Dec. 31, 2020
Long-term investments
Schedule of long-term investments​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Equity investments: ​ ​ ​ ​ Equity method investments 115,325 294,679 Equity securities without readily determinable fair value — 5,442 Total 115,325 300,121

Other Non-current Assets (Table

Other Non-current Assets (Tables)12 Months Ended
Dec. 31, 2020
Other Non-current Assets
Schedule of other non current assets​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Non-current portion of national subsidy receivable ​ — ​ 651,006 Receivables of installment payments for battery 657,698 637,402 Long-term deposits 848,655 128,355 Right-of-use assets - finance lease ​ 155,051 ​ 95,887 Prepayments for purchase of property and equipment 17,603 15,072 Others 74,093 34,033 Total 1,753,100 1,561,755
Summary of activity in the allowance for credit losses related to other noncurrent assets​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 Balance as at December 31, 2019 323 Adoption of ASC Topic 326 12,576 Balance as at January 1, 2020 12,899 Current period provision, net 7,132 Balance as at December 31, 2020 20,031

Accruals and Other Liabilities

Accruals and Other Liabilities (Tables)12 Months Ended
Dec. 31, 2020
Accruals and Other Liabilities
Schedule of accruals and other liabilities​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Payables for purchase of property and equipment 1,121,715 ​ 715,561 Advance from customers 297,096 ​ 620,907 Payables for marketing events 436,610 ​ 596,110 Salaries and benefits payable 344,922 ​ 494,726 Payable for R&D expenses 694,081 ​ 402,777 Current portion of deferred revenue 189,172 ​ 383,430 Warranty liabilities 120,161 ​ 297,446 Payable to employees for options exercised — ​ 278,209 Accrued expenses ​ 246,121 ​ 273,676 Interest payables 105,940 ​ 98,462 Current portion of deferred construction allowance ​ 84,495 ​ 60,695 Current portion of finance lease liabilities ​ 40,334 ​ 33,237 Payables for traveling expenses of employees ​ 17,685 ​ 18,672 Investment deposit from investors 154,643 ​ — Other payables 363,666 ​ 330,116 Total 4,216,641 ​ 4,604,024

Borrowings (Tables)

Borrowings (Tables)12 Months Ended
Dec. 31, 2020
Borrowings
Schedule of long-term borrowings​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Short-term borrowings: ​ ​ Bank loan (i) ​ 188,000 ​ 1,550,000 Convertible notes (ii) ​ 697,620 ​ — Current portion of long-term bank loan (iii) ​ 322,436 ​ 380,560 Long-term borrowings: ​ ​ Bank loan (iii) 950,154 303,822 Convertible notes (ii) ​ 5,784,984 ​ 5,196,507 Loan from joint investor (iv) 419,660 437,950 Total 8,362,854 7,868,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion ​ ​ ​ ​ ​ Current portion ​ ​ ​ ​ ​ ​ ​ ​ Maturity/ ​ Outstanding ​ according to the ​ Long-term ​ Outstanding ​ according to the ​ Long-term Ref. Date of borrowing Lender/Banks Repayment date loan repayment schedule portion loan repayment schedule portion 1 ​ May 17, 2017 Bank of Nanjing ​ May 17, 2022 475,382 200,000 275,382 275,382 200,000 75,382 2 ​ September 28, 2017 China Merchants Bank ​ September 14, 2021 96,000 8,000 88,000 88,000 88,000 — 3 ​ February 2, 2018 China CITIC Bank ​ February 1, 2021 44,500 10,000 34,500 34,500 34,500 — 4 ​ August 17, 2018 China CITIC Bank ​ March 7, 2021 49,500 10,000 39,500 39,500 39,500 — 5 ​ November 30, 2018 Bank of Shanghai ​ November 30, 2021 4,102 1,014 3,088 — — — 6 ​ December 24, 2018 Bank of Shanghai ​ November 30, 2021 32,305 7,695 24,610 — — — 7 ​ January 3, 2019 Bank of Shanghai ​ November 30, 2021 16,145 3,855 12,290 — — — 8 ​ January 10, 2019 Bank of Shanghai ​ November 30, 2021 32,305 7,695 24,610 — — — 9 ​ January 17, 2019 Bank of Shanghai ​ November 30, 2021 32,305 7,695 24,610 — — — 10 ​ January 24, 2019 Bank of Shanghai ​ November 30, 2021 28,257 6,743 21,514 — — — 11 ​ March 25, 2019 Bank of Shanghai ​ November 30, 2021 128,353 28,862 99,491 — — — 12 ​ March 27, 2019 Bank of Shanghai ​ November 30, 2021 42,777 9,631 33,146 — — — 13 ​ March 29, 2019 Hankou Bank ​ March 29, 2022 199,000 2,000 197,000 197,000 2,000 195,000 14 ​ June 26, 2019 Bank of Shanghai ​ November 30, 2021 18,072 3,855 14,217 — — — 15 ​ September 11, 2019 Bank of Shanghai ​ November 30, 2021 73,587 15,391 58,196 — — — 16 ​ December 24, 2020 Bank of Shanghai ​ December 24, 2023 — — — 50,000 16,560 33,440 ​ ​ Total ​ ​ ​ 1,272,590 322,436 950,154 684,382 380,560 303,822

Other Non-Current Liabilities (

Other Non-Current Liabilities (Tables)12 Months Ended
Dec. 31, 2020
Other Non-Current Liabilities
Schedule of other noncurrent liabilities​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2020 Deferred revenue 295,915 ​ 677,824 Warranty liabilities 291,843 ​ 655,500 Deferred government grants 340,667 ​ 326,373 Non-current finance lease liabilities ​ 88,790 ​ 55,107 Deferred construction allowance 72,762 ​ 49,484 Others ​ 61,836 ​ 85,618 Total 1,151,813 ​ 1,849,906

Lease (Tables)

Lease (Tables)12 Months Ended
Dec. 31, 2020
Lease
Schedule of lessee lease information​ ​ ​ ​ ​ ​ ​ As of December 31, As of December 31, ​ ​ 2019 2020 Operating leases: ​ ​ Right-of-use assets - operating lease 1,997,672 ​ 1,350,294 ​ ​ ​ ​ ​ Current portion of operating lease liabilities 608,747 ​ 547,142 Non-current operating lease liabilities 1,598,372 ​ 1,015,261 Total operating lease liabilities 2,207,119 ​ 1,562,403 ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ Right-of-use assets - finance lease 155,051 ​ 95,887 ​ ​ ​ ​ ​ Current portion of finance lease liabilities 40,334 ​ 33,237 Non-current finance lease liabilities 88,790 ​ 55,107 Total finance lease liabilities 129,124 ​ 88,344 ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, As of December 31, ​ ​ 2019 2020 Weighted-average remaining lease term: ​ ​ ​ Operating leases 4.7 years 3.8 years Finance leases 3.9 years 3.1 years ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases 5.83 % 5.82 % Finance leases 5.77 % 5.70 % ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended ​ ​ December 31, December 31, ​ ​ 2019 2020 Operating cash outflows from operating leases 482,782 ​ 544,896 Operating cash outflows from finance leases (interest payments) 5,969 ​ 5,729 Financing cash outflows from finance leases 43,916 ​ 42,529 Right-of-use assets obtained in exchange for lease liabilities 777,169 ​ 279,274
Schedule of lease cost​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended ​ ​ December 31, December 31, Lease cost: ​ 2019 2020 Amortization of right-of-use assets ​ 522,035 ​ 499,225 Interest of operating lease liabilities 137,459 ​ 96,430 Expenses for short-term leases within 12 months and other non-lease component 155,613 ​ 81,022 Total lease cost 815,107 ​ 676,677
Schedule of maturities of our operating and finance lease liabilities (excluding short-term leases)​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2020 ​ Operating Finance ​ ​ Leases ​ Leases 2021 609,011 ​ 36,494 2022 421,579 ​ 29,561 2023 287,087 ​ 22,515 2024 146,459 ​ 7,996 2025 ​ 84,925 ​ 36 Thereafter 175,950 ​ — Total minimum lease payments 1,725,011 ​ 96,602 Less: Interest (162,608) ​ (8,258) Present value of lease obligations 1,562,403 ​ 88,344 Less: Current portion (547,142) ​ (33,237) Long-term portion of lease obligations 1,015,261 ​ 55,107

Revenues (Tables)

Revenues (Tables)12 Months Ended
Dec. 31, 2020
Revenues
Schedule of revenues​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Vehicle sales 4,852,470 7,367,113 15,182,522 Sales of charging pile 82,184 127,632 229,781 Sales of Packages 10,220 111,448 244,072 Others 6,297 218,711 601,558 Total 4,951,171 7,824,904 16,257,933

Deferred Revenue_Income (Tables

Deferred Revenue/Income (Tables)12 Months Ended
Dec. 31, 2020
Deferred Revenue/Income
Schedule of reconciliation in the current reporting period related to carried-forward deferred revenue/income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31 ​ 2018 2019 2020 Deferred revenue/income – beginning of year — 301,774 485,087 Additions 384,116 428,786 1,013,397 Recognition (82,342) (246,861) (432,069) Effects on foreign exchange adjustment ​ — ​ 1,388 ​ (5,161) Deferred revenue/income – end of year 301,774 485,087 1,061,254

Research and Development Expe_2

Research and Development Expenses (Tables)12 Months Ended
Dec. 31, 2020
Research and Development Expenses
Schedule of research and development expenses​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2018 2019 2020 Employee compensation ​ 1,850,886 ​ 2,004,931 ​ 1,362,231 Design and development expenses ​ 1,827,980 ​ 2,041,024 ​ 778,463 Depreciation and amortization expenses ​ 103,427 ​ 187,137 ​ 255,544 Rental and related expenses ​ 33,105 ​ 57,401 ​ 51,123 Travel and entertainment expenses ​ 104,949 ​ 63,998 ​ 15,720 Others ​ 77,595 ​ 74,089 ​ 24,689 Total ​ 3,997,942 ​ 4,428,580 ​ 2,487,770

Selling, General and Administ_2

Selling, General and Administrative Expenses (Tables)12 Months Ended
Dec. 31, 2020
Selling, General and Administrative Expenses
Schedule of selling, general and administrative expenses​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2018 2019 2020 Employee compensation ​ 2,256,455 2,231,698 1,687,945 Marketing and promotional expenses ​ 1,158,519 818,053 675,142 Rental and related expenses ​ 450,113 737,578 498,601 Depreciation and amortization expenses ​ 249,765 457,364 325,478 Professional services ​ 578,469 487,537 307,658 IT consumable, office supply and other low value consumable ​ 167,323 109,501 69,954 Travel and entertainment expenses ​ 197,187 ​ 126,571 ​ 39,328 Expected credit losses ​ — ​ — ​ 9,654 Allowance against receivables ​ — ​ 108,459 ​ — Others ​ 283,959 375,026 318,511 Total ​ 5,341,790 5,451,787 3,932,271

