Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Entity Registrant Name | NIO Inc. |
Entity Central Index Key | 0001736541 |
Trading Symbol | nio |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
Entity Ex Transition Period | true |
Entity Emerging Growth Company | true |
Class A Ordinary Shares | |
Entity Common Stock, Shares Outstanding | 770,268,810 |
Class B Ordinary Shares | |
Entity Common Stock, Shares Outstanding | 132,030,222 |
Class C Ordinary Shares | |
Entity Common Stock, Shares Outstanding | 148,500,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 3,133,847 | $ 455,799 | ¥ 7,505,954 |
Restricted cash | 57,012 | 8,292 | 10,606 |
Short-term investment | 5,154,703 | 749,720 | |
Trade receivable | 756,508 | 110,030 | |
Amounts due from related parties | 88,066 | 12,809 | 29,556 |
Inventory | 1,465,239 | 213,110 | 89,464 |
Prepayments and other current assets | 1,514,257 | 220,240 | 674,425 |
Total current assets | 12,169,632 | 1,770,000 | 8,310,005 |
Non-current assets: | |||
Long-term restricted cash | 33,528 | 4,876 | 14,293 |
Property, plant and equipment, net | 4,853,157 | 705,862 | 1,911,013 |
Intangible assets, net | 3,470 | 505 | 4,457 |
Land use rights, net | 213,662 | 31,076 | 0 |
Long-term investments | 148,303 | 21,570 | 47,125 |
Amounts due from related parties | 7,970 | 1,159 | 50,000 |
Other non-current assets | 1,412,830 | 205,488 | 131,141 |
Total non-current assets | 6,672,920 | 970,536 | 2,158,029 |
Total assets | 18,842,552 | 2,740,536 | 10,468,034 |
Current liabilities: | |||
Short-term borrowings | 1,870,000 | 271,980 | 28,787 |
Trade payable | 2,869,953 | 417,417 | 234,011 |
Amounts due to related parties | 219,583 | 31,937 | 40,069 |
Taxes payable | 51,317 | 7,464 | 30,055 |
Current portion of long-term borrowings | 198,852 | 28,922 | |
Accruals and other liabilities | 3,383,681 | 492,136 | 1,285,592 |
Total current liabilities | 8,593,386 | 1,249,856 | 1,618,514 |
Non-current liabilities: | |||
Long-term borrowings | 1,168,012 | 169,880 | 642,401 |
Other non-current liabilities | 930,812 | 135,382 | 141,113 |
Total non-current liabilities | 2,098,824 | 305,262 | 783,514 |
Total liabilities | 10,692,210 | 1,555,118 | 2,402,028 |
Commitments and contingencies (Note 28) | |||
MEZZANINE EQUITY | |||
Redeemable non-controlling interests | 1,329,197 | 193,324 | |
Total mezzanine equity | 1,329,197 | 193,324 | 19,657,786 |
SHAREHOLDERS' (DEFICIT)/EQUITY | |||
Ordinary shares | 60 | ||
Treasury shares | (9,186) | (1,336) | (9,186) |
Additional paid in capital | 41,918,936 | 6,096,856 | 131,907 |
Accumulated other comprehensive income/(loss) | (34,708) | (5,048) | (13,922) |
Accumulated deficit | (35,039,810) | (5,096,329) | (11,711,948) |
Total NIO Inc. shareholders' (deficit)/equity | 6,837,041 | 994,406 | (11,603,089) |
Non-controlling interests | (15,896) | (2,312) | 11,309 |
Total shareholders' (deficit)/equity | 6,821,145 | 992,094 | (11,591,780) |
Total liabilities, mezzanine equity and shareholders' equity | 18,842,552 | 2,740,536 | 10,468,034 |
Series A-1 and A-2 convertible redeemable preferred shares | |||
MEZZANINE EQUITY | |||
Total mezzanine equity | 5,011,731 | ||
Series A-3 convertible redeemable preferred shares | |||
MEZZANINE EQUITY | |||
Total mezzanine equity | 427,129 | ||
Series B convertible redeemable preferred shares | |||
MEZZANINE EQUITY | |||
Total mezzanine equity | 2,294,980 | ||
Series C convertible redeemable preferred shares | |||
MEZZANINE EQUITY | |||
Total mezzanine equity | 4,454,596 | ||
Series D convertible redeemable preferred shares | |||
MEZZANINE EQUITY | |||
Receivable from a holder | (78,410) | ||
Total mezzanine equity | ¥ 7,547,760 | ||
Class A Ordinary Shares | |||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||
Ordinary shares | 1,329 | 193 | |
Class B Ordinary Shares | |||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||
Ordinary shares | 226 | 33 | |
Class C Ordinary Shares | |||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||
Ordinary shares | ¥ 254 | $ 37 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Mezzanine equity, shares issued | 813,868,585 | |
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 1,219,469,778 | 1,151,269,325 |
Ordinary shares, shares issued | 36,727,350 | |
Ordinary shares, shares outstanding | 23,850,343 | |
Series A-1 and A-2 convertible redeemable preferred shares | ||
Mezzanine equity, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Mezzanine equity, shares authorized | 295,000,000 | |
Mezzanine equity, shares issued | 295,000,000 | |
Mezzanine equity, shares outstanding | 295,000,000 | |
Series A-3 convertible redeemable preferred shares | ||
Mezzanine equity, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Mezzanine equity, shares authorized | 31,720,364 | |
Mezzanine equity, shares issued | 24,210,431 | |
Mezzanine equity, shares outstanding | 24,210,431 | |
Series B convertible redeemable preferred shares | ||
Mezzanine equity, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Mezzanine equity, shares authorized | 114,867,321 | |
Mezzanine equity, shares issued | 114,867,321 | |
Mezzanine equity, shares outstanding | 114,867,321 | |
Series C convertible redeemable preferred shares | ||
Mezzanine equity, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Mezzanine equity, shares authorized | 167,142,990 | |
Mezzanine equity, shares issued | 166,205,830 | |
Mezzanine equity, shares outstanding | 166,205,830 | |
Series D convertible redeemable preferred shares | ||
Mezzanine equity, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Mezzanine equity, shares authorized | 240,000,000 | |
Mezzanine equity, shares issued | 213,585,003 | |
Mezzanine equity, shares outstanding | 213,585,003 | |
Class A Ordinary Shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 2,500,000,000 | |
Ordinary shares, shares issued | 777,200,790 | |
Ordinary shares, shares outstanding | 770,268,810 | |
Class B Ordinary Shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 132,030,222 | |
Ordinary shares, shares issued | 132,030,222 | |
Ordinary shares, shares outstanding | 132,030,222 | |
Class C Ordinary Shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 |
Ordinary shares, shares authorized | 148,500,000 | |
Ordinary shares, shares issued | 148,500,000 | |
Ordinary shares, shares outstanding | 148,500,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | |
Revenues: | ||||
Vehicle sales and other sales revenue | ¥ | ¥ 4,951,171 | ¥ 0 | ¥ 0 | |
Total revenues | 4,951,171 | $ 720,117 | ||
Cost of sales: | ||||
Total cost of sales | (5,207,047) | (757,333) | ||
Gross loss | (255,876) | (37,216) | ||
Operating expenses: | ||||
Research and development | (3,997,942) | (581,477) | (2,602,889) | (1,465,353) |
Selling, general and administrative | (5,341,790) | (776,931) | (2,350,707) | (1,137,187) |
Total operating expenses | (9,339,732) | (1,358,408) | (4,953,596) | (2,602,540) |
Loss from operations | (9,595,608) | (1,395,624) | (4,953,596) | (2,602,540) |
Interest income | 133,384 | 19,400 | 18,970 | 27,556 |
Interest expenses | (123,643) | (17,983) | (18,084) | (55) |
Share of losses of equity investees | (9,722) | (1,414) | (5,375) | |
Investment income | ¥ | 3,498 | 2,670 | ||
Other income/(loss), net | (21,346) | (3,105) | (58,681) | 3,429 |
Loss before income tax expense | (9,616,935) | (1,398,726) | (5,013,268) | (2,568,940) |
Income tax expense | (22,044) | (3,206) | (7,906) | (4,314) |
Net loss | (9,638,979) | (1,401,932) | (5,021,174) | (2,573,254) |
Accretion on convertible redeemable preferred shares to redemption value | (13,667,291) | (1,987,825) | (2,576,935) | (981,233) |
Accretion on redeemable non-controlling interests to redemption value | (63,297) | (9,206) | ||
Net loss attributable to non-controlling interests | 41,705 | 6,066 | 36,440 | 36,938 |
Net loss attributable to ordinary shareholders of NIO Inc. | (23,327,862) | (3,392,897) | (7,561,669) | (3,517,549) |
Net loss | (9,638,979) | (1,401,932) | (5,021,174) | (2,573,254) |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustment, net of nil tax | (20,786) | (3,023) | (124,374) | 55,493 |
Total other comprehensive income/(loss) | (20,786) | (3,023) | (124,374) | 55,493 |
Total comprehensive loss | (9,659,765) | (1,404,955) | (5,145,548) | (2,517,761) |
Accretion on convertible redeemable preferred shares to redemption value | (13,667,291) | (1,987,825) | (2,576,935) | (981,233) |
Accretion on redeemable non-controlling interests to redemption value | (63,297) | (9,206) | ||
Net loss attributable to non-controlling interests | 41,705 | 6,066 | 36,440 | 36,938 |
Comprehensive loss attributable to ordinary shareholders of NIO Inc. | ¥ (23,348,648) | $ (3,395,920) | ¥ (7,686,043) | ¥ (3,462,056) |
Weighted average number of ordinary shares used in computing net loss per share | ||||
Basic and diluted (in shares) | shares | 332,153,211 | 332,153,211 | 21,801,525 | 16,697,527 |
Net loss per share attributable to ordinary shareholders | ||||
Basic and diluted | (per share) | ¥ (70.23) | $ (10.21) | ¥ (346.84) | ¥ (210.66) |
Weighted average number of ADS used in computing net loss per ADS | ||||
Basic and diluted (in shares) | shares | 332,153,211 | 332,153,211 | ||
Net loss per ADS attributable to ordinary shareholders | ||||
Basic and diluted | (per share) | ¥ (70.23) | $ (10.21) | ||
Vehicle sales | ||||
Revenues: | ||||
Vehicle sales and other sales revenue | ¥ 4,852,470 | $ 705,762 | ¥ 0 | |
Cost of sales: | ||||
Vehicle sales and other sales cost of sales | (4,930,135) | (717,058) | ||
Other sales | ||||
Revenues: | ||||
Vehicle sales and other sales revenue | 98,701 | 14,355 | ||
Cost of sales: | ||||
Vehicle sales and other sales cost of sales | ¥ (276,912) | $ (40,275) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ (DEFICIT)/EQUITY ¥ in Thousands, $ in Thousands | Series A-1 and A-2 convertible redeemable preferred sharesAccumulated deficitCNY (¥) | Series A-1 and A-2 convertible redeemable preferred sharesTotal Shareholders' DeficitCNY (¥) | Series A-1 and A-2 convertible redeemable preferred sharesCNY (¥) | Series A-3 convertible redeemable preferred sharesAccumulated deficitCNY (¥) | Series A-3 convertible redeemable preferred sharesTotal Shareholders' DeficitCNY (¥) | Series A-3 convertible redeemable preferred sharesCNY (¥) | Series B convertible redeemable preferred sharesAccumulated deficitCNY (¥) | Series B convertible redeemable preferred sharesTotal Shareholders' DeficitCNY (¥) | Series B convertible redeemable preferred sharesCNY (¥) | Series C convertible redeemable preferred sharesAccumulated deficitCNY (¥) | Series C convertible redeemable preferred sharesTotal Shareholders' DeficitCNY (¥) | Series C convertible redeemable preferred sharesCNY (¥) | Series D convertible redeemable preferred sharesAccumulated deficitCNY (¥) | Series D convertible redeemable preferred sharesTotal Shareholders' DeficitCNY (¥) | Series D convertible redeemable preferred sharesCNY (¥) | Ordinary SharesCNY (¥)shares | Treasury SharesCNY (¥)shares | Additional paid in capitalCNY (¥) | Accumulated other comprehensive income/(loss)CNY (¥) | Accumulated deficitCNY (¥) | Total Shareholders' DeficitCNY (¥) | Non- Controlling InterestsCNY (¥) | CNY (¥) | USD ($) |
Balance at Dec. 31, 2015 | ¥ 47 | ¥ (9,186) | ¥ 13,748 | ¥ 54,959 | ¥ (559,396) | ¥ (499,828) | ¥ (499,828) | |||||||||||||||||
Balance (in shares) at Dec. 31, 2015 | shares | 28,900,001 | (18,400,000) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ (798,481) | ¥ (798,481) | ¥ (798,481) | ¥ (29,983) | ¥ (29,983) | ¥ (29,983) | ¥ (152,769) | ¥ (152,769) | ¥ (152,769) | |||||||||||||||
Accretion on redeemable non-controlling interests to redemption value | 0 | |||||||||||||||||||||||
Vesting of restricted shares | 39,104 | 39,104 | 39,104 | |||||||||||||||||||||
Vesting of restricted shares (in shares) | shares | 7,273,458 | |||||||||||||||||||||||
Vesting of share options | 17,998 | 17,998 | 17,998 | |||||||||||||||||||||
Grant of restricted shares | ¥ 5 | 5 | 5 | |||||||||||||||||||||
Grant of restricted shares (in shares) | shares | 3,103,809 | (3,103,809) | ||||||||||||||||||||||
Capital injection by non-controlling interests | ¥ 25,355 | 25,355 | ||||||||||||||||||||||
Foreign currency translation adjustment | 55,493 | 55,493 | 55,493 | |||||||||||||||||||||
Net loss | (2,536,316) | (2,536,316) | (36,938) | (2,573,254) | ||||||||||||||||||||
Balance at Dec. 31, 2016 | ¥ 52 | ¥ (9,186) | 70,850 | 110,452 | (4,076,945) | (3,904,777) | (11,583) | (3,916,360) | ||||||||||||||||
Balance (in shares) at Dec. 31, 2016 | shares | 32,003,810 | (14,230,351) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | (2,205,227) | (2,205,227) | (2,205,227) | (120,451) | (120,451) | (120,451) | (40,011) | (40,011) | (40,011) | ¥ (56,283) | ¥ (56,283) | ¥ (56,283) | ¥ (154,963) | ¥ (154,963) | ¥ (154,963) | |||||||||
Accretion on redeemable non-controlling interests to redemption value | 0 | |||||||||||||||||||||||
Exercise of share options | ¥ 5 | 6,207 | 6,212 | 6,212 | ||||||||||||||||||||
Exercise of share options (in shares) | shares | 2,723,540 | |||||||||||||||||||||||
Vesting of restricted shares | 24,723 | 24,723 | 24,723 | |||||||||||||||||||||
Vesting of restricted shares (in shares) | shares | 3,353,344 | |||||||||||||||||||||||
Vesting of share options | 30,127 | 30,127 | 30,127 | |||||||||||||||||||||
Grant of restricted shares | ¥ 3 | 3 | 3 | |||||||||||||||||||||
Grant of restricted shares (in shares) | shares | 2,000,000 | (2,000,000) | ||||||||||||||||||||||
Capital injection by non-controlling interests | 13,376 | 13,376 | ||||||||||||||||||||||
Acquisition of additional interests in subsidiaries from non-controlling interests | (73,334) | (73,334) | 45,956 | (27,378) | ||||||||||||||||||||
Foreign currency translation adjustment | (124,374) | (124,374) | (124,374) | |||||||||||||||||||||
Net loss | (4,984,734) | (4,984,734) | (36,440) | (5,021,174) | ||||||||||||||||||||
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 | shares | 36,727,350 | (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) | |||||||||
Accretion on redeemable non-controlling interests to redemption value | (63,297) | (63,297) | (63,297) | |||||||||||||||||||||
Issuance of ordinary shares | ¥ 315 | 7,526,681 | 7,526,996 | 7,526,996 | ||||||||||||||||||||
Issuance of ordinary shares (in shares) | shares | 184,000,000 | |||||||||||||||||||||||
Conversion of preferred shares | ¥ 1,408 | 33,724,621 | 33,726,029 | 33,726,029 | ||||||||||||||||||||
Conversion of preferred shares (in shares) | shares | 821,378,518 | |||||||||||||||||||||||
Exercise of share options | ¥ 27 | 42,224 | 42,251 | 42,251 | ||||||||||||||||||||
Exercise of share options (in shares) | shares | 16,026,060 | (2,176,570) | ||||||||||||||||||||||
Vesting of restricted shares | 56,183 | 56,183 | 56,183 | |||||||||||||||||||||
Vesting of restricted shares (in shares) | shares | 7,720,681 | |||||||||||||||||||||||
Vesting of share options | 437,320 | 437,320 | 437,320 | |||||||||||||||||||||
Grant of restricted shares | ¥ 1 | 1 | 1 | |||||||||||||||||||||
Grant of restricted shares (in shares) | shares | 509,001 | (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 interests | 14,500 | 14,500 | ||||||||||||||||||||||
Foreign currency translation adjustment | (20,786) | (20,786) | (20,786) | $ (3,023) | ||||||||||||||||||||
Net loss | (9,597,274) | (9,597,274) | (41,705) | (9,638,979) | (1,401,932) | |||||||||||||||||||
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 | $ 992,094 | |||||||||||||||
Balance (in shares) at Dec. 31, 2018 | shares | 1,057,731,012 | (6,931,980) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | ¥ (9,638,979) | $ (1,401,932) | ¥ (5,021,174) | ¥ (2,573,254) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 474,223 | 68,973 | 167,858 | 46,087 |
Foreign exchange loss | 36,597 | 5,323 | 49,503 | (5,540) |
Share-based compensation expenses | 679,468 | 98,825 | 90,296 | 76,684 |
Investment income | (3,498) | (2,670) | ||
Share of losses of equity investee | 9,722 | 1,414 | 5,375 | |
Loss on disposal of property, plant and equipment | 21,547 | 3,134 | 6,192 | 267 |
Changes in operating assets and liabilities: | ||||
Prepayments and other current assets | (811,138) | (117,975) | (404,762) | (209,784) |
Inventory | (1,375,862) | (200,111) | (89,464) | |
Other non-current assets | (657,986) | (95,700) | (66,698) | (20,286) |
Taxes payable | 21,398 | 3,112 | 9,650 | 15,633 |
Trade receivable | (756,508) | (110,030) | ||
Trade payable | 2,827,144 | 411,191 | ||
Long-term receivables | (574,677) | (83,583) | ||
Non-current deferred revenue | 193,524 | 28,147 | ||
Accruals and other liabilities | 1,348,622 | 196,149 | 603,374 | 410,100 |
Other non-current liabilities | 291,137 | 42,344 | 78,629 | 61,199 |
Net cash used in operating activities | (7,911,768) | (1,150,719) | (4,574,719) | (2,201,564) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment and intangible assets | (2,643,964) | (384,549) | (1,113,893) | (654,455) |
Purchases of short-term investments | (8,090,703) | (1,176,744) | ||
Proceeds from sale of short-term investments | 2,936,000 | 427,023 | ||
Purchase of held for trading securities | (1,337,413) | (2,346,261) | ||
Sale of held for trading securities | 1,340,911 | 3,118,559 | ||
Loan to related parties | (65,342) | (9,504) | ||
Loan repayment from related parties | 34,066 | 4,955 | ||
Acquisitions of equity investees | (110,900) | (16,130) | (52,500) | |
Acquisition of additional interests in subsidiaries from non-controlling interests | (27,378) | |||
Net cash provided by/(used in) investing activities | (7,940,843) | (1,154,949) | (1,190,273) | 117,843 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Repurchase of ordinary shares | (8,408) | |||
Proceeds from exercise of stock options | 42,251 | 6,145 | 6,207 | |
Capital injection from non-controlling interests | 14,500 | 2,109 | 13,376 | |
Deposit from non-controlling interest | 47,124 | 6,854 | ||
Proceeds from issuance of redeemable non-controlling interests | 1,265,900 | 184,118 | ||
Repayment of non-recourse loan | 82,863 | 12,052 | ||
Repurchase of restricted shares | (7,490) | (1,089) | ||
Proceeds from issuance of convertible promissory note | 312,624 | |||
Repayment of convertible promissory note | (325,013) | |||
Proceeds from borrowings | 2,668,461 | 388,112 | 633,688 | 37,500 |
Repayments of borrowings | (120,205) | (17,483) | ||
Proceeds from issuance of ordinary share, net | 7,531,037 | 1,095,344 | ||
Net cash provided by financing activities | 11,603,092 | 1,687,601 | 12,867,334 | 2,292,704 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (56,947) | (8,283) | (168,120) | 40,539 |
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (4,306,466) | (626,350) | 6,934,222 | 249,522 |
Cash, cash equivalents and restricted cash at beginning of the year | 7,530,853 | 1,095,317 | 596,631 | 347,109 |
Cash, cash equivalents and restricted cash at end of the year | 3,224,387 | 468,967 | 7,530,853 | 596,631 |
NON-CASH FINANCING ACTIVITIES | ||||
Issuance of series D convertible redeemable preferred shares | 85,553 | |||
Capital injection from non-controlling interests in the form of net assets | 25,355 | |||
Accrual related to purchase of property and equipment | 1,027,377 | 149,426 | 410,726 | 190,681 |
Total | 1,027,377 | 149,426 | 496,279 | 216,036 |
Supplemental Disclosure | ||||
Interest paid | 112,682 | 16,389 | 15,434 | 55 |
Income taxes paid | 11,157 | 1,623 | 1,129 | |
Series A convertible redeemable preferred shares | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 273,686 | 401,478 | ||
Series B convertible redeemable preferred shares | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 240,066 | ¥ 1,862,134 | ||
Series C convertible redeemable preferred shares | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 4,398,313 | |||
Series D convertible redeemable preferred shares | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | ¥ 78,651 | $ 11,439 | ¥ 7,314,387 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. 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 ES8 through strategic collaboration with other Chinese vehicle manufacturers. The Group also offers Energy and Service packages to its users. As of December 31, 2017 and 2018, its primary operations are conducted in the People’s Republic of China (“PRC”). The Group began to sell its first vehicles in June 2018. The Company’s principal subsidiaries and VIEs are as follows: Subsidiaries Equity interest held Place and date of incorporation 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 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 NextEV (UK) Limited (formerly known as NextEV (UK) Limited) 100 % United Kingdom, February 2016 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 VIE and VIE’s subsidiaries Economic Place and Date of incorporation 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 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. Initial Public Offering On September 12, 2018, the Company consummated its initial public offering (the “IPO”) on the New York Stock Exchange, where 160,000,000 ordinary shares were newly issued with the total net proceeds of RMB6,568,291 (US$956,362). Subsequently on October 12, 2018, over-allotment option were fully exercised and the Company received a net proceeds of RMB962,746 (US$138,982) associated with issuing additional 24,000,000 ordinary shares. 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, exclusive call option agreement and 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 . 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, 2017 and 2018, Prime Hubs held 26,900,001 ordinary shares and 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, exclusive call option agreement and 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, 2018, NIO ABTECH and NIO BJTECH did not have significant operations, nor any material assets or liabilities. Liquidity The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB2,573,254, RMB5,021,174 and RMB9,638,979 for the years ended December 31, 2016, 2017 and 2018, respectively. Accumulated deficit amounted to RMB11,711,948 and RMB35,039,810 as of December 31, 2017 and 2018, respectively. Net cash used in operating activities was approximately RMB2,201,564, RMB4,574,719 and RMB7,911,768 for the years ended December 31, 2016, 2017 and 2018, respectively. As of December 31, 2017 and 2018, the Group’s working capital was RMB6,691,491 and RMB3,576,246. The Group’s liquidity is based on its ability to generate cash from operating activities, obtain capital financing from equity interest investors and borrow funds on favorable economic terms to fund its general operations and capital expansion needs. The Group’s ability to continue as a going concern is dependent on management’s ability to successfully execute its business plan, which includes increasing revenue while controlling operating cost and expenses to generate positive operating cash flows and obtaining funds from outside sources of financing to generate positive financing cash flows. As of December 31, 2017 and 2018, the Group’s balance of cash and cash equivalents was RMB7,505,954 and RMB3,133,847. In addition, up to the date of this report, the Company has entered into loan facility agreements with several banks in China for a total principal amount of RMB 7,095,000, with respective expiration date from April 27, 2019 to December 15, 2025. Moreover, the Group can adjust the pace of its operation expansion and control the operating expenses of the Group. Based on cash flows projection from operating and financing activities and existing balance of cash and cash equivalents, management is of the opinion that the Group has sufficient funds for sustainable operations and it will be able to meet its payment obligations from operations and debt related commitments for the next twelve months from the issuance of the consolidated financial statements. Based on the above considerations, the Group’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. 