Nio has more than 100 subsidiaries located in multiple regions, resulting in the need for additional time to prepare for capital liquidity disclosures, the company said.
(Image credit: CnEVPost)
Nio announced its fourth-quarter and full-year 2020 results on March 1 last year. Today is the last day of February, and the company still hasn't disclosed when it will announce those results for the same period in 2021, prompting some investor confusion.
In a filing for its secondary listing in Hong Kong released today, the company gave reasons for this and said it will file its annual report with the SEC in April.
"Under applicable US regulations and NYSE rules, the company is required to publish quarterly results. Given the experience, a period of no more than two calendar months prior to the final date of this filing to prepare similar liquidity and debt disclosures on a consolidated basis would be unduly burdensome for us," Nio said in the filing in traditional Chinese.
As of December 31, 2021, Nio has more than 100 subsidiaries located in multiple regions, including China, the US and various European countries, resulting in the need for additional time to prepare liquidity disclosures, the company said.
The company also noted that given the severity of the ongoing Covid-19 outbreak, some jurisdictions are still imposing varying degrees of restrictions to combat the outbreak, which has further delayed the proposed liquidity disclosures.
Nio is required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, the company plans to publish quarterly results in the form of a press release, the filing said.
The company plans to file its annual report for the year ended December 31, 2021, in April 2022 in a Form 20-F filed with the SEC, according to the filing.
Nio announced on February 8 last year the dates on which it plans to announce its fourth-quarter and full-year results for 2020 and to publish those figures on March 1, 2021.
On April 6 last year, the company filed Form 20-F with the SEC to announce detailed annual results.
Nio's local peer Li Auto reported fourth-quarter results last Friday, and Xpeng Motors has yet to announce its fourth-quarter results.
In the fourth quarter, Nio delivered a record 25,034 units, sitting near the upper end of its previously guided range of 23,500 to 25,500 units.
The company delivered 91,429 vehicles for the full year 2021, up 109.1 percent from 43,728 vehicles in 2020.