Convertible Redeemable Prefer_2

Convertible Redeemable Preferred Shares (Tables)12 Months Ended
Dec. 31, 2020
Convertible Redeemable Preferred Shares
Schedule of convertible redeemable preferred shares activities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A ‑ 1 & A ‑ 2 ​ Series A ‑ 3 ​ Series B ​ Series C ​ Series D ​ Total ​ Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount ​ ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) Balances as of December 31, 2017 295,000,000 ​ 5,011,731 ​ 24,210,431 ​ 427,129 ​ 114,867,321 ​ 2,294,980 ​ 166,205,830 ​ 4,454,596 ​ 213,585,003 ​ 7,469,350 ​ 813,868,585 ​ 19,657,786 Issuance of Series A-3 Preferred Shares (note 24(c)) ​ — ​ — ​ 7,509,933 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 7,509,933 ​ — Proceeds from Series D Preferred Shares ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 78,651 ​ — ​ 78,651 Accretion on convertible redeemable preferred shares to redemption value ​ — ​ 7,091,163 ​ — ​ 565,979 ​ — ​ 2,417,979 ​ — ​ 2,375,943 ​ — ​ 1,216,227 ​ — ​ 13,667,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A ‑ 1 & A ‑ 2 ​ Series A ‑ 3 ​ Series B ​ Series C ​ Series D ​ Total ​ Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount Number of Amount ​ ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) ​ shares ​ (RMB) Conversion of Series A‑1 and A‑2 Preferred Shares to Ordinary shares (295,000,000) ​ (12,102,894) ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (295,000,000) ​ (12,102,894) Conversion of Series A‑3 Preferred Shares to Ordinary shares — ​ — ​ (31,720,364) ​ (993,108) ​ — ​ — ​ — ​ — ​ — ​ — ​ (31,720,364) ​ (993,108) Conversion of Series B Preferred Shares to Ordinary shares — ​ — ​ — ​ — ​ (114,867,321) ​ (4,712,959) ​ — ​ — ​ — ​ — ​ (114,867,321) ​ (4,712,959) Conversion of Series C Preferred Shares to Ordinary shares — ​ — ​ — ​ — ​ — ​ — ​ (166,205,830) ​ (6,830,539) ​ — ​ — ​ (166,205,830) ​ (6,830,539) Conversion of Series D Preferred Shares to Ordinary shares — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (213,585,003) ​ (8,764,228) ​ (213,585,003) ​ (8,764,228) Balances as of December 31, 2018 — — — — — — — — — — — —

Share-based Compensation (Table

Share-based Compensation (Tables)12 Months Ended
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of compensation expenses recognized for share based awards granted​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Cost of sales 9,289 ​ 9,763 ​ 5,564 Research and development expenses 109,124 ​ 82,680 ​ 51,024 Selling, general and administrative expenses 561,055 ​ 241,052 ​ 130,506 Total 679,468 ​ 333,495 ​ 187,094
Schedule of stock option activity​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ Number of ​ Average ​ Average ​ Aggregate ​ ​ Options ​ Exercise ​ Remaining ​ Intrinsic ​ ​ Outstanding ​ Price ​ Contractual Life ​ Value ​ ​ ​ ​ US$ ​ In Years ​ US$ Outstanding as of December 31, 2017 57,775,914 ​ 0.57 ​ 8.52 ​ 114,299 Granted 47,216,792 ​ 2.79 ​ — ​ — Exercised ​ (7,732,317) ​ 0.40 ​ — ​ — Cancelled (5,498,453) ​ 1.17 ​ — ​ — Expired (687,796) ​ 0.62 ​ — ​ — Outstanding as of December 31, 2018 91,074,140 ​ 1.69 ​ 8.23 ​ 425,988 Granted 33,964,176 ​ 3.29 ​ — ​ — Exercised (20,133,668) ​ 0.49 ​ — ​ — Cancelled (14,759,778) ​ 2.69 ​ — ​ — Expired (1,300,898) ​ 4.11 ​ — ​ — Outstanding as of December 31, 2019 88,843,972 ​ 2.38 ​ 6.77 ​ 164,363 Granted 16,077,700 ​ 8.09 ​ — ​ — Exercised (15,253,500) ​ 1.55 ​ — ​ — Cancelled (9,030,781) ​ 3.02 ​ — ​ — Expired (1,318,892) ​ 4.49 ​ — ​ — Outstanding as of December 31, 2020 79,318,499 ​ 3.59 ​ 6.39 ​ 3,581,119 Vested and expected to vest as of December 31, 2018 88,168,431 ​ 1.67 ​ 8.21 ​ 413,978 Exercisable as of December 31, 2018 32,959,964 ​ 0.73 ​ 7.45 ​ 185,787 Vested and expected to vest as of December 31, 2019 85,578,313 ​ 2.37 ​ 6.76 ​ 159,483 Exercisable as of December 31, 2019 32,925,154 ​ 1.78 ​ 6.34 ​ 80,801 Vested and expected to vest as of December 31, 2020 78,405,625 ​ 3.58 ​ 6.39 ​ 3,540,734 Exercisable as of December 31, 2020 32,504,454 ​ 2.28 ​ 6.24 ​ 1,510,113
Nio Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of weighted average assumptions used​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 2019 2020 Exercise price (US$) 0.10 ​ - 6.74 ​ 1.80 ​ - 7.09 2.38 ​ - 48.45 ​ Fair value of the ordinary shares on the date of option grant (US$) 3.38 ​ - 6.74 ​ 1.80 ​ - 7.09 2.38 ​ - 48.45 ​ Risk-free interest rate 2.74 % - 3.15 % 1.66 % - 2.54 % 0.50 % - 1.00 % Expected term (in years) 7 ​ - 10 7 ​ - 10 7 ​ - 10 ​ Expected dividend yield ​ ​ ​ 0 % ​ ​ ​ 0 % ​ ​ ​ 0 % Expected volatility 47 % - 51 % 44 % - 52 % 54 % - 55 % Expected forfeiture rate (post-vesting) 5 % - 8 % 6 % - 8 % 2 % - 6 %
Stock Liability Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of weighted average assumptions used​ ​ ​ ​ ​ ​ 2018 Exercise price 1.74 Fair value of the Preferred Shares on the measurement date 4.54 Risk-free interest rate 2 % Remaining life (in years) 0.26 Expected dividend yield 0 % Expected volatility 43%-44 %
Employees | Prime Hubs Restricted Shares Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted shares activity​ ​ ​ ​ ​ ​ ​ Number of Shares Weighted Average Employees ​ Outstanding ​ Grant Date Fair Value ​ ​ ​ US$ Unvested as of December 31, 2017 7,058,338 1.04 Vested (7,058,338) 1.04 Unvested as of December 31, 2018, 2019 and 2020 — —
Employees | Nio Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted shares activity​ ​ ​ ​ ​ ​ ​ Number of Restricted Weighted Average ​ ​ Shares Outstanding ​ Grant Date Fair Value ​ ​ ​ ​ US$ Unvested at December 31, 2017 1,112,977 ​ 0.96 Vested (608,406) ​ 0.96 Forfeited (63,058) ​ 0.96 Unvested at December 31, 2018 441,513 ​ 0.96 Vested (362,685) ​ 0.96 Forfeited (78,828) ​ 0.96 Unvested at December 31, 2019, and 2020 — ​ —
Non-employees | Nio Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted shares activity​ ​ ​ ​ ​ ​ ​ Number of Restricted Weighted Average ​ ​ Shares Outstanding ​ Grant Date Fair Value ​ ​ ​ ​ US$ Unvested at December 31, 2018 ​ 63,897 ​ 6.60 Vested ​ (31,949) ​ 6.60 Unvested at December 31, 2019 31,948 ​ 6.60 Granted 3,869,213 ​ 20.07 Vested (2,165,417) ​ 3.85 Unvested at December 31, 2020 1,735,744 ​ 40.05

Taxation (Tables)

Taxation (Tables)12 Months Ended
Dec. 31, 2020
Taxation
Schedule of maximum applicable income tax rates of other countries​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ ​ 2018 2019 2020 ​ United States 29.84 % 29.84 % 29.84 ​ % United Kingdom 19.00 % 19.00 % 19.00 ​ % Germany 32.98 % 32.98 % 32.98 ​ %
Schedule of composition of income tax expense​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Current income tax expense 22,044 7,888 6,368
Schedule of reconciliation of the income tax expense​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ Year Ended December 31, ​ 2018 2019 2020 Loss before income tax expense (9,616,935) (11,287,764) (5,297,714) Income tax expense computed at PRC statutory income tax rate of 25% (2,404,234) (2,821,941) (1,324,429) Non-deductible expenses 96,684 58,374 47,151 Foreign tax rates differential 167,180 107,617 (81,668) Additional 75% tax deduction for qualified research and development expenses (216,993) (22,630) (36,775) Tax exempted interest income (10,377) (3,093) — Non-taxable offshore income — — (523,276) US tax credits (42,781) (72,448) (21,633) Prior year adjustments (1,422) (16,259) (4,324) Tax benefit contributed by Non-controlling interest ​ — ​ 2,285 ​ 1,241 Tax benefit not utilized 2,433,987 2,775,983 1,950,081 Income tax expense 22,044 7,888 6,368
Schedule of deferred tax assets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2018 2019 2020 Deferred tax assets Net operating loss carry-forwards 3,777,696 6,005,461 6,831,387 Accrued and prepaid expenses 255,240 420,714 534,693 Deferred Revenue ​ 83,877 ​ 105,840 ​ 251,778 Tax credit carry-forwards 117,801 213,773 233,326 Property, plant and equipment, net 17,467 10,584 64,191 Unrealized financing cost 41,939 29,200 40,800 Intangible assets ​ 15,687 ​ 36,362 ​ 36,702 Allowance against receivables ​ — ​ 27,196 ​ 9,027 Deferred rent 36,729 19,035 9,791 Share-based compensation 8,962 7,688 6,857 Write-downs of inventory ​ — ​ 2,607 ​ 1,162 Advertising expenses in excess of deduction limit 14,234 353 507 Unrealized foreign exchange loss 55 55 (971) Others ​ — ​ 162 ​ 269 Total deferred tax assets 4,369,687 6,879,030 8,019,519 Less: Valuation allowance (4,369,687) (6,879,030) (8,019,519) Total deferred tax assets, net — — —
Summary of valuation allowance​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2018 2019 2020 Valuation allowance Balance at beginning of the year 1,878,643 4,369,687 6,879,030 Additions 2,491,044 2,509,343 1,140,489 Balance at end of the year 4,369,687 6,879,030 8,019,519
Schedule of tax losses expiration dates​ ​ ​ ​ Loss expiring in 2021 38,471 Loss expiring in 2022 57,986 Loss expiring in 2023 2,361,845 Loss expiring in 2024 3,439,013 Loss expiring in 2025 3,529,613 Loss expiring in 2026 ​ 547,984 Loss expiring in 2027 ​ 2,799,057 Loss expiring in 2028 ​ 3,386,670 Loss expiring in 2029 ​ 5,333,738 Total 21,494,377