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 VIE 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”): 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 VIE 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 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 VIE 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/(loss) in the consolidated statements of comprehensive gain or 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 (gains)/losses were RMB(55,493), RMB124,374 and RMB20,786 for the years ended December 31, 2016, 2017 and 2018, 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, 2018 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8755, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2018. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2018, 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, prepayments and other current assets, trade payable, amounts due to related parties, short-term borrowings, taxes payable, accruals and other liabilities, long-term receivables and long-term borrowings. As of December 31, 2017 and 2018, the carrying values of these financial instruments except for long-term receivables and long-term borrowings are approximated to their fair values due to the short-term maturity of these instruments. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Below is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports on its consolidated balance sheets at fair value on a recurring basis. Time deposits Short-term borrowings Short-term receivables and payables Prepayments and other assets in non-current assets (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. The Group adopted ASU No. 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230) for interim periods beginning after January 1, 2018, using a retrospective method to each period presented. The changes in restricted cash in the consolidated cash flow were RMB15,335, RMB9,564 and RMB65,641 for the years ended December 31, 2016, 2017 and 2018, respectively, which were no longer presented within investing activities and were retrospectively included in the changes of cash, cash equivalents and restricted cash as required. Restricted cash is restricted to withdrawal for use or pledged as security is reported separately on the face of the Consolidated Balance Sheets, and is not included in the total cash and cash equivalents in the Consolidated Statements of Cash Flows. The Group’s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of bank credit card; (b) time deposit 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 Cash and cash equivalents 7,505,954 3,133,847 Restricted cash 10,606 57,012 Long-term restricted cash 14,293 33,528 Total 7,530,853 3,224,387 (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. As of December 31, 2017 and 2018, the investment in fixed deposits that were recorded as short-term investments amounted to nil and RMB5,154,703, respectively, among which, nil and RMB1,775,000 were restricted as collateral for bank borrowings and letter of guarantee. (i) Account Receivable and Allowance for Doubtful Accounts Accounts receivable primarily include 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 Group provides an allowance against accounts receivable to the amount we reasonably believe will be collected. The Group writes off accounts receivable when they are deemed uncollectible. No allowance for doubtful accounts were recognized for the years ended December 31, 2016, 2017 and 2018. (j) 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. No inventory write-downs were recognized for the years ended December 31, 2016 and 2017 and 2018. (k) Trading securities Trading securities are comprised of bonds and are all designated as trading securities as they have been acquired principally for the purpose of selling in the near term. They are recognized on the trade date, when the Group enters into contractual arrangements with counterparties, and are normally derecognized when sold. They are initially measured at fair value, with transaction costs taken to the statements of operations and comprehensive loss. Subsequent changes in their fair values and interest are recognized in the statements of comprehensive loss. (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 years Leasehold improvements Shorter of the estimated useful life or remaining lease term Others 3 to 5 years 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 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 and represent the shorter of the estimated usage periods or the terms of the agreements. (o) Long-term investments As of December 31, 2018, the Group’s long-term investments was accounted for using equity method. 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 (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. No impairment charge was recognized for the years ended December 31, 2016, 2017 and 2018. (q) 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 statement of financial position 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. Vehicle sales The Group generates revenue from sales of electric vehicles, currently the ES8, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the ES8 as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of ES8, 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 ES8 to a user. Customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles, which is applied on their behalf 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 a customer’ behalf. 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 sales of the ES8 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, 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. 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 ES8 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 ES8 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 overtime on a monthly basis as customer simultaneously receives and consumes the benefits provided and the term of legally enforced contract is only one month. 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 points based on cost of the NIO merchandise that can be redeemed with points. 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 ES8 vehicle The Group concludes the points offered linked to the purchase transaction of the ES8 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 ES8 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 Energy Package—When the customers charge their ES8 without using the Group’s charging network, the Group will grant points based on the actual cost the customers incur. The Group records the value of the points as a reduction of revenue from the Energy Package. Since historical information does not yet exist 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 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, 2016, 2017 and 2018, the revenue portion allocated to the points as separate performance obligation was nil, nil and RMB47,310, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2016, 2017 and 2018, the total points recorded as a reduction of revenue was nil, nil and RMB441, respectively. For the years ended December 31, 2016, 2017 and 2018, the total points recorded as selling and marketing expenses were nil, RMB16,460 and RMB153,057, respectively. As of December 31, 2017 and 2018, liabilities recorded related to unredeemed points were RMB16,460 and RMB143,868, 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 ES8 driving and forecasted that usage of these two services will be very limited. The Group also performs an estimation on the stand-alone 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 ES8 gross selling price and aggregate fair value of each individual promises. Considering the qualitative assessment and the result of the quantitative estimate, the Group concluded not to assess whether promises are performance obligation if they are immaterial in the context of the contract and the relative stand-alone 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 then accrued instead. (r) 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 adjustments to warranty expense 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. (s) Sales and marketing expenses Sales and marketing expenses consist primarily of 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, 2016, 2017 and 2018, advertising costs totalled RMB4,095, RMB63,427 and RMB218,060, respectively. (t) 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. (u) 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. (v) 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 be |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This guidance supersedes current guidance on revenue recognition in Topic 605, “Revenue Recognition.” In addition, there are disclosure requirements related to the nature, amount, timing, and uncertainty of revenue recognition. In August 2015, the FASB issued ASU No. 2015-14 to defer the effective date of ASU No. 2014-09 for all entities by one year. For publicly-traded business entities that follow U.S. GAAP, the deferral results in the new revenue standards’ being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Group adopted this ASU after starting to generate revenue in June 2018. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The main objective of this update is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. ASU 2016-01 changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP. Further, in June 2018, the FASB issued “Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which provides further guidance on adjustments for observable transaction for equity securities without a readily determinable fair value and clarification on fair value option for liabilities instruments. ASU 2016-01 was effective for annual reporting periods and interim periods within those years beginning after December 15, 2017. The adoption of ASU 2016-01 had no impact on the Group’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU is effective for reporting periods beginning after December 15, 2018 and interim periods within those fiscal years. The ASU will require lessees to report most leases as assets and liabilities on the balance sheet, while lessor accounting will remain substantially unchanged. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expenses for such lease generally on a straight-line basis over the lease term. The Group decides to make this election. The new leases standard also provides lessees with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component. If a lessee makes that accounting policy election, it is required to account for the non-lease components together with the associated lease component as a single lease component and to provide certain disclosures. The Group elects not to adopt this practical expedient. The ASU initially required a modified retrospective transition approach for existing leases, whereby the new leases standard will be applied to the earliest year presented. In July 2018, the FASB issued ASU 2018-11, which provides another transition method, the additional transition method, in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Group will adopt this new guidance by using the additional transition method for the year ended December 31, 2019 and interim periods in the year ended December 31, 2019. Most of leases will continue to be operating leases. Upon the adoption, the Group expects its consolidated balance sheet to include a right of use asset and liability related to substantially all of our lease arrangements. The Group estimated approximately RMB1.8 to 2.0 billion would be recognized as total right-of-use assets and total lease liabilities on the Group’s consolidated balance sheet as of January 1, 2019. Other than disclosed, the Group does not expect the new standard to have a material impact on the Group’s remaining consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies the accounting for share-based payment transactions specifically related to the tax effects associates with share-based compensation, an accounting policy election to determine how forfeitures are recorded and a change in the presentation requirements in the statement of cash flows. Non-public companies are also granted two additional optional provisions that would provide a practical expedient for determining the expected term and a one-time opportunity to change the measurement basis for all liability-classified awards to intrinsic value. There was no significant impact upon adoption in 2018. In June 2016, the FASB issued ASU No. 2016-13 (ASU 2016-13), “Financial Instruments – Credit Losses”, which introduces new guidance for credit losses on instruments within its scope. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including, but not limited to, trade and other receivables, held-to-maturity debt securities, loans and net investments in leases. The new guidance also modifies the impairment model for available-for-sale debt securities and requires the entities to determine whether all or a portion of the unrealized loss on an available-for-sale debt security is a credit loss. The standard also indicates that entities may not use the length of time a security has been in an unrealized loss position as a factor in concluding whether a credit loss exists. The ASU 2016-13 is effective for public companies for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Group is in the process of evaluating the impact of adopting this guidance. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, to reduce the diversity in practice with respect to the classification of certain cash receipts and cash payments on the statement of cash flows. The ASU is effective for interim and annual periods beginning after December 15, 2017. Adoption of the ASU is retrospective. The Group adopted the ASU on January 1, 2018, which did not have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230). The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard should be applied to each period presented using a retrospective transition method. The adoption of this standard did not have a material impact on the Group’s consolidated financial statements, but resulted in restricted cash being included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. |
Concentration and Risks
Concentration and Risks | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration and Risks | 4. Concentration and Risks (a) Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash and short-term investment. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2017 and 2018, 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. (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 RMB914,460 and RMB2,051,482 as of December 31, 2017 and 2018, 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
Inventory | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | 5. Inventory Inventory consists of the following: December 31, December 31, Raw materials 44,061 696,005 Work in process 22,262 6,727 Finished Goods - 723,591 Merchandise 23,141 38,916 Total 89,464 1,465,239 Raw materials as of December 31, 2017 are mainly used for research and development purpose and will be expensed when incurred. In the second quarter of 2018, the Group started selling vehicles and procured raw materials for volume production purpose. As of December 31, 2018, raw materials primarily consist of materials for volume production as well as spare parts used for aftersales services. Work in progress are mainly used for research and development of new models and will be expensed when incurred. Electric drive systems in production are also recorded as work in progress. Finished goods include vehicles ready for transit at production factory, vehicles in transit to fulfill customer orders, new vehicles available for immediate sale at our sales and service center locations, and charging piles. Merchandise inventory includes branded merchandise of NIO which can be redeemed by deducting membership rewards points of customer loyalty program in the Group’s application store. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Prepayments And Other Current Assets [Abstract] | |
Prepayments and Other Current Assets | 6. Prepayments and Other Current Assets Prepayments and other current assets consist of the following: December 31, December 31, Deductible VAT input 456,774 1,018,766 Prepayment to vendors 185,401 333,367 Deposits 12,582 23,321 Other receivables 19,668 138,803 Total 674,425 1,514,257 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. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | 7. Property, Plant and Equipment, Net Property and equipment and related accumulated depreciation were as follows: December 31, December 31, Construction in process 1,016,643 1,289,611 Mold and tooling 2,619 1,032,685 Leasehold improvements 413,368 653,298 Building and construction - 481,121 Charging & battery swap infrastructure - 470,506 Production facilities 134,080 456,569 Computer and electronic equipment 178,534 393,931 R&D equipment 173,741 320,362 Purchased software 135,775 286,034 Others 77,681 146,869 Subtotal 2,132,441 5,530,986 Less: Accumulated depreciation (221,428 ) (677,829 ) Total property, plant and equipment, net 1,911,013 4,853,157 The Group recorded depreciation expenses of RMB45,013, RMB165,960 and RMB469,408 for the years ended December 31, 2016, 2017 and 2018, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | 8. Intangible Assets, Net Intangible assets and related accumulated amortization were as follows: December 31, 2017 December 31, 2018 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying Domain names and others 4,230 (1,017 ) 3,213 5,269 (1,974 ) 3,295 License 3,199 (1,955 ) 1,244 3,161 (2,986 ) 175 Total intangible assets, net 7,429 (2,972 ) 4,457 8,430 (4,960 ) 3,470 The Group recorded amortization expenses of RMB1,074, RMB1,898 and RMB1,988 for the years ended December 31, 2016, 2017 and 2018, respectively. |
Land Use Rights, Net
Land Use Rights, Net | 12 Months Ended |
Dec. 31, 2018 | |
Land Use Rights, Net [Abstract] | |
Land Use Rights, Net | 9. Land Use Rights, Net Land use rights and related accumulated amortization were as follows: December 31, December 31, Land use rights — 216,489 Less: Accumulated amortization—land use rights — (2,827 ) Total land use rights, net — 213,662 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 nil, nil and RMB2,827 for the years ended December 31, 2016, 2017 and 2018, respectively. |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets, Noncurrent [Abstract] | |
Other Non-current Assets | 10. Other Non-current Assets Other non-current assets consist of the following: December 31, December 31, Long-term deposits 80,168 616,199 Receivables of installment payments for battery - 574,677 Prepayments for purchase of property and equipment 50,882 159,341 Others 91 62,613 Total 131,141 1,412,830 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. |
Accruals and Other Liabilities
Accruals and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accruals And Other Liabilities [Abstract] | |
Accruals and Other Liabilities | 11. Accruals and Other Liabilities Accruals and other liabilities consist of the following: December 31, December 31, Payables for purchase of property and equipment 410,726 1,027,377 Payable for R&D expenses 247,923 437,731 Payables for marketing events 37,933 423,953 Salaries and benefits payable 170,274 402,163 Accrued expenses 199,087 308,486 Advance from customers 68,439 233,767 Current portion of deferred revenue - 108,250 Current portion of deferred construction allowance - 87,330 Investment deposit from investors - 47,124 Warranty - 46,574 Payables for traveling expenses 10,678 43,147 Interest payables 24,320 2,584 Non-recourse loan 55,028 - Other payables 61,184 215,195 Total 1,285,592 3,383,681 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Long Term Borrowings [Abstract] | |
Borrowings | 12. Borrowings Borrowings consist of the following: December 31, December 31, Short-term borrowing 28,787 1,870,000 Current portion of long-term borrowings — 198,852 Long-term borrowings: Bank loan 454,901 766,592 Loan from joint investor 187,500 401,420 Total 671,188 3,236,864 As of December 31, 2017, we obtained two short-term borrowings of RMB28,787 in aggregate. The annual interest rate of these borrowings is approximately 4.57% to 4.87%. As of December 31, 2018, we obtained short-term borrowings from ten banks of RMB1,870,000 in aggregate collateralized by bank deposit of RMB1,375,000 classified as short-term investment provided by one of our wholly-owned subsidiaries. The annual interest rate of these borrowings is approximately 4.35% to 5.22%. On May 17, 2017, the Group entered into a secured loan agreement with the Bank of Nanjing of a facility amount of RMB685,000 with a maturity date of May 17, 2022. As of December 31, 2017 and 2018, the aggregated draw amounted to RMB454,901 and RMB674,279, respectively. The annual interest rate of these borrowings is approximately 4.75% to 5.80%. The loan was guaranteed by Nanjing Xingzhi as an incentive for XPT NJES to continue doing business in the respective region. There is no restrictive financial covenants attached to the loan. On September 28, 2017, the Group entered into a loan agreement with China Merchants Bank of a facility amount of RMB200,000 with a maturity date of September 27, 2019. As of December 31, 2018, the aggregated draw amounted to RMB99,500 subject to a floating interest of 10% to 18% above the benchmark interest rate of three-year RMB loan announced by PBOC. On February 2, 2018, the Group entered into a loan agreement with China CITIC Bank of a principal of RMB50,000 with a maturity date of February 1, 2021. As of December 31, 2018, the aggregated draw amounted to RMB49,750 subject to a floating interest rate of 10% above the average quoted interest rate of one-year RMB loan announced by the National Interbank Funding Center. On May 14, 2018, the Group entered into a loan agreement with Bank of Shanghai of a facility amount of RMB1,500,000 with a maturity date of December 15, 2025. As of December 31, 2018, the aggregated draw amounted to RMB27,000 subject to a floating interest rate of 20% above the benchmark interest rate of five-year RMB loan announced by PBOC. On August 17, 2018, the Group entered into a loan agreement with China CITIC Bank of a principal of RMB50,000 with a maturity date of March 7, 2021. As of December 31, 2018, the aggregated draw amounted to RMB50,000 subject to a floating interest rate of 26% above the average quoted interest rate of one-year RMB loan announced by the National Interbank Funding Center. On November 30, 2018, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB5,200 with a maturity date of November 30, 2021. As of December 31, 2018, the aggregated draw amounted to RMB5,115 subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On December 20, 2018, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB19,800 with a maturity date of November 30, 2021. The loan is subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On December 24, 2018, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB40,000 with a maturity date of November 30, 2021. The loan is subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC. On September 7, 2016, the Group entered into a joint investment agreement with Nanjing Xingzhi Technology Industry Development Co., Ltd (“Nanjing Xingzhi”, formerly known as Nanjing Zijin (New Harbor) Technology Entrepreneurial Special Community Construction Development Co., Ltd). Nanjing Xingzhi invested in XPT NJES, a subsidiary of the Group, with a contribution of RMB37,500. According to the agreement, the annual rate of return on investment of Nanjing Xingzhi equals the benchmark interest rate of one-year RMB loan announced by PBOC. Given Nanjing Xingzhi does not bear the risk of the losses and only entitles to fixed interest income, the Group regarded it a loan in substance and recorded it in liability with the interest expenses amortized through the period. On May 16, 2018, the Group entered into an agreement with Nanjing Xingzhi to purchase Nanjing Xingzhi’s shareholding in XPT NJES at a price of RMB41,773, which approximately the entire principal plus interest accrued so far. 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 a joint venture 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, 2017 and 2018, nil and RMB17,420 of interest were accrued at the benchmark rate of medium and long-term loan announced by PBOC. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Non-Current Liabilities | 13. Other Non-Current Liabilities Other non-current liabilities consist of the following: December 31, December 31, Deferred government grants 30,416 351,896 Deferred revenue — 193,524 Warranty — 130,719 Rental payable 48,926 129,995 Deferred construction allowance 61,771 124,678 Total 141,113 930,812 Deferred government grants mainly consist of specific government subsidies for purchase of land use right and buildings, product development and renewal of production facilities. Rental payable represents the difference between the straight-line rental expenses and the actual rental fee paid for long term rental agreements. Deferred construction allowance consists of long-term payable of construction projects, with payment terms over one year. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation of Revenue [Abstract] | |
