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NIO Inc.: Currents of Revenue
內容大綱
An investor in NIO Inc. (NIO), an electric vehicle (EV) manufacturer based in China, contemplated the role NIO played in the EV market in China and the world, as well as the differences between NIO’s business model and the business models of other EV makers. Specifically, NIO had built and operated a network of battery-swapping stations and often included complimentary swaps with vehicle purchases. Also, NIO was able to sell a car without a battery pack as long as the customer paid for a subscription service. Further, to fund the venture, NIO and other entities had established Wuhan Weineng Battery Asset Co. Ltd., which owned the batteries that were leased out under the battery-as-a-service (BaaS) model. The investor realized that it was important to understand the implications of these streams of revenue and how they affected NIO’s stock valuation.
學習目標
The case can be used in undergraduate- and graduate-level courses in financial accounting and business valuation. After working through the case and assignment questions, students will be able to do the following:<ul><li>Understand the innovative business model of a native EV maker such as NIO.</li><li>Understand the challenges that new business models such as BaaS present to accounting recognition principles.</li><li>Analyze the impact of different vehicle sale transactions on NIO’s revenue.</li><li>Discuss the impact of NIO’s unique revenue recognition and business model on the valuation of its stock.</li></ul>