Loss Per Share (Tables)

Loss Per Share (Tables)12 Months Ended
Dec. 31, 2020
Loss Per Share
Schedule of loss per share​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Numerator: Net loss (9,638,979) (11,295,652) (5,304,082) Accretion on convertible redeemable preferred shares to redemption value (13,667,291) — — Accretion on redeemable non-controlling interests to redemption value (63,297) (126,590) (311,670) Net loss attributable to non-controlling interests 41,705 9,141 4,962 Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (23,327,862) (11,413,101) (5,610,790) Denominator: ​ ​ ​ Weighted-average number of ordinary shares outstanding — basic and diluted 332,153,211 1,029,931,705 1,182,660,948 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (70.23) (11.08) (4.74) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Non-vested restricted shares 340,518 459,199 — Outstanding weighted average options granted 72,735,288 31,276,979 52,558,756 Convertible Notes — 92,512,382 183,942,782 Preferred Shares 678,614,152 — — Total 751,689,958 124,248,560 236,501,538

Related Party Balance and Trans

Related Party Balance and Transactions (Tables)12 Months Ended
Dec. 31, 2020
Related Party Balances and Transactions
Schedule of related party transactions(i) Provision of service For the years ended December 31, 2018, 2019 and 2020, service income was primarily generated from property management and miscellaneous research and development services the Group provided to its related parties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Nanjing Weibang Transmission Technology Co., Ltd. ​ — ​ 2,417 ​ 1,523 Wuhan Weineng Battery Assets Co., Ltd. — ​ — ​ 38 Shanghai Weishang Business Consulting Co., Ltd. ​ 905 ​ 1,806 ​ — Shanghai NIO Hongling Investment Management Co., Ltd. 2,707 ​ — ​ — ​ ​ 3,612 ​ 4,223 ​ 1,561 ​ (ii) Acceptance of advertising and IT support services ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Beijing Chehui Hudong Guanggao Co., Ltd. 6,915 ​ 29,599 ​ 92,356 Beijing Xinyi Hudong Guanggao Co., Ltd. 28,245 ​ 37,935 ​ 39,919 Beijing Bit Ep Information Technology Co., Ltd. ​ — ​ 3,627 ​ 4,159 Tianjin Boyou Information Technology Co., Ltd. ​ — ​ 264 ​ 1,594 Beijing Yiche Information Science and Technology Co., Ltd. 32 ​ 466 ​ 280 Shanghai Yiju Information Technology Co., Ltd. ​ — ​ 76 ​ 142 Bite Shijie (Beijing) Keji Co., Ltd. ​ 2,865 ​ 1,664 ​ 47 Beijing Yiche Interactive Advertising Co., Ltd. ​ — ​ 6,132 ​ — ​ 38,057 79,763 138,497 ​ (iii) Loan to related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 NIO Capital 66,166 — — ​ On January 12, 2018, the Group granted two interest free loans to NIO Capital, with principal amount of US$5,000 each. The loans mature in six months. One of the loan has been received by the Group and the other has been converted into the investment in ordinary shares of a subsidiary of NIO Capital, which was further disposed in 2019. (iv) Cost of manufacturing consignment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 132,152 132,511 174,680 ​ (v) Purchase of raw material, property and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Nanjing Weibang Transmission Technology Co., Ltd. ​ — ​ 34,220 ​ 114,329 Kunshan Siwopu Intelligent Equipment Co., Ltd. 11,107 ​ 7,982 ​ 22,797 Xunjie Energy (Wuhan) Co., Ltd. — ​ — ​ 460 ​ 11,107 ​ 42,202 ​ 137,586 ​ (vi) Interest payable on behalf of related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Baidu Capital L.P. 8,065 — — ​ (vii) Acceptance of R&D and maintenance service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 14,776 ​ — ​ 1,953 Kunshan Siwopu Intelligent Equipment Co., Ltd. 2,436 ​ 341 ​ 1,449 ​ 17,212 ​ 341 ​ 3,402 ​ (viii) Payment on behalf of related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Nanjing Weibang Transmission Technology Co., Ltd. 2,790 — — ​ (ix) Loan from related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Beijing Bitauto Interactive Technology Co., Ltd. ​ — ​ — ​ 260,000 Beijing Changxing Information Technology Co., Ltd. ​ — ​ 25,799 ​ — ​ — ​ 25,799 ​ 260,000 ​ In 2019, the Company signed a loan agreement with Beijing Changxing Information Technology Co., Ltd. for a loan of RMB25,799 at an interest rate of 15%. As of December 31, 2020, the loan has been fully repaid by the Company. In 2020, the Company signed loan agreements with Beijing Bitauto Interactive Technology Co., Ltd. for an aggregate loan amount of RMB260,000 at an interest rate of 6%. As of December 31, 2020, the loans have been fully repaid by the Company. (x) Sale of raw material, property and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Wistron Info Comm (Kunshan) Co., Ltd. ​ — ​ 725 ​ 358 Wuhan Weineng Battery Assets Co., Ltd. ​ — ​ — ​ 120 ​ — ​ 725 ​ 478 ​ (xi) Convertible notes issued to related parties and interest accural (Note 12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2018 ​ 2019 ​ 2020 Serene View Investment Limited — ​ 614,926 ​ 101,927 Huang River Investment Limited — ​ 920,914 ​ 22,018 ​ — ​ 1,535,840 ​ 123,945 ​ (xii) Sales of goods ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2018 2019 2020 Wuhan Weineng Battery Assets Co., Ltd. ​ — — 290,135 Beijing Bit Ep Information Technology Co., Ltd. ​ — — 4,402 Beijing Bitauto Interactive Technology Co., Ltd. ​ — — 1,974 Beijing Yiche Interactive Advertising Co., Ltd. ​ — — 1,453 Beijing Yiche Information Science and ​ — — 525 ​ ​ — — 298,489 ​
Schedule of due from related parties(i) Amounts due from related parties ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ 2019 2020 Wuhan Weineng Battery Assets Co. Ltd. — ​ 118,779 Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. 50,000 ​ 50,000 Kunshan Siwopu Intelligent Equipment Co., Ltd. ​ — ​ 617 Nanjing Weibang Transmission Technology Co., Ltd. 674 ​ 509 Wistron Info Comm (Kunshan) Co., Ltd. 109 ​ — Total 50,783 ​ 169,905 ​ In 2017, the Company grant interest-free loans to Ningbo Meishen Bonded Port Area Weilan Investment Co., Ltd. As of December 31, 2020, the loans remain outstanding. ​
Schedule of due to related parties(ii) Amounts due to related parties ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ 2019 2020 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 180,687 ​ 273,982 Nanjing Weibang Transmission Technology Co., Ltd. 33,018 ​ 51,687 Kunshan Siwopu Intelligent Equipment Co., Ltd. ​ 379 ​ 11,986 Wistron Info Comm (Kunshan) Co., Ltd. ​ — ​ 3,007 Beijing Bit Ep Information Technology Co., Ltd. 2,598 ​ 1,768 Xtronics Innovation Ltd. ​ — ​ 1,493 Xunjie Energy (Wuhan) Co ., Ltd. ​ — ​ 513 Beijing Yiche Information Science and Technology Co., Ltd. 205 ​ 167 Beijing Xinyi Hudong Guanggao Co., Ltd. 36,714 ​ — Beijing Changxing Information Technology Co., Ltd. ​ 25,799 ​ — Beijing Chehui Hudong Guanggao Co., Ltd. ​ 25,170 ​ — Beijing Yiche Interactive Advertising Co., Ltd. ​ 3,500 ​ — Bite Shijie (Beijing) Keji Co., Ltd. 1,549 ​ — Shanghai Yiju Information Technology Co., Ltd. 80 ​ — Tianjin Boyou Information Technology Co., Ltd. 30 ​ — Total ​ 309,729 ​ 344,603 ​ (iii) Short-term borrowings and interest payable ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ ​ 2019 Huang River Investment Limited 354,840 3,391 Serene View Investment Limited 350,255 — Total 705,095 3,391 ​ (iv) Long-term borrowings ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ 2019 2020 Huang River Investment Limited ​ 560,325 ​ 531,507 Serene View Investment Limited ​ 258,213 ​ — Total 818,538 531,507

Commitments and Contingencies (

Commitments and Contingencies (Tables)12 Months Ended
Dec. 31, 2020
Commitments and Contingencies
Schedule of capital expenditures contracted​ ​ ​ ​ ​ ​ ​ ​ As of December 31 ​ 2019 2020 Property and equipment 551,582 428,448 Leasehold improvements 68,652 54,911 Total 620,234 483,359