Revenues | 14. Revenues Revenues by source consists of the following: For the Year Ended December 31, 2016 2017 2018 Vehicle sales — — 4,852,470 Sales of charging pile — — 82,184 Sales of Packages — — 10,220 Others — — 6,297 Total — — 4,951,171 |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | 15. Deferred Revenue The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue. For the Year Ended December 31 2016 2017 2018 Deferred revenue – beginning of year — — — Additions — — 384,116 Recognition — — (82,342 ) Deferred revenue – end of year — — 301,774 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 as well as the points offered to customers embedded in the ES8 sales contract, with unrecognized deferred revenue balance of nil and RMB181,539 as of December 31, 2017 and 2018. Deferred revenue also includes the reimbursement from a depository bank in connection with the advancement of the Company’s ADR 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 gain over the beneficial period, with unrecognized deferred revenue balance of nil and RMB99,684 as of December 31, 2017 and 2018. The Group expects that 36% of the transaction price allocated to unsatisfied performance obligation as at December 31, 2018 will be recognized as revenue during the period from January 1, 2019 to December 31, 2019. The remaining 64% will be recognized during the period from January 1, 2020 to December 31, 2023. |
Manufacturing in collaboration
Manufacturing in collaboration with JAC | 12 Months Ended |
Dec. 31, 2018 | |
Manufacturing In Collaboration With Jac [Abstract] | |
Manufacturing in collaboration with JAC | 16. Manufacturing in collaboration with JAC The Group entered into an arrangement with JAC for the manufacture of the ES8 for five years in May 2016. Pursuant to the arrangement, JAC will build 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 will pay processing fee to JAC on a per-vehicle basis monthly for the first three years on the basis that NIO will provide all the raw materials to JAC. In addition, for the first 36 months after agreed time of start of production, which is April 2018, the Group will compensate JAC operating losses incurred in Hefei Manufacturing Plant. For the years ended December 31, 2016, 2017 and 2018, JAC charged the Group nil, nil and RMB126,425, respectively, based on the actual losses incurred in Hefei Manufacturing Plant during the same periods, which was recorded into cost of sales. |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Research and Development Expense [Abstract] | |
Research and Development Expenses | 17. Research and Development Expenses Research and development expenses consist of the following: Year Ended December 31, 2016 2017 2018 Employee compensation 451,284 1,004,835 1,850,886 Design and development expenses 948,753 1,455,297 1,827,980 Travel and entertainment expenses 27,085 60,622 104,949 Depreciation and amortization expenses 7,819 38,940 103,427 Rental and related expenses 10,485 12,367 33,105 Others 19,927 30,828 77,595 Total 1,465,353 2,602,889 3,997,942 |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Selling, General and Administrative Expense [Abstract] | |
Selling, General and Administrative Expenses | 18. Selling, General and Administrative Expenses Selling, general and administrative expenses consist of the following: Year Ended December 31, 2016 2017 2018 Employee compensation 473,302 929,928 2,256,455 Marketing and promotional expenses 239,549 523,535 1,158,519 Professional services 133,368 238,740 578,469 Rental and related expenses 91,535 216,111 450,113 Depreciation and amortization expenses 38,268 128,918 249,765 Travel and entertainment expenses 32,572 71,278 197,187 IT consumable, office supply and other low value consumable 21,621 114,668 167,323 Others 106,972 127,529 283,959 Total 1,137,187 2,350,707 5,341,790 |
Acquisition and Investment in E
Acquisition and Investment in Equity Investees | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition and Investment in Equity Investees | 19. Acquisition and Investment in Equity Investees On June 1, 2017, the Company entered into an agreement with the minority shareholder of NIO Sport for the purchase of the remaining 45% shares of NIO Sport at total consideration of US$4,000 and GBP200 (RMB28,417 equivalent in total). The Company recorded the difference between the carrying amount of the non-controlling interest and the consideration paid in accumulated deficit. |
Convertible Promissory Note
Convertible Promissory Note | 12 Months Ended |
Dec. 31, 2018 | |
Convertible Promissory Note [Abstract] | |
Convertible Promissory Note | 20. Convertible Promissory Note On February 16, 2017, the Company issued convertible promissory note (“the Note”) in the aggregated principal amount of US$48,000 (RMB312,624 equivalent) to one of its existing convertible redeemable preferred shareholder with compounding interest at 15% per annum, maturing 90 days after the issuance date. Pursuant to the Note agreements, the holders of the Note may (i) convert the outstanding principal and accrued interest of the Note into the most recent round of equity security at a conversion price equal to 97% of the per share price paid by the investors in the event that the Company issues and sells equity security to investors on or before the date of the repayment in full of this Note in an equity financing resulting in gross proceeds to the Company of at least US$100,000 (“Qualified Financing”), however, the Company and the Note holder both agreed that the 3% discount on the price shall not be applicable to the Series C Convertible Redeemable Preferred Shares (“Series C Preferred Shares”), or (ii) convert the outstanding principal and accrued interest of the Note into Series B Convertible Redeemable Preferred Shares (“Series B Preferred Shares”) of the Company at a conversion price of US$2.751 per share if no Qualified Financing occurred before prior to the maturity date. The Company may elect to repay the accrued interests in cash under either way. The issuance cost for the Note was immaterial. On May 17, 2017, the Note was fully repaid in cash together with the accrued interest of US$1,800 (RMB12,389 equivalent). |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2018 | |
Convertible Redeemable Preferred Shares [Abstract] | |
Convertible Redeemable Preferred Shares | 21. 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 instalments 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, 2017 and 2018. 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 RMB981,233, RMB2,576,935 and RMB13,667,291 for the years ended December 31, 2016, 2017 and 2018. The Company's convertible redeemable preferred shares activities for the years ended December 31, 2016, 2017 and 2018 are summarized below.: Series A-1 & A-2 Series A-3 Series B Series C Series D Total Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Balances as of January 1, 2016 295,000,000 1,340,034 24,210,431 276,695 — — — — — — 319,210,431 1,616,729 Proceeds from Series A-1 Preferred Shares — 401,478 — — — — — — — — — 401,478 Issuance of preferred shares — — — — 102,144,675 1,862,134 — — — — 102,144,675 1,862,134 Accretion on convertible redeemable preferred shares to redemption value — 798,481 — 29,983 — 152,769 — — — — — 981,233 Balances as of December 31, 2016 295,000,000 2,539,993 24,210,431 306,678 102,144,675 2,014,903 — — — — 421,355,106 4,861,574 Proceeds from Series A-1 Preferred Shares — 266,511 — — — — — — — — — 266,511 Issuance of preferred shares — — — — 12,722,646 240,066 166,205,830 4,398,313 213,585,003 7,314,387 392,513,479 11,952,766 Accretion on convertible redeemable preferred shares to redemption value — 2,205,227 — 120,451 — 40,011 — 56,283 — 154,963 — 2,576,935 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 Series A-1 & A-2 Series A-3 Series B Series C Series D Total Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (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 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 interests | 12 Months Ended |
Dec. 31, 2018 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable non-controlling interests | 22. Redeemable non-controlling interests XPT (Jiangsu) Automotive Technology Co., Ltd. (“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 working days and cannot be resolved. 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 over the period starting from issuance date. As of December 31, 2018, RMB1,265,900 out of the total consideration was paid by those investors and the remaining RMB4,000 were still outstanding. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Ordinary Shares | 23. 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, 2017, the authorized share capital of the Company is US$500 divided into 2,000,000,000 shares, comprising of: 1,151,269,325 Ordinary Shares, 165,000,000 Series A-1 Preferred Shares, 130,000,000 Series A-2 Preferred Shares, 31,720,364 Series A-3 Preferred Shares, 114,867,321 Series B Preferred Shares, 167,142,990 Series C Preferred Shares, 240,000,000 Series D Preferred Shares, each at a par value of US$0.00025 per share. As of December 31, 2018, the authorized share capital of the Company is US$1,000 divided into 4,000,000,000 shares, comprising of: 2,500,000,000 Class A Ordinary Shares, 132,030,222 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. As of December 31, 2017 and 2018, 1,151,269,325 and 4,000,000,000 ordinary shares were authorized, respectively, 36,727,350 and 1,057,731,012 shares were issued and 23,850,343 and 1,050,799,032 shares were outstanding as of December 31, 2017 and 2018, respectively. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | 24. Share-based Compensation Compensation expenses recognized for share-based awards granted by the Company were as follows: For the Year Ended December 31, 2016 2017 2018 Cost of sales — — 9,289 Research and development expenses 14,484 23,210 109,124 Selling, general and administrative expenses 62,200 67,086 561,055 Total 76,684 90,296 679,468 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, 2016, 2017 and 2018. (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: (i) Employees Employees Number of Shares Outstanding Weighted Average Grant Date Fair Value US$ Unvested as of December 31, 2015 13,450,000 0.72 Vested (3,362,500 ) 0.72 Forfeited (1,687,500 ) 0.72 Unvested as of December 31, 2016 8,400,000 0.72 Granted 2,000,000 2.05 Vested (3,133,329 ) 0.84 Forfeited (208,333 ) 0.72 Unvested as of December 31, 2017 7,058,338 1.04 Vested (7,058,338 ) 1.04 Unvested as of December 31, 2018 — — 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, 2016, 2017 and 2018, total share-based compensation expenses recognized for the employee restricted shares granted under the Prime Hubs Plan were RMB8,435, RMB20,572 and RMB39,560, respectively. As of December 31, 2017 and 2018, there were RMB37,651 and nil of unrecognized share-based compensation expenses related to the employee restricted shares granted under the Prime Hubs Plan. Such unrecognized expenses are expected to be recognized over a weighted-average period of 1.69 and zero years, respectively, as of December 31, 2017 and 2018. (ii) Non-Employees Non-Employees Number of Shares Outstanding Weighted Average Grant Date Fair Value US$ Unvested as of December 31, 2015 2,950,000 1.25 Vested (2,950,000 ) 1.25 Unvested as of December 31, 2016, 2017 and 2018 — — In January 2017, the Company agreed to repurchase 250,000 vested Prime Hubs restricted shares from a non-employee with total cash consideration of RMB1,686. For the years ended December 31, 2016, 2017 and 2018, total share-based compensation expenses recognized for the non-employee restricted shares granted the Prime Hubs Plan were RMB24,532, nil and nil, respectively. As of December 31, 2016, all share-based compensation expenses related to the non-employee restricted shares granted the Prime Hubs Plan 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 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) of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest rateably over the following 36 months. Under the 2015 plan, share options granted to the non-NIO US employees of the Group are only exercisable upon the occurrence of an initial public offering by the Company. In 2016 and 2017, the Board of Directors further approved the 2016 Stock Incentive Plan (the “2016 Plan”) and the 2017 Stock Incentive Plan (the “2017 Plan”). The share options of the Company under 2016 and 2017 Plan have a contractual term of seven or ten years from the grant date, and vest immediately or over a period of four or five years of continuous service. As of December 31, 2017, the Group had not recognized any share-based compensation expenses for options granted to the non-NIO US employees of the Group, because the Company is unable to determine if it is probable that the performance conditions will be satisfied until the event occurs. As a result, the share-based compensation expenses for these options that are only exercisable upon the occurrence of the Company’s initial public offering will be recognized using the graded-vesting method upon the consummation of the initial public offering. 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. Upon completion of the Company’s IPO on September 12, 2018, share-based compensation expenses for options granted to the non-NIO US employees of the Group 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 and 2017 Plans for the years ended December 31, 2016, 2017 and 2018: Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value US$ In Years US$ Outstanding as of December 31, 2015 — — — — Granted 53,576,606 0.32 — — Cancelled (945,346 ) 0.39 — — Expired (7,706 ) 0.10 — — Outstanding as of December 31, 2016 52,623,554 0.32 8.30 51,506 Granted 13,460,477 1.46 — — Exercised (2,723,540 ) 0.39 — — Cancelled (5,236,562 ) 0.44 — — Expired (348,015 ) 0.25 — — 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 Vested and expected to vest as of December 31, 2016 50,782,627 — — 49,245 Exercisable as of December 31, 2016 1,297,535 — — 1,336 Vested and expected to vest as of December 31, 2017 55,832,678 — — 107,299 Exercisable as of December 31, 2017 5,089,894 — — 11,070 Vested and expected to vest as of December 31, 2018 99,702,386 — — 467,127 Exercisable as of December 31, 2018 32,959,964 — — 185,787 The weighted-average grant date fair value for options granted under the Company’s 2015, 2016 and 2017 Plans during the years ended December 31, 2016, 2017 and 2018 was US$0.90, US$1.21 and US$1.93, respectively, computed using the binomial option pricing model. The total share-based compensation expenses recognized for share options during the years ended December 31, 2016, 2017 and 2018 was RMB17,998, RMB30,127 and RMB437,320 respectively. The fair value of each option granted under the Company’s 2015, 2016 and 2017 Plans during 2016, 2017 and 2018 was estimated on the date of each grant using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: 2016 2017 2018 Exercise price (US$) 0.10-0.61 0.61-2.55 0.10 - 6.74 Fair value of the ordinary shares on the date of option grant (US$) 0.96-1.30 1.30-2.55 3.38 - 6.74 Risk-free interest rate 1.46%-1.78 % 2.31%-2.40 % 2.74% - 3.15 % Expected term (in years) 10 10 7 - 10 Expected dividend yield 0 % 0 % 0 % Expected volatility 54 % 51%-52 % 47% - 51 % Expected forfeiture rate (post-vesting) 5 % 5 % 5% - 8 % 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, 2017 and 2018, there were RMB58,444 and RMB17,101 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 2.53 and 2.67 years, respectively. As of December 31, 2017, there were RMB275,473 of unrecognized compensation expenses related to the stocks options granted to the Group’s non-NIO US employees with a performance condition of an IPO, out of which, unrecognized compensation expenses of RMB138,884 related to options for which the service condition had been met and are expected to be recognized when the performance target of an IPO is achieved. As of December 31, 2018, there were RMB50,279 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 3.02 years. (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 2015 plan: Number of Restricted Shares Outstanding Weighted Average Grant Date Fair Value US$ Unvested at December 31, 2015 — — Granted 3,103,809 0.96 Vested (960,958 ) 0.96 Forfeited (305,464 ) 0.96 Unvested at December 31, 2016 1,837,387 0.96 Vested (470,015 ) 0.96 Forfeited (254,395 ) 0.96 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 As of December 31, 2017 and 2018, there were RMB6,095 and RMB2,812 of unrecognized compensation expenses related to restricted shares granted to the employees of NIO US, which is expected to be recognized over a weighted-average period of 1.75 and 0.75 years, respectively. Share-based compensation expenses of RMB6,137, RMB4,151 and RMB3,790 related to restricted shares granted to the employees of NIO US was recognized for the years ended December 31, 2016, 2017 and 2018, respectively. The following table summarizes activities of the Company’s restricted shares to non-US employees under the 2016 and 2017 plan: Number of Restricted Shares Outstanding Weighted Average Grant Date Fair Value US$ Unvested at December 31, 2017 — — Granted 509,001 6.72 Vested (445,104 ) 6.74 Unvested at December 31, 2018 63,897 6.60 As of December 31, 2018, there were RMB2,798 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 1.70 years. Share-based compensation expenses of nil, nil and RMB20,323 related to restricted shares granted to the non-US employees was recognized for the years ended December 31, 2016, 2017 and 2018. (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: 2016 2017 2018 Exercise price 1.83 1.82 1.74 Fair value of the Preferred Shares on the measurement date 1.80 2.70 4.54 Risk-free interest rate 2 % 2 % 2 % Remaining life (in years) 4.75 3.64 0.26 Expected dividend yield 0 % 0 % 0 % Expected volatility 47-51 % 47-48 % 43%-44 % As of December 31, 2018, the Award was fully vested and exercised. Unrecognized expense related to the Award was nil. Share-based compensation expenses related to the Award of RMB19,582, RMB35,446 and RMB178,475 was recognized for the years ended December 31, 2016, 2017 and 2018, respectively. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Taxation | 25. 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 16.5% Hong Kong profit tax on their 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, 2016, 2017 and 2018 are as follows: For the Year Ended December 31, 2016 2017 2018 United States 42.84 % 42.84 % 29.84 % United Kingdom 20.00 % 19.25 % 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, 2016 2017 2018 Current income tax expense 4,314 7,906 22,044 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, 2016 2017 2018 Loss before income tax expense (2,568,940 ) (5,013,268 ) (9,616,935 ) Income tax expense computed at PRC statutory income tax rate of 25% (642,235 ) (1,253,318 ) (2,404,234 ) Non-deductible expenses 91,915 91,093 96,684 Foreign tax rates differential 52,495 (74,531 ) 167,180 Additional 50% tax deduction for qualified research and development expenses (46,527 ) (93,513 ) (216,993 ) Tax exempted interest income (52 ) (845 ) (10,377 ) Effect of U.S. tax law change — 165,898 — US tax credits (5,716 ) (52,185 ) (42,781 ) Prior year adjustments 3,594 (10,293 ) (1,422 ) Tax benefit not utilized 550,840 1,235,600 2,433,987 Income tax expense 4,314 7,906 22,044 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, 2016 2017 2018 Deferred tax assets Net operating loss carry-forwards 567,844 1,620,535 3,777,696 Accrued and prepaid expenses 39,174 84,320 255,240 Advertising expenses in excess of deduction limit 9,118 65,737 14,234 Tax credit carry-forwards 13,735 60,624 117,801 Property, plant and equipment, net 28,849 27,463 17,467 Deferred rent 9,478 8,699 36,729 Deferred Revenue 2,411 — 83,877 Unrealized financing cost — — 41,939 Intangible assets 1,643 7,104 15,687 Share-based compensation 637 4,106 8,962 Unrealized foreign exchange loss — 55 55 Total deferred tax assets 672,889 1,878,643 4,369,687 Less: Valuation allowance (672,889 ) (1,878,643 ) (4,369,687 ) 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, 2016 2017 2018 Valuation allowance Balance at beginning of the year — 672,889 1,878,643 Additions 672,889 1,205,754 2,491,044 Balance at end of the year 672,889 1,878,643 4,369,687 The Group has tax losses arising in Mainland China of 11,551,510 that will expire in one to five years for deduction against future taxable profit. Loss expiring in 2019 4 Loss expiring in 2020 186,827 Loss expiring in 2021 1,335,168 Loss expiring in 2022 3,098,425 Loss expiring in 2023 6,931,086 Total 11,551,510 The Group has tax losses arising in Hong Kong and United Kingdom of 1,221,492 for which could be carried forward indefinitely against future taxable income. The Group has tax losses arising in United States of 22,960, 232,429, 894,771 and 1,156,230 that will expire in seventeen, eighteen, nineteen and infinite years for deduction against future taxable income. On December 22, 2017, the 2017 Tax Cuts and Jobs Act (“Tax Act”) was enacted into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017. The Group is required to recognize the effect of the tax law changes in the period of enactment, such as re-measuring the Group’s U.S. deferred tax assets and liabilities as well as reassessing the net realizability of the deferred tax assets and liabilities. The Tax Act did not give rise to any material impact on the consolidated balance sheets and consolidated statements of comprehensive loss due to the Group’s historical worldwide loss position and the full valuation allowance provided against the Group’s net U.S. deferred tax assets. In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows the Group to record provisional amounts during a measurement period not to extend beyond one year from the enactment date. Since the Tax Act was enacted late in the fourth quarter of 2017 (and ongoing guidance and accounting interpretations are expected over the next 12 months), the Group considers the accounting of deferred tax re-measurements and other items to be incomplete due to the forthcoming guidance and its ongoing analysis of final year-end data and tax positions. The Group expects to complete the analysis within the measurement period in accordance with SAB 118. The Group does not expect any subsequent adjustments to have any material impact on the consolidated balance sheets or consolidated statements of comprehensive loss due to our historical worldwide loss position and the full valuation allowance provided against the Group’s net U.S. deferred tax assets. 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, 2018. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 26. 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, 2016, 2017 and 2018 as follows: For the Year Ended December 31, 2016 2017 2018 Numerator: Net loss (2,573,254 ) (5,021,174 ) (9,638,979 ) Accretion on convertible redeemable preferred shares to redemption value (981,233 ) (2,576,935 ) (13,667,291 ) Accretion on redeemable non-controlling interests to redemption value — — (63,297 ) Net loss attributable to non-controlling interests 36,938 36,440 41,705 Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (3,517,549 ) (7,561,669 ) (23,327,862 ) Denominator: Weighted-average number of ordinary shares outstanding — basic and diluted 16,697,527 21,801,525 332,153,211 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (210.66 ) (346.84 ) (70.23 ) For the years ended December 31, 2016, 2017 and 2018, assumed conversion of the Preferred Shares into ordinary shares were excluded from the calculations of diluted net loss per share of the Company due to the anti-dilutive effect. The effects of all outstanding share options have also been excluded from the computation of diluted net loss per share for the years ended December 31, 2016, 2017 and 2018, as their effects would be anti-dilutive. For the years ended December 31, 2016, 2017 and 2018, the Company had potential ordinary shares, including non-vested restricted shares, option granted and Preferred Shares. As the Group incurred losses for the years ended December 31, 2016, 2017 and 2018, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company. The weighted-average numbers of non-vested restricted shares, options granted and Preferred Shares excluded from the calculation of diluted net loss per share of the Company were 12,198,170, 26,311,777 and 369,222,548 as of December 31, 2016, 8,323,591, 27,495,737 and 593,611,970 as of December 31, 2017, 340,518, 72,735,288 and 678,614,152 as of December 31, 2018. |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 27. 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 Bin Li Principal Shareholder, Chairman of the Board and Chief Executive Officer Lihong Qin Principal Shareholder, Director and President of the Company Baidu Capital L.P. Shareholder Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. Controlled by Principal Shareholder Jiangsu Xindian Automotive Co., Ltd. Controlled by Principal Shareholder Beijing CHJ Information Technology Co., Ltd. Controlled by Principal 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 Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership) 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 Bitauto Information Technology Co., Ltd. Controlled by Principal Shareholder (a) The Group entered into the following significant related party transactions: (i) Provision of service For the years ended December 31, 2016, 2017 and 2018, 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, 2016 2017 2018 Shanghai NIO Hongling Investment Management Co., Ltd. — — 2,707 Shanghai Weishang Business Consulting Co.,Ltd. — — 905 Hubei Changjiang Nextev New Energy Investment Management Co.,Ltd. — 11,121 — Beijing CHJ Information Technology Co., Ltd. — 4,588 — Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership) — 4,015 — Jiangsu Xindian Automotive Co., Ltd. — 1,785 — — 21,509 3,612 (ii) Acceptance of marketing and advertising service For the Year Ended December 31, 2016 2017 2018 Beijing Xinyi Hudong Guanggao Co., Ltd. — 8,021 28,245 Beijing Chehui Hudong Guanggao Co., Ltd. — 544 6,915 Bite Shijie (Beijing) Keji Co., Ltd. — 6,987 2,865 Beijing Bitauto Information Technology Co., Ltd. — — 32 — 15,552 38,057 (iii) Loan to related party For the Year Ended December 31, 2016 2017 2018 NIO Capital — — 66,166 Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. — 50,000 — — 50,000 66,166 In 2017, the Company granted interest-free loans to Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. As of December 31, 2018, the loans remain outstanding. 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 can be converted into ordinary shares of a subsidiary of NIO Capital upon maturity at the option of the Group. (iv) Cost of manufacturing consignment For the Year Ended December 31, 2016 2017 2018 Suzhou Zenlead XPT New Energy Technologies Co.,Ltd. — 18,324 132,152 (v) Purchase of property and equipment For the Year Ended December 31, 2016 2017 2018 Kunshan Siwopu Intelligent Equipment Co., Ltd. — — 11,107 Bite Shijie (Beijing) Keji Co., Ltd. — 2,960 — — 2,960 11,107 (vi) Interest payable on behalf of related party For the Year Ended December 31, 2016 2017 2018 Baidu Capital L.P. — 21,671 8,065 (vii) Acceptance of R&D and maintenance service For the Year Ended December 31, 2016 2017 2018 Suzhou Zenlead XPT New Energy Technologies Co.,Ltd. — — 14,776 Kunshan Siwopu Intelligent Equipment Co., Ltd. — — 2,436 — — 17,212 (viii) Payment on behalf of related party For the Year Ended December 31, 2016 2017 2018 Nanjing Weibang Transmission Technology Co., Ltd. — — 2,790 (b) The Group had the following significant related party balances: (i) Amounts due from related parties December 31, 2017 December 31, 2018 Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. 50,000 50,000 NIO Capital — 34,316 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 7,970 Nanjing Weibang Transmission Technology Co., Ltd. — 2,790 Shanghai Weilan Hongling Investment Management Co., Ltd. — 960 Baidu Capital L.P. 21,671 — Beijing CHJ Information Technology Co., Ltd. 3,624 — Bin Li 1,680 — Jiangsu Xindian Automotive Co., Ltd. 1,627 — Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. 954 — Total 79,556 96,036 (ii) Amounts due to related parties December 31, 2017 December 31, 2018 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 19,466 210,868 Beijing Chehui Hudong Guanggao Co., Ltd. 576 4,085 Beijing Xinyi Hudong Guanggao Co., Ltd. 400 3,530 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 761 Bite Shijie (Beijing) Keji Co., Ltd. . — 339 Bin Li 14,289 — Lihong Qin 5,338 — Total 40,069 219,583 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 28. 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: December 31, December 31, Property and equipment 1,250,612 1,454,031 Leasehold improvements 470,600 149,551 Total 1,721,212 1,603,582 (b) Operating lease commitments As of December 31, 2017 and 2018, the Group had remaining outstanding commitments non-cancelable agreements in respect to its operating leases as follows: December 31, December 31, Within one year 233,486 393,734 1 to 2 years 261,846 457,892 2 to 3 years 278,278 444,909 More than 3 years 912,356 1,091,911 Total 1,685,966 2,388,446 (c) Contingencies On March 12, 2019, two putative securities class action lawsuits were filed against the Company and certain of the Company officers in the U.S. District Court of the Eastern District of New York. On March 14, 2019, another putative securities class action lawsuit was filed against the Company, certain of the Company directors and officers, and underwriters in the Supreme Court of the State of New York. The plaintiffs in these cases allege, 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. These actions remain in their preliminary stages and the Company is currently unable to determine the potential loss, if any, associated with the resolution of such lawsuits, if they proceed. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 29. Subsequent Events On February 4, 2019, the Company issued US$650,000 aggregate principal amount of 4.50% Convertible Senior Notes due 2024 (the “2024 Notes”). The initial purchasers of the 2024 Notes were granted an option to purchase, exercisable within a 30-day period, up to an additional US$100 million principal amount of the 2024 Notes. The initial purchasers of the 2024 Notes have exercised the option in full by purchasing US$51,773 aggregate principal amount of the 2024 Notes on February 15, 2019 and US$48,227 aggregate principal amount of the 2024 Notes on February 28, 2019. On January 30, 2019, in connection with the pricing of the 2024 Notes, the Company entered into capped call transactions. On February 15, 2019 and February 26, 2019, the Company entered into additional capped call transactions. The Company used a portion of the net proceeds of the 2024 Notes to pay the cost of such transactions. The cap price of these capped call transactions is initially US$14.92 per ADS and is subject to adjustment under the terms of the capped call transactions. On January 30, 2019, in connection with the pricing of the 2024 Notes, the Company also entered into privately negotiated zero-strike call option transactions and used a portion of the net proceeds of the 2024 Notes to pay the aggregate premium under such transactions. Pursuant to the zero-strike call option transactions, the Company purchased in the aggregate approximately 26.8 million ADSs. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | 30. Parent Company Only Condensed Financial Information The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the Company only. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant capital and other commitments, or guarantees as of December 31, 2018. Condensed Balance Sheets As of December 31, 2017 2018 2018 RMB RMB US$ Note 2(e) ASSETS Current assets: Cash and cash equivalents 23,270 17,179 2,499 Amounts due from related parties 1,243,251 20,701 3,011 Prepayments and other current assets 1,642 54,847 7,977 Total current assets 1,268,163 92,727 13,487 Non-current assets: Investments in subsidiaries and VIEs 6,977,051 8,891,882 1,293,271 Total non-current assets 6,977,051 8,891,882 1,293,271 Total assets 8,245,214 8,984,609 1,306,758 LIABILITIES Current liabilities: Amounts due to related parties 135,490 2,046,971 297,720 Accruals and other liabilities 55,027 913 134 Total current liabilities 190,517 2,047,884 297,854 Deferred revenue — 99,684 14,498 Total non-current liabilities — 99,684 14,498 Total liabilities 190,517 2,147,568 312,352 MEZZANINE EQUITY Series A-1 and A-2 convertible redeemable preferred shares 5,011,731 — — Series A-3 convertible redeemable preferred shares 427,129 — — Series B convertible redeemable preferred shares 2,294,980 — — Series C convertible redeemable preferred shares 4,454,596 — — Series D convertible redeemable preferred shares 7,547,760 — — Receivable from a holder of Series D convertible redeemable preferred shares (78,410 ) — — Total mezzanine equity 19,657,786 — — SHAREHOLDERS’ (DEFICIT)/EQUITY Ordinary shares 60 — — Class A Ordinary Shares — 1,329 193 Class B Ordinary Shares — 226 33 Class C Ordinary Shares — 254 37 Treasury shares (9,186 ) (9,186 ) (1,336 ) Additional paid in capital 131,907 41,918,936 6,096,856 Accumulated other comprehensive income/(loss) (13,922 ) (34,708 ) (5,048 ) Accumulated deficit (11,711,948 ) (35,039,810 ) (5,096,329 ) Total shareholders’ (deficit)/equity (11,603,089 ) 6,837,041 994,406 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 8,245,214 8,984,609 1,306,758 Condensed Statements of Comprehensive Loss For the Year ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Note 2(e) Operating expenses: Selling, general and administrative (24,684 ) (52,518 ) (178,479 ) (25,959 ) Total operating expenses (24,684 ) (52,518 ) (178,479 ) (25,959 ) Loss from operations (24,684 ) (52,518 ) (178,479 ) (25,959 ) Interest income 24,309 2,391 7,692 1,119 Interest expense — (12,389 ) — — Equity in loss of subsidiaries and VIEs (2,539,323 ) (4,924,897 ) (9,432,640 ) (1,371,921 ) Investment income 2,670 3,498 — — Other loss, net 712 (819 ) 6,153 895 Loss before income tax expense (2,536,316 ) (4,984,734 ) (9,597,274 ) (1,395,866 ) Income tax expense — — — — Net loss (2,536,316 ) (4,984,734 ) (9,597,274 ) (1,395,866 ) Accretion on convertible redeemable preferred shares to redemption value (981,233 ) (2,576,935 ) (13,667,291 ) (1,987,825 ) Accretion on redeemable non-controlling interests to redemption value — — (63,297 ) (9,206 ) Net loss attributable to ordinary shareholders of NIO Inc. (3,517,549 ) (7,561,669 ) (23,327,862 ) (3,392,897 ) Condensed Statements of Cash Flows For The Year ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (2,540,639 ) (4,920,905 ) 3,917,654 569,799 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of trading securities 3,118,559 1,340,911 — — Purchase of held for trading securities (2,346,261 ) (1,337,413 ) — — Acquisitions of equity investees (669,433 ) (6,223,178 ) (11,693,144 ) (1,700,697 ) Net cash used in investing activities 102,865 (6,219,680 ) (11,693,144 ) (1,700,697 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of stock options — 6,207 42,251 6,145 Repurchase of restricted shares — — (7,490 ) (1,089 ) Proceeds from issuance of convertible promissory note — 312,624 — — Repayment of convertible promissory note — (325,013 ) — — Repayment of non-recourse loan — — 82,863 12,052 Proceeds from issuance of ordinary shares, net of issuance costs — — 7,566,470 1,100,497 Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs 2,260,444 11,093,377 78,651 11,439 Net cash provided by financing activities 2,260,444 11,087,195 7,762,745 1,129,044 Effects of exchange rate changes on cash and cash equivalents (7,323 ) (3,031 ) 6,654 969 NET DECREASE IN CASH AND CASH EQUIVALENTS (184,653 ) (56,421 ) (6,091 ) (885 ) Cash and cash equivalents at beginning of the year 264,344 79,691 23,270 3,384 Cash and cash equivalents at end of the year 79,691 23,270 17,179 2,499 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, 2018 | |
Accounting Policies [Abstract] | |
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 VIE 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”): 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 VIE 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 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 VIE 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/(loss) in the consolidated statements of comprehensive gain or 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 (gains)/losses were RMB(55,493), RMB124,374 and RMB20,786 for the years ended December 31, 2016, 2017 and 2018, 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, 2018 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8755, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2018. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2018, 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, prepayments and other current assets, trade payable, amounts due to related parties, short-term borrowings, taxes payable, accruals and other liabilities, long-term receivables and long-term borrowings. As of December 31, 2017 and 2018, the carrying values of these financial instruments except for long-term receivables and long-term borrowings are approximated to their fair values due to the short-term maturity of these instruments. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Below is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports on its consolidated balance sheets at fair value on a recurring basis. Time deposits Short-term borrowings Short-term receivables and payables Prepayments and other assets in non-current assets |
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. The Group adopted ASU No. 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230) for interim periods beginning after January 1, 2018, using a retrospective method to each period presented. The changes in restricted cash in the consolidated cash flow were RMB15,335, RMB9,564 and RMB65,641 for the years ended December 31, 2016, 2017 and 2018, respectively, which were no longer presented within investing activities and were retrospectively included in the changes of cash, cash equivalents and restricted cash as required. Restricted cash is restricted to withdrawal for use or pledged as security is reported separately on the face of the Consolidated Balance Sheets, and is not included in the total cash and cash equivalents in the Consolidated Statements of Cash Flows. The Group’s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of bank credit card; (b) time deposit 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 Cash and cash equivalents 7,505,954 3,133,847 Restricted cash 10,606 57,012 Long-term restricted cash 14,293 33,528 Total 7,530,853 3,224,387 |
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. As of December 31, 2017 and 2018, the investment in fixed deposits that were recorded as short-term investments amounted to nil and RMB5,154,703, respectively, among which, nil and RMB1,775,000 were restricted as collateral for bank borrowings and letter of guarantee. |
Account Receivable and Allowance for Doubtful Accounts | (i) Account Receivable and Allowance for Doubtful Accounts Accounts receivable primarily include 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 Group provides an allowance against accounts receivable to the amount we reasonably believe will be collected. The Group writes off accounts receivable when they are deemed uncollectible. No allowance for doubtful accounts were recognized for the years ended December 31, 2016, 2017 and 2018. |
Inventory | (j) 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. No inventory write-downs were recognized for the years ended December 31, 2016 and 2017 and 2018. |
Trading securities | (k) Trading securities Trading securities are comprised of bonds and are all designated as trading securities as they have been acquired principally for the purpose of selling in the near term. They are recognized on the trade date, when the Group enters into contractual arrangements with counterparties, and are normally derecognized when sold. They are initially measured at fair value, with transaction costs taken to the statements of operations and comprehensive loss. Subsequent changes in their fair values and interest are recognized in the statements of comprehensive loss. |
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 years Leasehold improvements Shorter of the estimated useful life or remaining lease term Others 3 to 5 years 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 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 and represent the shorter of the estimated usage periods or the terms of the agreements. |
Long-term investments | (o) Long-term investments As of December 31, 2018, the Group’s long-term investments was accounted for using equity method. 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 |
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. No impairment charge was recognized for the years ended December 31, 2016, 2017 and 2018. |
Revenue recognition | (q) 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 statement of financial position 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. Vehicle sales The Group generates revenue from sales of electric vehicles, currently the ES8, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the ES8 as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of ES8, 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 ES8 to a user. Customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles, which is applied on their behalf 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 a customer’ behalf. 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 sales of the ES8 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, 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. 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 ES8 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 ES8 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 overtime on a monthly basis as customer simultaneously receives and consumes the benefits provided and the term of legally enforced contract is only one month. 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 points based on cost of the NIO merchandise that can be redeemed with points. 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 ES8 vehicle The Group concludes the points offered linked to the purchase transaction of the ES8 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 ES8 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 Energy Package—When the customers charge their ES8 without using the Group’s charging network, the Group will grant points based on the actual cost the customers incur. The Group records the value of the points as a reduction of revenue from the Energy Package. Since historical information does not yet exist 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 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, 2016, 2017 and 2018, the revenue portion allocated to the points as separate performance obligation was nil, nil and RMB47,310, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2016, 2017 and 2018, the total points recorded as a reduction of revenue was nil, nil and RMB441, respectively. For the years ended December 31, 2016, 2017 and 2018, the total points recorded as selling and marketing expenses were nil, RMB16,460 and RMB153,057, respectively. As of December 31, 2017 and 2018, liabilities recorded related to unredeemed points were RMB16,460 and RMB143,868, 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 ES8 driving and forecasted that usage of these two services will be very limited. The Group also performs an estimation on the stand-alone 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 ES8 gross selling price and aggregate fair value of each individual promises. Considering the qualitative assessment and the result of the quantitative estimate, the Group concluded not to assess whether promises are performance obligation if they are immaterial in the context of the contract and the relative stand-alone 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 then accrued instead. |
Cost of Sales | (r) 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 adjustments to warranty expense 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 | (s) Sales and marketing expenses Sales and marketing expenses consist primarily of 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, 2016, 2017 and 2018, advertising costs totalled RMB4,095, RMB63,427 and RMB218,060, respectively. |
Research and development expenses | (t) 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 | (u) 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 | (v) 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 VIE 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 RMB105,955, RMB231,070 and RMB517,787 for the years ended December 31, 2016, 2017 and 2018, respectively. |
Government grants | (w) 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 income upon receipt as further performance by the Group is not required. |
Income taxes | (x) 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, 2017 and 2018. |
Share-based compensation | (y) 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. The fair value of the restricted shares were 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. 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 regarding a number of complex and subjective variables, 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) | (z) Comprehensive income/(loss) The Group applies ASC 220, Comprehensive Income |
Leases | (aa) Leases Leases are classified at the inception date as either a capital lease or an operating lease. As the lessee, a lease is a capital lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. Payments made under operating lease to the lessors are charged to the consolidated statement of comprehensive loss on a straight-line basis over the lease period. Operating lease expenses recorded in the accompanying consolidated statements of comprehensive loss amounted to RMB102,020, RMB228,478 and RMB490,936 for the years ended December 31, 2016, 2017 and 2018, respectively. |
Dividends | (ab) Dividends Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2016, 2017 and 2018, respectively. |