Parent Company Only Condensed_2

Parent Company Only Condensed Financial Information (Tables)12 Months Ended
Dec. 31, 2020
Parent Company Only Condensed Financial Information
Schedule of condensed balance sheets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2019 2020 2020 ​ ​ RMB ​ RMB ​ US$ ​ ​ ​ ​ ​ ​ Note 2(e) ASSETS Current assets: Cash and cash equivalents 11,629 22,173,454 ​ 3,398,230 Amounts due from related parties 22,698 19,680 ​ 3,016 Prepayments and other current assets — 34,664 ​ 5,312 Total current assets 34,327 22,227,798 ​ 3,406,558 Non-current assets: ​ ​ ​ Investments in subsidiaries and VIEs 2,884,635 10,540,521 ​ 1,615,405 Total non-current assets 2,884,635 10,540,521 ​ 1,615,405 Total assets 2,918,962 32,768,319 ​ 5,021,963 LIABILITIES Current liabilities: Short-term borrowings ​ 697,620 ​ — ​ — Amounts due to related parties 2,555,511 246,800 37,824 Accruals and other liabilities 100,772 101,750 15,591 Total current liabilities 3,353,903 348,550 53,415 Long-term borrowings ​ 5,784,984 ​ 5,196,507 ​ 796,400 Deferred revenue 79,761 54,431 8,342 Total non-current liabilities 5,864,745 5,250,938 804,742 Total liabilities 9,218,648 5,599,488 858,157 SHAREHOLDERS’ (DEFICIT)/EQUITY Class A Ordinary Shares 1,347 2,205 ​ 338 Class B Ordinary Shares 226 220 ​ 34 Class C Ordinary Shares 254 254 ​ 39 Treasury shares — — ​ — Additional paid in capital 40,227,856 78,880,014 ​ 12,088,891 Accumulated other comprehensive loss (203,048) (65,452) ​ (10,031) Accumulated deficit (46,326,321) (51,648,410) ​ (7,915,465) Total shareholders’ (deficit)/equity (6,299,686) 27,168,831 ​ 4,163,806 Total liabilities and shareholders’ (deficit)/equity 2,918,962 32,768,319 ​ 5,021,963
Schedule of condensed statements of comprehensive loss​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ 2018 2019 2020 2020 ​ ​ RMB ​ RMB ​ RMB ​ US$ ​ ​ ​ ​ ​ ​ ​ ​ Note 2(e) Operating expenses: Selling, general and administrative (178,479) (97) (7,463) (1,144) Total operating expenses (178,479) (97) (7,463) (1,144) Loss from operations (178,479) (97) (7,463) (1,144) Interest income 7,692 4,212 10,086 1,546 Interest expense — (237,374) (312,662) (47,918) Equity in loss of subsidiaries and VIEs (9,432,640) (11,076,907) (5,089,371) (779,982) Other income 6,153 23,655 100,290 15,370 Loss before income tax expense (9,597,274) (11,286,511) (5,299,120) (812,128) Income tax expense — — — — Net loss (9,597,274) (11,286,511) (5,299,120) (812,128) Accretion on convertible redeemable preferred shares to redemption value (13,667,291) — — — Accretion on redeemable non-controlling interests to redemption value (63,297) (126,590) (311,670) (47,766) Net loss attributable to ordinary shareholders of NIO Inc. (23,327,862) (11,413,101) (5,610,790) (859,894)
Schedule of condensed statements of cash flows​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Year ended December 31, ​ 2018 2019 2020 2020 ​ ​ RMB ​ RMB ​ RMB ​ US$ ​ ​ ​ ​ ​ ​ ​ ​ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES ​ ​ ​ ​ Net cash generated from/(used in) operating activities ​ 3,917,654 ​ 438,465 (2,460,216) ​ (377,045) CASH FLOWS FROM INVESTING ACTIVITIES ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ​ (11,693,144) ​ (4,817,498) (12,998,602) ​ (1,992,123) CASH FLOWS FROM FINANCING ACTIVITIES ​ ​ ​ ​ ​ ​ ​ Net cash provided by financing activities ​ 7,762,745 ​ 4,373,247 37,867,127 ​ 5,803,391 Effects of exchange rate changes on cash and cash equivalents ​ 6,654 ​ 236 (246,484) ​ (37,775) NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS ​ (6,091) ​ (5,550) 22,161,825 ​ 3,396,448 Cash and cash equivalents at beginning of the year ​ 23,270 ​ 17,179 11,629 ​ 1,782 Cash and cash equivalents at end of the year ​ 17,179 ​ 11,629 22,173,454 ​ 3,398,230

Organization and Nature of Op_3

Organization and Nature of Operations - Subsidiaries (Details)Dec. 31, 2020
Nio Nextev Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Nio Gmbh [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
NIO Holding Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
NIO SH
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Nio Usa Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Xpt Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
NIO Performance Engineering Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Nio Sport Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Xpt Technology Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Xpt Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Xpt (Jiangsu) Investment Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Shanghai Xpt Technology Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Xpt (Nanjing) E-Powertrain Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Xpt (Nanjing) Energy Storage System Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Nio Power Express Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
NextEV User Enterprise Limited
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Shanghai Nio Sales And Services Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Nio Energy Investment (Hubei) Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Wuhan NIO Energy Co., Ltd. ("PE WHJV")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%
Xtronics (Nanjing) Automotive Intelligent Technologies Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held50.00%
Xpt (Jiangsu) Automotive Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity interest held100.00%

Organization and Nature of Op_4

Organization and Nature of Operations - VIEs (Details)12 Months Ended
Dec. 31, 2020
Prime Hubs
Variable Interest Entity [Line Items]
Economic interest held100.00%
Nio Technology Co Ltd ("NIO SHTECH")
Variable Interest Entity [Line Items]
Economic interest held100.00%
Beijing Nio Network Technology Co Ltd ("NIO BJTECH")
Variable Interest Entity [Line Items]
Economic interest held100.00%
Shanghai Anbin Technology Co., Ltd. ("NIO ABTECH")
Variable Interest Entity [Line Items]
Economic interest held100.00%

Organization and Nature of Op_5

Organization and Nature of Operations - IPO, VIEs, Liquidity and Going Concern (Details) ¥ in Thousands, $ in Thousands12 Months Ended24 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)Dec. 31, 2020CNY (¥)sharesDec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Net loss ¥ 5,304,082 $ 812,888 ¥ 11,295,652 ¥ 9,638,979
Cash and cash equivalents38,425,541 862,839 ¥ 3,133,847 ¥ 38,425,541 $ 5,888,972
Net current assets | ¥(32,200,000)(32,200,000)
Accumulated deficit ¥ (51,600,000) ¥ (46,326,321) ¥ (51,600,000) $ (7,915,465)
Prime Hubs
Variable Interest Entity [Line Items]
Number of share held by variable interest entities | shares4,250,002
NIO Holding Co Ltd [Member]
Variable Interest Entity [Line Items]
Percentage of indirect interest in total paid-in capital86.476%86.476%
Equity interest held100.00%100.00%100.00%
Wuhan NIO Energy Co., Ltd. ("PE WHJV")
Variable Interest Entity [Line Items]
Percentage of indirect interest in total paid-in capital51.00%51.00%
Equity interest held100.00%100.00%100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and cash equivalent (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)Dec. 31, 2019USD ($)Dec. 31, 2018CNY (¥)Dec. 31, 2017CNY (¥)
Summary of Significant Accounting Policies
Cash and cash equivalents ¥ 38,425,541 $ 5,888,972 ¥ 862,839 ¥ 3,133,847
Restricted cash78,010 11,956 82,507 57,012
Long-term restricted cash41,547 6,367 44,523 33,528
Total ¥ 38,545,098 $ 5,907,295 ¥ 989,869 $ 151,704 ¥ 3,224,387 ¥ 7,530,853

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Trade Receivable and Allowance for Doubtful Accounts (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance ¥ 85,824
Current period provision, net2,047
Current period write-offs(54,098)
Ending balance40,548
Allowance for the trade receivable ¥ 85,824 ¥ 0
Cumulative effect of adoption of new accounting standard, adjustment | ASU No. 2016-13
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance6,775
Cumulative effect of adoption of new accounting standard, adjusted balance | ASU No. 2016-13
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance ¥ 92,599

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Plant and equipment, net (Details)12 Months Ended
Dec. 31, 2020
Building and constructions
Property, Plant and Equipment [Line Items]
Useful lives20 years
Production facilities
Property, Plant and Equipment [Line Items]
Useful lives10 years
Charging & battery swap infrastructure
Property, Plant and Equipment [Line Items]
Useful lives5 years
R&D equipment
Property, Plant and Equipment [Line Items]
Useful lives5 years
Computer and electronic equipment
Property, Plant and Equipment [Line Items]
Useful lives3 years
Purchased software | Minimum
Property, Plant and Equipment [Line Items]
Useful lives3 years
Purchased software | Maximum
Property, Plant and Equipment [Line Items]
Useful lives5 years
Others | Minimum
Property, Plant and Equipment [Line Items]
Useful lives3 years
Others | Maximum
Property, Plant and Equipment [Line Items]
Useful lives5 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Intangibles through impairment (Details)12 Months Ended
Dec. 31, 2020
Domain names and others
Finite-Lived Intangible Assets [Line Items]
Useful lives5 years
License
Finite-Lived Intangible Assets [Line Items]
Useful lives3 years
Land Use Rights
Finite-Lived Intangible Assets [Line Items]
Useful lives536 months

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Warrant liabilities (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Warranty liabilities
Warranty - beginning of year ¥ 412,004 ¥ 177,293
Provision for warranty582,069 283,647 ¥ 179,766
Warranty costs incurred(41,127)(48,936)(2,473)
Warranty- end of year ¥ 952,946 ¥ 412,004 ¥ 177,293

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)itemDec. 31, 2020USD ($)itemDec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)
Disaggregation of Revenue [Line Items]
Contract liabilities ¥ 1,061,254 ¥ 485,087 ¥ 301,774
Number of packages offered | item2 2
Number of performance obligations per package | item1 1
Package term1 month1 month
Total revenues ¥ 16,257,933 $ 2,491,637 7,824,904 4,951,171
Forfeiture rate (as a percent)0.00%0.00%
Revenue allocated to performance obligation ¥ 162,485 66,286 47,310
Revenue reduction for redemptions50,855 25,408 441
Amount charged to selling and marketing expenses78,229 142,425 153,057
Liabilities related to unredeemed points ¥ 221,450 178,666
Number of components not performance obligations | item2 2
Vehicle sales
Disaggregation of Revenue [Line Items]
Contract liabilities ¥ 1,253,620 491,014
Total revenues15,182,522 $ 2,326,823 7,367,113 4,852,470
Energy and Service Packages
Disaggregation of Revenue [Line Items]
Contract liabilities91,486 57,842
Automotive Regulatory Credits
Disaggregation of Revenue [Line Items]
Total revenues ¥ 120,648 ¥ 0 ¥ 0
Maximum
Disaggregation of Revenue [Line Items]
Stand-alone fair value as a percentage of gross selling price1.00%1.00%
Aggregate stand-alone fair value as a percentage of contract price3.00%3.00%

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Short-term investment (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Short-term Investments [Abstract]
Short-term investments ¥ 3,950,747 $ 605,478 ¥ 111,000
Restricted as collateral for bank borrowings and letter of guarantee ¥ 2,873,398 ¥ 96,000

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)itemDec. 31, 2020USD ($)itemDec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)Dec. 31, 2020USD ($)Jan. 01, 2020CNY (¥)Dec. 31, 2017CNY (¥)
Foreign Currency
Foreign currency translation adjustment (losses)/income ¥ (137,596) $ (21,088) ¥ 168,340 ¥ 20,786
Exchange rate (RMB per USD 1.00)6.5250 6.5250
Equity ¥ 27,170,956 (6,277,599)6,821,145 $ 4,164,132 ¥ (11,591,780)
Expected credit loss expense9,654
Expected credit loss provision - current44,645 6,842
Expected credit loss provision - non-current20,031 $ 3,070
Long-term Investments
Impairment recognized, long-lived assets25,757 75,278 0
Impairment of long-lived assets written off20,853 0 0
Marketing and Advertising Expense
Advertising Expense266,569 230,061 218,060
Retirement Benefits
Employee benefit expenses366,223 553,523 517,787
Dividends
Dividends ¥ 0 ¥ 0 ¥ 0
Segment Reporting
Number of segments | item1 1
ASU No. 2016-13 | Cumulative effect of adoption of new accounting standard, adjustment
Foreign Currency
Equity ¥ 22,969
Expected credit loss provision - current118,851
Expected credit loss provision - non-current ¥ 12,899