Earnings/(Loss) per share | (ac) 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 | (ad) 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, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of principal subsidiaries and VIE's | Subsidiaries Equity Place and date of incorporation 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 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 NextEV (UK) Limited (formerly known as NextEV (UK) Limited) 100 % United Kingdom, February 2016 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 VIE and VIE’s subsidiaries Economic Place and Date of incorporation 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, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, December 31 Cash and cash equivalents 7,505,954 3,133,847 Restricted cash 10,606 57,012 Long-term restricted cash 14,293 33,528 Total 7,530,853 3,224,387 |
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 years Leasehold improvements Shorter of the estimated useful life or remaining lease term Others 3 to 5 years |
Schedule of estimate useful life of intangible assets, net | Useful lives Domain names and others 5 years License 3 years |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | December 31, December 31, Raw materials 44,061 696,005 Work in process 22,262 6,727 Finished Goods - 723,591 Merchandise 23,141 38,916 Total 89,464 1,465,239 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Prepayments And Other Current Assets [Abstract] | |
Schedule of prepayments and other current assets | December 31, December 31, Deductible VAT input 456,774 1,018,766 Prepayment to vendors 185,401 333,367 Deposits 12,582 23,321 Other receivables 19,668 138,803 Total 674,425 1,514,257 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of property, plant and equipment | December 31, December 31, Construction in process 1,016,643 1,289,611 Mold and tooling 2,619 1,032,685 Leasehold improvements 413,368 653,298 Building and construction - 481,121 Charging & battery swap infrastructure - 470,506 Production facilities 134,080 456,569 Computer and electronic equipment 178,534 393,931 R&D equipment 173,741 320,362 Purchased software 135,775 286,034 Others 77,681 146,869 Subtotal 2,132,441 5,530,986 Less: Accumulated depreciation (221,428 ) (677,829 ) Total property, plant and equipment, net 1,911,013 4,853,157 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of impaired intangible assets | December 31, 2017 December 31, 2018 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying Domain names and others 4,230 (1,017 ) 3,213 5,269 (1,974 ) 3,295 License 3,199 (1,955 ) 1,244 3,161 (2,986 ) 175 Total intangible assets, net 7,429 (2,972 ) 4,457 8,430 (4,960 ) 3,470 |
Land Use Rights, Net (Tables)
Land Use Rights, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Land Use Rights, Net [Abstract] | |
Schedule of land user rights, net | December 31, December 31, Land use rights — 216,489 Less: Accumulated amortization—land use rights — (2,827 ) Total land use rights, net — 213,662 |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of other non current assets | December 31, December 31, Long-term deposits 80,168 616,199 Receivables of installment payments for battery - 574,677 Prepayments for purchase of property and equipment 50,882 159,341 Others 91 62,613 Total 131,141 1,412,830 |
Accruals and Other Liabilities
Accruals and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accruals And Other Liabilities [Abstract] | |
Schedule of accruals and other liabilities | December 31, December 31, Payables for purchase of property and equipment 410,726 1,027,377 Payable for R&D expenses 247,923 437,731 Payables for marketing events 37,933 423,953 Salaries and benefits payable 170,274 402,163 Accrued expenses 199,087 308,486 Advance from customers 68,439 233,767 Current portion of deferred revenue - 108,250 Current portion of deferred construction allowance - 87,330 Investment deposit from investors - 47,124 Warranty - 46,574 Payables for traveling expenses 10,678 43,147 Interest payables 24,320 2,584 Non-recourse loan 55,028 - Other payables 61,184 215,195 Total 1,285,592 3,383,681 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long Term Borrowings [Abstract] | |
Schedule of long-term borrowings | December 31, December 31, Short-term borrowing 28,787 1,870,000 Current portion of long-term borrowings - 198,852 Long-term borrowings: Bank loan 454,901 766,592 Loan from joint investor 187,500 401,420 Total 671,188 3,236,864 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of other noncurrent liabilities | December 31, December 31, Deferred government grants 30,416 351,896 Deferred revenue — 193,524 Warranty — 130,719 Rental payable 48,926 129,995 Deferred construction allowance 61,771 124,678 Total 141,113 930,812 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation of Revenue [Abstract] | |
Schedule of revenue | For the Year Ended December 31, 2016 2017 2018 Vehicle sales — — 4,852,470 Sales of charging pile — — 82,184 Sales of Packages — — 10,220 Others — — 6,297 Total — — 4,951,171 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of reconciliation in current reporting period related to carried-forward deferred revenue | For the Year Ended December 31 2016 2017 2018 Deferred revenue – beginning of year — — — Additions — — 384,116 Recognition — — (82,342 ) Deferred revenue – end of year — — 301,774 |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Research and Development Expense [Abstract] | |
Schedule of research and development expenses | Year Ended December 31, 2016 2017 2018 Employee compensation 451,284 1,004,835 1,850,886 Design and development expenses 948,753 1,455,297 1,827,980 Travel and entertainment expenses 27,085 60,622 104,949 Depreciation and amortization expenses 7,819 38,940 103,427 Rental and related expenses 10,485 12,367 33,105 Others 19,927 30,828 77,595 Total 1,465,353 2,602,889 3,997,942 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Selling, General and Administrative Expense [Abstract] | |
Schedule of selling, general and administrative expenses | Year Ended December 31, 2016 2017 2018 Employee compensation 473,302 929,928 2,256,455 Marketing and promotional expenses 239,549 523,535 1,158,519 Professional services 133,368 238,740 578,469 Rental and related expenses 91,535 216,111 450,113 Depreciation and amortization expenses 38,268 128,918 249,765 Travel and entertainment expenses 32,572 71,278 197,187 IT consumable, office supply and other low value consumable 21,621 114,668 167,323 Others 106,972 127,529 283,959 Total 1,137,187 2,350,707 5,341,790 |
Convertible Redeemable Prefer_2
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Convertible Redeemable Preferred Shares [Abstract] | |
Schedule of convertible redeemable preferred shares activities | Series A-1 & A-2 Series A-3 Series B Series C Series D Total Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Balances as of January 1, 2016 295,000,000 1,340,034 24,210,431 276,695 — — — — — — 319,210,431 1,616,729 Proceeds from Series A-1 Preferred Shares — 401,478 — — — — — — — — — 401,478 Issuance of preferred shares — — — — 102,144,675 1,862,134 — — — — 102,144,675 1,862,134 Accretion on convertible redeemable preferred shares to redemption value — 798,481 — 29,983 — 152,769 — — — — — 981,233 Balances as of December 31, 2016 295,000,000 2,539,993 24,210,431 306,678 102,144,675 2,014,903 — — — — 421,355,106 4,861,574 Proceeds from Series A-1 Preferred Shares — 266,511 — — — — — — — — — 266,511 Issuance of preferred shares — — — — 12,722,646 240,066 166,205,830 4,398,313 213,585,003 7,314,387 392,513,479 11,952,766 Accretion on convertible redeemable preferred shares to redemption value — 2,205,227 — 120,451 — 40,011 — 56,283 — 154,963 — 2,576,935 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 Series A-1 & A-2 Series A-3 Series B Series C Series D Total Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (RMB) Number of shares Amount (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 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, 2018 | |
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, 2016 2017 2018 Cost of sales — — 9,289 Research and development expenses 14,484 23,210 109,124 Selling, general and administrative expenses 62,200 67,086 561,055 Total 76,684 90,296 679,468 |
Share Options | NIO Incentive Plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock option activity | Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value US$ In Years US$ Outstanding as of December 31, 2015 — — — — Granted 53,576,606 0.32 — — Cancelled (945,346 ) 0.39 — — Expired (7,706 ) 0.10 — — Outstanding as of December 31, 2016 52,623,554 0.32 8.30 51,506 Granted 13,460,477 1.46 — — Exercised (2,723,540 ) 0.39 — — Cancelled (5,236,562 ) 0.44 — — Expired (348,015 ) 0.25 — — 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 Vested and expected to vest as of December 31, 2016 50,782,627 — — 49,245 Exercisable as of December 31, 2016 1,297,535 — — 1,336 Vested and expected to vest as of December 31, 2017 55,832,678 — — 107,299 Exercisable as of December 31, 2017 5,089,894 — — 11,070 Vested and expected to vest as of December 31, 2018 99,702,386 — — 467,127 Exercisable as of December 31, 2018 32,959,964 — — 185,787 |
Schedule of weighted average assumptions used | 2016 2017 2018 Exercise price (US$) 0.10-0.61 0.61-2.55 0.10 - 6.74 Fair value of the ordinary shares on the date of option grant (US$) 0.96-1.30 1.30-2.55 3.38 - 6.74 Risk-free interest rate 1.46%-1.78 % 2.31%-2.40 % 2.74% - 3.15 % Expected term (in years) 10 10 7 - 10 Expected dividend yield 0 % 0 % 0 % Expected volatility 54 % 51%-52 % 47% - 51 % Expected forfeiture rate (post-vesting) 5 % 5 % 5% - 8 % |
Restricted shares | Employees | Prime Hubs Restricted Shares Plan (the "Prime Hubs Plan") | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted shares activity | Employees Number of Shares Outstanding Weighted Average Grant Date Fair Value US$ Unvested as of December 31, 2015 13,450,000 0.72 Vested (3,362,500 ) 0.72 Forfeited (1,687,500 ) 0.72 Unvested as of December 31, 2016 8,400,000 0.72 Granted 2,000,000 2.05 Vested (3,133,329 ) 0.84 Forfeited (208,333 ) 0.72 Unvested as of December 31, 2017 7,058,338 1.04 Vested (7,058,338 ) 1.04 Unvested as of December 31, 2018 — — |
Restricted shares | Employees | US | NIO Incentive Plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted shares activity | Number of Restricted Shares Outstanding Weighted Average Grant Date Fair Value US$ Unvested at December 31, 2015 — — Granted 3,103,809 0.96 Vested (960,958 ) 0.96 Forfeited (305,464 ) 0.96 Unvested at December 31, 2016 1,837,387 0.96 Vested (470,015 ) 0.96 Forfeited (254,395 ) 0.96 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 |
Restricted shares | Employees | Non-US | NIO Incentive Plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted shares activity | Number of Restricted Weighted Average US$ Unvested at December 31, 2017 - - Granted 509,001 6.72 Vested (445,104 ) 6.74 Unvested at December 31, 2018 63,897 6.60 |
Restricted shares | Non Employees | Prime Hubs Restricted Shares Plan (the "Prime Hubs Plan") | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted shares activity | Non-Employees Number of Shares Outstanding Weighted Average Grant Date Fair Value US$ Unvested as of December 31, 2015 2,950,000 1.25 Vested (2,950,000 ) 1.25 Unvested as of December 31, 2016, 2017 and 2018 — — |
Stock liability (the "Award") | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of weighted average assumptions used | 2016 2017 2018 Exercise price 1.83 1.82 1.74 Fair value of the Preferred Shares on the measurement date 1.80 2.70 4.54 Risk-free interest rate 2 % 2 % 2 % Remaining life (in years) 4.75 3.64 0.26 Expected dividend yield 0 % 0 % 0 % Expected volatility 47-51 % 47-48 % 43%-44 % |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of maximum applicable income tax rates of other countries | For the Year Ended December 31, 2016 2017 2018 United States 42.84 % 42.84 % 29.84 % United Kingdom 20.00 % 19.25 % 19.00 % Germany 32.98 % 32.98 % 32.98 % |
Schedule of composition of income tax expense | For the Year Ended December 31, 2016 2017 2018 Current income tax expense 4,314 7,906 22,044 |
Schedule of reconciliation of the income tax expense | For the Year Ended December 31, 2016 2017 2018 Loss before income tax expense (2,568,940 ) (5,013,268 ) (9,616,935 ) Income tax expense computed at PRC statutory income tax rate of 25% (642,235 ) (1,253,318 ) (2,404,234 ) Non-deductible expenses 91,915 91,093 96,684 Foreign tax rates differential 52,495 (74,531 ) 167,180 Additional 50% tax deduction for qualified research and development expenses (46,527 ) (93,513 ) (216,993 ) Tax exempted interest income (52 ) (845 ) (10,377 ) Effect of U.S. tax law change — 165,898 — US tax credits (5,716 ) (52,185 ) (42,781 ) Prior year adjustments 3,594 (10,293 ) (1,422 ) Tax benefit not utilized 550,840 1,235,600 2,433,987 Income tax expense 4,314 7,906 22,044 |
Schedule of deferred tax assets | As of December 31, 2016 2017 2018 Deferred tax assets Net operating loss carry-forwards 567,844 1,620,535 3,777,696 Accrued and prepaid expenses 39,174 84,320 255,240 Advertising expenses in excess of deduction limit 9,118 65,737 14,234 Tax credit carry-forwards 13,735 60,624 117,801 Property, plant and equipment, net 28,849 27,463 17,467 Deferred rent 9,478 8,699 36,729 Deferred Revenue 2,411 — 83,877 Unrealized financing cost — — 41,939 Intangible assets 1,643 7,104 15,687 Share-based compensation 637 4,106 8,962 Unrealized foreign exchange loss — 55 55 Total deferred tax assets 672,889 1,878,643 4,369,687 Less: Valuation allowance (672,889 ) (1,878,643 ) (4,369,687 ) Total deferred tax assets, net — — — |
Summary of valuation allowance | As of December 31, 2016 2017 2018 Valuation allowance Balance at beginning of the year — 672,889 1,878,643 Additions 672,889 1,205,754 2,491,044 Balance at end of the year 672,889 1,878,643 4,369,687 |
Schedule of expire in one to four years for deduction against future taxable profit | Loss expiring in 2019 4 Loss expiring in 2020 186,827 Loss expiring in 2021 1,335,168 Loss expiring in 2022 3,098,425 Loss expiring in 2023 6,931,086 Total 11,551,510 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of loss per share | For the Year Ended December 31, 2016 2017 2018 Numerator: Net loss (2,573,254 ) (5,021,174 ) (9,638,979 ) Accretion on convertible redeemable preferred shares to redemption value (981,233 ) (2,576,935 ) (13,667,291 ) Accretion on redeemable non-controlling interests to redemption value — — (63,297 ) Net loss attributable to non-controlling interests 36,938 36,440 41,705 Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share (3,517,549 ) (7,561,669 ) (23,327,862 ) Denominator: Weighted-average number of ordinary shares outstanding — basic and diluted 16,697,527 21,801,525 332,153,211 Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. (210.66 ) (346.84 ) (70.23 ) |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | (i) Provision of service For the Year Ended December 31, 2016 2017 2018 Shanghai NIO Hongling Investment Management Co., Ltd. — — 2,707 Shanghai Weishang Business Consulting Co.,Ltd. — — 905 Hubei Changjiang Nextev New Energy Investment Management Co.,Ltd. — 11,121 — Beijing CHJ Information Technology Co., Ltd. — 4,588 — Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership) — 4,015 — Jiangsu Xindian Automotive Co., Ltd. — 1,785 — — 21,509 3,612 (ii) Acceptance of marketing and advertising service For the Year Ended December 31, 2016 2017 2018 Beijing Xinyi Hudong Guanggao Co., Ltd. — 8,021 28,245 Beijing Chehui Hudong Guanggao Co., Ltd. — 544 6,915 Bite Shijie (Beijing) Keji Co., Ltd. — 6,987 2,865 Beijing Bitauto Information Technology Co., Ltd. — — 32 — 15,552 38,057 (iii) Loan to related party For the Year Ended December 31, 2016 2017 2018 NIO Capital — — 66,166 Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. — 50,000 — — 50,000 66,166 (iv) Cost of manufacturing consignment For the Year Ended December 31, 2016 2017 2018 Suzhou Zenlead XPT New Energy Technologies Co.,Ltd. — 18,324 132,152 (v) Purchase of property and equipment For the Year Ended December 31, 2016 2017 2018 Kunshan Siwopu Intelligent Equipment Co., Ltd. — — 11,107 Bite Shijie (Beijing) Keji Co., Ltd. — 2,960 — — 2,960 11,107 (vi) Interest payable on behalf of related party For the Year Ended December 31, 2016 2017 2018 Baidu Capital L.P. — 21,671 8,065 (vii) Acceptance of R&D and maintenance service For the Year Ended December 31, 2016 2017 2018 Suzhou Zenlead XPT New Energy Technologies Co.,Ltd. — — 14,776 Kunshan Siwopu Intelligent Equipment Co., Ltd. — — 2,436 — — 17,212 (viii) Payment on behalf of related party For the Year Ended December 31, 2016 2017 2018 Nanjing Weibang Transmission Technology Co., Ltd. — — 2,790 |
Schedule of due from related parties | (i) Amounts due from related parties December 31, 2017 December 31, 2018 Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. 50,000 50,000 NIO Capital — 34,316 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 7,970 Nanjing Weibang Transmission Technology Co., Ltd. — 2,790 Shanghai Weilan Hongling Investment Management Co., Ltd. — 960 Baidu Capital L.P. 21,671 — Beijing CHJ Information Technology Co., Ltd. 3,624 — Bin Li 1,680 — Jiangsu Xindian Automotive Co., Ltd. 1,627 — Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. 954 — Total 79,556 96,036 |
Schedule of due to related parties | (ii) Amounts due to related parties December 31, 2017 December 31, 2018 Suzhou Zenlead XPT New Energy Technologies Co., Ltd. 19,466 210,868 Beijing Chehui Hudong Guanggao Co., Ltd. 576 4,085 Beijing Xinyi Hudong Guanggao Co., Ltd. 400 3,530 Kunshan Siwopu Intelligent Equipment Co., Ltd. — 761 Bite Shijie (Beijing) Keji Co., Ltd. . — 339 Bin Li 14,289 — Lihong Qin 5,338 — Total 40,069 219,583 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of capital expenditures contracted | December 31, December 31, Property and equipment 1,250,612 1,454,031 Leasehold improvements 470,600 149,551 Total 1,721,212 1,603,582 |
Schedule of operating leases for minimum rentals | December 31, December 31, Within one year 233,486 393,734 1 to 2 years 261,846 457,892 2 to 3 years 278,278 444,909 More than 3 years 912,356 1,091,911 Total 1,685,966 2,388,446 |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed balance sheets | Condensed Balance Sheets As of December 31, 2017 2018 2018 RMB RMB US$ Note 2(e) ASSETS Current assets: Cash and cash equivalents 23,270 17,179 2,499 Amounts due from related parties 1,243,251 20,701 3,011 Prepayments and other current assets 1,642 54,847 7,977 Total current assets 1,268,163 92,727 13,487 Non-current assets: Investments in subsidiaries and VIEs 6,977,051 8,891,882 1,293,271 Total non-current assets 6,977,051 8,891,882 1,293,271 Total assets 8,245,214 8,984,609 1,306,758 LIABILITIES Current liabilities: Amounts due to related parties 135,490 2,046,971 297,720 Accruals and other liabilities 55,027 913 134 Total current liabilities 190,517 2,047,884 297,854 Deferred revenue — 99,684 14,498 Total non-current liabilities — 99,684 14,498 Total liabilities 190,517 2,147,568 312,352 MEZZANINE EQUITY Series A-1 and A-2 convertible redeemable preferred shares 5,011,731 — — Series A-3 convertible redeemable preferred shares 427,129 — — Series B convertible redeemable preferred shares 2,294,980 — — Series C convertible redeemable preferred shares 4,454,596 — — Series D convertible redeemable preferred shares 7,547,760 — — Receivable from a holder of Series D convertible redeemable preferred shares (78,410 ) — — Total mezzanine equity 19,657,786 — — SHAREHOLDERS’ (DEFICIT)/EQUITY Ordinary shares 60 — — Class A Ordinary Shares — 1,329 193 Class B Ordinary Shares — 226 33 Class C Ordinary Shares — 254 37 Treasury shares (9,186 ) (9,186 ) (1,336 ) Additional paid in capital 131,907 41,918,936 6,096,856 Accumulated other comprehensive income/(loss) (13,922 ) (34,708 ) (5,048 ) Accumulated deficit (11,711,948 ) (35,039,810 ) (5,096,329 ) Total shareholders’ (deficit)/equity (11,603,089 ) 6,837,041 994,406 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 8,245,214 8,984,609 1,306,758 |
Schedule of condensed statements of comprehensive loss | Condensed Statements of Comprehensive Loss For the Year ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Note 2(e) Operating expenses: Selling, general and administrative (24,684 ) (52,518 ) (178,479 ) (25,959 ) Total operating expenses (24,684 ) (52,518 ) (178,479 ) (25,959 ) Loss from operations (24,684 ) (52,518 ) (178,479 ) (25,959 ) Interest income 24,309 2,391 7,692 1,119 Interest expense — (12,389 ) — — Equity in loss of subsidiaries and VIEs (2,539,323 ) (4,924,897 ) (9,432,640 ) (1,371,921 ) Investment income 2,670 3,498 — — Other loss, net 712 (819 ) 6,153 895 Loss before income tax expense (2,536,316 ) (4,984,734 ) (9,597,274 ) (1,395,866 ) Income tax expense — — — — Net loss (2,536,316 ) (4,984,734 ) (9,597,274 ) (1,395,866 ) Accretion on convertible redeemable preferred shares to redemption value (981,233 ) (2,576,935 ) (13,667,291 ) (1,987,825 ) Accretion on redeemable non-controlling interests to redemption value — — (63,297 ) (9,206 ) Net loss attributable to ordinary shareholders of NIO Inc. (3,517,549 ) (7,561,669 ) (23,327,862 ) (3,392,897 ) |
Schedule of condensed statements of cash flows | Condensed Statements of Cash Flows For The Year ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Note 2(e) CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (2,540,639 ) (4,920,905 ) 3,917,654 569,799 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of trading securities 3,118,559 1,340,911 — — Purchase of held for trading securities (2,346,261 ) (1,337,413 ) — — Acquisitions of equity investees (669,433 ) (6,223,178 ) (11,693,144 ) (1,700,697 ) Net cash used in investing activities 102,865 (6,219,680 ) (11,693,144 ) (1,700,697 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of stock options — 6,207 42,251 6,145 Repurchase of restricted shares — — (7,490 ) (1,089 ) Proceeds from issuance of convertible promissory note — 312,624 — — Repayment of convertible promissory note — (325,013 ) — — Repayment of non-recourse loan — — 82,863 12,052 Proceeds from issuance of ordinary shares, net of issuance costs — — 7,566,470 1,100,497 Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs 2,260,444 11,093,377 78,651 11,439 Net cash provided by financing activities 2,260,444 11,087,195 7,762,745 1,129,044 Effects of exchange rate changes on cash and cash equivalents (7,323 ) (3,031 ) 6,654 969 NET DECREASE IN CASH AND CASH EQUIVALENTS (184,653 ) (56,421 ) (6,091 ) (885 ) Cash and cash equivalents at beginning of the year 264,344 79,691 23,270 3,384 Cash and cash equivalents at end of the year 79,691 23,270 17,179 2,499 |
Organization and Nature of Op_3
Organization and Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2018 | |
NIO NextEV Limited ("NIO HK") (formerly known as NextEV Limited) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Hong Kong |
Entity Incorporation, Date of Incorporation | Feb. 28, 2015 |
Principal activities | Investment holding |
NIO GmbH (formerly known as NextEV GmbH) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Germany |
Entity Incorporation, Date of Incorporation | May 31, 2015 |
Principal activities | Design and technology development |
NIO Co., Ltd. ("NIO SH") (formerly known as NextEV Co., Ltd.) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Shanghai, PRC |
Entity Incorporation, Date of Incorporation | May 31, 2015 |
Principal activities | Headquarter and technology development |
NIO USA, Inc. ("NIO US") (formerly known as NextEV USA, Inc.) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | United States |
Entity Incorporation, Date of Incorporation | Nov. 30, 2015 |
Principal activities | Technology development |
XPT Limited ("XPT") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Hong Kong |
Entity Incorporation, Date of Incorporation | Dec. 31, 2015 |
Principal activities | Investment holding |
NIO NextEV (UK) Limited (formerly known as NextEV (UK) Limited) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | United Kingdom |
Entity Incorporation, Date of Incorporation | Feb. 29, 2016 |
Principal activities | Marketing and technology development |
NIO Sport Limited ("NIO Sport") (formerly known as NextEV NIO Sport Limited) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Hong Kong |