Concentration and Risks (Detail

Concentration and Risks (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Concentration and Risks
Cash, cash equivalents and restricted cash subject to currency conversion controls ¥ 6,219,252 ¥ 829,175

Inventory (Details)

Inventory (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)Dec. 31, 2020USD ($)
Inventory
Raw materials ¥ 579,842 ¥ 510,990
Work in process2,995 1,862
Finished goods381,387 291,116
Merchandise121,978 95,987
Less: write-downs(4,649)(10,427)
Total1,081,553 889,528 $ 165,755
Write-downs of inventory ¥ 5,803 $ 889 ¥ 10,427 ¥ 0

Prepayments and Other Current_3

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)
Prepaid Expense and Other Assets, Current [Abstract]
Deductible VAT input ¥ 943,577 ¥ 1,253,617
Receivables from JAC121,012 78,132
Prepayment to vendors83,792 88,900
Receivables from third party online payment service providers69,009 47,592
Deposits45,891 73,271
Other receivables159,122 60,381
Less: Allowance for doubtful accounts(22,635) ¥ 0
Total ¥ 1,422,403 $ 217,993 ¥ 1,579,258

Prepayments and Other Current_4

Prepayments and Other Current Assets - Activity in the allowance for credit losses (Details) ¥ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)
Prepaid Expenses And Other Current Assets, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance ¥ 22,635
Current period provision, net475
Current period write-offs(22,630)
Ending balance4,097
Cumulative effect of adoption of new accounting standard, adjustment | ASU No. 2016-13
Prepaid Expenses And Other Current Assets, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance3,617
Cumulative effect of adoption of new accounting standard, adjusted balance | ASU No. 2016-13
Prepaid Expenses And Other Current Assets, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance ¥ 26,252

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)Dec. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Property and equipment ¥ 7,546,438 ¥ 7,157,319
Less: Accumulated depreciation(2,470,028)(1,548,977)
Less: Accumulated impairment(80,182)(75,278)
Total property, plant and equipment, net4,996,228 5,533,064 $ 765,705
Depreciation expenses1,041,011 993,070 ¥ 469,408
Mold and tooling
Property, Plant and Equipment [Line Items]
Property and equipment2,411,164 1,898,975
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment997,191 1,025,570
Production facilities
Property, Plant and Equipment [Line Items]
Property and equipment787,039 869,819
Building and constructions
Property, Plant and Equipment [Line Items]
Property and equipment862,603 828,958
Charging & battery swap equipment
Property, Plant and Equipment [Line Items]
Property and equipment721,583 608,919
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment177,457 475,977
Computer and electronic equipment
Property, Plant and Equipment [Line Items]
Property and equipment372,956 428,028
R&D equipment
Property, Plant and Equipment [Line Items]
Property and equipment432,781 400,461
Purchased software
Property, Plant and Equipment [Line Items]
Property and equipment409,445 341,379
Others
Property, Plant and Equipment [Line Items]
Property and equipment ¥ 374,219 ¥ 279,233

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Finite Lived Intangible Assets Excluding Land Use Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value ¥ 4,071 ¥ 4,342
Accumulated amortization(3,458)(2,820)
Net carrying value613 1,522
Amortization expenses638 1,021 ¥ 1,988
Domain names and others
Finite-Lived Intangible Assets [Line Items]
Gross carrying value4,071 4,342
Accumulated amortization(3,458)(2,820)
Net carrying value ¥ 613 ¥ 1,522

Land Use Rights, Net (Details)

Land Use Rights, Net (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Land Use Rights, Net.
Land use rights ¥ 216,489 ¥ 216,489
Less: Accumulated amortization-land use rights(12,521)(7,674)
Total land use rights, net ¥ 203,968 $ 31,259 ¥ 208,815

Land Use Rights, Net - Addition

Land Use Rights, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Land Use Rights, Net.
Amortization expenses for land use rights ¥ 4,847 ¥ 4,847 ¥ 2,827

Long-term investments (Details)

Long-term investments (Details) $ in Thousands1 Months Ended12 Months Ended
Aug. 31, 2020CNY (¥)itemDec. 31, 2020CNY (¥)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)Dec. 31, 2020USD ($)
Investment Holdings [Line Items]
Equity method investments ¥ 294,679,000 ¥ 115,325,000
Equity securities without readily determinable fair value5,442,000
Total300,121,000 115,325,000 $ 45,996
Number of third party investors | item3
Amount of investment ¥ 200,000
Impairment charge ¥ 0 ¥ 0 ¥ 0
Weineng
Investment Holdings [Line Items]
Percentage of equity interest25.00%
Other third-party investors
Investment Holdings [Line Items]
Percentage of equity interest13.90%13.90%
Additional investment ¥ 640,000,000

Other Non-current Assets (Detai

Other Non-current Assets (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Other Non-current Assets
Non-current portion of national subsidy receivable ¥ 651,006
Receivables of installment payments for battery637,402 ¥ 657,698
Long-term deposits128,355 848,655
Right of use assets - finance lease95,887 155,051
Prepayments for purchase of property and equipment15,072 17,603
Others34,033 74,093
Total ¥ 1,561,755 $ 239,350 ¥ 1,753,100

Other Non-current Assets - Acti

Other Non-current Assets - Activity in the allowance for credit losses (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Other Assets, Noncurrent, Disclosure [Line Items]
Beginning balance ¥ 323
Current period provision, net7,132 ¥ 323 ¥ 0
Ending balance20,031 323
ASU No. 2016-13 | Cumulative effect of adoption of new accounting standard, adjustment
Other Assets, Noncurrent, Disclosure [Line Items]
Beginning balance12,576
Ending balance12,576
ASU No. 2016-13 | Cumulative effect of adoption of new accounting standard, adjusted balance
Other Assets, Noncurrent, Disclosure [Line Items]
Beginning balance ¥ 12,899
Ending balance ¥ 12,899

Accruals and Other Liabilitie_2

Accruals and Other Liabilities (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Accruals and Other Liabilities
Payables for purchase of property and equipment ¥ 715,561 ¥ 1,121,715
Advance from customers620,907 297,096
Payables for marketing events596,110 436,610
Payable for R&D expenses402,777 694,081
Salaries and benefits payable494,726 344,922
Current portion of deferred revenue383,430 189,172
Warranty liabilities297,446 120,161
Accrued expenses273,676 246,121
Interest payables98,462 105,940
Payable to employees for options exercised278,209
Current portion of deferred construction allowance60,695 84,495
Current portion of finance lease liabilities33,237 40,334
Payables for traveling expenses of employees18,672 17,685
Investment deposit from investors154,643
Other payables330,116 363,666
Total ¥ 4,604,024 $ 705,600 ¥ 4,216,641

Borrowings - Components (Detail

Borrowings - Components (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Short-term borrowings:
Bank loan (i) ¥ 1,550,000 ¥ 188,000
Convertible notes (ii)697,620
Current portion of long-term bank loan (iii)380,560 $ 58,323 322,436
Long-term borrowings:
Bank loan (iii)303,822 950,154
Convertible notes (ii)5,196,507 5,784,984
Loan from joint investor (iv)437,950 419,660
Total ¥ 7,868,839 ¥ 8,362,854

Borrowings - Balances of long-t

Borrowings - Balances of long-term bank loan (Details) - CNY (¥) ¥ in ThousandsDec. 31, 2020Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding loan ¥ 684,382 ¥ 1,272,590
Current portion according to the repayment schedule380,560 322,436
Long-term portion303,822 950,154
Secured Loan Agreement With Bank Of Nanjing Due May 2022 [Member]
Debt Instrument [Line Items]
Outstanding loan275,382 475,382
Current portion according to the repayment schedule200,000 200,000
Long-term portion75,382 275,382
Loan Agreement With China Merchants Bank Due September 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan88,000 96,000
Current portion according to the repayment schedule88,000 8,000
Long-term portion88,000
Loan Agreement With China CITIC Bank Due February 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan34,500 44,500
Current portion according to the repayment schedule34,500 10,000
Long-term portion34,500
Loan Agreement With China CITIC Bank Due March 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan39,500 49,500
Current portion according to the repayment schedule39,500 10,000
Long-term portion39,500
First Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan4,102
Current portion according to the repayment schedule1,014
Long-term portion3,088
Second Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan32,305
Current portion according to the repayment schedule7,695
Long-term portion24,610
Third Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan16,145
Current portion according to the repayment schedule3,855
Long-term portion12,290
Fourth Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan32,305
Current portion according to the repayment schedule7,695
Long-term portion24,610
Fifth Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan32,305
Current portion according to the repayment schedule7,695
Long-term portion24,610
Sixth Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan28,257
Current portion according to the repayment schedule6,743
Long-term portion21,514
Seventh Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan128,353
Current portion according to the repayment schedule28,862
Long-term portion99,491
Eighth Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan42,777
Current portion according to the repayment schedule9,631
Long-term portion33,146
Loan Agreement With Hanhou Bank Due March 2022 [Member]
Debt Instrument [Line Items]
Outstanding loan197,000 199,000
Current portion according to the repayment schedule2,000 2,000
Long-term portion195,000 197,000
Nineth Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan18,072
Current portion according to the repayment schedule3,855
Long-term portion14,217
Tenth Loan Agreement With Bank Of Shanghai Due November 2021 [Member]
Debt Instrument [Line Items]
Outstanding loan73,587
Current portion according to the repayment schedule15,391
Long-term portion ¥ 58,196
Loan Agreement With Bank Of Shanghai Due December 2023 [Member]
Debt Instrument [Line Items]
Outstanding loan50,000
Current portion according to the repayment schedule16,560
Long-term portion ¥ 33,440