Entity Incorporation, Date of Incorporation | Apr. 30, 2016 |
Principal activities | Racing management |
XPT Technology Limited ("XPT Technology") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Hong Kong |
Entity Incorporation, Date of Incorporation | Apr. 30, 2016 |
Principal activities | Investment holding |
XPT Inc. ("XPT US") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | United States |
Entity Incorporation, Date of Incorporation | Apr. 30, 2016 |
Principal activities | Technology development |
XPT (Jiangsu) Investment Co., Ltd. ("XPT Jiangsu") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Jiangsu, PRC |
Entity Incorporation, Date of Incorporation | May 31, 2016 |
Principal activities | Investment holding |
Shanghai XPT Technology Limited | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Shanghai, PRC |
Entity Incorporation, Date of Incorporation | May 31, 2016 |
Principal activities | Technology development |
XPT (Nanjing) E-Powertrain Technology Co., Ltd. ("XPT NJEP") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Nanjing, PRC |
Entity Incorporation, Date of Incorporation | Jul. 31, 2016 |
Principal activities | Manufacturing of E-Powertrain |
XPT (Nanjing) Energy Storage System Co., Ltd. ("XPT NJES") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Nanjing, PRC |
Entity Incorporation, Date of Incorporation | Oct. 31, 2016 |
Principal activities | Manufacturing of battery pack |
NIO Power Express Limited ("PE HK") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Hong Kong |
Entity Incorporation, Date of Incorporation | Jan. 31, 2017 |
Principal activities | Investment holding |
NextEV User Enterprise Limited ("UE HK") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Hong Kong |
Entity Incorporation, Date of Incorporation | Feb. 28, 2017 |
Principal activities | Investment holding |
Shanghai NIO Sales and Services Co., Ltd. ("UE CNHC") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Shanghai, PRC |
Entity Incorporation, Date of Incorporation | Mar. 31, 2017 |
Principal activities | Investment holding and sales and after sales management |
NIO Energy Investment (Hubei) Co., Ltd. ("PE CNHC") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Wuhan PRC |
Entity Incorporation, Date of Incorporation | Apr. 30, 2017 |
Principal activities | Investment holding |
Wuhan NIO Energy Co., Ltd. ("PE WHJV") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Wuhan, PRC |
Entity Incorporation, Date of Incorporation | May 31, 2017 |
Principal activities | Investment holding |
XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. ("XPT NJWL") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 50.00% |
Entity Incorporation, State Country Name | Nanjing, PRC |
Entity Incorporation, Date of Incorporation | Jun. 30, 2017 |
Principal activities | Manufacturing of components |
XPT (Jiangsu) Automotive Technology Co., Ltd. ("XPT Auto") | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Equity interest held | 100.00% |
Entity Incorporation, State Country Name | Nanjing, PRC |
Entity Incorporation, Date of Incorporation | May 31, 2018 |
Principal activities | Investment holding |
Organization and Nature of Op_4
Organization and Nature of Operations (Details 1) | 12 Months Ended |
Dec. 31, 2018 | |
Prime Hubs Limited ("Prime Hubs") | |
Variable Interest Entity [Line Items] | |
Economic interest held | 100.00% |
Entity Incorporation, State Country Name | BVI |
Date of incorporation or acquisition | Oct. 31, 2014 |
NIO Technology Co., Ltd. ("NIO SHTECH") (formerly known as Shanghai NextEV Technology Co., Ltd.) | |
Variable Interest Entity [Line Items] | |
Economic interest held | 100.00% |
Entity Incorporation, State Country Name | Shanghai, PRC |
Date of incorporation or acquisition | Nov. 30, 2014 |
Beijing NIO Network Technology Co., Ltd. ("NIO BJTECH") | |
Variable Interest Entity [Line Items] | |
Economic interest held | 100.00% |
Entity Incorporation, State Country Name | Beijing, PRC |
Date of incorporation or acquisition | Jul. 31, 2017 |
Shanghai Anbin Technology Co., Ltd. ("NIO ABTECH") | |
Variable Interest Entity [Line Items] | |
Economic interest held | 100.00% |
Entity Incorporation, State Country Name | Shanghai, PRC |
Date of incorporation or acquisition | Apr. 30, 2018 |
Organization and Nature of Op_5
Organization and Nature of Operations (Detail Textuals) ¥ in Thousands, $ in Thousands | Oct. 12, 2018CNY (¥)shares | Oct. 12, 2018USD ($)shares | Sep. 12, 2018CNY (¥)shares | Sep. 12, 2018USD ($)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) |
Variable Interest Entity [Line Items] | |||||||||
Net loss | ¥ (9,638,979) | $ (1,401,932) | ¥ (5,021,174) | ¥ (2,573,254) | |||||
Accumulated deficit | (35,039,810) | (11,711,948) | $ (5,096,329) | ||||||
Net cash used in operating activities | (7,911,768) | $ (1,150,719) | (4,574,719) | ¥ (2,201,564) | |||||
Working capital | ¥ | 3,576,246 | 6,691,491 | |||||||
Cash and cash equivalents | 3,133,847 | ¥ 7,505,954 | $ 455,799 | ||||||
Initial public offering (the "IPO") | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total net proceeds public offering | ¥ 6,568,291 | $ 956,362 | |||||||
Number of newly issued ordinary shares | 160,000,000 | 160,000,000 | |||||||
Over-allotment option | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total net proceeds public offering | ¥ 962,746 | $ 138,982 | |||||||
Number of newly issuing additional ordinary shares | 24,000,000 | 24,000,000 | |||||||
Loan facility agreements with banks in China | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Aggregate principal amount of notes | ¥ | ¥ 7,095,000 | ||||||||
Maturity date of loan | Dec. 15, 2025 | Dec. 15, 2025 | |||||||
Prime Hubs | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of share held by variable interest entities | 4,250,002 | 4,250,002 | 26,900,001 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Accounting Policies [Abstract] | ||||||
Cash and cash equivalents | ¥ 3,133,847 | $ 455,799 | ¥ 7,505,954 | |||
Restricted cash | 57,012 | 8,292 | 10,606 | |||
Long-term restricted cash | 33,528 | 4,876 | 14,293 | |||
Total | ¥ 3,224,387 | $ 468,967 | ¥ 7,530,853 | $ 1,095,317 | ¥ 596,631 | ¥ 347,109 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended |
Dec. 31, 2018 | |
Building and constructions | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Production facilities | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Charging & battery swap infrastructure | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
R&D equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Computer and electronic equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Purchased software | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Useful lives | Shorter of the estimated useful life or remaining lease term |
Others | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 to 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2018 | |
Domain names and others | |
Finite-Lived Intangible Assets [Line Items] | |
Useful lives | 5 years |
License | |
Finite-Lived Intangible Assets [Line Items] | |
Useful lives | 3 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Detail Textuals) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Foreign currency translation adjustment (gains)/losses | ¥ 20,786 | $ 3,023 | ¥ 124,374 | ¥ (55,493) | ||
Exchange rate (RMB per USD 1.00) | 6.8755 | 6.8755 | ||||
Changes in restricted cash in the consolidated cash flow | ¥ 65,641 | 9,564 | 15,335 | |||
Liabilities recorded related to membership points | 143,868 | 16,460 | ||||
Advertising costs | 218,060 | 63,427 | 4,095 | |||
Amounts of employee benefit expenses | ¥ 517,787 | ¥ 231,070 | 105,955 | |||
Capital lease classification condition | a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. | a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. | a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. | |||
Operating lease expenses | ¥ 490,936 | ¥ 228,478 | ¥ 102,020 | |||
Long-term investments | 148,303 | 47,125 | $ 21,570 | |||
Short-term investments | 5,154,703 | $ 749,720 | ||||
Collateral for bank borrowings and letter of guarantee | ¥ 1,775,000 | |||||
Estimated forfeiture rate | 0.00% | 0.00% | ||||
Separate performance obligation recorded as contract liability (deferred revenue) | ¥ 47,310 | |||||
Reduction in revenue | 441 | |||||
Selling and marketing expenses | ¥ 153,057 | ¥ 16,460 | ||||
Land use rights, net | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Useful lives | 536 months | 536 months |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Detail Textuals) $ in Billions | Dec. 31, 2018USD ($) |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right-of-use assets and total lease liabilities | $ 1.8 |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right-of-use assets and total lease liabilities | $ 2 |
Concentration and Risks (Detail
Concentration and Risks (Detail Textuals) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Risks and Uncertainties [Abstract] | ||
Amount of cash and cash equivalents denominated in RMB subject to government controls | ¥ 2,051,482 | ¥ 914,460 |
Amount of restricted cash denominated in RMB subject to government controls | ¥ 2,051,482 | ¥ 914,460 |
Inventory (Details)
Inventory (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Inventory Disclosure [Abstract] | |||
Raw materials | ¥ 696,005 | ¥ 44,061 | |
Work in process | 6,727 | 22,262 | |
Finished Goods | 723,591 | 0 | |
Merchandise | 38,916 | 23,141 | |
Total | ¥ 1,465,239 | $ 213,110 | ¥ 89,464 |
Prepayments and Other Current_3
Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Prepaid Expense and Other Assets, Current [Abstract] | |||
Deductible VAT input | ¥ 1,018,766 | ¥ 456,774 | |
Prepayment to vendors | 333,367 | 185,401 | |
Deposits | 23,321 | 12,582 | |
Other receivables | 138,803 | 19,668 | |
Total | ¥ 1,514,257 | $ 220,240 | ¥ 674,425 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Subtotal | ¥ 5,530,986 | ¥ 2,132,441 | |
Less: Accumulated depreciation | (677,829) | (221,428) | |
Total property, plant and equipment, net | 4,853,157 | $ 705,862 | 1,911,013 |
Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 1,289,611 | 1,016,643 | |
Mold and tooling | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 1,032,685 | 2,619 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 653,298 | 413,368 | |
Building and constructions | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 481,121 | 0 | |
Charging & battery swap infrastructure | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 470,506 | 0 | |
Production facilities | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 456,569 | 134,080 | |
Computer and electronic equipment | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 393,931 | 178,534 | |
R&D equipment | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 320,362 | 173,741 | |
Purchased software | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 286,034 | 135,775 | |
Others | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | ¥ 146,869 | ¥ 77,681 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Detail Textuals) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |||
Depreciation expenses | ¥ 469,408 | ¥ 165,960 | ¥ 45,013 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | ¥ 8,430 | ¥ 7,429 | |
Accumulated amortization | (4,960) | (2,972) | |
Net carrying value | 3,470 | $ 505 | 4,457 |
Domain names and others | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 5,269 | 4,230 | |
Accumulated amortization | (1,974) | (1,017) | |
Net carrying value | 3,295 | 3,213 | |
License | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 3,161 | 3,199 | |
Accumulated amortization | (2,986) | (1,955) | |
Net carrying value | ¥ 175 | ¥ 1,244 |
Intangible Assets, Net (Detail
Intangible Assets, Net (Detail Textuals) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Amortization expenses | ¥ 1,988 | ¥ 1,898 | ¥ 1,074 |
Land Use Rights, Net (Details)
Land Use Rights, Net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | |
Land Use Rights, Net [Abstract] | ||||
Land use rights | ¥ 216,489 | ¥ 0 | ||
Less: Accumulated amortization-land use rights | (2,827) | |||
Total land use rights, net | ¥ 213,662 | ¥ 0 | $ 31,076 |
Land Use Rights, Net (Detail Te
Land Use Rights, Net (Detail Textuals) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | |
Land Use Rights, Net [Abstract] | |||
Amortization expenses for land use rights | ¥ 2,827 |
Other Non-current Assets (Detai
Other Non-current Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Other Assets, Noncurrent [Abstract] | |||
Long-term deposits | ¥ 616,199 | ¥ 80,168 | |
Receivables of installment payments for battery | 574,677 | 0 | |
Prepayments for purchase of property and equipment | 159,341 | 50,882 | |
Others | 62,613 | 91 | |
Total | ¥ 1,412,830 | $ 205,488 | ¥ 131,141 |
Accruals and Other Liabilitie_2
Accruals and Other Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Accruals And Other Liabilities [Abstract] | |||
Payables for purchase of property and equipment | ¥ 1,027,377 | ¥ 410,726 | |
Payable for R&D expenses | 437,731 | 247,923 | |
Payables for marketing events | 423,953 | 37,933 | |
Salaries and benefits payable | 402,163 | 170,274 | |
Accrued expenses | 308,486 | 199,087 | |
Advance from customers | 233,767 | 68,439 | |
Current portion of deferred revenue | 108,250 | 0 | |
Current portion of deferred construction allowance | 87,330 | 0 | |
Investment deposit from investors | 47,124 | 0 | |
Warranty | 46,574 | 0 | |
Payables for traveling expenses | 43,147 | 10,678 | |
Interest payables | 2,584 | 24,320 | |
Non-recourse loan | 0 | 55,028 | |
Other payables | 215,195 | 61,184 | |
Total | ¥ 3,383,681 | $ 492,136 | ¥ 1,285,592 |
Borrowings (Details)
Borrowings (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Long Term Borrowings [Abstract] | |||
Short-term borrowings | ¥ 1,870,000 | $ 271,980 | ¥ 28,787 |
Current portion of long-term borrowings | 198,852 | $ 28,922 | |
Long-term borrowings: | |||
Bank loan | 766,592 | 454,901 | |
Loan from joint investor | 401,420 | 187,500 | |
Total | ¥ 3,236,864 | ¥ 671,188 |
Borrowings (Detail Textuals)
Borrowings (Detail Textuals) ¥ in Thousands, $ in Thousands | Dec. 24, 2018CNY (¥) | Dec. 20, 2018CNY (¥) | Nov. 30, 2018CNY (¥) | Aug. 17, 2018CNY (¥) | May 14, 2018CNY (¥) | Apr. 16, 2018CNY (¥) | Feb. 02, 2018CNY (¥) | Sep. 28, 2017CNY (¥) | Jun. 30, 2017CNY (¥) | May 17, 2017CNY (¥) | Sep. 29, 2017CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2018USD ($) | May 16, 2018CNY (¥) | May 18, 2017CNY (¥) | Sep. 07, 2016CNY (¥) |
Debt Instrument [Line Items] | |||||||||||||||||
Long-term borrowings | ¥ 1,168,012 | ¥ 642,401 | $ 169,880 | ||||||||||||||
Short-term borrowings | 1,870,000 | 28,787 | $ 271,980 | ||||||||||||||
Loan subscribed | 401,420 | ¥ 187,500 | |||||||||||||||
Aggregate Collateralized By Bank Deposit | ¥ 1,375,000 | ||||||||||||||||
Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 5.22% | 4.87% | 5.22% | ||||||||||||||
Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 4.35% | 4.57% | 4.35% | ||||||||||||||
Joint investment agreement | Nanjing Xingzhi Technology Industry Development Co., Ltd | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term borrowings | ¥ 41,773 | ¥ 37,500 | |||||||||||||||
Joint investment agreement | Wuhan Donghu New Technology Development Zone Management Committee ("Wuhan Donghu") | Wuhan NIO Energy Co., Ltd. ("PE WHJV") | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Loan subscribed | ¥ 384,000 | ||||||||||||||||
Rate of subscribed capital | 49.00% | ||||||||||||||||
Injection of cash debt | ¥ 234,000 | ¥ 50,000 | ¥ 100,000 | ||||||||||||||
Accrued interest | ¥ 17,420 | ¥ 0 | |||||||||||||||
Secured loan agreement | Bank of Nanjing | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount of notes | ¥ 685,000 | ¥ 674,279 | ¥ 454,901 | ||||||||||||||
Interest rate | 5.80% | 4.75% | 5.80% | ||||||||||||||
Maturity date | May 17, 2022 | ||||||||||||||||
Loan agreement | China Merchants Bank | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount of notes | ¥ 200,000 | ¥ 99,500 | |||||||||||||||
Maturity date | Sep. 27, 2019 | ||||||||||||||||
Maturity period | 2 years | ||||||||||||||||
Loan agreement | China Merchants Bank | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 18.00% | 18.00% | |||||||||||||||
Loan agreement | China Merchants Bank | Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 10.00% | 10.00% | |||||||||||||||
Loan agreement | China CITIC Bank | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount of notes | ¥ 50,000 | ¥ 49,750 | |||||||||||||||
Interest rate | 10.00% | 10.00% | |||||||||||||||
Maturity date | Feb. 1, 2021 | ||||||||||||||||
Maturity period | 3 years | ||||||||||||||||
Loan agreement | Bank of Shanghai | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount of notes | ¥ 1,500,000 | ¥ 27,000 | |||||||||||||||
Interest rate | 20.00% | 20.00% | |||||||||||||||
Maturity date | Dec. 15, 2025 | ||||||||||||||||
Maturity period | 7 years 7 months | ||||||||||||||||
Loan agreement | China CITIC Bank | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount of notes | ¥ 50,000 | ¥ 50,000 | |||||||||||||||
Interest rate | 26.00% | 26.00% | |||||||||||||||
Maturity date | Mar. 7, 2021 | ||||||||||||||||
Maturity period | 2 years 7 months | ||||||||||||||||
Loan agreement | Bank of Shanghai | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount of notes | ¥ 40,000 | ¥ 19,800 | ¥ 5,200 | ¥ 5,115 | |||||||||||||
Interest rate | 30.00% | 30.00% | |||||||||||||||
Maturity date | Nov. 30, 2021 | Nov. 30, 2021 | Nov. 30, 2021 | ||||||||||||||
Maturity period | 2 years 11 months |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Other Liabilities, Noncurrent [Abstract] | |||
Deferred government grants | ¥ 351,896 | ¥ 30,416 | |
Deferred revenue | 193,524 | 0 | |
Warranty | 130,719 | 0 | |
Rental payable | 129,995 | 48,926 | |
Deferred construction allowance | 124,678 | 61,771 | |
Total | ¥ 930,812 | $ 135,382 | ¥ 141,113 |
Revenues (Details)
Revenues (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | |
Disaggregation of Revenue [Line Items] | |||||
Revenue by source | ¥ 4,951,171 | ¥ 0 | ¥ 0 | ||
Vehicle sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by source | 4,852,470 | $ 705,762 | 0 | ||
Sales of charging pile | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by source | 82,184 | 0 | |||
Sales of Packages | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by source | 10,220 | 0 | |||
Others | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by source | ¥ 6,297 | ¥ 0 |
Deferred Revenue (Details)
Deferred Revenue (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | |
Movement in Deferred Revenue [Roll Forward] | |||
Deferred revenue - beginning of year | ¥ 0 | ||
Additions | 384,116 | ¥ 0 | $ 0 |
Recognition | (82,342) | 0 | 0 |
Deferred revenue - end of year | ¥ 301,774 | ¥ 0 | $ 0 |
Deferred Revenue (Detail Textua
Deferred Revenue (Detail Textuals) ¥ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) |
Deferred Revenue Disclosure [Abstract] | ||
Unrecognized deferred revenue for charging pile, vehicle internet connection service, extended lifetime warranty service as well as points offered to customers | ¥ 181,539 | |
Unrecognized deferred revenue for ADR | ¥ 99,684 | |
Percentage of transaction price allocated to unsatisfied performance obligation during the period from January 1, 2019 to December 31, 2019 | 36.00% | |
Remaining percentage of revenue for performance obligation recognized during period from January 1, 2020 to December 31, 2023 | 64.00% |
Manufacturing in collaboratio_2
Manufacturing in collaboration with JAC (Detail Textuals) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | |
Jianghuai Automobile Group Co., Ltd. ("JAC") | |||
Manufacturing Collaboration [Line Items] | |||
Actual manufacturing losses recorded as cost of sales | ¥ 126,425 |
Research and Development Expe_3
Research and Development Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Research and Development Expense [Abstract] | ||||
Employee compensation | ¥ 1,850,886 | ¥ 1,004,835 | ¥ 451,284 | |
Design and development expenses | 1,827,980 | 1,455,297 | 948,753 | |
Travel and entertainment expenses | 104,949 | 60,622 | 27,085 | |
Depreciation and amortization expenses | 103,427 | 38,940 | 7,819 | |
Rental and related expenses | 33,105 | 12,367 | 10,485 | |
Others | 77,595 | 30,828 | 19,927 | |
Total | ¥ 3,997,942 | $ 581,477 | ¥ 2,602,889 | ¥ 1,465,353 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Selling, General and Administrative Expense [Abstract] | ||||
Employee compensation | ¥ 2,256,455 | ¥ 929,928 | ¥ 473,302 | |
Marketing and promotional expenses | 1,158,519 | 523,535 | 239,549 | |
Professional services | 578,469 | 238,740 | 133,368 | |
Rental and related expenses | 450,113 | 216,111 | 91,535 | |
Depreciation and amortization expenses | 249,765 | 128,918 | 38,268 | |
Travel and entertainment expenses | 197,187 | 71,278 | 32,572 | |
IT consumable, office supply and other low value consumable | 167,323 | 114,668 | 21,621 | |
Others | 283,959 | 127,529 | 106,972 | |
Total | ¥ 5,341,790 | $ 776,931 | ¥ 2,350,707 | ¥ 1,137,187 |
Acquisition and Investment in_2
Acquisition and Investment in Equity Investees (Detail Textuals) - NIO Sport - Purchase agreement ¥ in Thousands, £ in Thousands, $ in Thousands | Jun. 01, 2017CNY (¥) | Jun. 01, 2017USD ($) | Jun. 01, 2017GBP (£) |
Business Acquisition [Line Items] | |||
Business acquisition, ownership percentage | 45.00% | 45.00% | 45.00% |
Consideration paid | ¥ 28,417 | $ 4,000 | £ 200 |
Convertible Promissory Note (De
Convertible Promissory Note (Detail Textuals) - Convertible promissory note $ / shares in Units, ¥ in Thousands, $ in Thousands | May 17, 2017CNY (¥) | May 17, 2017USD ($) | Feb. 16, 2017USD ($)Shareholder | Feb. 16, 2017CNY (¥) | Feb. 16, 2017USD ($)$ / shares |
Convertible Promissory Note [Line Items] | |||||
Aggregated principal amount | ¥ 312,624 | $ 48,000 | |||
Number of existing convertible redeemable preferred shareholder | Shareholder | 1 | ||||
Interest rate | 15.00% | 15.00% | |||
Maturity period | 90 days | ||||
Percentage of conversion price | 97.00% | ||||
Expected proceeds from sale of securities, qualified financing value | $ | $ 100,000 | ||||
Repayments of convertible debt | ¥ 12,389 | $ 1,800 | |||
Series C convertible redeemable preferred shares | |||||
Convertible Promissory Note [Line Items] | |||||
Percentage of conversion price discount not be applicable to preferred shares | 3.00% | ||||
Series B convertible redeemable preferred shares | |||||
Convertible Promissory Note [Line Items] | |||||
Conversion price | $ / shares | $ 2.751 |
Convertible Redeemable Prefer_3
Convertible Redeemable Preferred Shares (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017CNY (¥)shares | Dec. 31, 2017USD ($)shares | Nov. 30, 2017USD ($)shares | Jul. 31, 2017USD ($)shares | Apr. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)shares | Feb. 28, 2017USD ($)shares | Sep. 30, 2016USD ($)shares | Aug. 31, 2016USD ($)shares | Jul. 31, 2016USD ($)shares | Jun. 30, 2016USD ($)shares | Sep. 30, 2015USD ($)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016CNY (¥)shares | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Balances | ¥ 19,657,786 | ¥ 4,861,574 | ¥ 1,616,729 | |||||||||||||
Balances (in shares) | shares | 813,868,585 | 813,868,585 | 421,355,106 | 319,210,431 | ||||||||||||
Proceeds from Series A-1 Preferred Shares | ¥ 78,651 | ¥ 266,511 | ¥ 401,478 | |||||||||||||
Issuance of preferred shares | ¥ 11,952,766 | ¥ 1,862,134 | ||||||||||||||
Issuance of preferred shares (in shares) | shares | 7,509,933 | 7,509,933 | 392,513,479 | 102,144,675 | ||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 13,667,291 | ¥ 2,576,935 | ¥ 981,233 | |||||||||||||
Conversion of Series A-1 and A-2 Preferred Shares to Ordinary shares | ¥ (12,102,894) | |||||||||||||||
Conversion of Series A-1 and A-2 Preferred Shares to Ordinary shares (in shares) | shares | (295,000,000) | (295,000,000) | ||||||||||||||
Conversion of Series A-3 Preferred Shares to Ordinary shares | ¥ (993,108) | |||||||||||||||
Conversion of Series A-3 Preferred Shares to Ordinary shares (in shares) | shares | (31,720,364) | (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) | (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) | (166,205,830) | ||||||||||||||
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) | (213,585,003) | ||||||||||||||
Balances | ¥ 19,657,786 | ¥ 0 | $ 193,324 | ¥ 19,657,786 | ¥ 4,861,574 | |||||||||||
Balances (in shares) | shares | 813,868,585 | 813,868,585 | 813,868,585 | 421,355,106 | ||||||||||||
Series A-1 & A-2 | ||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Balances | ¥ 5,011,731 | ¥ 2,539,993 | ¥ 1,340,034 | |||||||||||||
Balances (in shares) | shares | 295,000,000 | 295,000,000 | 295,000,000 | 295,000,000 | ||||||||||||
Proceeds from Series A-1 Preferred Shares | ¥ 266,511 | ¥ 401,478 | ||||||||||||||
Issuance of preferred shares | 0 | |||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 7,091,163 | 2,205,227 | 798,481 | |||||||||||||
Conversion of Series A-1 and A-2 Preferred Shares to Ordinary shares | ¥ (12,102,894) | |||||||||||||||
Conversion of Series A-1 and A-2 Preferred Shares to Ordinary shares (in shares) | shares | (295,000,000) | (295,000,000) | ||||||||||||||
Balances | ¥ 5,011,731 | ¥ 0 | ¥ 5,011,731 | ¥ 2,539,993 | ||||||||||||
Balances (in shares) | shares | 295,000,000 | 295,000,000 | 295,000,000 | 295,000,000 | ||||||||||||
Series A-3 | ||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Balances | ¥ 427,129 | ¥ 306,678 | ¥ 276,695 | |||||||||||||
Balances (in shares) | shares | 24,210,431 | 24,210,431 | 24,210,431 | 24,210,431 | ||||||||||||
Proceeds from Series A-1 Preferred Shares | ¥ 0 | ¥ 0 | ||||||||||||||
Issuance of preferred shares | $ 40,000 | 0 | ||||||||||||||
Issuance of preferred shares (in shares) | shares | 24,210,431 | 7,509,933 | 7,509,933 | |||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 565,979 | 120,451 | 29,983 | |||||||||||||
Conversion of Series A-3 Preferred Shares to Ordinary shares | ¥ (993,108) | |||||||||||||||
Conversion of Series A-3 Preferred Shares to Ordinary shares (in shares) | shares | (31,720,364) | (31,720,364) | ||||||||||||||
Balances | ¥ 427,129 | ¥ 0 | ¥ 427,129 | ¥ 306,678 | ||||||||||||
Balances (in shares) | shares | 24,210,431 | 24,210,431 | 24,210,431 | 24,210,431 | ||||||||||||
Series B | ||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Balances | ¥ 2,294,980 | ¥ 2,014,903 | ¥ 0 | |||||||||||||
Balances (in shares) | shares | 114,867,321 | 114,867,321 | 102,144,675 | 0 | ||||||||||||
Proceeds from Series A-1 Preferred Shares | ¥ 0 | ¥ 0 | ||||||||||||||
Issuance of preferred shares | $ 316,000 | $ 316,000 | $ 316,000 | $ 316,000 | $ 316,000 | ¥ 240,066 | ¥ 1,862,134 | |||||||||
Issuance of preferred shares (in shares) | shares | 114,867,321 | 114,867,321 | 114,867,321 | 114,867,321 | 114,867,321 | 12,722,646 | 102,144,675 | |||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 2,417,979 | ¥ 40,011 | ¥ 152,769 | |||||||||||||
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) | (114,867,321) | ||||||||||||||
Balances | ¥ 2,294,980 | ¥ 0 | ¥ 2,294,980 | ¥ 2,014,903 | ||||||||||||
Balances (in shares) | shares | 114,867,321 | 114,867,321 | 114,867,321 | 102,144,675 | ||||||||||||
Series C | ||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Balances | ¥ 4,454,596 | ¥ 0 | ¥ 0 | |||||||||||||
Balances (in shares) | shares | 166,205,830 | 166,205,830 | 0 | 0 | ||||||||||||
Proceeds from Series A-1 Preferred Shares | ¥ 0 | ¥ 0 | ||||||||||||||
Issuance of preferred shares | $ 645,709 | $ 645,709 | $ 645,709 | ¥ 4,398,313 | ||||||||||||
Issuance of preferred shares (in shares) | shares | 166,205,830 | 166,205,830 | 166,205,830 | 166,205,830 | ||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 2,375,943 | ¥ 56,283 | 0 | |||||||||||||
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 | 166,205,830 | ||||||||||||||
Balances | ¥ 4,454,596 | ¥ 0 | ¥ 4,454,596 | ¥ 0 | ||||||||||||
Balances (in shares) | shares | 166,205,830 | 166,205,830 | 166,205,830 | 0 | ||||||||||||
Series D | ||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Balances | ¥ 7,469,350 | ¥ 0 | ¥ 0 | |||||||||||||
Balances (in shares) | shares | 213,585,003 | 213,585,003 | 0 | 0 | ||||||||||||
Proceeds from Series A-1 Preferred Shares | ¥ 78,651 | ¥ 0 | ¥ 0 | |||||||||||||
Issuance of preferred shares | $ 1,130,320 | $ 1,130,320 | ¥ 7,314,387 | |||||||||||||
Issuance of preferred shares (in shares) | shares | 211,156,415 | 211,156,415 | 211,156,415 | 213,585,003 | ||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | 1,216,227 | ¥ 154,963 | 0 | |||||||||||||
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) | (213,585,003) | ||||||||||||||
Balances | ¥ 7,469,350 | ¥ 0 | ¥ 7,469,350 | ¥ 0 | ||||||||||||
Balances (in shares) | shares | 213,585,003 | 213,585,003 | 213,585,003 | 0 |
Convertible Redeemable Prefer_4
Convertible Redeemable Preferred Shares (Detail Textuals) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017USD ($)$ / sharesshares | Nov. 30, 2017USD ($)$ / sharesshares | Jul. 31, 2017USD ($)$ / sharesshares | Apr. 30, 2017USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Feb. 28, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Aug. 31, 2016USD ($)$ / sharesshares | Jul. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | May 31, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016CNY (¥)shares | |
Temporary Equity [Line Items] | ||||||||||||||||
Issuance of preferred shares (in shares) | 7,509,933 | 392,513,479 | 102,144,675 | |||||||||||||
Issuance of preferred shares | ¥ | ¥ 11,952,766 | ¥ 1,862,134 | ||||||||||||||
Series A-1 | ||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||
Issuance of preferred shares (in shares) | 165,000,000 | |||||||||||||||
Convertible redeemable preferred shares, per share | $ / shares | $ 1 | |||||||||||||||
Issuance of preferred shares | $ | $ 165,000 | |||||||||||||||
Series A-2 | ||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||
Issuance of preferred shares (in shares) | 130,000,000 | 130,000,000 | ||||||||||||||
Convertible redeemable preferred shares, per share | $ / shares | $ 1 | $ 1 | ||||||||||||||
Issuance of preferred shares | $ | $ 130,000 | $ 130,000 | ||||||||||||||
Series A-3 | ||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||
Issuance of preferred shares (in shares) | 24,210,431 | 7,509,933 | ||||||||||||||
Convertible redeemable preferred shares, per share | $ / shares | $ 0.00025 | $ 1.6522 | $ 0.00025 | |||||||||||||
Issuance of preferred shares | $ 40,000 | ¥ 0 | ||||||||||||||
Series B | ||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||
Issuance of preferred shares (in shares) | 114,867,321 | 114,867,321 | 114,867,321 | 114,867,321 | 114,867,321 | 12,722,646 | 102,144,675 | |||||||||
Convertible redeemable preferred shares, per share | $ / shares | 0.00025 | $ 2.751 | $ 2.751 | $ 2.751 | $ 2.751 | $ 2.751 | 0.00025 | |||||||||
Issuance of preferred shares | $ 316,000 | $ 316,000 | $ 316,000 | $ 316,000 | $ 316,000 | ¥ 240,066 | ¥ 1,862,134 | |||||||||
Series C | ||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||
Issuance of preferred shares (in shares) | 166,205,830 | 166,205,830 | 166,205,830 | 166,205,830 | ||||||||||||
Convertible redeemable preferred shares, per share | $ / shares | $ 0.00025 | $ 3.885 | $ 3.885 | $ 3.885 | 0.00025 | |||||||||||
Issuance of preferred shares | $ 645,709 | $ 645,709 | $ 645,709 | ¥ 4,398,313 | ||||||||||||
Series D | ||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||
Issuance of preferred shares (in shares) | 211,156,415 | 211,156,415 | 213,585,003 | |||||||||||||
Convertible redeemable preferred shares, per share | $ / shares | $ 0.00025 | $ 5.353 | $ 0.00025 | |||||||||||||
Issuance of preferred shares | $ 1,130,320 | $ 1,130,320 | ¥ 7,314,387 |
Convertible Redeemable Prefer_5
Convertible Redeemable Preferred Shares (Detail Textuals 1) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2017USD ($)shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | |
Temporary Equity [Line Items] | |||
Voting rights | Holders of the Preferred Shares are entitled to appoint a total of 10 out of 11 directors of the Board | Holders of the Preferred Shares are entitled to appoint a total of 10 out of 11 directors of the Board | |
Series A-1 convertible redeemable preferred shares | |||
Temporary Equity [Line Items] | |||
Stock issuance cost | ¥ 1,892 | $ 301 | |
Series A-2 convertible redeemable preferred shares | |||
Temporary Equity [Line Items] | |||
Stock issuance cost | 1,177 | 189 | |
Series A-3 convertible redeemable preferred shares | |||
Temporary Equity [Line Items] | |||
Stock issuance cost | 1,296 | 208 | |
Series B convertible redeemable preferred shares | |||
Temporary Equity [Line Items] | |||
Stock issuance cost | 11,857 | 1,782 | |
Series C convertible redeemable preferred shares | |||
Temporary Equity [Line Items] | |||
Stock issuance cost | 10,039 | 1,489 | |
Series D convertible redeemable preferred shares | |||
Temporary Equity [Line Items] | |||
Unpaid value from total consideration | $ 12,000 | ||
Commission incurred | $ 26,000 | ||
Percentage of commission paid in cash | 50.00% | ||
Value of commission paid in cash | $ 13,000 | ||
Percentage of commission paid in shares | 50.00% | ||
Issuance of shares to pay commission | shares | 2,428,588 | ||
Stock issuance cost | ¥ 6,033 | $ 901 |
Convertible Redeemable Prefer_6
Convertible Redeemable Preferred Shares (Detail Textuals 2) | 12 Months Ended |
Dec. 31, 2018 | |
Series D | |
Temporary Equity [Line Items] | |
Percentage of dividend received | 5.00% |
Series C | |
Temporary Equity [Line Items] | |
Percentage of dividend received | 5.00% |
Series B | |
Temporary Equity [Line Items] | |
Percentage of dividend received | 5.00% |
Series A | |
Temporary Equity [Line Items] | |
Percentage of dividend received | 5.00% |
Convertible Redeemable Prefer_7
Convertible Redeemable Preferred Shares (Detail Textuals 3) - CNY (¥) ¥ in Thousands | Sep. 14, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Temporary Equity [Line Items] | ||||
Holders entitled to receive amount per share | (A) an amount equal to the higher of (1) 100% of the original issue price of such Preferred Shares | |||
Preferred stock, initial conversion ratio | The initial conversion ratio of Preferred Shares to ordinary shares shall be 1:1 | |||
Preferred stock, reason when security is redeemable | 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. | |||
Preferred stock, redemption terms | (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. | |||
Percentage of Preferred Shares' original issue price as redemption amount payable equal to the greater of | 100.00% | |||
Compound interest rate on preferred shares' original issue price | 8.00% | |||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 13,667,291 | ¥ 2,576,935 | ¥ 981,233 | |
Initial public offering (the "IPO") | ||||
Temporary Equity [Line Items] | ||||
Number of preferred shares automatically converted to ordinary shares | 821,378,518 |
Redeemable non-controlling in_2
Redeemable non-controlling interests (Detail Textuals) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
Temporary Equity [Line Items] | ||
Percentage of simple interest on original issue price considered in redemption price | 10.00% | |
XPT (Jiangsu) Automotive Technology Co., Ltd. ("XPT Auto") | ||
Temporary Equity [Line Items] | ||
Amount of total redeemable preferred share | ¥ 1,269,900 | |
Amount of consideration paid under redeemable preferred share | ¥ 1,265,900 | |
Amount of outstanding consideration paid under redeemable preferred share | ¥ 4,000 |
Ordinary Shares (Detail Textual
Ordinary Shares (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 | ||
Share capital, value authorized | $ 1,000 | $ 500 | ||
Share capital, shares authorized | 4,000,000,000 | 2,000,000,000 | ||
Ordinary shares, shares authorized | 1,219,469,778 | 1,151,269,325 | ||
Ordinary shares, shares issued | 36,727,350 | |||
Ordinary shares, shares outstanding | 23,850,343 | |||
Ordinary Shares | ||||
Class of Stock [Line Items] | ||||
Shares issued | 1,057,731,012 | 36,727,350 | 32,003,810 | 28,900,001 |
Shares outstanding | 1,050,799,032 | 23,850,343 | ||
Series A-1 | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 165,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.00025 | |||
Series A-2 | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 130,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.00025 | |||
Series A-3 | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 31,720,364 | |||
Preferred stock, par value (in dollars per share) | $ 0.00025 | |||
Series B | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 114,867,321 | |||
Preferred stock, par value (in dollars per share) | $ 0.00025 | |||
Series C | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 167,142,990 | |||
Preferred stock, par value (in dollars per share) | $ 0.00025 | |||
Series D | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 240,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.00025 | |||
Class A Ordinary Shares | ||||
Class of Stock [Line Items] | ||||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 | ||
Ordinary shares, shares authorized | 2,500,000,000 | |||
Ordinary shares, shares issued | 777,200,790 | |||
Ordinary shares, shares outstanding | 770,268,810 | |||
Class B Ordinary Shares | ||||
Class of Stock [Line Items] | ||||
Ordinary shares, par value (in dollars per share) | $ 0.00025 | $ 0.00025 | ||
Ordinary shares, shares authorized | 132,030,222 | |||
Ordinary shares, shares issued | 132,030,222 | |||
Ordinary shares, shares outstanding | 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 authorized | 148,500,000 | |||
Ordinary shares, shares issued | 148,500,000 | |||
Ordinary shares, shares outstanding | 148,500,000 |
Share-based Compensation (Detai
Share-based Compensation (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total | ¥ 679,468 | $ 98,825 | ¥ 90,296 | ¥ 76,684 |
Cost of sales | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total | 9,289 | 0 | 14,484 | |
Research and development expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total | 109,124 | 23,210 | 62,200 | |
Selling, general and administrative expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total | ¥ 561,055 | ¥ 67,086 | ¥ 0 |
Share-based Compensation (Det_2
Share-based Compensation (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares Outstanding | |||
Granted | 77,918,466 | 27,495,737 | |
Restricted shares | Employees | Prime Hubs Restricted Shares Plan (the "Prime Hubs Plan") | |||
Number of Shares Outstanding | |||
Unvested, Beginning Balance | 7,058,338 | 8,400,000 | 13,450,000 |
Granted | 2,000,000 | ||
Vested | (7,058,338) | (3,133,329) | (3,362,500) |
Forfeited | (208,333) | (1,687,500) | |
Unvested, Ending Balance | 0 | 7,058,338 | 8,400,000 |
Weighted Average Grant Date Fair Value | |||
Unvested, Beginning Balance | $ 1.04 | $ 0.72 | $ 0.72 |
Granted | 2.05 | ||
Vested | 1.04 | 0.84 | 0.72 |
Forfeited | 0.72 | 0.72 | |
Unvested, Ending Balance | $ 0 | $ 1.04 | $ 0.72 |
Restricted shares | Non Employees | Prime Hubs Restricted Shares Plan (the "Prime Hubs Plan") | |||
Number of Shares Outstanding | |||
Unvested, Beginning Balance | 0 | 0 | 2,950,000 |
Vested | (2,950,000) | ||
Unvested, Ending Balance | 0 | 0 | 0 |
Weighted Average Grant Date Fair Value | |||
Unvested, Beginning Balance | $ 0 | $ 0 | $ 1.25 |
Vested | 1.25 | ||
Unvested, Ending Balance | $ 0 | $ 0 | $ 0 |
Share-based Compensation (Det_3
Share-based Compensation (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Options Outstanding | |||
Granted | 77,918,466 | 27,495,737 | |
Share Options | NIO Incentive Plans | |||
Number of Options Outstanding | |||
Outstanding, Beginning Balance | 57,775,914 | 52,623,554 | 0 |
Granted | 47,216,792 | 13,460,477 | 53,576,606 |
Exercised | (7,732,317) | (2,723,540) | |
Forfeited | (5,498,453) | (5,236,562) | (945,346) |
Expired | (687,796) | (348,015) | (7,706) |
Outstanding, Ending Balance | 91,074,140 | 57,775,914 | 52,623,554 |
Vested and expected to vest | 99,702,386 | 55,832,678 | 50,782,627 |
Exercisable | 32,959,964 | 5,089,894 | 1,297,535 |
Weighted Average Exercise Price | |||
Outstanding, Beginning Balance | $ 0.57 | $ 0.32 | $ 0 |
Granted | 2.79 | 1.46 | 0.32 |
Exercised | 0.40 | 0.39 | |
Forfeited | 1.17 | 0.44 | 0.39 |
Expired | 0.62 | 0.25 | 0.10 |
Outstanding, Ending Balance | $ 1.69 | $ 0.57 | $ 0.32 |
Weighted Average Remaining Contractual Life, Outstanding | 8 years 2 months 23 days | 8 years 6 months 7 days | 8 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding | $ 425,988 | $ 114,299 | $ 51,506 |
Aggregate Intrinsic Value, Vested and expected to vest | 467,127 | 107,299 | 49,245 |
Aggregate Intrinsic Value, Exercisable | $ 185,787 | $ 11,070 | $ 1,336 |
Share-based Compensation (Det_4
Share-based Compensation (Details 3) - Share Options - NIO Incentive Plans - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of the ordinary shares on the date of option grant (USD) | $ 1.93 | $ 1.21 | $ 0.90 |
Expected term (in years) | 10 years | 10 years | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 54.00% | ||
Expected forfeiture rate (post-vesting) | 5.00% | 5.00% | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (USD) | $ 0.10 | $ 0.61 | $ 0.10 |
Fair value of the ordinary shares on the date of option grant (USD) | $ 3.38 | $ 1.30 | $ 0.96 |
Risk-free interest rate | 2.74% | 2.31% | 1.46% |
Expected term (in years) | 7 years | ||
Expected volatility | 47.00% | 51.00% | |
Expected forfeiture rate (post-vesting) | 5.00% | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price (USD) | $ 6.74 | $ 2.55 | $ 0.61 |
Fair value of the ordinary shares on the date of option grant (USD) | $ 6.74 | $ 2.55 | $ 1.30 |
Risk-free interest rate | 3.15% | 2.40% | 1.78% |
Expected term (in years) | 10 years | ||
Expected volatility | 51.00% | 52.00% | |
Expected forfeiture rate (post-vesting) | 8.00% |
Share-based Compensation (Det_5
Share-based Compensation (Details 4) - Restricted shares - NIO Incentive Plans - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
US employees under 2015 plan | |||
Number of Restricted Shares Outstanding | |||
Unvested, Beginning Balance | 1,112,977 | 1,837,387 | 0 |
Granted | 3,103,809 | ||
Vested | (608,406) | (470,015) | (960,958) |
Forfeited | (63,058) | (254,395) | (305,464) |
Unvested, Ending Balance | 441,513 | 1,112,977 | 1,837,387 |
Weighted Average Grant Date Fair Value | |||
Unvested, Beginning Balance | $ 0.96 | $ 0.96 | $ 0 |
Granted | 0.96 | ||
Vested | 0.96 | 0.96 | 0.96 |
Forfeited | 0.96 | 0.96 | 0.96 |
Unvested, Ending Balance | $ 0.96 | $ 0.96 | $ 0.96 |
Non-US employees under 2016 and 2017 plan | |||
Number of Restricted Shares Outstanding | |||
Unvested, Beginning Balance | 0 | ||
Granted | 509,001 | ||
Vested | (445,104) | ||
Unvested, Ending Balance | 63,897 | 0 | |
Weighted Average Grant Date Fair Value | |||
Unvested, Beginning Balance | $ 0 | ||
Granted | 6.72 | ||
Vested | 6.74 | ||
Unvested, Ending Balance | $ 6.60 | $ 0 |
Share-based Compensation (Det_6
Share-based Compensation (Details 5) - Series A-3 convertible redeemable preferred shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 1.74 | $ 1.82 | $ 1.83 |
Fair value of the Preferred Shares on the measurement date | $ 4.54 | $ 2.70 | $ 1.80 |
Risk-free interest rate | 2.00% | 2.00% | 2.00% |
Remaining life (in years) | 3 months 4 days | 3 years 7 months 21 days | 4 years 9 months |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 43.00% | 47.00% | 47.00% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 44.00% | 48.00% | 51.00% |
Share-based Compensation (Det_7
Share-based Compensation (Detail Textuals) - Restricted shares - Prime Hubs Restricted Shares Plan (the "Prime Hubs Plan") ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015 | Dec. 31, 2018USD ($) | Aug. 31, 2018CNY (¥)shares | Dec. 31, 2017USD ($) | Jan. 31, 2017CNY (¥)shares | |
Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Requisite service period | 4 years | |||||||
Percentage of vesting | 25.00% | |||||||
Recognized share-based compensation expenses | ¥ 39,560 | ¥ 20,572 | ¥ 8,435 | |||||
Unrecognized share-based compensation expenses | $ | $ 37,651 | |||||||
Weighted-average period for unrecognized expenses expected to be recognized | 0 years | 1 year 8 months 9 days | ||||||
Non Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Requisite service period | 1 year | |||||||
Percentage of vesting | 100.00% | |||||||
Number of shares to be repurchased | shares | 250,000 | |||||||
Value of shares to be repurchased | ¥ 1,686 | |||||||
Recognized share-based compensation expenses | ¥ 24,532 | |||||||
Former employee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares to be repurchased | shares | 562,500 | |||||||
Value of shares to be repurchased | ¥ 7,490 |
Share-based Compensation (Det_8
Share-based Compensation (Detail Textuals 1) - NIO Incentive Plans ¥ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018CNY (¥)$ / shares | Dec. 31, 2017CNY (¥) | Dec. 31, 2017CNY (¥)$ / shares | Dec. 31, 2016CNY (¥) | Dec. 31, 2016$ / shares | Dec. 31, 2015 | |
Share Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant date fair value for options granted | $ / shares | $ 1.93 | $ 1.21 | $ 0.90 | ||||
Recognized share-based compensation expenses | ¥ 437,320 | ¥ 30,127 | ¥ 17,998 | ||||
Share Options | Employees of NIO US | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized share-based compensation expenses | ¥ 17,101 | $ 17,101 | ¥ 58,444 | $ 58,444 | |||
Weighted-average period for unrecognized expenses expected to be recognized | 2 years 8 months 1 day | 2 years 6 months 11 days | |||||
Share Options | Non NIO US employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized share-based compensation expenses | ¥ 50,279 | 50,279 | ¥ 275,473 | 275,473 | |||
Weighted-average period for unrecognized expenses expected to be recognized | 3 years 7 days | ||||||
IPO Performance Stock Option | Non NIO US employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized share-based compensation expenses | ¥ 138,884 | 138,884 | |||||
Restricted shares | Employees of NIO US | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized share-based compensation expenses | 3,790 | 4,151 | 6,137 | ||||
Unrecognized share-based compensation expenses | ¥ 2,812 | 2,812 | ¥ 6,095 | $ 6,095 | |||
Weighted-average period for unrecognized expenses expected to be recognized | 9 months | 1 year 9 months | |||||
Restricted shares | Non NIO US employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized share-based compensation expenses | ¥ 20,323 | ||||||
Unrecognized share-based compensation expenses | ¥ 2,798 | $ 2,798 | |||||
Weighted-average period for unrecognized expenses expected to be recognized | 1 year 8 months 12 days | ||||||
Share options and Restricted shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Contractual term of plan | 10 years | ||||||
Vesting period | 4 years | ||||||
Share options and Restricted shares | Vest upon first anniversary | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Description of award vesting rights | one fourth (1/4) | ||||||
Share options and Restricted shares | Vest rateably | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 36 months |
Share-based Compensation (Det_9
Share-based Compensation (Detail Textuals 2) $ / shares in Units, ¥ in Thousands, $ in Thousands | Mar. 10, 2016 | Jun. 30, 2018CNY (¥) | Nov. 30, 2015USD ($)Management_Member$ / sharesshares | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expenses | ¥ 178,475 | ¥ 35,446 | ¥ 19,582 | |||
Series A-3 convertible redeemable preferred shares | Key management team member | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of key management team member | Management_Member | 1 | |||||
Number of shares issued | shares | 7,509,933 | |||||
Price of per shares issued | $ / shares | $ 1.6522 | |||||
Value of loan provided | $ | $ 12,408 | |||||
Interest rate of loan provided | 1.80% | |||||