Borrowings - Additional informa

Borrowings - Additional information (Details) $ / shares in Units, ¥ in Thousands, $ in ThousandsSep. 05, 2019USD ($)installment$ / sharesApr. 16, 2018CNY (¥)Sep. 29, 2017CNY (¥)Jun. 30, 2017CNY (¥)Dec. 31, 2020USD ($)Nov. 30, 2020USD ($)sharesSep. 30, 2020USD ($)Mar. 31, 2020USD ($)$ / sharesOct. 31, 2020sharesAug. 31, 2020sharesFeb. 29, 2020CNY (¥)Dec. 31, 2020CNY (¥)sharesDec. 31, 2020CNY (¥)Dec. 31, 2019CNY (¥)Dec. 31, 2020USD ($)Feb. 29, 2020$ / sharesDec. 31, 2019USD ($)Jan. 30, 2019USD ($)May 18, 2017CNY (¥)
Debt Instrument [Line Items]
Short-term borrowings ¥ 1,550,000 ¥ 1,550,000 ¥ 885,620 $ 237,548
Conversion price | $ / shares $ 3.50 $ 3.07
Convertible notes , Current697,620
Class A Ordinary Shares
Debt Instrument [Line Items]
Shares issued upon conversion | shares49,582,686
Asset pledged
Debt Instrument [Line Items]
Trade receivables pledged to secure short-term bank borrowings ¥ 49,800 49,800 0
Short-term investments pledged to secure short-term bank borrowings155,498 155,498 0
Restricted cash pledged to secure short-term bank borrowings0 0 60,000
Trade receivables pledged to secure long-term bank borrowings65,138 65,138 601,236
Joint Investment Agreement [Member] | Wuhan Donghu New Technology Development Zone Management Committee [Member] | Wuhan NIO Energy Co., Ltd. ("PE WHJV")
Debt Instrument [Line Items]
Loan subscribed ¥ 384,000
Rate of subscribed capital49.00%
Injection of cash debt ¥ 234,000 ¥ 100,000 ¥ 50,000
Threshold limit of net assets under agreement550,000 550,000
Accrued interest53,950 35,660
Short Term Borrowings At December 2019 [Member]
Debt Instrument [Line Items]
Short-term borrowings128,000
Aggregate Collateralized By Bank Deposit ¥ 60,000
Short Term Borrowings At December 2019 [Member] | Maximum
Debt Instrument [Line Items]
Short-term debt, interest rate (as a percent)4.87%
Short Term Borrowings At December 2019 [Member] | Minimum
Debt Instrument [Line Items]
Short-term debt, interest rate (as a percent)3.45%
Short Term Borrowings At December 2020 [Member]
Debt Instrument [Line Items]
Short-term borrowings1,550,000 ¥ 1,550,000
Short Term Borrowings At December 2020 [Member] | Maximum
Debt Instrument [Line Items]
Short-term debt, interest rate (as a percent)4.85%
Short Term Borrowings At December 2020 [Member] | Minimum
Debt Instrument [Line Items]
Short-term debt, interest rate (as a percent)3.30%
Convertible Notes
Debt Instrument [Line Items]
Convertible senior notes4,870,262 ¥ 4,870,262 ¥ 5,179,027 $ 650,000
Additional convertible senior notes | $ $ 100,000
Interest rate0.00%0.00%4.50%
Aggregate principal amount converted | $ $ 50,000 $ 7,000 $ 50,000
Number of installment | installment2
Annual premium rate at maturity2.00%
Convertible notes , Current0 0 $ 697,620
Convertible Notes | American Depositary Shares
Debt Instrument [Line Items]
Shares issued upon conversion | shares735
Convertible Notes | Third Party Investors One
Debt Instrument [Line Items]
Convertible senior notes0 0 0
Aggregate principal amount converted ¥ 200,000
Convertible Notes | Third Party Investors Two
Debt Instrument [Line Items]
Convertible senior notes0 0 0
Aggregate principal amount converted | $ $ 235,000
Convertible Notes | Tencent Holdings Limited | Mr. Bin Li,
Debt Instrument [Line Items]
Convertible senior notes $ 200,000 ¥ 326,245 ¥ 326,245 ¥ 1,303,577
Convertible Notes | Tencent Holdings Limited | Mr. Li,
Debt Instrument [Line Items]
Convertible senior notes | $ $ 100,000
360-day Notes
Debt Instrument [Line Items]
Conversion price | $ / shares $ 2.98
Note payable term360 days360 days360 days
3-year Notes
Debt Instrument [Line Items]
Conversion price | $ / shares $ 3.12
Note payable term3 years3 years3 years
Convertible notes issued in January and February 2020 | American Depositary Shares
Debt Instrument [Line Items]
Shares issued upon conversion | shares65,146,600
Convertible notes issued in March 2020
Debt Instrument [Line Items]
Shares issued upon conversion | shares67,142,790

Other Non-Current Liabilities_2

Other Non-Current Liabilities (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Other Non-Current Liabilities
Deferred revenue ¥ 677,824 ¥ 295,915
Warranty liabilities655,500 291,843
Deferred government grants326,373 340,667
Non-current finance lease liabilities55,107 88,790
Deferred construction allowance49,484 72,762
Others85,618 61,836
Total ¥ 1,849,906 $ 283,510 ¥ 1,151,813

Lease (Details)

Lease (Details) ¥ in Thousands, $ in ThousandsDec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Operating leases:
Right-of-use assets - operating lease ¥ 1,350,294 $ 206,942 ¥ 1,997,672
Current portion of operating lease liabilities547,142 83,852 608,747
Non-current operating lease liabilities1,015,261 $ 155,596 1,598,372
Total operating lease liabilities1,562,403 2,207,119
Finance leases:
Right-of-use assets - finance lease95,887 155,051
Current portion of finance lease liabilities33,237 40,334
Non-current finance lease liabilities55,107 88,790
Total finance lease liabilities ¥ 88,344 ¥ 129,124

Lease - Lease cost (Details)

Lease - Lease cost (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Lease cost:
Amortization of right-of-use assets ¥ 499,225 ¥ 522,035
Interest of operating lease liabilities96,430 137,459
Expenses for short-term leases within 12 months and other non-lease component81,022 155,613
Total lease cost ¥ 676,677 ¥ 815,107

Lease - Other information (Deta

Lease - Other information (Details)Dec. 31, 2020Dec. 31, 2019
Lease
Weighted-average remaining lease term Operating leases3 years 9 months 18 days4 years 8 months 12 days
Weighted-average remaining lease term Finance leases3 years 1 month 6 days3 years 10 months 24 days
Weighted-average discount rate Operating leases5.82%5.83%
Weighted-average discount rate Finance leases5.70%5.77%

Lease - Supplemental cash flow

Lease - Supplemental cash flow information (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)
Lease
Operating cash outflows from operating leases ¥ 544,896 ¥ 482,782
Operating cash outflows from finance leases (interest payments)5,729 5,969
Financing cash outflows from finance leases42,529 $ 6,518 43,916
Right-of-use assets obtained in exchange for lease liabilities ¥ 279,274 ¥ 777,169

Lease - Maturities of operating

Lease - Maturities of operating and finance lease liabilities (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)Dec. 31, 2020USD ($)
Operating Leases
2021 ¥ 609,011
2022421,579
2023287,087
2024146,459
202584,925
Thereafter175,950
Total minimum lease payments1,725,011
Less: Interest(162,608)
Present value of lease obligations1,562,403 ¥ 2,207,119
Less: Current portion(547,142)(608,747) $ (83,852)
Long-term portion of lease obligations1,015,261 1,598,372 $ 155,596
Finance Leases
202136,494
202229,561
202322,515
20247,996
202536
Total minimum lease payments96,602
Less: Interest(8,258)
Present value of lease obligations88,344 129,124
Current portion of finance lease liabilities(33,237)(40,334)
Long-term portion of lease obligations55,107 88,790
Short-term operating leases ¥ 55,977 ¥ 33,580
Lease expense under ASC 840 ¥ 490,936

Revenues (Details)

Revenues (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)
Disaggregation of Revenue [Line Items]
Total revenues ¥ 16,257,933 $ 2,491,637 ¥ 7,824,904 ¥ 4,951,171
Vehicle sales
Disaggregation of Revenue [Line Items]
Total revenues15,182,522 2,326,823 7,367,113 4,852,470
Other sales
Disaggregation of Revenue [Line Items]
Total revenues1,075,411 $ 164,814 457,791 98,701
Sales of Charging pile
Disaggregation of Revenue [Line Items]
Total revenues229,781 127,632 82,184
Sales of Packages
Disaggregation of Revenue [Line Items]
Total revenues244,072 111,448 10,220
Others
Disaggregation of Revenue [Line Items]
Total revenues ¥ 601,558 ¥ 218,711 ¥ 6,297

Deferred Revenue_Income - Rollf

Deferred Revenue/Income - Rollforward (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Summary of reconciliation in the current reporting period related to carried-forward deferred revenue
Deferred revenue/income - beginning of period ¥ 485,087 ¥ 301,774
Additions1,013,397 428,786 ¥ 384,116
Recognition(432,069)(246,861)(82,342)
Effects on foreign exchange adjustment(5,161)1,388
Deferred revenue/income - end of period ¥ 1,061,254 ¥ 485,087 ¥ 301,774

Deferred Revenue_Income - Timin

Deferred Revenue/Income - Timing of satisfaction (Details)Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of revenue recognition1 year
Percentage of revenue recognized36.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of revenue recognition1 year
Percentage of revenue recognized64.00%

Deferred Revenue_Income - Addit

Deferred Revenue/Income - Additional information (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Deferred Revenue/Income
Unrecognized deferred revenue ¥ 1,006,824 ¥ 405,326
Investor relations program, term5 years
Deferred revenue, ADR ¥ 54,430 ¥ 79,761

Manufacturing in collaboratio_2

Manufacturing in collaboration with JAC (Details) - Collaborative Arrangement - Vehicle sales - CNY (¥) ¥ in Thousands1 Months Ended12 Months Ended
Mar. 31, 2020Apr. 30, 2019Apr. 30, 2018May 31, 2016Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement term5 years5 years5 years
Processing fee period3 years3 years3 years
Operating loss reimbursement period36 months
Actual manufacturing losses recorded as cost of sales ¥ 65,384 ¥ 206,736 ¥ 126,425

Research and Development Expe_3

Research and Development Expenses (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)
Research and Development Expenses
Employee compensation ¥ 1,362,231 ¥ 2,004,931 ¥ 1,850,886
Design and development expenses778,463 2,041,024 1,827,980
Depreciation and amortization expenses255,544 187,137 103,427
Rental and related expenses51,123 57,401 33,105
Travel and entertainment expenses15,720 63,998 104,949
Others24,689 74,089 77,595
Total ¥ 2,487,770 $ 381,267 ¥ 4,428,580 ¥ 3,997,942

Selling, General and Administ_3

Selling, General and Administrative Expenses (Details) ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)Dec. 31, 2020USD ($)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)
Selling, General and Administrative Expenses
Employee compensation ¥ 1,687,945 ¥ 2,231,698 ¥ 2,256,455
Marketing and promotional expenses675,142 818,053 1,158,519
Rental and related expenses498,601 737,578 450,113
Depreciation and amortization expenses325,478 457,364 249,765
Professional services307,658 487,537 578,469
IT consumable, office supply and other low value consumable69,954 109,501 167,323
Travel and entertainment expenses39,328 126,571 197,187
Expected credit losses9,654 $ 1,480
Allowance against receivables108,459
Others318,511 375,026 283,959
Total ¥ 3,932,271 $ 602,647 ¥ 5,451,787 ¥ 5,341,790