Frequency of interest rate compounding | semiannually | |||||
Requisite period of service | 3 years | |||||
Percentage of vesting immediately | 25.00% | |||||
Percentage of vesting annually | 25.00% | |||||
Percentage of loan principal and interest | 50.00% | |||||
Repayment of loan and interest accrued | ¥ 82,863 | |||||
Vesting percentage considered as exercised | 75.00% | |||||
Percentage of unvested | 25.00% |
Taxation (Details)
Taxation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
United States | |||
Income Tax [Line Items] | |||
Maximum applicable income tax rate | 29.84% | 42.84% | 42.84% |
United Kingdom | |||
Income Tax [Line Items] | |||
Maximum applicable income tax rate | 19.00% | 19.25% | 20.00% |
Germany | |||
Income Tax [Line Items] | |||
Maximum applicable income tax rate | 32.98% | 32.98% | 32.98% |
Taxation (Details 1)
Taxation (Details 1) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense | ¥ 22,044 | ¥ 7,906 | ¥ 4,314 |
Taxation (Details 2)
Taxation (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Loss before income tax expense | ¥ (9,616,935) | $ (1,398,726) | ¥ (5,013,268) | ¥ (2,568,940) |
Income tax expense computed at PRC statutory income tax rate of 25% | (2,404,234) | (1,253,318) | (642,235) | |
Non-deductible expenses | 96,684 | 91,093 | 91,915 | |
Foreign tax rates differential | 167,180 | (74,531) | 52,495 | |
Additional 50% tax deduction for qualified research and development expenses | (216,993) | (93,513) | (46,527) | |
Tax exempted interest income | (10,377) | (845) | (52) | |
Effect of U.S. tax law change | 0 | 165,898 | 0 | |
US tax credits | (42,781) | (52,185) | (5,716) | |
Prior year adjustments | (1,422) | (10,293) | 3,594 | |
Tax benefit not utilized | 2,433,987 | 1,235,600 | 550,840 | |
Current income tax expense | ¥ 22,044 | $ 3,206 | ¥ 7,906 | ¥ 4,314 |
Taxation (Details 3)
Taxation (Details 3) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets | ||||
Net operating loss carry-forwards | ¥ 3,777,696 | ¥ 1,620,535 | ¥ 567,844 | |
Accrued and prepaid expenses | 255,240 | 84,320 | 39,174 | |
Advertising expenses in excess of deduction limit | 14,234 | 65,737 | 9,118 | |
Tax credit carry-forwards | 107,471 | 60,624 | 13,735 | |
Property, plant and equipment, net | 12,349 | 27,463 | 28,849 | |
Deferred rent | 36,729 | 8,699 | 9,478 | |
Deferred Revenue | 83,877 | 0 | 2,411 | |
Unrealized financing cost | 41,939 | 0 | 0 | |
Intangible assets | 15,984 | 7,104 | 1,643 | |
Share-based compensation | 8,962 | 4,106 | 637 | |
Unrealized foreign exchange loss | 55 | 55 | 0 | |
Total deferred tax assets | 4,369,687 | 1,878,643 | 672,889 | |
Less: Valuation allowance | (4,369,687) | (1,878,643) | (672,889) | ¥ 0 |
Total deferred tax assets, net | ¥ 0 | ¥ 0 | ¥ 0 |
Taxation (Details 4)
Taxation (Details 4) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation allowance | |||
Balance at beginning of the year | ¥ 1,878,643 | ¥ 672,889 | ¥ 0 |
Additions | 2,491,044 | 1,205,754 | 672,889 |
Balance at end of the year | ¥ 4,369,687 | ¥ 1,878,643 | ¥ 672,889 |
Taxation (Details 5)
Taxation (Details 5) ¥ in Thousands | Dec. 31, 2018CNY (¥) |
Operating Loss Carryforwards [Line Items] | |
Total | ¥ 11,551,510 |
Loss expiring in 2019 | |
Operating Loss Carryforwards [Line Items] | |
Total | 4 |
Loss expiring in 2020 | |
Operating Loss Carryforwards [Line Items] | |
Total | 186,827 |
Loss expiring in 2021 | |
Operating Loss Carryforwards [Line Items] | |
Total | 1,335,168 |
Loss expiring in 2022 | |
Operating Loss Carryforwards [Line Items] | |
Total | 3,098,425 |
Loss expiring in 2023 | |
Operating Loss Carryforwards [Line Items] | |
Total | ¥ 6,931,086 |
Taxation (Detail Textuals)
Taxation (Detail Textuals) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Income Tax [Line Items] | |
Operating loss carryforwards | ¥ 11,551,510 |
Tax Year 2017 | |
Income Tax [Line Items] | |
Statutory income tax rate | 35.00% |
Tax Year 2018 | |
Income Tax [Line Items] | |
Statutory income tax rate | 21.00% |
Loss expiring in 2019 | |
Income Tax [Line Items] | |
Operating loss carryforwards | ¥ 4 |
Loss expiring in 2020 | |
Income Tax [Line Items] | |
Operating loss carryforwards | ¥ 186,827 |
China | State Administration of Taxation, China | |
Income Tax [Line Items] | |
Effective income tax rate | 25.00% |
Percentage of withholding tax for foreign investors non resident enterprises | 10.00% |
Percentage of withholding tax for resident enterprise | 5.00% |
Percent entitled to claim for qualified research and development expenses | 175.00% |
Additional percentage of qualified research and development expenses claimed in annual filing | 75.00% |
Statutory income tax rate | 25.00% |
United Kingdom | |
Income Tax [Line Items] | |
Operating loss carryforwards | ¥ 1,221,492 |
Hong Kong | |
Income Tax [Line Items] | |
Operating loss carryforwards | ¥ 1,221,492 |
Hong Kong | Inland Revenue, Hong Kong | |
Income Tax [Line Items] | |
Effective income tax rate | 16.50% |
United States | Loss expiring in 2017 | |
Income Tax [Line Items] | |
Operating loss carryforwards | ¥ 22,960 |
United States | Loss expiring in 2018 | |
Income Tax [Line Items] | |
Operating loss carryforwards | 232,429 |
United States | Loss expiring in 2019 | |
Income Tax [Line Items] | |
Operating loss carryforwards | 894,771 |
United States | Loss expiring infinite years | |
Income Tax [Line Items] | |
Operating loss carryforwards | ¥ 1,156,230 |
Loss Per Share (Details)
Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss | ¥ (9,638,979) | $ (1,401,932) | ¥ (5,021,174) | ¥ (2,573,254) |
Accretion on convertible redeemable preferred shares to redemption value | (13,667,291) | (2,576,935) | (981,233) | |
Accretion on redeemable non-controlling interests to redemption value | (63,297) | 0 | 0 | |
Net loss attributable to non-controlling interests | 41,705 | 6,066 | 36,440 | 36,938 |
Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share | ¥ (23,327,862) | $ (3,392,897) | ¥ (7,561,669) | ¥ (3,517,549) |
Denominator: | ||||
Weighted-average number of ordinary shares outstanding - basic and diluted | shares | 332,153,211 | 332,153,211 | 21,801,525 | 16,697,527 |
Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc. | (per share) | ¥ 70.23 | $ 10.21 | ¥ 346.84 | ¥ 210.66 |
Loss Per Share (Detail Textuals
Loss Per Share (Detail Textuals) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-vested restricted shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average numbers of shares excluded from the calculation of diluted net loss per share | 340,518 | 8,323,591 | 12,198,170 |
Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average numbers of shares excluded from the calculation of diluted net loss per share | 72,735,288 | 27,495,737 | 26,311,777 |
Preferred Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average numbers of shares excluded from the calculation of diluted net loss per share | 678,614,152 | 593,611,970 | 369,222,548 |
Related Party Balances and Tr_3
Related Party Balances and Transactions (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Service income | ¥ 3,612 | ¥ 21,509 | ¥ 0 |
Shanghai NIO Hongling Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | 2,707 | 0 | 0 |
Shanghai Weishang Business Consulting Co.,Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | 905 | 0 | 0 |
Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | 0 | 11,121 | 0 |
Beijing CHJ Information Technology Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | 0 | 4,588 | 0 |
Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership) | |||
Related Party Transaction [Line Items] | |||
Service income | 0 | 4,015 | 0 |
Jiangsu Xindian Automotive Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Service income | ¥ 0 | ¥ 1,785 | ¥ 0 |
Related Party Balances and Tr_4
Related Party Balances and Transactions (Details 1) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | ¥ 38,057 | ¥ 15,552 | ¥ 0 |
Beijing Xinyi Hudong Guanggao Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 28,245 | 8,021 | 0 |
Beijing Chehui Hudong Guanggao Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 6,915 | 544 | 0 |
Bite Shijie (Beijing) Keji Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | 2,865 | 6,987 | 0 |
Beijing Bitauto Information Technology Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of marketing and advertising service | ¥ 32 | ¥ 0 | ¥ 0 |
Related Party Balances and Tr_5
Related Party Balances and Transactions (Details 2) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Loan to related party | ¥ 66,166 | ¥ 50,000 | ¥ 0 |
NIO Capital | |||
Related Party Transaction [Line Items] | |||
Loan to related party | 66,166 | 0 | 0 |
Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Loan to related party | ¥ 0 | ¥ 50,000 | ¥ 0 |
Related Party Balances and Tr_6
Related Party Balances and Transactions (Details 3) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Suzhou Zenlead XPT New Energy Technologies Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Cost of manufacturing consignment | ¥ 132,152 | ¥ 18,324 | ¥ 0 |
Related Party Balances and Tr_7
Related Party Balances and Transactions (Details 4) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Purchase of property and equipment | ¥ 11,107 | ¥ 2,960 | ¥ 0 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Purchase of property and equipment | 11,107 | 0 | 0 |
Bite Shijie (Beijing) Keji Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Purchase of property and equipment | ¥ 0 | ¥ 2,960 | ¥ 0 |
Related Party Balances and Tr_8
Related Party Balances and Transactions (Details 5) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Baidu Capital L.P. | |||
Related Party Transaction [Line Items] | |||
Interest payable on behalf of related party | ¥ 8,065 | ¥ 21,671 | ¥ 0 |
Related Party Balances and Tr_9
Related Party Balances and Transactions (Details 6) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Acceptance of R&D and maintenance service | ¥ 17,212 | ¥ 0 | ¥ 0 |
Suzhou Zenlead XPT New Energy Technologies Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of R&D and maintenance service | 14,776 | 0 | 0 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Acceptance of R&D and maintenance service | ¥ 2,436 | ¥ 0 | ¥ 0 |
Related Party Balances and T_10
Related Party Balances and Transactions (Details 7) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Nanjing Weibang Transmission Technology Co., Ltd | |||
Related Party Transaction [Line Items] | |||
Payment on behalf of related party | ¥ 2,790 | ¥ 0 | ¥ 0 |
Related Party Balances and T_11
Related Party Balances and Transactions (Details 8) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Amounts due from related parties | ¥ 96,036 | ¥ 79,556 |
Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 50,000 | 50,000 |
NIO Capital | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 34,316 | 0 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 7,970 | 0 |
Nanjing Weibang Transmission Technology Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 2,790 | 0 |
Shanghai Weilan Hongling Investment Management Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 960 | 0 |
Baidu Capital L.P. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 0 | 21,671 |
Beijing CHJ Information Technology Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 0 | 3,624 |
Bin Li | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 0 | 1,680 |
Jiangsu Xindian Automotive Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 0 | 1,627 |
Hubei Changjiang Nextev New Energy Investment Management Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | ¥ 0 | ¥ 954 |
Related Party Balances and T_12
Related Party Balances and Transactions (Details 9) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Amounts due to related parties | ¥ 219,583 | ¥ 40,069 |
Suzhou Zenlead XPT New Energy Technologies Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 210,868 | 19,466 |
Beijing Chehui Hudong Guanggao Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 4,085 | 576 |
Beijing Xinyi Hudong Guanggao Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 3,530 | 400 |
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 761 | 0 |
Bite Shijie (Beijing) Keji Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 339 | 0 |
Bin Li | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | 0 | 14,289 |
Lihong Qin | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | ¥ 0 | ¥ 5,338 |
Related Party Balances and T_13
Related Party Balances and Transactions (Detail Textuals) $ in Thousands | Jan. 12, 2019Loan | Jan. 12, 2018USD ($) |
Related Party Transactions [Abstract] | ||
Number of loan | Loan | 2 | |
Principal amount | $ | $ 5,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Property and equipment | ¥ 1,454,031 | ¥ 1,250,612 |
Leasehold improvements | 149,551 | 470,600 |
Total | ¥ 1,603,582 | ¥ 1,721,212 |
Commitments and Contingencies_3
Commitments and Contingencies (Details 1) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Within one year | ¥ 393,734 | ¥ 233,486 |
1 to 2 years | 457,892 | 261,846 |
2 to 3 years | 444,909 | 278,278 |
More than 3 years | 1,091,911 | 912,356 |
Total | ¥ 2,388,446 | ¥ 1,685,966 |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) - Subsequent event - 4.50% Convertible Senior Notes due 2024 (the "2024 Notes") $ in Thousands, ADSs in Millions | Feb. 04, 2019USD ($) | Feb. 28, 2019USD ($) | Feb. 15, 2019USD ($) | Jan. 30, 2019ADSs$ / ADS |
Subsequent Event [Line Items] | ||||
Aggregate principal amount of notes | $ 650,000 | |||
Interest rate | 4.50% | |||
Term of notes | 30 days | |||
Additional debt, principal amount | $ 100,000 | $ 48,227 | $ 51,773 | |
Cap price per ADS of capped call transaction | $ / ADS | 14.92 | |||
Number of agreegate american depository shares purchased | ADSs | 26.8 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) |
Current assets: | |||||||
Cash and cash equivalents | ¥ 3,133,847 | $ 455,799 | ¥ 7,505,954 | ||||
Amounts due from related parties | 88,066 | 12,809 | 29,556 | ||||
Prepayments and other current assets | 1,514,257 | 220,240 | 674,425 | ||||
Total current assets | 12,169,632 | 1,770,000 | 8,310,005 | ||||
Non-current assets: | |||||||
Total non-current assets | 6,672,920 | 970,536 | 2,158,029 | ||||
Total assets | 18,842,552 | 2,740,536 | 10,468,034 | ||||
Current liabilities: | |||||||
Amounts due to related parties | 219,583 | 31,937 | 40,069 | ||||
Accruals and other liabilities | 308,486 | 199,087 | |||||
Total current liabilities | 8,593,386 | 1,249,856 | 1,618,514 | ||||
Deferred revenues | 301,774 | 0 | $ 0 | ||||
Total non-current liabilities | 2,098,824 | 305,262 | 783,514 | ||||
Total liabilities | 10,692,210 | 1,555,118 | 2,402,028 | ||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 193,324 | 19,657,786 | ¥ 4,861,574 | ¥ 1,616,729 | ||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||||||
Ordinary shares | 60 | ||||||
Treasury shares | (9,186) | (1,336) | (9,186) | ||||
Additional paid in capital | 41,918,936 | 6,096,856 | 131,907 | ||||
Accumulated other comprehensive income/(loss) | (34,708) | (5,048) | (13,922) | ||||
Accumulated deficit | (35,039,810) | (5,096,329) | (11,711,948) | ||||
Total shareholders' deficit | 6,821,145 | 992,094 | (11,591,780) | (3,916,360) | (499,828) | ||
Liabilities And Stockholders Equity | 18,842,552 | 2,740,536 | 10,468,034 | ||||
Parent | |||||||
Current assets: | |||||||
Cash and cash equivalents | 17,179 | 2,499 | 23,270 | $ 3,384 | 79,691 | 264,344 | |
Amounts due from related parties | 20,701 | 3,011 | 1,243,251 | ||||
Prepayments and other current assets | 54,847 | 7,977 | 1,642 | ||||
Total current assets | 92,727 | 13,487 | 1,268,163 | ||||
Non-current assets: | |||||||
Investments in subsidiaries and VIEs | 8,891,882 | 1,293,271 | 6,977,051 | ||||
Total non-current assets | 8,891,882 | 1,293,271 | 6,977,051 | ||||
Total assets | 8,984,609 | 1,306,758 | 8,245,214 | ||||
Current liabilities: | |||||||
Amounts due to related parties | 2,046,971 | 297,720 | 135,490 | ||||
Accruals and other liabilities | 913 | 134 | 55,027 | ||||
Total current liabilities | 2,047,884 | 297,854 | 190,517 | ||||
Deferred revenues | 99,684 | 14,498 | 0 | ||||
Total non-current liabilities | 99,684 | 14,498 | 0 | ||||
Total liabilities | 2,147,568 | 312,352 | 190,517 | ||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 0 | 19,657,786 | ||||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||||||
Ordinary shares | 0 | 0 | 60 | ||||
Treasury shares | (9,186) | (1,336) | (9,186) | ||||
Additional paid in capital | 41,918,936 | 6,096,856 | 131,907 | ||||
Accumulated other comprehensive income/(loss) | (34,708) | (5,048) | (13,922) | ||||
Accumulated deficit | (35,039,810) | (5,096,329) | (11,711,948) | ||||
Total shareholders' deficit | 6,837,041 | 994,406 | (11,603,089) | ||||
Liabilities And Stockholders Equity | 8,984,609 | 1,306,758 | 8,245,214 | ||||
Series A-1 and A-2 convertible redeemable preferred shares | |||||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 5,011,731 | 2,539,993 | 1,340,034 | |||
Series A-1 and A-2 convertible redeemable preferred shares | Parent | |||||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 0 | 5,011,731 | ||||
Series A-3 convertible redeemable preferred shares | |||||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 427,129 | 306,678 | 276,695 | |||
Series A-3 convertible redeemable preferred shares | Parent | |||||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 0 | 427,129 | ||||
Series B convertible redeemable preferred shares | |||||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 2,294,980 | 2,014,903 | 0 | |||
Series B convertible redeemable preferred shares | Parent | |||||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 0 | 2,294,980 | ||||
Series C convertible redeemable preferred shares | |||||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 4,454,596 | 0 | 0 | |||
Series C convertible redeemable preferred shares | Parent | |||||||
MEZZANINE EQUITY | |||||||
Total mezzanine equity | 0 | 0 | 4,454,596 | ||||
Series D convertible redeemable preferred shares | |||||||
MEZZANINE EQUITY | |||||||
Receivable from a holder | 78,410 | ||||||
Total mezzanine equity | 0 | 7,469,350 | ¥ 0 | ¥ 0 | |||
Series D convertible redeemable preferred shares | Parent | |||||||
MEZZANINE EQUITY | |||||||
Receivable from a holder | 0 | 0 | (78,410) | ||||
Total mezzanine equity | 0 | 0 | 7,547,760 | ||||
Class A Ordinary Shares | |||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||||||
Ordinary shares | 1,329 | 193 | |||||
Class A Ordinary Shares | Parent | |||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||||||
Ordinary shares | 1,329 | 193 | 0 | ||||
Class B Ordinary Shares | |||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||||||
Ordinary shares | 226 | 33 | |||||
Class B Ordinary Shares | Parent | |||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||||||
Ordinary shares | 226 | 33 | 0 | ||||
Class C Ordinary Shares | |||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||||||
Ordinary shares | 254 | 37 | |||||
Class C Ordinary Shares | Parent | |||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||||||
Ordinary shares | ¥ 254 | $ 37 | ¥ 0 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Operating expenses: | ||||
Selling, general and administrative | ¥ (5,341,790) | $ (776,931) | ¥ (2,350,707) | ¥ (1,137,187) |
Total operating expenses | 9,339,732 | 1,358,408 | 4,953,596 | 2,602,540 |
Loss from operations | 9,595,608 | 1,395,624 | 4,953,596 | 2,602,540 |
Interest income | 133,384 | 19,400 | 18,970 | 27,556 |
Interest expenses | (123,643) | (17,983) | (18,084) | (55) |
Investment income | 3,498 | 2,670 | ||
Other income/(loss), net | (21,346) | (3,105) | (58,681) | 3,429 |
Loss before income tax expense | (9,616,935) | (1,398,726) | (5,013,268) | (2,568,940) |
Income tax expense | 22,044 | 3,206 | 7,906 | 4,314 |
Net loss | (9,638,979) | (1,401,932) | (5,021,174) | (2,573,254) |
Accretion on redeemable non-controlling interests to redemption value | (63,297) | (9,206) | ||
Net loss attributable to ordinary shareholders of NIO Inc. | 23,327,862 | 3,392,897 | 7,561,669 | 3,517,549 |
Parent | ||||
Operating expenses: | ||||
Selling, general and administrative | (178,479) | (25,959) | (52,518) | (24,684) |
Total operating expenses | (178,479) | (25,959) | (52,518) | (24,684) |
Loss from operations | (178,479) | (25,959) | (52,518) | (24,684) |
Interest income | 7,692 | 1,119 | 2,391 | 24,309 |
Interest expenses | 0 | 0 | (12,389) | 0 |
Equity in loss of subsidiaries and VIEs | (9,432,640) | (1,371,921) | (4,924,897) | (2,539,323) |
Investment income | 0 | 0 | 3,498 | 2,670 |
Other income/(loss), net | 6,153 | 895 | (819) | 712 |
Loss before income tax expense | (9,597,274) | (1,395,866) | (4,984,734) | (2,536,316) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | (9,597,274) | (1,395,866) | (4,984,734) | (2,536,316) |
Accretion on redeemable non-controlling interests to redemption value | (13,667,291) | (1,987,825) | (2,576,935) | (981,233) |
Accretion on redeemable non-controlling interests to redemption value | (63,297) | (9,206) | 0 | 0 |
Net loss attributable to ordinary shareholders of NIO Inc. | ¥ (23,327,862) | $ (3,392,897) | ¥ (7,561,669) | ¥ (3,517,549) |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net cash used in operating activities | ¥ (7,911,768) | $ (1,150,719) | ¥ (4,574,719) | ¥ (2,201,564) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Proceeds from sale of trading securities | 1,340,911 | 3,118,559 | ||
Purchase of held for trading securities | (1,337,413) | (2,346,261) | ||
Acquisitions of equity investees | (110,900) | (16,130) | (52,500) | |
Net cash used in investing activities | (7,940,843) | (1,154,949) | (1,190,273) | 117,843 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from exercise of stock options | 42,251 | 6,145 | 6,207 | |
Proceeds from issuance of convertible promissory note | 312,624 | |||
Repayment of convertible promissory note | 325,013 | |||
Repayment of non-recourse loan | 82,863 | 12,052 | ||
Proceeds from issuance of ordinary shares, net of issuance costs | 7,531,037 | 1,095,344 | ||
Net cash provided by financing activities | 11,603,092 | 1,687,601 | 12,867,334 | 2,292,704 |
Effects of exchange rate changes on cash and cash equivalents | (56,947) | (8,282) | (168,120) | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (4,306,466) | (626,349) | 6,934,222 | |
Cash and cash equivalents at beginning of the year | 7,505,954 | |||
Cash and cash equivalents at end of the year | 3,133,847 | 455,799 | 7,505,954 | |
Parent | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net cash used in operating activities | 3,917,654 | 569,799 | (4,920,905) | (2,540,639) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Proceeds from sale of trading securities | 0 | 0 | 1,340,911 | 3,118,559 |
Purchase of held for trading securities | 0 | 0 | (1,337,413) | (2,346,261) |
Acquisitions of equity investees | (11,693,144) | (1,700,697) | (6,223,178) | (669,433) |
Net cash used in investing activities | (11,693,144) | (1,700,697) | (6,219,680) | 102,865 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from exercise of stock options | 42,251 | 6,145 | 6,207 | 0 |
Repurchase of restricted shares | (7,490) | (1,089) | 0 | 0 |
Proceeds from issuance of convertible promissory note | 0 | 0 | 312,624 | 0 |
Repayment of convertible promissory note | 0 | 0 | 325,013 | 0 |
Repayment of non-recourse loan | 82,863 | 12,052 | 0 | 0 |
Proceeds from issuance of ordinary shares, net of issuance costs | 7,566,470 | 1,100,497 | 0 | 0 |
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 78,651 | 11,439 | 11,093,377 | 2,260,444 |
Net cash provided by financing activities | 7,762,745 | 1,129,044 | 11,087,195 | 2,260,444 |
Effects of exchange rate changes on cash and cash equivalents | 6,654 | 969 | (3,031) | (7,323) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (6,091) | (885) | (56,421) | (184,653) |
Cash and cash equivalents at beginning of the year | 23,270 | 3,384 | 79,691 | 264,344 |
Cash and cash equivalents at end of the year | ¥ 17,179 | $ 2,499 | ¥ 23,270 | ¥ 79,691 |