Convertible Redeemable Prefer_3

Convertible Redeemable Preferred Shares - Summary of convertible redeemable preferred shares activities (Details) ¥ in Thousands, $ in Thousands1 Months Ended12 Months Ended
Dec. 31, 2017USD ($)sharesNov. 30, 2017USD ($)Jul. 31, 2017USD ($)May 31, 2017USD ($)Apr. 30, 2017USD ($)Mar. 31, 2017USD ($)Feb. 28, 2017USD ($)Sep. 30, 2016USD ($)Aug. 31, 2016USD ($)Jul. 31, 2016USD ($)Jun. 30, 2016USD ($)Sep. 30, 2015USD ($)Dec. 31, 2020CNY (¥)Dec. 31, 2019CNY (¥)sharesDec. 31, 2018CNY (¥)shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balances ¥ 19,657,786
Balances (in shares) | shares213,585,003 813,868,585
Proceeds from Preferred Shares ¥ 78,651
Issuance of preferred shares (in shares) | shares7,509,933
Accretion of redeemable non-controlling interests to redemption value ¥ 0 ¥ 0 ¥ 13,667,291
Conversion of Series A-1 and A-2 preferred shares to ordinary shares, amount ¥ 12,102,894
Conversion of Series A-1 and A-2 preferred shares to ordinary shares (in shares) | shares(295,000,000)
Conversion of Series A-3 preferred shares to ordinary shares, amount ¥ (993,108)
Conversion of Series A-3 preferred shares to ordinary shares (in shares)(31,720,364)
Conversion of Series B Preferred Shares to Ordinary shares ¥ (4,712,959)
Conversion of Series B Preferred Shares to Ordinary shares (in shares) | shares(114,867,321)
Conversion of Series C Preferred Shares to Ordinary shares ¥ (6,830,539)
Conversion of Series C Preferred Shares to Ordinary shares (in shares) | shares(166,205,830)
Conversion of Series D Preferred Shares to Ordinary shares ¥ (8,764,228)
Balances
Balances (in shares) | shares813,868,585 213,585,003
Series A-1 & A-2
Increase (Decrease) in Temporary Equity [Roll Forward]
Balances ¥ 5,011,731
Balances (in shares) | shares295,000,000
Accretion of redeemable non-controlling interests to redemption value ¥ 7,091,163
Conversion of Series A-1 and A-2 preferred shares to ordinary shares, amount ¥ 12,102,894
Conversion of Series A-1 and A-2 preferred shares to ordinary shares (in shares) | shares(295,000,000)
Balances
Balances (in shares) | shares295,000,000
Series A-3
Increase (Decrease) in Temporary Equity [Roll Forward]
Balances ¥ 427,129
Balances (in shares) | shares24,210,431
Issuance of preferred shares | $ $ 40,000
Issuance of preferred shares (in shares) | shares7,509,933
Accretion of redeemable non-controlling interests to redemption value ¥ 565,979
Conversion of Series A-3 preferred shares to ordinary shares, amount ¥ (993,108)
Conversion of Series A-3 preferred shares to ordinary shares (in shares)(31,720,364)
Balances
Balances (in shares) | shares24,210,431
Series B
Increase (Decrease) in Temporary Equity [Roll Forward]
Balances ¥ 2,294,980
Balances (in shares) | shares114,867,321
Issuance of preferred shares | $ $ 316,000 $ 316,000 $ 316,000 $ 316,000 $ 316,000
Accretion of redeemable non-controlling interests to redemption value ¥ 2,417,979
Conversion of Series B Preferred Shares to Ordinary shares ¥ (4,712,959)
Conversion of Series B Preferred Shares to Ordinary shares (in shares) | shares(114,867,321)
Balances
Balances (in shares) | shares114,867,321
Series C
Increase (Decrease) in Temporary Equity [Roll Forward]
Balances ¥ 4,454,596
Balances (in shares) | shares166,205,830
Issuance of preferred shares | $ $ 645,709 $ 645,709 $ 645,709 $ 645,709
Accretion of redeemable non-controlling interests to redemption value ¥ 2,375,943
Conversion of Series C Preferred Shares to Ordinary shares ¥ (6,830,539)
Conversion of Series C Preferred Shares to Ordinary shares (in shares) | shares(166,205,830)
Balances
Balances (in shares) | shares166,205,830
Series D
Increase (Decrease) in Temporary Equity [Roll Forward]
Balances ¥ 7,469,350
Balances (in shares) | shares213,585,003
Proceeds from Preferred Shares ¥ 78,651
Issuance of preferred shares | $ $ 1,130,320 $ 1,130,320
Accretion of redeemable non-controlling interests to redemption value1,216,227
Conversion of Series D Preferred Shares to Ordinary shares ¥ (8,764,228)
Conversion of Series D Preferred Shares to Ordinary shares (in shares) | shares(213,585,003)
Balances
Balances (in shares) | shares213,585,003

Convertible Redeemable Prefer_4

Convertible Redeemable Preferred Shares - Issuances (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands1 Months Ended12 Months Ended
Dec. 31, 2017USD ($)item$ / sharessharesNov. 30, 2017USD ($)itemsharesJul. 31, 2017USD ($)$ / sharessharesMay 31, 2017USD ($)$ / sharessharesApr. 30, 2017USD ($)$ / sharessharesMar. 31, 2017USD ($)$ / sharessharesFeb. 28, 2017USD ($)$ / sharessharesJan. 31, 2017installmentSep. 30, 2016USD ($)$ / sharessharesAug. 31, 2016USD ($)$ / sharessharesJul. 31, 2016USD ($)$ / sharessharesJun. 30, 2016USD ($)$ / sharessharesSep. 30, 2015USD ($)$ / sharessharesMay 31, 2015USD ($)$ / sharessharesMar. 31, 2015USD ($)$ / sharessharesDec. 31, 2020USD ($)$ / sharesDec. 31, 2020CNY (¥)
Temporary Equity [Line Items]
Number of installments | installment3
Convertible redeemable preferred shares, per share (in dollars per share) | $ / shares $ 0.00025
Series A-1
Temporary Equity [Line Items]
Shares issued (in shares) | shares165,000,000
Share price (in dollars per share) | $ / shares $ 1
Issuance of preferred shares $ 165,000
Stock issuance costs $ 301 ¥ 1,892
Series A-2
Temporary Equity [Line Items]
Shares issued (in shares) | shares130,000,000 130,000,000
Share price (in dollars per share) | $ / shares $ 1 $ 1
Issuance of preferred shares $ 130,000 $ 130,000
Stock issuance costs189 1,177
Series A-3
Temporary Equity [Line Items]
Shares issued (in shares) | shares24,210,431
Share price (in dollars per share) | $ / shares $ 1.6522
Issuance of preferred shares $ 40,000
Stock issuance costs208 1,296
Series B
Temporary Equity [Line Items]
Shares issued (in shares) | shares114,867,321 114,867,321 114,867,321 114,867,321 114,867,321
Share price (in dollars per share) | $ / shares $ 2.751 $ 2.751 $ 2.751 $ 2.751 $ 2.751
Issuance of preferred shares $ 316,000 $ 316,000 $ 316,000 $ 316,000 $ 316,000
Stock issuance costs1,782 11,857
Series C
Temporary Equity [Line Items]
Shares issued (in shares) | shares166,205,830 166,205,830 166,205,830 166,205,830
Share price (in dollars per share) | $ / shares $ 3.885 $ 3.885 $ 3.885 $ 3.885
Issuance of preferred shares $ 645,709 $ 645,709 $ 645,709 $ 645,709
Stock issuance costs1,489 10,039
Series D
Temporary Equity [Line Items]
Shares issued (in shares) | shares211,156,415 211,156,415
Share price (in dollars per share) | $ / shares $ 5.353
Issuance of preferred shares $ 1,130,320 $ 1,130,320
Number of holders | item1 1
Unpaid value from total consideration $ 12,000 $ 12,000
Commission incurred26,000 26,000
Value of commission paid in cash $ 13,000 $ 13,000
Stock issuance costs $ 901 ¥ 6,033
Percentage of commission paid in cash50.00%50.00%
Issuance of shares to pay commission | shares2,428,588 2,428,588
Percentage of commission paid in shares50.00%50.00%

Convertible Redeemable Prefer_5

Convertible Redeemable Preferred Shares - Voting Rights and Dividends (Details) ¥ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)directoritemDec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)
Temporary Equity [Line Items]
Number of votes per share | item1
Number of directors entitled to appoint10
Total number of directors11
Dividends | ¥ ¥ 0 ¥ 0 ¥ 0
Series D
Temporary Equity [Line Items]
Percentage of dividend received5.00%
Series C
Temporary Equity [Line Items]
Percentage of dividend received5.00%
Series B
Temporary Equity [Line Items]
Percentage of dividend received5.00%
Series A convertible redeemable preferred shares
Temporary Equity [Line Items]
Percentage of dividend received5.00%

Convertible Redeemable Prefer_6

Convertible Redeemable Preferred Shares - Liquidation, Conversion, Redemption and Conversion upon IPO (Details) - CNY (¥) ¥ in ThousandsSep. 14, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Temporary Equity [Line Items]
Conversion ratio1
Key employee termination percentage30.00%
Percentage of Preferred Shares' original issue price as redemption amount payable equal to the greater of100.00%
Compound interest rate on preferred shares' original issue price8.00%
Accretion on convertible redeemable preferred shares to redemption value ¥ 0 ¥ 0 ¥ 13,667,291
Initial public offering (the "IPO")
Temporary Equity [Line Items]
Number of preferred shares automatically converted to ordinary shares821,378,518

Redeemable non-controlling in_2

Redeemable non-controlling interests (Details) ¥ in Thousands, $ in ThousandsSep. 16, 2020CNY (¥)Apr. 29, 2020CNY (¥)Nov. 30, 2020CNY (¥)Jul. 31, 2020CNY (¥)Jun. 30, 2020CNY (¥)Dec. 31, 2020CNY (¥)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)Dec. 31, 2020USD ($)Jun. 30, 2018CNY (¥)
Redeemable Noncontrolling Interest [Line Items]
Redeemable non-controlling interests ¥ 1,600,000 ¥ 4,691,287 ¥ 1,455,787 $ 718,971 ¥ 1,269,900
Deadlock period60 days
Percentage of simple interest on original issue price considered in redemption price10.00%
Redemption value ¥ 104,270 126,590 ¥ 63,297
Cash consideration ¥ 1,600,000 15,000
Cash investments received14,500
Accretion of redeemable non-controlling interests to redemption value ¥ 0 ¥ 0 ¥ 13,667,291
NIO China
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest held (as a percent)86.476%86.476%
Minority interest (in percentage)8.612%
Cash investments received ¥ 2,000,000 ¥ 5,000,000 ¥ 5,000,000
Period to submit application for a Qualified Initial Public Offering48 months
Period to complete the Qualified Initial Public Offering60 months
Annual interest rate (as a percent)8.50%8.50%
Accretion of redeemable non-controlling interests to redemption value ¥ 207,400
Strategic Investors | NIO China
Redeemable Noncontrolling Interest [Line Items]
Cash injected ¥ 7,000,000
Cash investments received ¥ 511,500

Ordinary Shares (Details)

Ordinary Shares (Details) - USD ($) $ / shares in Units, $ in ThousandsDec. 17, 2020Dec. 16, 2020Sep. 02, 2020Jun. 18, 2020Jun. 15, 2020Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Class of Stock [Line Items]
Ordinary shares, par value (in dollars per share) $ 0.00025 $ 0.00025
Share capital, value authorized $ 1,000 $ 1,000
Share capital, shares authorized4,000,000,000 4,000,000,000
Ordinary shares, shares authorized4,000,000,000 4,000,000,000
Mezzanine equity, shares authorized1,219,469,778
Par value, class to be determined (in dollars per share) $ 0.00025 $ 0.00025
Ordinary shares, shares issued1,529,031,103 1,067,467,877
Ordinary shares, shares outstanding1,526,539,388 1,064,472,660
Shares authorized, class to be determined1,219,469,778
Class A Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, par value (in dollars per share) $ 0.00025 $ 0.00025
Ordinary shares, shares authorized2,503,736,290 2,500,000,000
Ordinary shares, shares issued1,252,237,171 786,937,655
Ordinary shares, shares outstanding1,249,745,456 783,942,438
Class B Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, par value (in dollars per share) $ 0.00025 $ 0.00025
Ordinary shares, shares authorized132,030,222
Ordinary shares, shares issued128,293,932
Ordinary shares, shares outstanding128,293,932 132,030,222
Class C Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, par value (in dollars per share) $ 0.00025 $ 0.00025
Ordinary shares, shares authorized148,500,000 148,500,000
Ordinary shares, shares issued148,500,000 148,500,000
Ordinary shares, shares outstanding148,500,000 148,500,000
American Depositary Shares
Class of Stock [Line Items]
Number of newly issued ordinary shares78,200,000 78,200,000 101,775,000 82,800,000 82,800,000
Share issue price (in dollars per share) $ 39 $ 39 $ 17 $ 5.95 $ 5.95

Share-based Compensation - Expe

Share-based Compensation - Expense allocation (Details) - CNY (¥) ¥ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses ¥ 187,094 ¥ 333,495 ¥ 679,468
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses5,564 9,763 9,289
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses51,024 82,680 109,124
Selling and Marketing Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses ¥ 130,506 ¥ 241,052 ¥ 561,055

Share-based Compensation - Prim

Share-based Compensation - Prime Hubs Restricted Shares Plan (Details) ¥ in Thousands1 Months Ended12 Months Ended
Aug. 31, 2018CNY (¥)sharesDec. 31, 2020CNY (¥)Dec. 31, 2019CNY (¥)Dec. 31, 2018CNY (¥)sharesDec. 31, 2018$ / shares
Weighted Average Grant Date Fair Value, Restricted shares
Recognized share-based compensation expenses | ¥ ¥ 187,094 ¥ 333,495 ¥ 679,468
Prime Hubs Restricted Shares Plan [Member] | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period4 years
Vesting percentage25.00%
Number of Restricted Shares Outstanding
Unvested, Beginning Balance | shares7,058,338
Vested | shares(7,058,338)
Weighted Average Grant Date Fair Value, Restricted shares
Unvested, Beginning Balance | $ / shares $ 1.04
Vested | $ / shares $ 1.04
Shares repurchased (in shares) | shares562,500
Shares repurchased, consideration | ¥ ¥ 7,490
Recognized share-based compensation expenses | ¥ ¥ 0 ¥ 0 ¥ 39,560
Prime Hubs Restricted Shares Plan [Member] | Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period1 year
Vesting percentage100.00%

Share-based Compensation - Nio

Share-based Compensation - Nio Incentive Plans - Text and Options (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020CNY (¥)sharesDec. 31, 2020USD ($)$ / sharessharesDec. 31, 2019CNY (¥)sharesDec. 31, 2019USD ($)$ / sharessharesDec. 31, 2018CNY (¥)sharesDec. 31, 2018USD ($)$ / sharessharesDec. 31, 2017USD ($)$ / sharesshares
Number of Options Outstanding
Outstanding, Beginning Balance | shares88,843,972 91,074,140 57,775,914
Granted | shares16,077,700 33,964,176 47,216,792
Exercised | shares(15,253,500)(20,133,668)(7,732,317)
Forfeited | shares(9,030,781)(14,759,778)(5,498,453)
Expired | shares(1,318,892)(1,300,898)(687,796)
Outstanding, Ending Balance | shares79,318,499 88,843,972 91,074,140 57,775,914
Vested and expected to vest | shares78,405,625 85,578,313 88,168,431
Exercisable | shares32,504,454 32,925,154 32,959,964
Weighted Average Exercise Price, Options
Outstanding, Beginning Balance $ 2.38 $ 1.69 $ 0.57
Granted8.093.292.79
Exercised1.550.490.40
Forfeited3.022.691.17
Expired4.494.110.62
Outstanding, Ending Balance3.592.381.69 $ 0.57
Vested and expected to vest3.582.371.67
Exercisable $ 2.28 $ 1.78 $ 0.73
Weighted Average Remaining Contractual Life, Outstanding, Options6 years 4 months 20 days6 years 9 months 7 days8 years 2 months 23 days8 years 6 months 7 days
Weighted Average Remaining Contractual Life, Options, Vested and expected to vest6 years 4 months 20 days6 years 9 months 3 days8 years 2 months 15 days
Weighted Average Remaining Contractual Life, Options, Exercisable6 years 2 months 26 days6 years 4 months 2 days7 years 5 months 12 days
Aggregate Intrinsic Value, Outstanding, Options | $ $ 3,581,119 $ 164,363 $ 425,988 $ 114,299
Aggregate Intrinsic Value, Vested and expected to vest, Options | $3,540,734 159,483 413,978
Aggregate Intrinsic Value, Exercisable, Options | $ $ 1,510,113 $ 80,801 $ 185,787
Weighted-average grant date fair value for options granted $ 4.03 $ 1.46 $ 1.93
Recognized share-based compensation expenses | ¥ ¥ 187,094 ¥ 333,495 ¥ 679,468
Nio Incentive Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period10 years
Requisite service period4 years
Nio Incentive Plan 2015 [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage25.00%
Nio Incentive Plan 2015 [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period36 months
Vesting percentage75.00%
Nio Incentive Plan 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period7 years
Requisite service period4 years
Nio Incentive Plan 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period10 years
Requisite service period5 years
Options | Nio Incentive Plan [Member]
Weighted Average Exercise Price, Options
Recognized share-based compensation expenses | ¥ ¥ 177,543 ¥ 329,693 ¥ 437,320

Share-based Compensation - Ni_2

Share-based Compensation - Nio Incentive Plans - Options Assumptions and Unrecognized (Details) ¥ in ThousandsDec. 31, 2019$ / sharesDec. 31, 2020$ / sharesDec. 31, 2019$ / sharesDec. 31, 2018$ / sharesDec. 31, 2020CNY (¥)Dec. 31, 2019CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield0.00%0.00%0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (USD) $ 1.80 $ 2.38 $ 1.80 $ 0.10
Fair value of the ordinary shares on the date of option grant (US$)1.80 $ 2.38 $ 1.80 $ 3.38
Risk-free interest rate0.50%1.66%2.74%
Expected term (in years)7 years7 years
Expected volatility54.00%47.00%
Expected forfeiture rate (post-vesting)2.00%5.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (USD)7.09 $ 48.45 $ 7.09 $ 6.74
Fair value of the ordinary shares on the date of option grant (US$) $ 7.09 $ 48.45 $ 7.09 $ 6.74
Risk-free interest rate1.00%2.54%3.15%
Expected term (in years)10 years10 years10 years
Expected volatility55.00%52.00%51.00%
Expected forfeiture rate (post-vesting)6.00%8.00%
Nio Incentive Plan [Member] | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expenses, Options | ¥ ¥ 109,905 ¥ 89,896
Nio Incentive Plan [Member] | Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expenses, Options | ¥ ¥ 269,425
Unrecognized compensation, service period met | ¥ ¥ 430,414
Weighted-average period for unrecognized expenses expected to be recognized2 years 8 months 1 day2 years 3 days
Options | Nio Incentive Plan [Member] | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for unrecognized expenses expected to be recognized2 years 8 months 23 days2 years 9 months 10 days
Options | Nio Incentive Plan [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (USD) $ 7.09 $ 48.45 $ 7.09 $ 1.80
Fair value of the ordinary shares on the date of option grant (US$) $ 7.09 $ 48.45 $ 7.09 $ 1.80
Risk-free interest rate1.00%2.54%1.66%
Expected term (in years)10 years
Expected volatility55.00%52.00%44.00%
Expected forfeiture rate (post-vesting)6.00%6.00%
Options | Nio Incentive Plan [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate (post-vesting)8.00%

Share-based Compensation - Ni_3

Share-based Compensation - Nio Incentive Plans - Restricted Shares (Details) ¥ in ThousandsDec. 31, 2019CNY (¥)$ / sharessharesDec. 31, 2020CNY (¥)sharesDec. 31, 2020CNY (¥)$ / sharesDec. 31, 2019CNY (¥)sharesDec. 31, 2019CNY (¥)$ / sharesDec. 31, 2018CNY (¥)sharesDec. 31, 2018$ / shares
Weighted Average Grant Date Fair Value, Restricted shares
Recognized share-based compensation expenses | ¥ ¥ 187,094 ¥ 333,495 ¥ 679,468
Nio Incentive Plan [Member] | Employees
Number of Restricted Shares Outstanding
Unvested, Beginning Balance | shares441,513 1,112,977
Vested | shares(362,685)(608,406)
Forfeited | shares(78,828)(63,058)
Unvested, Ending Balance | shares441,513
Weighted Average Grant Date Fair Value, Restricted shares
Unvested, Beginning Balance | $ / sha